A.P. Møller - Mærsk A/S

A.P. Møller - Mærsk A/S annual report 2008

CONTENTS Page CONTENTS Page A.P. Moller - Maersk Group Financial Highlights 2 Directors Report 4 Results for 2008 5 Outlook for 2009 6 The economic development 6 Corporate social responsibility, health, safety and environment 7 Organisation and information technology 8 Shareholder relation 10 Business units 12 Container shipping and related activities 14 APM Terminals 20 Tankers, offshore and other shipping activities 22 Oil and gas activities 30 Retail activity 34 Shipyards, other industrial companies, interest in Danske Bank A/S, etc. 38 Unallocated items 40 Discontinued operations 41 Financial Report 42 Corporate Governance 49 Directors Statement 54 Independent Auditors Report 55 Accounting Policies 56 Income Statement 61 Assets at 31 December 62 Liabilities at 31 December 63 Cash Flow Statement 64 Statement of recognised income and expenses 65 Notes to financial statements 66 A.P. Møller - Mærsk A/S Financial Highlights 91 Income Statement for 93 Assets at 31 December 94 Liabilities at 31 December 95 Cash Flow Statement 96 Statement of recognised income and expenses 97 Notes to financial statements 98 Management duties 113 Company overview 115 Announcements 2008 120 Forward-looking statements This annual report contains forward-looking statements regarding expectations for 2009. Such statements are subject to risks and uncertainties as various factors, many of which are beyond A.P. Møller - Mærsk A/S control, may cause actual development and results to differ materially from expectations contained in the annual report. The annual report has been translated from Danish. The Danish text shall govern for all purposes and prevail in case of any discrepancy with the English version. Schultz Grafisk København ISSN 1604-2913

Annual Report 2008 2008 Highlights (Figures for 2007 in parenthesis) Revenue USD 61.2 billion (USD 51.2 billion) Profi t before depreciation, amortisation and impairment losses (EBITDA) USD 16.5 billion (USD 11.9 billion) Gains on the sale of ships, rigs, etc. USD 0.9 billion (USD 1.1 billion) Impairment losses on goodwill on shares in Danske Bank and on certain non-current assets USD 0.6 billion after tax Profi t before fi nancial items (EBIT) USD 11.9 billion (USD 8.8 billion) Net profi t before tax USD 10.4 billion (USD 8.0 billion) Tax for the year USD 6.9 billion (USD 4.5 billion) Profi t for the year USD 3.5 billion (USD 3.4 billion). In Danish kroner (DKK) the profi t amounted to 17.6 billion (DKK 18.6 billion) Cash fl ow from operating activities USD 8.5 billion (USD 7.3 billion) Cash fl ow used for capital expenditure USD 10.3 billion (USD 9.0 billion) Operational improvement in most of the Group s business units, well above 2007, although towards the end of the year affected by the global economic slowdown. The net profi t for the year was affected by signifi cantly lower profi t from Danske Bank and impairment losses on goodwill on shares in Danske Bank and on other non-current assets. High average oil prices and in total a larger production share affected Oil and gas activities positively and the overall net result was signifi cantly higher than in 2007, despite increased operational and exploration costs, as well as impairment losses due to lower oil prices at the end of 2008. Operationally, the container activities improved considerably during 2008, while diffi cult market conditions, especially in the second half of the year, had a negative impact on the profi t. Profi t before gains on sale of ships, etc. and nonrecurring costs relating to streamline were slightly above 2007, but still not satisfactory. Growth in revenue, profi t and operational cash fl ow from container terminal operations. High level of activity in the offshore markets and favourable average rates for crude and product tankers. Profi t excluding sales gains and impairment losses for Tankers, offshore and other shipping activities was slightly above 2007. Outlook for 2009 For the A.P. Moller - Maersk Group overall, a result excluding gains on sale of ships, rigs, etc. is expected to be signifi cantly below 2008 which was USD 2.6 billion. With the present market situation it is not realistic to expect gains on sale of ships, rigs, etc. of any signifi cance. The outlook for 2009 is subject to considerable uncertainty, not least due to the development in the global economy. Specifi c uncertainties relate to the development in container freight rates, transported volumes, the USD exchange rate and oil prices. 1

