Update Credit Research 4 March 2015

A.P. Møller - Mærsk BBB+ Industry (GICS): Marine Stable Sector (Nordea): Shipping and Transportation

Key info Country Denmark Rating downgrade to BBB+ Bloomberg debt MAERSK Corp Maersk posted 2014 earnings in line with our expectations, generating Bloomberg equity MAERSKb DC strong margins and sound cash flow generation. The divestment of its Moody's Baa1/Stable S&P BBB+/Stable Danske Bank stake to fund an extraordinary dividend to its Market cap.(bn) USD 47.96/DKK 319.51 shareholders is not credit positive, but the group's overall credit profile Nordea Markets - Analysts nevertheless remains healthy. Lars Kirkeby +47 22 48 4264 Chief analyst, Credit Full-year 2014 earnings in line with our expectations [email protected] Maersk posted full-year 2014 earnings in line with our expectations, Kristoffer B. Pedersen +47 22 48 79 80 generating strong earnings and sound operating cash flow. The Maersk Line Analyst and APM Terminals segments continued on their positive trend, while [email protected] Maersk Drilling's performance was in line with 2013. Unsurprisingly, Sales by business area – 2014 Maersk Oil generated weaker earnings y/y, but the segment still achieved

Other healthy operating margins. Maersk 10% Drilling 4% Not a disaster to distribute Danske Bank stake to shareholders

APM The extraordinary dividend distribution to its shareholders is neutral, from Terminals 9% a credit perspective. Maersk's stake in Danske Bank has tied up significant Maersk Line 57% capital and has not contributed much to its operating cash flow. Furthermore, during the previous financial crisis, Maersk provided Maersk Oil 18% significant liquidity support in Danske Bank's equity offering, to maintain its ownership interest.

Source: Company data Credit view EBITDA by business area – 2014 We downgrade our view of Maersk to BBB+ from A-, while maintaining Other the stable outlook, reflecting our view of a Satisfactory business risk profile Maersk 5% Drilling 8% and a Modest to Intermediate financial risk profile. The downgrade reflects our view that the overall business risk profile has weakened following the APM Terminals divestment of its grocery retail operations. However, Maersk's overall 9% Maersk Line 35% credit profile is still healthy, with strong credit metrics and sound cash flow generation.

Maersk Oil 43%

Source: Company data

Key credit metrics and ratios (adjusted numbers) USDm 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E EBITDA 15,925 11,929 17,019 16,374 14,109 13,499 14,046 12,935 14,122 15,055 - margin 27% 24% 37% 33% 29% 28% 30% 30% 31% 31% EBIT 11,332 4,608 10,689 9,901 8,465 8,045 6,626 7,147 7,988 8,742 - margin 19% 9% 23% 20% 17% 17% 14% 16% 17% 18% Shareholders' equity 27,952 28,722 32,305 33,792 36,896 39,829 41,542 43,762 46,049 48,641 Debt 21,106 34,998 32,438 34,339 32,080 27,719 23,709 23,659 23,684 23,759 Debt/(Debt+Equity) 0.4 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.3 0.3 FFO/Debt 38.0% 19.4% 31.2% 23.3% 27.8% 32.8% 59.3% 36.4% 41.1% 44.2% FOCF/Debt -7.5% -7.3% 18.7% -2.5% 3.4% 15.4% 42.2% 7.3% 6.8% 6.0% DCF/Debt -10.1% -8.8% 17.8% -4.8% 0.9% 12.0% 37.4% -20.6% 2.1% 0.9% EBITDA interest coverage 10.9 6.9 10.4 10.1 9.1 9.5 10.7 11.0 12.2 12.8 Debt/EBITDA 1.3 2.9 1.9 2.1 2.3 2.1 1.7 1.8 1.7 1.6 ROC 22.6% 8.0% 16.4% 14.7% 12.2% 11.6% 9.8% 10.7% 11.5% 12.2% Source: Company data and Nordea Markets

Markets IMPORTANT INFORMATION AND DISCLOSURES AT THE END OF THIS REPORT A.P. Møller - Mærsk 4 March 2015

Divesting Danske Bank stake

Maersk posted 2014 earnings in line with our expectations, generating strong margins and sound cash flow. The major news in the group's annual report was the divestment of its 20.05% stake in Danske Bank.

