Teleconference - 12 November 2008 A.P. Møller - Mærsk A/S Interim Management Statement Teleconference - 12 November 2008 16 November 2018 Speakers: Group CEO Nils Smedegaard Andersen Group CFO Soren Thorup Sorensen

Forward-looking Statements The presentation contains forward-looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond A.P. Moller - Maersk A/S’ control, may cause actual development and result to differ materially from the expectations contained in the presentation PAGE 2 16 November 2018

Agenda Highlights Consolidated Financial Information Business Segments 2008 Expectations Focus Areas 2008 Q & A PAGE 3 16 November 2018 16 November 2018 3

Highlights first nine months 2008 Result for oil and gas activities increased significantly Improved result in the container activities Strong offshore markets Increased average oil and bunker prices Lower result from Danske Bank Value adjustment of securities and exchange rate adjustments Net profit 3,606 2,596 PAGE 4 16 November 2018

Consolidated Financial Information – 1 January to 30 September 2008 Profit and Loss (Unaudited)  USD million 2008 YTD 2007 ∆ 2008/07 Revenue 47,176 36,970 28% Profit before depreciation, amortization, etc. (EBITDA) 13,432 8,268 62% Depreciation and amortization 3,640 3,302 10% Sales gains 820 835 -2% Earnings Before Interest and Tax (EBIT) 10,908 6,221 75% Net profit 3,606 2,596 39% Operational cash flow 7,657 5,748 33% Investment cash flow -7,858 -6,539 20% PAGE 5 16 November 2018

Container Shipping and Related Activities Highlights YTD 2008 Net result of USD 92 million (2007: USD -57 million) Before streamLINE costs and sales gains the result was USD -64 million (2007: USD -202 million) Volume up by 5% (5.3 million FFE) Utilisation in line with same period 2007 Average freight rates including BAF increased 11% 13% increase in total unit costs impacted by average bunker prices up 71% USD 348 million in sales gains (2007: USD 145 million) ML and Safmarine volume 0% 1% +4% +15% +19% +20% PAGE 6 16 November 2018

*Weighted by ownership share APM Terminals Highlights YTD 2008 APMT crane lifts* Turnover was 29% above same period last year Activity measured in crane lift weighted by ownership share increased by 10% Average rate increases from USD exchange rate, changed product mix and tariff increases Net profit above same period 2007 13% 1% *Weighted by ownership share PAGE 7 16 November 2018

Tankers, Offshore and Other shipping Highlights YTD 2008 Net profit before sales gains exceeded same period 2007 Delivery of two VLCCs, one product tanker and one LNG vessel in Q3 Delivery of two 350 feet jack-up rigs in Q3 Strong rate development in large tanker segments in Q3 Conditional offer for Broström Tankers AB EBIT excl. sales gains YTD 2008 vs. YTD 2007 Maersk Contractors Maersk Supply Maersk Tankers Svitzer PAGE 8 16 November 2018

APMM share of production before tax Oil and Gas Activities APMM share of production before tax Highlights YTD 2008 Net profit increased significantly Volume after sharing before tax up 9% Average oil price up 65% 15 exploration wells drilled Exploration agreement with Chevron Oil price (Brent) PAGE 9 16 November 2018

Oil prices and USD exchange rates effects Dated Brent & bunker oil prices Oil price Negative effect in Q3 from narrowing crack and falling oil prices Positive effect in Q3 from lower fuel consumption than expected in the container activities and positive value adjustment of oil hedge contracts which do not qualify for hedge accounting USD DKK/USD Negative effect in Q3 from rising USD rate due to FX adjustments of receivables, bank deposits and currency hedge contracts not qualifying for hedge accounting For the remainder of 2008 the accounting effect of a rising USD rate is expected to be negative PAGE 10 16 November 2018

Expectations for 2008 2008 Revenue and Profit Expected revenue in the order of USD 62 billion Net profit in the order of USD 4.0 – 4.3 billion The outlook for 2008 is still subject to uncertainty, not least due to the development in the world economy and the financial markets. Specific uncertainties relate to the development in container freight rates, transported volumes, exchange rates, oil prices and prices of securities PAGE 11 16 November 2018

Focus Areas 2008 Maersk Line profitability Continued expansion of terminal activities Successful start of operation on new rigs and vessels in the offshore activities Field development plan in Qatar Safety and environment PAGE 12 16 November 2018

Q & A PAGE 13 PAGE 13 16 November 2018 16 November 2018 13

Consolidated Financial Information – 1 January to 30 September 2008 Profit and Loss (Unaudited)  DKK million 2008 YTD 2007 ∆ 2008/07 Revenue 231,360 205,418 13% Profit before depreciation, amortization, etc. (EBITDA) 65,873 45,940 43% Depreciation and Amortization 17,849 18,345 -3% Sales gains 4,024 4,635 -13% Earnings Before Interest and Tax (EBIT) 53,498 34,559 55% Net profit 17,685 14,425 23% Operational cash flow 37,454 31,968 17% Investment cash flow -38,537 -36,333 6% APPENDIX I 16 November 2018