A.P. Moller - Maersk Group Financial highlights Amounts in DKK million 2008 2007 2006 2005 2004 Revenue 311,821 278,872 260,134 208,702 159,444 Profit before depreciation, amortisation and impairment losses, etc. 83,945 64,895 51,192 49,971 40,567 Depreciation, amortisation and impairment losses, etc. 26,092 26,226 19,357 17,755 12,758 Gains on sale of ships, rigs, etc. 4,656 6,062 4,227 1,676 1,482 Associated companies share of profit after tax - 1,882 3,081 2,881 3,037 361 Profit before integration costs 60,627 47,812 38,943 36,929 29,652 Integration costs on acquisitions - - 734 1,783 - Profit before financial items 60,627 47,812 38,209 35,146 29,652 Financial items, net - 7,808-4,111-2,219-2,121 745 Value adjustment of financial assets - - - - 5,013 Profit before tax 52,819 43,701 35,990 33,025 35,410 Tax on profit for the year 35,287 24,537 19,935 13,223 9,180 Profit for the year continuing operations 17,532 19,164 16,055 19,802 26,230 Profit/loss for the year discontinued operations 106-533 131 404 2,026 Profit for the year 17,638 18,631 16,186 20,206 28,256 A.P. Møller - Mærsk A/S s share of the profit for the year 16,960 17,809 15,557 20,090 28,149 Total assets 343,110 328,098 313,695 285,548 181,673 Equity 158,394 146,688 136,711 124,083 102,706 Cash flow from operating activities 43,422 39,820 23,697 33,329 29,207 Cash flow used for capital expenditure - 52,375-49,003-34,321-62,696-18,388 Investment in property, plant and equipment 61,078 57,998 44,316 28,841 22,635 Return on invested capital after tax (ROIC) 9.9% 10.3% 9.7% 15.9% 22.0% Return on equity after tax 11.6% 13.1% 12.4% 17.8% 30.3% Equity ratio 46.2% 44.7% 43.6% 43.5% 56.5% Earnings per share, DKK 4,122 4,328 3,781 4,883 6,841 Diluted earnings per share, DKK 4,122 4,328 3,781 4,883 6,841 Cash flow from operating activities per share, DKK 10,553 9,678 5,759 8,100 7,098 Dividend per share, DKK 650 650 550 550 450 Share price (B share), year end, DKK 28,100 54,400 53,200 65,200 45,268 Total market capitalisation, year end 116,281 223,177 214,284 263,879 185,369 Comparative figures for 2007 have been restated in accordance with the changed accounting policies, please see note 23 in the financial statements of the Group. 2

A.P. Moller - Maersk Group Financial highlights Amounts in USD million 2008 2007 2006 2005 2004 Revenue 61,211 51,218 43,743 34,843 26,490 Profit before depreciation, amortisation and impairment losses, etc. 16,478 11,919 8,610 8,342 6,735 Depreciation, amortisation and impairment losses, etc. 5,122 4,816 3,255 2,937 2,118 Gains on sale of ships, rigs, etc. 914 1,113 711 280 246 Associated companies share of profit after tax - 369 566 484 507 60 Profit before integration costs 11,901 8,782 6,550 6,192 4,923 Integration costs on acquisitions - - 123 298 - Profit before financial items 11,901 8,782 6,427 5,894 4,923 Financial items, net - 1,533-755 - 374-354 123 Value adjustment of financial assets - - - - 832 Profit before tax 10,368 8,027 6,053 5,540 5,878 Tax on profit for the year 6,927 4,507 3,352 2,218 1,524 Profit for the year continuing operations 3,441 3,520 2,701 3,322 4,354 Profit/loss for the year discontinued operations 21-98 22 67 336 Profit for the year 3,462 3,422 2,723 3,389 4,690 A.P. Møller - Mærsk A/S s share of the profit for the year 3,329 3,271 2,617 3,370 4,672 Total assets 64,925 64,648 55,409 45,152 33,227 Equity 29,972 28,903 24,148 19,620 18,784 Cash flow from operating activities 8,524 7,313 3,987 5,564 4,849 Cash flow used for capital expenditure - 10,281-9,000-5,771-10,467-3,053 Investment in property, plant and equipment 11,990 10,652 7,452 4,815 3,758 Return on invested capital after tax (ROIC) 10.1% 10.1% 9.7% 15.9% 20.8% Return on equity after tax 11.8% 12.9% 12.4% 17.6% 28.6% Equity ratio 46.2% 44.7% 43.6% 43.5% 56.5% Earnings per share, USD 809 795 636 819 1,135 Diluted earnings per share, USD 809 795 636 819 1,135 Cash flow from operating activities per share, USD 2,072 1,777 969 1,352 1,178 Dividend per share, USD 123 128 97 87 82 Share price (B share), year end, USD 5,317 10,719 9,397 10,310 8,279 Total market capitalisation, year end 22,002 43,973 37,849 41,726 33,903 Comparative figures for 2007 have been restated in accordance with the changed accounting policies, please see note 23 in the financial statements of the Group. 3