2014 earnings in line with our Maersk posted full-year 2014 earnings in line with our expectations, expectations generating strong earnings and sound operating cash flow. The group's turnover remained unchanged from 2013, while adjusted EBITDA (excluding estimated operating lease expenses) increased by 4% and the overall adjusted EBITDA margin strengthened to 30% (2013: 28%).

Significantly stronger earnings from Maersk Line maintained its lead on the rest of the industry, delivering Maersk Line strong earnings and higher profitability. The improvement was mainly due to higher volumes and lower unit costs from continued optimisation. The segment's reported turnover and EBITDA increased y/y by 4% and 27%, respectively, while the segment's reported EBITDA margin strengthened to 15.4% (2013: 12.6%).

Maersk Oil negatively affected by Maersk Oil's financial performance was negatively affected by the sharp lower oil prices decline in oil prices during the fourth quarter, albeit partly offset by higher entitlement production. Maersk Oil's entitlement production increased by 7% over 2013, to 251,000 barrels per day, as a result of improved operational performance and production from new projects, as well as a higher share of production from Qatar. Nevertheless, the segment's reported turnover and EBITDA fell y/y by 4% and 11%, respectively, while its reported EBITDA margin weakened to 58.6% (2013: 63.0%).

Segment Maersk Line, USDm Segment Maersk Oil, USDm

Maersk Line Maersk Oil 30 000 20% 15 000 100% 25 000 80% 15% 10 000 20 000 60% 15 000 10% 40% 5 000 10 000 5% 20% 5 000 0 0% 0 0% 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Sales EBITDA EBITDA margin Sales EBITDA EBITDA margin Source: Company data and Nordea Markets Source: Company data and Nordea Markets Strong rebound in APM Terminals APM Terminals posted higher earnings in 2014, positively affected by volume and margin growth, as well as divestment gains. The segment's reported turnover and EBITDA increased y/y by 3% and 13% respectively, while the segment's reported EBITDA margin strengthened to 22.7% (2013: 20.6%).

Stable operations in Maersk Drilling Maersk Drilling's full-year 2014 earnings were in line with 2013. The financial performance benefited from high operational uptime, as well as gains relating to the divestment of the Venezuelan activities. However, the high number of planned rig yard stays and start-up costs contributed negatively to earnings. The segment's reported turnover and EBITDA increased y/y by 7% and 5%, respectively, while the segment's reported EBITDA margin weakened slightly to 43.0% (2013: 43.8%).

Nordea Markets 2 A.P. Møller - Mærsk 4 March 2015

Segment APM Terminals Segment Maersk Drilling

APM Terminals Maersk Drilling 5000 23% 2500 50%

4000 22% 2000 40% 3000 1500 30% 21% 2000 1000 20% 1000 20% 500 10% 0 19% 0 0% 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014

Sales EBITDA EBITDA margin Sales EBITDA EBITDA margin

Source: Company data and Nordea Markets Source: Company data and Nordea Markets Stable operating cash flow, but The group's reported operating cash flow was in line with the previous somewhat higher capex year, at USD 8.8bn (2013: USD 8.7bn), while net capex increased to USD 6.2bn (2013: USD 4.9bn). The higher capex was mainly attributable to deliveries of newbuilds in Maersk Drilling and Maersk Line, as well as increased oil field developments in Maersk Oil.

Outstanding capital commitments Maersk continues to prioritise investments in the core businesses Maersk related to newbuild programme of Line, Maersk Oil, APM Terminals and Maersk Drilling. As of year-end USD 3.2bn 2014, the group's newbuild programme stood at 47 vessels, with expected delivery in the period 2015-18. The outstanding capital commitments related to the newbuild programme amounted to about USD 3.2bn. With a reported operating cash flow of USD 8.8bn for full-year 2014, we are of the opinion that Maersk has ample financial flexibility to pursue its growth ambitions.

