A.P. Møller - Mærsk

Board/Management Information • Sep 22, 2016

                              ANNOUNCEMENT

A.P. Møller - Mærsk A/S – Progress update on strategic review and change of
management

-- A.P. Møller - Mærsk A/S will become an integrated transport and logistics
company with digitalised and individualised customer solutions.
-- Oil and oil related businesses, either individually or in combination, to
be separated from A.P. Møller - Mærsk A/S.
Maersk Oil will focus on optimizing and strengthening its strong position
in the Danish, British and Norwegian parts of the North Sea.
-- Reorganising A.P. Møller - Mærsk A/S into two separate divisions; Transport
& Logistics and Energy.

As announced on 23 June 2016, the Board of Directors has tasked the management
of A.P. Møller - Mærsk A/S to perform a review focusing on the strategic and
structural options for the Maersk Group with the objective of generating
growth, increasing agilities and synergies and unlocking and maximising
shareholder value with the long-term view.

The main growth focus of A.P. Møller - Mærsk A/S going forward will be
delivering best in class transportation and logistics services as an integrated
Transport & Logistics company. Building on the Group’s unique position within
container transport and port operations, and significant position in supply
chain management and freight forwarding, Transport & Logistics will leverage
its leading position through new product offerings, digitalised services and
individualised customer solutions.

The Board of Directors expect that the oil and oil related businesses in A.P.
Møller - Mærsk A/S will require different solutions for future development
including separation of entities individually or in combination from A.P.
Møller - Mærsk A/S in the form of joint-ventures, mergers or listing. Depending
on market development and structural opportunities, the objective is to find
solutions for the oil and oil related businesses within 24 months.

To enable the new strategic direction the Board of Directors has decided to
reorganise A.P. Møller - Mærsk A/S’ portfolio of businesses into two
independent divisions; an integrated Transport & Logistics division and an
Energy division. This will ensure focus on driving synergies and developing new
products and services in Transport & Logistics as well as focus on separately
developing structured solutions for our oil and oil related businesses.

The Board of Directors continues to focus on ensuring a strong capital
structure and defined key financial ratio targets in line with an investment
grade rating.

Chairman of the Board, Michael Pram Rasmussen says:

“The industries in which we are operating are very different, and both face
very different underlying fundamentals and competitive environments. Separating
our transport and logistics businesses and our oil and oil related businesses
into two independent divisions will enable both to focus on their respective
markets. This will increase the strategic flexibility by enhancing synergies
between businesses in Transport & Logistics, while ensuring the agility to
pursue individual strategic solutions for the oil and oil related businesses”.

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Transport & Logistics – Focus on growth and synergies

Transport & Logistics will consist of Maersk Line, APM Terminals, Damco,
Svitzer and Maersk Container Industry based on a one company structure with
multiple brands. The mission of these businesses is to enable and facilitate
global supply chains and provide opportunities for our customers to trade
globally.

Since 2008, the Group has focused on building a lean transparent global
conglomerate with each business unit operating on arm’s-length principles.
Managing and operating the business activities in Transport & Logistics in a
more integrated manner will enable profitable growth through stronger
collaboration and disciplined capital allocation.

The strategy of Transport & Logistics rests on three pillars to deliver long
term profitable growth.

-- Product offering and customer experience will be improved based on the
combined capabilities of Maersk Line, APM Terminals and Damco in
combination with industry leading digital solutions.
-- By operating as one entity, Transport & Logistics will be able to
harvest synergies and optimize operations to secure the industry’s most
effective and reliable network.
-- Strong capital discipline and better utilization of assets will be ensured.
When making investments, acquisitions will be the preferred option.

The strategies for the individual businesses will be adjusted accordingly.

-- Maersk Line will grow market share organically and through acquisitions.

-- APM Terminals will focus on cost and utilization and increase its focus on
operational excellence to enhance returns and deliver improved service to
existing and new 3rd party customers.
-- Damco and Maersk Line will collaborate to deliver new innovative customer
solutions supported by significant investments into digital technology.
-- Svitzer will pursue a growth strategy based on its market leading position
and synergies with APM Terminals and Maersk Line will increasingly be
explored.
-- Maersk Container Industry will collaborate with Maersk Line on technology
development and efficient production planning.