A.P. Moller - Maersk Group 2008 Directors Report The Executive Board functions as the day-to-day management of A.P. Moller - Maersk and currently consists of (left to right): Claus V. Hemmingsen, Søren Thorup Sørensen, Eivind Kolding, Nils Smedegaard Andersen (Group CEO), Søren Skou og Thomas Thune Andersen 2008 was a turbulent year with an abrupt downturn in the global economy. The global recession in the second half of the year resulted in a considerable decrease in world trade, plummeting prices for securities and commodities, especially oil, as well as signifi cant fl uctuations in exchange rates. The developments naturally also affect the A.P. Moller - Maersk Group. In the second half of 2008, the Group had considerable losses on fi nancial items and impairment losses relating to the shares in Danske Bank, as well as impairment losses due to the low oil prices and declining asset values at the end of the year. Operationally, however, 2008 was a good year, with higher profi ts in nearly all business units and steady progress in key areas. The high average oil prices entailed a good year for Maersk Oil. The expansion project in Qatar, one of the world s largest investment projects in the oil industry, kept on schedule despite the heated activity in the oil sector. Maersk Line implemented a restructuring process and a number of improvements under the headline streamline. Continued focus on process excellence led to con siderable overall cost reductions, fewer errors, improved schedule reliability, and thereby greater customer satisfaction. The number of handled containers in APM Terminals grew above the market level, and revenue from other customers than Maersk Line increased to 38% of the total volume. Maersk Drilling and Maersk FPSOs with some delay took delivery of three drilling rigs and a fl oating oil pro duction facility. These have all commenced operation and will contribute to higher revenue and earnings in 2009. Maersk Supply Service experienced a high level of activity, with good rates and a satisfactory result. Maersk Tankers made an offer to aquire Broström AB. The acquisition that took place in January 2009 makes Maersk Tankers the world s largest product tanker operator. Health, safety and environmental performance also developed positively. Total fuel consumption was reduced, despite an increase in the number of transported containers, and a generally lower accident rate was recorded. Everything considered, 2008 was a satisfactory year and we have reason to thank our employees for their hard work. The A.P. Moller - Maersk Group has a strong global organisation and a high activity level will also be maintained in 2009. Efforts to improve Maersk Line s competitiveness will continue, and a concerted effort to reduce costs will be made across the Group. The recent restructuring of headquarter functions will simplify the Group s procedures and sharpen the business units focus on customers, market opportunities and earnings. The investment level in 2009 will be considerable. Maersk Oil will continue the expansion of the Al Shaheen Field in Qatar and the high exploration activity will be maintained in 2009. The purchase of Broström and additional drilling rigs for Maersk Drilling will increase the level of activity in Tankers, offshore and other shipping activities. APM Terminals will continue to invest signifi cantly in ongoing projects, with increased focus on operational improvements at existing terminals. The low oil prices and reduction in world trade will make 2009 a challenging year for our business units. In view of the Group s competent employees, fi nancial strength and the ongoing improvement projects, it is our ambition to come strengthened out of this global crisis. 4

Results for 2008 The A.P. Moller - Maersk Group s consolidated profi t of USD 3.5 billion was somewhat below the expected profi t announced on 12 November 2008, primarily due to the very negative development in Danske Bank in the fourth quarter and impairment losses on certain non-current assets. Excluding these factors the net profi t matched expectations and the announcement on 5 February 2009. The Group s cash fl ow from operating activities increased to USD 8.5 billion compared to USD 7.3 billion in 2007, positively affected by improved earnings before depreciation and amortisation. In Danish kroner, the cash fl ow from operating activities was 43 billion, compared to 40 billion in 2007. Cash fl ow used for capital expenditure totalled USD 10.3 billion, compared to USD 9.0 billion in 2007. Container shipping and related activities showed a moder ately positive result slightly above 2007. The result was negatively affected by signifi cantly higher fuel costs, although to a larger extent than previously compensated for by fuel surcharges on freight rates. Increasing freight rates in the fi rst half of the year affected the result positively. Freight volumes in major trades fell in the last quarter of the year, causing rates to develop negatively. The streamline initiatives launched in January 2008 entailed non-recurring costs of USD 245 million. The initiatives are expected to take full effect over the coming years. APM Terminals increased its revenue by 24% and the profi t both before and after sales gains and impairment losses was somewhat above 2007. Maersk Tankers continued the expansion and renewal of its fl eet. The profi t excluding sales gains was above 2007, but including sales gains somewhat below. The markets for the offshore activities of Maersk Drilling, Maersk FPSOs and Maersk Supply Service were favourable in 2008. The profi t excluding sales gains was well above 2007. The consolidated profi ts from Tankers, offshore and other shipping activities were somewhat below 2007, primarily due to lower gains on sale of ships and rigs and impairment losses on the investment in Höegh Autoliners. Higher average oil price and increased production share generated a profi t from the Oil and gas activities that was somewhat above 2007. Exploration activities increased in such areas as the British sector of the North Sea and the Gulf of Mexico. The Dansk Supermarked Group achieved a moderate increase in revenue. In 2008, the number of stores increased by 99 to a total of 1,270 at the end of 2008. The net result was somewhat below 2007, infl uenced negatively by lower earnings and negative value adjustment of securities. The result for Danske Bank A/S was signifi cantly lower than in 2007, affected negatively by provisions against losses on loans and impairment loss on goodwill. After impairment losses on the A.P. Moller - Maersk Group s recognised goodwill on shares in Danske Bank, Danske Bank is included in the income statement of the A.P. Moller - Maersk Group with a negative result of DKK 0.9 billion, compared to a positive result of DKK 3.0 billion in 2007. 5