Distributing the value of its Danske The Maersk board of directors has proposed an ordinary dividend of DKK Bank stake to its shareholders as 300 per share. In addition to the ordinary dividend, the board has proposed extraordinary dividend an extraordinary cash dividend equal to the prevailing market value of the group's 20.05% ownership interest in Danske Bank.

Extraordinary distribution to The extraordinary dividend distribution to its shareholders is credit neutral, shareholders is credit neutral in our in our view. Maersk's stake in Danske Bank has tied up significant capital view and has not contributed greatly to its operating cash flow. Furthermore, during the previous financial crisis, Maersk chose to participate with significant liquidity support in Danske Bank's equity offering to maintain its ownership interest.

Guidance for 2015 The group expects an underlying net profit slightly below USD 4bn, excluding any effects from the divestment of its stake in Danske Bank. Maersk Line expects a higher underlying result than for 2014, helped by further cost reductions and implementation of the new 2M alliance. Maersk Oil expects a significantly lower underlying result for 2015, mainly due to expectations of lower oil prices.

Nordea Markets 3 A.P. Møller - Mærsk 4 March 2015

Credit profile considerations

Supportive business risk profile The business risk profile is supported by: elements  Maersk being one of the world's largest industrial conglomerates with excellent diversification characteristics  Strong international market positions  Strong financial profile with ample cash flow generation  Excellent operational track record.

Challenging business risk profile The business risk profile is challenged by: elements  Exposure to highly cyclical business industries with volatile demand and supply patterns  Modest funding need in connection with newbuild programme  Medium to high event risk, as the group has historically grown through mergers and acquisitions.

Satisfactory business risk profile We are of the opinion that the overall business risk profile associated with Maersk can be considered Satisfactory, according to the below "expanded rating matrix" from Standard & Poor's. We previously considered Maersk's business risk profile to be Strong, but argue that the overall business risk in the group has increased following the divestment of its grocery retail division.

Expanded Rating Matrix - Financial Risk Profile - Business Risk Profile Minimal Modest Intermediate Significant Aggressive Highly Leveraged Excellent AAA/AA+ AA A+/A A- BBB BBB-/BB+ Strong AA/AA- A+/A A-/BBB+ BBB BB+ BB Satisfactory A/A- BBB+ BBB/BBB- BBB-/BB+ BB B+ Fair BBB/BBB- BBB- BB+ BB BB- B Weak BB+ BB+ BB BB- B+ B/B- Vulnerable BB- BB- BB-/B+ B+ B B-

Core ratios Supplementary coverage ratios Supplementary payback ratios FFO/Debt (%) Debt/EBITDA (x) FFO/Interest (x) EBITDA/Interest (x) CFO/Debt (%) FOCF/Debt (%) DCF/Debt (%) Minimal > 60 < 1.5 > 13 > 15 > 50 > 40 > 25 Modest 45-60 1.5-2 9-13 10-15 35-50 25-40 15-25 Intermediate 30-45 2-3 6-9 6-10 25-35 15-25 10-15 Significant 20-30 3-4 4-6 3-6 15-25 10-15 5-10 Aggressive 12-20 4-5 2-4 2-3 10-15 5-10 2-5 Highly Leveraged < 12> 5< 2< 2< 10< 5< 2 Source: Standard & Poor's Modest to Intermediate financial risk Our opinion is that the financial risk profile associated with Maersk can be profile considered as Modest to Intermediate. According to the guidelines from S&P, we evaluate credit ratios on a time series basis. We consider the group's credit ratios for the previous two years, as well as the current year's forecast.

We adjust the reported debt for We adjust Maersk's reported debt for pension liabilities and operational pension liabilities and operational lease commitments. As of year-end 2014, Maersk's aggregated future lease commitments operating lease commitments amounted to around USD 10.6bn.

S&P's credit view S&P's credit view on Maersk incorporates its view of a Satisfactory business risk profile and an Intermediate financial risk profile. Furthermore, S&P adds one notch (modifier) for the group's diversification characteristics, resulting in a BBB+ stand-alone credit rating.

