A.P. Møller - Mærsk

Earnings Release • Oct 23, 2015

Market conditions world-wide have been weaker than the Group expected.
Particularly the container shipping market deteriorated beyond the Group’s
expectations especially in the latter part of Q3 and October. The Group now
expects no market recovery within 2015. Initiatives have been taken to adjust
Maersk Line’s network accordingly.

The Group’s preliminary result for Q3 is USD 778 mill. with an underlying
result of USD 662 mill. The preliminary result for the first nine months is USD
3,436 mill. with an underlying result of USD 3,080 mill.

The Group adjusts its expectation for the 2015 result. The previous expectation
announced in the Q2 report was an underlying result around USD 4.0 bn. based on
an underlying result contribution from Maersk Line above USD 2.2 bn. The
Group’s new expectation is an underlying result of around USD 3.4 bn. based on
an underlying result in Maersk Line of around USD 1.6 bn. All other business
units maintain their result guidance.

In Q3 Maersk Line achieved an average freight rate of 2,163 USD/FFE (2,679
USD/FFE in Q3 2014) and carried 2,427,000 FFE (2,401,000 FFE in Q3 2014) which
were lower than expected. The Group’s sensitivity guidance for the last six
months of 2015 states that a general decline in the freight rate of 100 USD/FFE
will impact Maersk Line’s result negatively by around USD 0.5 bn. and that a
volume reduction of 100,000 FFE will impact Maersk Line’s result negatively by
around USD 0.1 bn.

The Group CEO Nils S. Andersen and Group CFO Trond Westlie will host a
conference call at 9 am CET Friday the 23 October. To participate please dial
+45 70 22 35 00 or +44 207 5721 187 with pin code: 56955566#.

The Group’s Interim Report for Q3 2015 will be released on 6 November 2015.

Copenhagen, 23 October 2015.

Contact persons:

Head of Investor Relations, Henrik Lund, tel. +45 3363 3106

Head of Media Relations, Louise Münter, tel. +45 3363 1912

The forward-looking statements in this announcement are subject to risks and
uncertainties, both general and specific that can cause the actual development
to differ materially from the forward-looking statement.

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