Growth rates in Gross Domestic Product US dollar development Percent 14 12 10 8 6 DKK/USD 6.5 6.0 5.5 4 2 0 China India Russia Brazil Euro Area USA Japan World The economic development During the second half of 2008 the fi nancial turbulence spread to the real economy, resulting in moderate global economic growth of 1.6% for 2008, compared to 3.5% in 2007. GDP (Gross Domestic Product) in the USA, the Euro area and Japan fell in the second half of the year, and the economies of China, India and Russia grew less than in 2007. The impact on global trade in the fourth quarter was negative. Demand fell and credit opportunities for business enterprises and households were restricted. Global trade expanded by 5.2% in 2008, compared to 6.6% in 2007. Both commodities and currency markets were highly volatile during 2008. The Brent oil price was around USD 90 per barrel at the beginning of 2008, but closed the year at USD 37 after reaching USD 143 per barrel in July. The DKK/USD exchange rate was 5.08 at the beginning of the year, falling to 4.73 in July, then rising to 5.93 as the economic crisis deepened, and then falling to 5.28 at the end of the year. The average exchange rate for 2008 was 5.09 compared to 5.45 in 2007. Outlook for 2009 2008 2007 The negative development in the global economy, with recession in several of the world s economies and fi nancial turbulence, continued at the beginning in 2009, with a negative impact on most of the Group s business units. The container market saw an unprecedented drop in transported volumes. The decline in January 2009 was in the order of 20% from the same month in 2008, and the overall volume development in 2009 is expected to be negative. Combined with the increase in new tonnage in recent years, 5.0 4.5 2006 2007 2008 and also expected in 2009 and 2010, this exerts considerable pressure on freight rates, in several trades to a level that barely covers variable costs. The shipping companies are taking operational measures to restore balance, as well as laying up ships, but the outlook for container rates is extremely negative. In the fi rst two months of 2009 the tanker markets saw a general decline in activity and pressure on rates. Production restrictions in the OPEC countries, the increase in new tonnage and reduced demand are expected to affect the tanker activities negatively in 2009. Demand in the offshore markets is declining as a consequence of the low oil price. In 2009 the Group has signifi cant contract coverage for jack-up drilling rigs, semi-submersible drilling rigs, FPSOs and supply vessels. The oil and gas activities are expected to maintain high exploration and production levels. The A.P. Moller - Maersk Group s production share is expected to be at the 2008 level. However, the result will be highly dependent on the de velop ment in the oil price. In the fi rst two months of 2009 the average price was 55% below the average for 2008. Revenue in the retail activity was by and large unchanged from 2008 in the fi rst months of the year. Danske Bank has announced that 2009 will be a very challenging year for the fi nancial sector. In view of the general economic development the level of provisions against losses on loans is expected to continue to be high in 2009. For the A.P. Moller - Maersk Group overall, a result excluding gains on sale of ships, rigs, etc. is expected to be signifi cantly below 2008 which was USD 2.6 billion. With the present market situation it is not realistic to expect gains on sale of ships, rigs, etc. of any signifi cance. The outlook for 2009 is subject to considerable uncer tainty, not least due to the development in the global 6