Nordea Markets 4 A.P. Møller - Mærsk 4 March 2015

Bond details

Ticker Issuer Corp Bond Issue Maturity Coupon Size (m) Rank A.P. Møller - Mærsk A/S BBB+ BBB+ 2009-12-16 2016-12-16 6.25 % NOK 2 000 Senior unsecured A.P. Møller - Mærsk A/S BBB+ BBB+ 2012-03-22 2017-03-22 N3M +210 NOK 3 000 Senior unsecured A.P. Møller - Mærsk A/S BBB+ BBB+ 2010-11-24 2017-11-24 4.375% EUR 500 Senior unsecured A.P. Møller - Mærsk A/S BBB+ BBB+ 2012-10-26 2018-02-26 S3M +210 SEK 1 100 Senior unsecured A.P. Møller - Mærsk A/S BBB+ BBB+ 2012-10-26 2018-02-26 3.75% SEK 1 400 Senior unsecured A.P. Møller - Mærsk A/S BBB+ BBB+ 2012-08-28 2019-08-28 3.375% EUR 750 Senior unsecured A.P. Møller - Mærsk A/S BBB+ BBB+ 2014-09-22 2019-09-22 2.550% USD 750 Senior unsecured A.P. Møller - Mærsk A/S BBB+ BBB+ 2014-09-22 2024-09-22 3.750% USD 500 Senior unsecured A.P. Møller - Mærsk A/S BBB+ BBB+ 2013-04-04 2025-04-04 4.000% GBP 300 Senior unsecured

Key bond details for all NOK bond  Senior unsecured issues  Pari passu with unsecured bank debt  Put option at 100% upon the occurrence of a mandatory offer for all shares.

Nordea Markets 5 A.P. Møller - Mærsk 4 March 2015

Reported numbers and forecasts

Income statement USDm 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E Total revenue 58,341 50,258 45,559 49,917 49,491 47,386 47,569 43,749 46,126 48,489 - growth 6.6% -13.9% -9.3% 9.6% -0.9% -4.3% 0.4% -8.0% 5.4% 5.1% Gross profit 43,544 37,264 35,288 37,930 36,984 27,354 28,326 35,447 37,634 39,067 - margin 74.6% 74.1% 77.5% 76.0% 74.7% 57.7% 59.5% 81.0% 81.6% 80.6% EBITDA 15,925 9,778 15,201 14,104 11,797 11,372 11,919 10,947 12,134 13,067 - margin 27.3% 19.5% 33.4% 28.3% 23.8% 24.0% 25.1% 25.0% 26.3% 26.9% EBITA 11,517 4,482 10,054 9,112 7,127 6,963 7,538 6,301 7,146 7,890 - margin 19.7% 8.9% 22.1% 18.3% 14.4% 14.7% 15.8% 14.4% 15.5% 16.3% EBIT 11,332 3,891 10,083 9,144 7,694 7,336 5,917 6,484 7,326 8,079 - margin 19.4% 7.7% 22.1% 18.3% 15.5% 15.5% 12.4% 14.8% 15.9% 16.7% Net finance -806 -1,459 -1,014 -1,026 -862 -780 -716 -606 -514 -496 Pre-tax profit 9,873 2,877 9,057 8,282 6,914 6,620 5,311 5,970 6,830 7,567 Taxes -6,596 -3,937 -4,518 -5,932 -3,161 -3,237 -2,972 -1,540 -1,998 -2,185 Net profit, continuing operations 2,876 -667 4,592 2,440 3,538 3,457 4,366 4,394 4,816 5,366 Discontinued operations 20 0 479 1,027 285 394 2,856 30 30 20 Net profit to equity 3,170 -1,357 4,705 2,836 3,740 3,450 5,015 4,120 4,487 4,992

EBITDA (credit adj) 15,925 11,929 17,019 16,374 14,109 13,499 14,046 12,935 14,122 15,055 EBIT (credit adj) 11,332 4,608 10,689 9,901 8,465 8,045 6,626 7,147 7,988 8,742 Interest expense (credit adj) -1,459 -1,731 -1,632 -1,619 -1,551 -1,425 -1,315 -1,177 -1,159 -1,175