Commercial as well as cost synergies will be unlocked by better utilization of
existing assets and by the development of new digital solutions. We expect to
deliver revenue growth, cost efficiency and margin improvements. The estimated
synergies are expected to generate up to two percentage points ROIC improvement
over a period of three years. No material synergies are expected in 2016.

Energy – Optimizing value

Energy will consist of Maersk Oil, Maersk Drilling, Maersk Supply Service and
Maersk Tankers.

Long term growth in energy demand and sharp reductions in investments in the
global E&P industry in recent years, leading to an expected reduction in oil
supply in the coming years provide opportunities to grow Maersk Oil based on
the company’s key technical competencies. Maersk Oil will adjust its current
strategy to focus its portfolio in fewer geographies to gain scale in basins,
particularly in the North Sea, where it can leverage its strong capabilities
within subsurface modelling, well technology and efficient operations. Maersk
Oil will aim to strengthen its portfolio through acquisitions or mergers.

Further, Maersk Oil will mature existing key development projects, while
keeping exploration activities and expenses at a low level. While the strategic
focus will be reflected in a disciplined capital allocation, investments in
strategic projects already sanctioned or under development will continue as
planned.

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Maersk Drilling, Maersk Supply Services, and Maersk Tankers will continue to
optimise their market position and operation with the existing fleet and order
book. Additional investments in the Group’s offshore service businesses and
Maersk Tankers will be limited.

Reorganisation and communication

Financial reporting for the new structure will be effectuated from the
financial year 2017.

The registered management of A.P. Møller - Mærsk A/S will be composed and
changed as follows:

-- Søren Skou will continue as Group CEO of A.P. Møller - Mærsk A/S and CEO of
the Transport & Logistics division,
-- Claus V. Hemmingsen will be appointed Group Vice CEO of A.P. Møller - Mærsk
A/S effective on 1 October 2016 and CEO for the Energy division,
-- Jakob Stausholm will be appointed Group CFO of A.P. Møller - Mærsk A/S as
of 1 December 2016. On the same date, Group CFO Trond Westlie will step
down as member of the registered management and leave the Group,
-- Jakob Thomasen will step down as member of the registered management and
CEO of Maersk Oil effective on 1 October 2016 and will leave the Group on 1
November 2016.
-- Kim Fejfer will step down as member of the registered management effective
on 1 October 2016 and as CEO of APM Terminals effective on 1 November 2016
when he will also leave the Group.

For further information about the individual members of management, please see
the appendix.

Group CEO of A.P. Møller – Mærsk A/S, Søren Skou says:

“Both Energy and Transport & Logistics have strategies positioning them for
growth and strategic agility. Transport & Logistics will be able to provide new
and digitised world-class solutions for customers, while at the same time
capture functional cost synergies and better utilization of existing assets.
Energy is well positioned to leverage Maersk Oil´s expertise and gain scale in
select geographies, particularly in the North Sea. Its structural agility will
enable management to pursue new and different structural solutions and
investment.”

A.P. Møller - Mærsk A/S will in fourth quarter 2016 be hosting a Capital
Markets Day, where Group Management and the management teams for Transport &
Logistics and Energy will provide further insights into the reorganization and
future strategy.

Copenhagen, 22 September 2016

Contact persons:

Head of Investor Relations, Stig Frederiksen, tel. +45 33633106

Head of Media Relations, Denmark, Simon Mehl Augustesen, tel. +45 3363 1901

Media Relations Specialist, Lena Stennicke, tel. +45 3363 3456

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APPENDIX

Søren Skou

Group CEO of A.P. Møller - Mærsk A/S

Education: A.P. Moller’s Shipping Education; Graduate Diploma in Commerce; MBA
from IMD.

Claus V. Hemmingsen

Group Vice CEO of A.P. Møller - Mærsk A/S

Education: A.P. Moller’s Shipping Education; Executive MBA from IMD.

Other current management duties etc.:

Danmark’s Rederiforening (Chairman), DFDS A/S (Vice Chairman), Danish Chinese
Business Forum (Chairman), EU - Hong Kong Business Coordination Committee, Well
Control Institute.

Jakob Stausholm

Group CFO of A.P. Møller - Mærsk A/S

Education: Master of Economics; Executive Education Programs at Harvard, IMD,
Insead and Stanford

Other current management duties etc.:

Statoil ASA

Previous management duties etc.:

CFO ISS A/S

Management positions within finance at Shell Group

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