A stronger environmental focus was a key priority in 2008. For the first time, the Group published a consolidated Health, Safety and Environment Report. Read more at www.maerskgreen.com. economy. Specifi c uncertainties relate to the development in container freight rates, transported volumes, the USD exchange rate and oil prices. To illustrate these uncertainties, information on certain sensitivities is presented in the Financial Report. Corporate social responsibility, health, safety and environment Wherever the A.P. Moller - Maersk Group operates, acting as a good corporate citizen is an integral part of the way we conduct business. This means that we endeavour to exercise constant care and to behave in an upright, responsible and environmentally aware manner globally as well as locally. During recent years, the Group s activities have increased substantially. This has led to a greater need to structure the work of developing and implementing the Group s fundamental business principles to refl ect the Group s policies in areas such as corporate social responsibility, health, safety and the environment. Corporate social responsibility In January 2009 the A.P. Moller - Maersk Group decided to adopt the UN Global Compact charter comprising ten principles for good business ethics in the areas of human rights, labour rights, environment and anti-corruption. Adopting these principles reinforces the Group s wish to continue and increase its reporting on corporate social responsibility. More detailed information about the Group s fundamental business principles can be found at maersk.com. Environment The A.P. M oller - Maersk Group has always given high pri ority to the environment. A strong environmental focus was a key priority for 2008, including the development of an overall environmental strategy and the publication of a consolidated Health, Safety and Environment Report. The Group s main business areas are highly energy intensive, entailing a responsibility to participate actively in the development of solutions to reduce the environmental impact of the Group s activities. The Group strives to make the individual business activities as energy effi cient as possible through innovation of technology, processes and procedures. The objective of the Group s Eco-Effi ciency strat egy is the development of environmentally friendly and energy effi - cient solutions that reduce the Group s environmental impact while achieving competitive advantages through a systematic approach to more effi cient consumption of resources. As an example, Maersk Line has used route network optimisation, service speed reductions and operational optimisation to reduce fuel consumption per Forty-Foot Equivalent container unit by approximately 7% on its own vessels in 2008. Fuel reduction is vital to Maersk Line s achievement of its objective to reduce CO 2 emissions by 10% over fi ve years as from 2007. Health and safety With approximately 120,000 employees, of whom a large number work under challenging conditions on board ships, drilling rigs, oil platforms, terminals, etc., a high level of workplace health and safety is crucial to the Group s activities. The health and safety objective is to prevent accidents occur ring. A generally low accident rate was maintained in 2008. There is still a great need to promote high safety standards among all employees and suppliers with access to the Group s 7

Lost time incident frequency Per million hours worked 10 8 6 4 2 0 Maersk Line APM Terminals Maersk Tankers Maersk Drilling and Maersk FPSOs Maersk Supply Service Maersk Oil 2008 2007 facil ities and it is still a key priority to continue to ensure that safety procedures are followed, in order to maintain focus on a safe working environment. Employees continuously receive training with particular focus on risk management, while safety pro ced ures, etc. are subject to ongoing development. In February 2008, one of the Group s ships was attacked off the coast of Somalia, and the crew were held hostage until they were freed unhurt a month later. During 2008 the number of attacks on ships in the Gulf of Aden increased, including an additional two of the Group s ships. The A.P. Moller - Maersk Group has taken a number of measures to minimise the risk to its crews, including the rerouting of vessels around the Cape of Good Hope. However, piracy is an international security issue that must be resolved by the relevant authorities and the international community. The fi rst consolidated Health, Safety and Environment Report for the A.P. Moller - Maersk Group, covering 2007, was published in September 2008. For further information on the Group s health, safety and environment activities, visit maerskgreen.com and maersk.com. Organisation and information technology Organisation In 2008, the A.P. Moller - Maersk Group employed an average of around 120,000 people. A number of changes were made within the A.P. Moller - Maersk Group in 2008 with focus on simplifying the organ - isa tional structure. In 2008, Maersk Line introduced organisational simplifi cations entailing the closure of a number of regional offi ces. 8