Source: Company data and Nordea Markets Balance Sheet USDm 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E Goodwill 436 601 601 5,019 4,940 4,788 2,818 3,218 3,378 3,558 Other intangibles 2,224 1,898 2,002 0 0 0 0 120 270 400 Tangible assets 42,392 45,864 43,357 44,352 43,844 41,293 44,671 47,965 51,057 55,045 Shares associates 0000000000 Interest bearing assets 4,302 4,578 4,749 5,876 8,366 8,419 9,374 9,374 9,374 9,374 Deferred tax assets 0 1,070 914 860 582 478 536 536 536 536 Other non-interest bearing non-current assets 0000000000 Other non-current assets 2,553 1,363 820 686 1,124 1,203 509 569 599 574 Non-current assets 51,907 55,373 52,442 56,793 58,856 56,181 57,908 61,782 65,214 69,487

Inventory 1,529 1,812 1,854 2,240 2,274 1,251 1,139 1,137 1,153 1,261 Accounts receivable 7,072 3,773 4,216 4,405 5,349 4,629 4,077 4,222 4,428 4,558 Other current assets 86 3,615 3,560 2,552 2,935 8,877 1,834 1,750 1,845 1,940 Cash and cash equivalents 3,538 2,068 4,605 4,454 2,982 3,571 3,886 3,665 3,038 2,088 Current assets 12,225 11,268 14,235 13,651 13,540 18,328 10,936 10,774 10,464 9,847

Assets held for sale 0000000000

Total assets 64,133 66,641 66,677 70,444 72,396 74,509 68,844 72,556 75,678 79,334

Shareholders equity 27,952 28,722 32,305 33,792 36,896 39,829 41,542 43,762 46,049 48,641 Minority interest 1,655 1,948 2,030 2,398 2,428 2,684 683 923 1,203 1,513

Deferred tax 1,027 1,160 783 1,046 1,149 1,110 701 701 701 701 Convertible debt 0000000000 Long term interest bearing debt 17,614 18,949 15,733 16,862 16,080 12,702 11,345 11,345 11,345 11,345 Non-current liabilities 0 302 248 504 276 148 0 45 -5 -30 Pension provisions 0 379 380 444 447 327 329 279 304 379 Other long-term provisions 3,384 3,093 2,965 3,212 3,408 4,189 4,642 4,542 4,667 4,777 Other long-term liabilities 0000000000 Non-current liabilities 22,025 23,883 20,109 22,068 21,360 18,476 17,017 16,912 17,012 17,172

Short-term provisions 0000000000 Accounts payable 5,614 5,966 5,998 6,480 6,138 5,379 5,277 4,987 5,304 5,576 Other current liabilities 3,395 3,791 3,986 3,174 3,445 5,100 2,913 4,560 4,698 5,019 Short term interest bearing debt 3,492 2,331 2,249 2,532 2,129 3,041 1,412 1,412 1,412 1,412 Current liabilities 12,501 12,088 12,233 12,186 11,712 13,520 9,602 10,959 11,414 12,008 Liabilities for assets held for sale 0 0 0 0 000000 Total liabilities and equity 64,133 66,641 66,677 70,444 72,396 74,509 68,844 72,556 75,678 79,334

Cash and cash eq (credit adj) 3,538 2,068 4,605 4,454 2,982 3,571 3,886 3,665 3,038 2,088 Total assets (credit adj) 64,133 66,641 66,677 70,444 72,396 74,509 68,844 72,556 75,678 79,334 Shareholders equity (credit adj) 27,952 28,722 32,305 33,792 36,896 39,829 41,542 43,762 46,049 48,641 Debt (credit adj) 21,106 34,998 32,438 34,339 32,080 27,719 23,709 23,659 23,684 23,759 Source: Company data and Nordea Markets

Nordea Markets 6 A.P. Møller - Mærsk 4 March 2015

Cash flow statement USDm 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E EBITDA 15,925 9,778 15,201 14,104 11,797 11,372 11,919 10,947 12,134 13,067 Adj due to change in group structure 0 0 0 0 000000 Change in Provisions 758 87 -127 311 199 661 455 -150 150 185 Other non-cash adjustments -1,778 2,414 -339 -528 309 620 4,105 0 0 0 Net financials -1,811 -945 -944 -740 -428 -269 -200 -366 -332 -339 Dividends received 0000000000 Paid taxes -7,284 -4,377 -4,466 -5,775 -2,923 -3,116 -3,645 -1,540 -1,998 -2,185 Other 515 -108 918 1,064 627 468 1,275 -35 -49 -64 Operating cash flow before NWC 6,324 6,851 10,243 8,437 9,581 9,736 13,909 8,856 9,905 10,664 Change in NWC 2,119 -261 -476 262 -1,289 -3,359 5,624 1,298 138 261 Operating cash flow 8,444 6,590 9,767 8,699 8,292 6,377 19,533 10,154 10,043 10,925 CAPEX -10,023 -9,137 -3,693 -9,574 -7,196 -2,106 -9,519 -8,415 -8,440 -9,500 Free operating cash flow -1,580 -2,547 6,074 -875 1,096 4,271 10,014 1,739 1,603 1,425 Dividends paid -560 -534 -288 -782 -822 -945 -1,137 -6,607 -1,100 -1,200 Share issues / buybacks 0 0 0 0 0 0 -800 -800 -1,000 -1,000 Discretionary cash flow -2,140 -3,081 5,786 -1,657 274 3,326 8,077 -5,668 -497 -775 Other investments / divestments 0000000000 Other -862 1,190 543 134 -438 -79 694 -60 -30 25 Proceeds from sale of assets 0 0 0 0 000000 Net change to group borrowing/repayments -469 174 -3,298 1,411 -1,185 -2,466 -2,986 0 0 0 Other 0000000000 Change in cash -4,005 -2,004 2,250 -934 -2,294 -356 -822 -6,828 -1,727 -2,150