Protecting the health and safety of our employees continues to be a key focus area. Safety procedures and staff training in risk management are subject to ongoing development. The optimised business processes among other things dele - gated greater responsibility to the national offi ces, in order to sharpen focus on customer contact. The new organisational structure entailed a reduction of approximately 4,500 positions during 2008. The simplifi cation of work processes and the ongoing development of IT systems, etc., within Maersk Line have also made it possible to reduce the number of shared service centres for the container activities. At the turn of 2008/09, organisational changes were made at the A.P. Moller - Maersk Group s headquarters in order to introduce a new, simplifi ed structure of group and service functions. It is imperative that the Group continues to attract and retain highly skilled employees with the right qualifi cations and competences. Dedicated, loyal and competent employees are vital to ensuring that the Group continues to provide the best quality and service to its customers and partners, while achieving satisfactory fi nancial results. During 2008 an internal satisfaction and motivation survey was conducted for the third consecutive year, with the participation of approximately 90% of the Group s employees. The results for the A.P. Moller - Maersk Group were generally positive and at the 2007 level, despite the many change initiatives. The A.P. Moller - Maersk Group operates in more than 130 countries and wishes to have a diverse workforce refl ecting the Group s global presence. It is an objective to increase diversity in management. For additional information about educational programmes and A.P. Moller - Maersk as a workplace, visit maersk.com. Information technology Well functioning, effi cient IT systems are a prerequisite for the creation of simple and transparent planning, work and management processes. Both at group level and in the individual business units IT systems are subject to continuous development in order to optimise business processes. In 2008 a new IT reporting system to consolidate Groupwide results in the area of health, safety and environment was implemented. This is important to the Group s ongoing focus on these areas and the preparation of a consolidated health, safety and environment report. The introduction of a new SAP system for fi nancial and accounting functions in the container activities continued in 2008. By the end of the year the system had been implemented in 43 countries and this global implementation will continue over the next few years. 9

Shareholder relations Share capital A.P. Møller - Mærsk A/S shares are listed on NASDAQ OMX Copenhagen. Shares are divided into two classes: A-shares with voting rights and B-shares without voting rights. Each DKK 1,000 A-share entitles the holder to two votes. At 31 December 2008, the Group s total share capital of DKK 4,395,600,000 consisted of: A-shares, DKK 2,197,800,000, divided between 2,197,585 shares of DKK 1,000 and 430 shares of DKK 500 B-shares, DKK 2,197,800,000, divided between 2,197,488 shares of DKK 1,000 and 624 shares of DKK 500 No restrictions are imposed on the negotiability of the shares. Changes in share capital Any resolution regarding the issue of, reduction in, or changes to the share capital requires the presence of two-thirds of the class A voting rights at the Annual General Meeting and that the resolution shall be passed by two-thirds of the votes cast. Apart from a resolution for the dissolution of the company, other resolutions at the Annual General Meetings are passed by simple majority, unless otherwise required by legislation. Reference is made to the company s articles of association. In the event of an increase of the company s share capital, the shareholders in the given share class shall have a preemption right to subscribe for a proportionate share of the capital increase in the given share class. Ownership The parent company of the Group A.P. Møller - Mærsk A/S has more than 63,000 private and institutional shareholders. 50.60% of the votes are held by the foundation A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal. Shareholders covered by section 28a of the Danish Public Companies Act SHARE CAPITAL VOTES A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, Copenhagen, Denmark 41.22% 50.60% A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familiefond, Copenhagen, Denmark 9.85% 13.53% Mærsk Mc-Kinney Møller, Copenhagen, Denmark 3.72% 6.49% Den A.P. Møllerske Støttefond, Copenhagen, Denmark 2.94% 5.86% Companies in the A.P. Moller - Maersk Group (own shares) 6.39% 0% Own shares According to the authorisation of the Annual General Meeting, the Board of Directors may in the period up to 30 April 2009 allow the company to acquire own shares within a total nom - in al value of 10% of the company s share capital, cf. section 48 of the Danish Companies Act. The purchase price may 10

Share price 2008 70 60 50 not deviate by more than 10% from the price quoted on NASDAQ OMX Copenhagen at the time of purchase. The Group s holding of own shares is unchanged in 2008. Share price development 2008 The A.P. Moller - Maersk shares were subject to considerable price fl uctuation in 2008, like the rest of the stock market. On 19 May 2008 the B-share closed at its highest price in 2008 of DKK 60,300 (for one DKK 1,000 share) and on 20 November 2008 at its lowest price of DKK 26,200. At the end of 2008 the share price was DKK 28,100, compared to DKK 54,400 at the end of 2007, representing a drop of 48.3% (47.2% adjusted for dividend payment). Dividend The Board of Directors proposes a dividend to the shareholders of DKK 650 per share of DKK 1,000 a total of DKK 2,857 million. (DKK 650 per share of DKK 1,000 a total of DKK 2,857 million). Payment will take place three banking days after the Annual General Meeting. Share option programmes As part of the long-term incentive programme, in 2008 a revolving share option programme for the Group s key execu tives, comprising 114 people, was established. The programme is based on options that give the right to buy B-shares from the company s holding of own shares. The options are granted free of charge on 1 April each year, starting in 2008. A revolving share option programme was established in 2008 under which members of the Executive Board are obliged to acquire options for a calculated market value equiva lent to about two months pay. The options are priced 40 30 20 January February March April May June July August September October November December NASDAQ OMX Copenhagen C20 (indexed) Dow Jones (indexed) A.P. Møller - Mærsk A/S B and acquired on the sixth trading day after the publication of the company s Annual Report. The estimated market value of the options issued in 2008 with a strike price of DKK 53,500 is DKK 42 million at the time of grant. Financial calendar 2009 30 April: Annual General Meeting 12 May: Interim management statement for Q1 2009 21 August: Interim Report 2009 13 November: Interim management statement for Q3 2009 For additional information about A.P. Moller - Maersk shares, including which share analysts monitor the shares, visit maersk.com. Investors and share analysts are welcome to contact the company s Investor Relations offi ce. Annual General Meeting The Annual General Meeting of the company will be held at the Bella Center, Copenhagen, at 10.30 a.m. on Thursday, 30 April 2009. 11