Adjusted metrics Funds from operations (FFO) (adj) 8,018 6,776 10,121 7,994 8,909 9,104 14,066 8,616 9,723 10,507 Operating cash flow (OCF) (adj) 8,444 6,590 9,767 8,699 8,292 6,377 19,533 10,154 10,043 10,925 Free operating cash flow (FOCF) (adj) -1,580 -2,547 6,074 -875 1,096 4,271 10,014 1,739 1,603 1,425 Discretionary cash flow (DCF) (adj) -2,140 -3,081 5,786 -1,657 274 3,326 8,877 -4,868 503 225 Source: Company data and Nordea Markets Key ratios Profitability 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E ROC 22.6% 8.0% 16.4% 14.7% 12.2% 11.6% 9.8% 10.7% 11.5% 12.2% ROIC after tax 9.6% -0.6% 11.7% 6.0% 8.6% 7.8% 10.3% 10.1% 10.2% 10.6% ROE after tax 11.5% -4.8% 15.4% 8.6% 10.6% 9.0% 12.3% 9.7% 10.0% 10.5% Debt & Interest coverage 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E FFO/Debt 38.0% 19.4% 31.2% 23.3% 27.8% 32.8% 59.3% 36.4% 41.1% 44.2% FOCF/Debt -7.5% -7.3% 18.7% -2.5% 3.4% 15.4% 42.2% 7.3% 6.8% 6.0% DCF/Debt -10.1% -8.8% 17.8% -4.8% 0.9% 12.0% 37.4% -20.6% 2.1% 0.9% EBITDA interest coverage 10.9 6.9 10.4 10.1 9.1 9.5 10.7 11.0 12.2 12.8 FFO cash interest coverage -5.5 -3.9 -6.2 -4.9 -5.7 -6.4 n.m. -7.3 -8.4 -8.9 Leverage 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E Debt/EBITDA 1.3 2.9 1.9 2.1 2.3 2.1 1.7 1.8 1.7 1.6 Equity ratio 43.6% 43.1% 48.5% 48.0% 51.0% 53.5% 60.3% 60.3% 60.8% 61.3% Debt/(Debt+Equity) 0.4 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.3 0.3 Capital expenditure 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E CAPEX/Depreciation and amortisation 2.27 1.73 0.72 1.92 1.54 0.48 2.17 1.81 1.69 1.84 CAPEX/Sales 0.17 0.18 0.08 0.19 0.15 0.04 0.20 0.19 0.18 0.20 Working capital ratios 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E Inventory turnover (days) 10 13 15 16 17 10 9 9 9 9 Receivables turnover (days) 44 27 34 32 39 36 31 35 35 34 Days sales outstanding (days) 35 43 48 47 45 41 40 42 42 42 Per share data 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E EPS 144.23 -61.72 214.08 129.04 170.17 156.99 232.45 194.06 215.51 244.36 EPS (adj.) 135.74 -31.67 194.69 86.40 147.42 142.43 194.02 190.98 213.31 242.62 DPS 24.3 13.1 35.6 37.4 43.0 51.7 306.2 51.8 57.6 68.5 BVPS 1,271.7 1,306.8 1,469.9 1,537.5 1,678.8 1,812.2 1,925.5 2,061.3 2,211.7 2,381.0 Equity valuation and yield 2008 2009 2010 2011 2012 2013 2014 2015E 2016E 2017E Market cap. 23,068 31,020 39,969 29,113 33,089 47,779 43,604 47,955 47,029 46,145 Enterprise value 37,989 47,603 50,627 40,575 42,378 54,216 43,784 48,596 48,577 48,953 P/E 7.3 n.m. 8.5 10.3 8.8 13.8 8.7 11.6 10.5 9.2 P/BV 0.8 1.1 1.2 0.9 0.9 1.2 1.0 1.1 1.0 0.9 EV/Sales 0.7 0.9 1.1 0.8 0.9 1.1 0.9 1.1 1.1 1.0 EV/EBITDA 2.3 4.9 3.3 2.9 3.7 5.0 3.8 4.5 4.1 3.8 Dividend yield 2.3% 0.9% 2.0% 2.8% 2.9% 2.4% 15.2% 2.3% 2.6% 3.0% Payout ratio 17.7% n.m. 6.1% 27.6% 22.0% 27.4% 22.7% 160.4% 24.5% 24.0% Source: Company data and Nordea Markets

Nordea Markets 7 A.P. Møller - Mærsk 4 March 2015

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Nordea Markets 8 A.P. Møller - Mærsk 4 March 2015

Analyst Shareholding Market-making obligations and other significant financial interest Nordea Markets analysts do not hold shares in the companies that they Nordea Markets has no market-making obligations in A.P. Møller - Mærsk cover. No holdings or other affiliations by analysts or associates.

Recommendation definitions Investment banking transactions Outperform Nordea Markets has no ongoing or completed public investment banking Over the next three months, the fixed income instrument's total transactions with A.P. Møller - Mærsk return is expected to exceed the total return of the relevant In view of Nordea’s position in its markets readers should however Market perform assume that the bank may currently or may in the coming three months Over the next three months, the fixed income instrument's total and beyond be providing or seeking to provide confidential investment return is expected to be in line with the total return of the relevant banking services to the company/companies

Underperform Over the next three months, the fixed income instrument's total return is expected to be below the total return of the relevant

All research is produced on an ad hoc basis and will be updated when the circumstances require it.

Distribution of recommendations Recommendation Count % distribution Outperform 88 17% Market perform 284 56% Under perform 140 27% Total 512 100% As of 1 January 2015

Issuer Review This report has not been reviewed by the Issuer prior to publication.

Nordea Bank AB (publ) Nordea Bank Danmark A/S Nordea Bank Finland Plc Nordea Bank Norge ASA Nordea Markets Division, Equities Nordea Markets Division, Equities Nordea Markets Division, Equities Nordea Markets Division, Equities Hamngatan 10 Strandgade 3 (PO Box 850) Aleksis Kiven katu 9, Helsinki Middelthuns gate 17 SE-105 71 Stockholm DK-0900 Copenhagen C FI-00020 Nordea N-0368 Oslo Sweden Denmark Finland Norway

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