The A.P. Moller - Maersk Group Container shipping and related activities APM Terminals Tankers, offshore and other shipping activities Oil and gas activities Retail activities Shipyards, other industrial companies, interest in Danske Bank A/S, etc. Business units Container shipping and related activities Maersk Line and Safmarine Global container services Maersk Logistics/Damco Logistics and forwarding activities Container Inland Services Inland transportation, manufacturing and repair of containers and container depots, etc. APM Terminals Container terminal activities Tankers, offshore and other shipping activities Maersk Tankers Tanker shipping of crude oil, oil products and gas Maersk Drilling Offshore drilling activities. Operation of land rigs through 50% ownership of Egyptian Drilling Company Maersk FPSOs Floating Production, Storage and Offl oading units Maersk Supply Service Supply vessel activities with anchor handling and platform supply vessels, etc. Svitzer Towing and salvage activities, etc. Norfolkline Ferry services and door-to-door transportation in Northern Europe Höegh Autoliners Car carrier activity through 37.5% ownership of Höegh Autoliners (associated company) Oil and gas activities Maersk Oil Retail activity The Dansk Supermarked Group Oil and gas production in Denmark, Qatar, Great Britain, Algeria and Kazakhstan Exploration activity in among others the North Sea, Africa, the Middle East, South America and the American part of the Mexican Gulf. Supermarkets (Føtex and Bilka) and department stores (F. Salling) in Denmark and discount supermarkets (Netto) in Denmark, Germany, Great Britain, Poland and Sweden Shipyards, other industrial companies, interest in Danske Bank A/S, etc. Odense Steel Shipyard Group Shipyards in Denmark and the Baltic States Rosti Production of plastic articles Star Air Aviation, primarily cargo Danske Bank 20% ownership interest in Danske Bank A/S (associated company) The A.P. Moller - Maersk Group comprises approximately 1,100 companies. All major companies and activities are included on pages 115-119 so that all countries and all activities in which the A.P. Moller - Maersk Group has a presence are represented. 12

Dedicated, well-qualified employees are vital to the Group s ability to continue providing our customers with the best quality and service. DKK million USD million Segment information 2008 2007 2008 2007 Revenue Container shipping and related activities 146,032 140,592 28,666 25,821 APM Terminals 15,888 13,717 3,119 2,519 Tankers, offshore and other shipping activities 27,349 24,175 5,369 4,440 Oil and gas activities 68,743 51,537 13,494 9,465 Retail activity 57,949 56,382 11,376 10,355 Shipyards, other industrial companies, interest in Danske Bank A/S, etc. 7,599 8,224 1,492 1,510 Unallocated activities, etc. 1,569-308 - Eliminations, etc. - 13,308-15,755-2,613-2,892 Total 311,821 278,872 61,211 51,218 Profit for the year Container shipping and related activities 1,051 578 205 106 APM Terminals 812 578 161 106 Tankers, offshore and other shipping activities 4,496 6,781 883 1,246 Oil and gas activities 12,032 8,866 2,361 1,628 Retail activity 1,552 2,015 304 370 Shipyards, other industrial companies, interest in Danske Bank A/S, etc. - 1,111 2,449-218 450 Unallocated activities, etc. - 670-2,203-131 - 404 Eliminations, etc. - 630 100-124 18 Discontinued operations 106-533 21-98 Total 17,638 18,631 3,462 3,422 13

Container shipping and related activities DKK million USD million Highlights 2008 2007 2008 2007 Revenue 146,032 140,592 28,666 25,821 Profi t before depreciation, amortisation and impairment losses (EBITDA) 11,525 10,907 2,262 2,002 Depreciation, amortisation and impairment losses 8,360 8,250 1,641 1,515 Gains on sale of ships, etc. 1,765 1,735 346 319 Associated companies shares of profi t after tax 10 20 2 4 Profi t before fi nancial items (EBIT) 4,940 4,412 969 810 Financial items, net - 2,460-2,248-483 - 413 Profi t before tax 2,480 2,164 486 397 Tax on profi t for the year 1,429 1,586 281 291 Profi t for the year 1,051 578 205 106 Cash fl ow from operating activities 10,143 8,309 1,991 1,519 Cash fl ow used for capital expenditure - 15,920-15,131-3,125-2,779 Non-current assets 109,672 96,752 20,752 19,063 Current assets 49,497 45,618 9,365 8,988 Total assets 159,169 142,370 30,117 28,051 Non-current liabilities 49,199 54,052 9,310 10,649 Current liabilities 29,374 30,323 5,558 5,975 Total liabilities 78,573 84,375 14,868 16,624 14

Container shipping and related activities 2008 Highlights Maersk Line and Safmarine transported a total of 7.0 million FFE (Forty-Foot Equivalent container units); an increase of 2% from 2007. The overall container market increased by approximately 5% Average freight rates, including Bunker Adjustment Factor, rose by 8% compared to 2007 Average fuel costs, measured in USD per ton, increased by 51%. Fuel consumption was reduced by 4% Non-recurring costs related to the streamline initiatives amounted to USD 245 million. The number of jobs in Maersk Line was reduced by approximately 4,500 during the year EBITDA increased by 13% and the EBITDA margin, excluding non-recurring costs, rose to 8.7% from 7.8% in 2007 Gains on sale of ships, etc. amounted to USD 346 million in 2008, compared to USD 319 million in 2007 Cash fl ow from operating activities amounted to USD 2.0 billion, compared to USD 1.5 billion in 2007. Investments were USD 3.1 billion, compared to USD 2.8 billion in 2007 The market for container shipping Global growth in the container shipping market amounted to approximately 5% in 2008, compared to 9% in 2007, while the total increase in new tonnage was 15% in 2008, at the level of the increase in 2007. Development differed for the individual trades. The overall development in volumes for the trades between Asia and Europe was moderately positive in 2008, but subject to a considerable decrease in the fourth quarter. Volumes for the Transpacifi c trades fell marginally from 2007, affected negatively by lower volumes to the USA, but positively by increased exports from the USA, among other things due to the lower USD exchange rate in the fi rst nine months of the year. Other markets developed positively in 2008, although the development in the fourth quarter was negative for most markets due to global economic trends. The development in base freight rates in 2008 refl ected this situation. Rates to the USA were low throughout the year. Rates for the Asia to Europe trades began the year at a reason able level, with a falling trend during the year, and strong decreases in the fourth quarter of 2008, as a consequence of declining volumes and a large increase in new tonnage. The development in fuel prices had a signifi cant impact on rates throughout 2008. In view of the negative development in volumes and rates several container shipping companies began to take vessels out of service. In the second half of 2008 a total weekly cap - acity of 40,000 FFE was taken out of the trades between Asia and Europe. Maersk Line Maersk Line is the world s largest container shipping company with a global network that at 31 December 2008 comprised 464 container vessels with a total capacity of 1.9 million TEU. Maersk Line s revenue increased by 13% in 2008 on the back of an 8% increase in average rates due to a higher 15

Distribution of Maersk Line volumes across trades 2008 3% 2007 4% 7% 11% 11% 15% 15% 38% 7% 10% 10% 15% 15% 39% Asia/Europe Transpacifi c Latin America Transatlantic Africa Oceania Intra-regional It has become easier for customers to do business with Maersk Line. Customer processes have been simplified, and more authority given to the local sales organisations. Bunker Adjustment Factor, and an increase in sale of capacity to other shipping companies relating to vessel sharing agreements and lease of vessels. Maersk Line s transported volumes were largely unchanged at 6.2 million FFE in 2008. Volumes for the trades between Asia and Europe fell by 2% p.a. after increasing by 1% in the fi rst half of the year. Rate increases were achieved at the beginning of 2008, but the increase in new tonnage and declining volumes from China to Europe led to considerable pressure on rates during the second half of the year. Due to the deterioration in market conditions Maersk Line closed two routes during the year, equivalent to a capacity reduction of 5,800 FFE per week, or approximately 8%. By reorganising the rest of the route network and through vessel sharing agreements with other shipping companies Maersk Line secured a broader coverage of the route network. However, capacity utilisation was lower than in 2007. On the Transpacific routes volumes fell by 2%, partly due to the closure of a number of inland destinations in the USA during 2007. After reorganisation of the network during 2007 and 2008, including vessel sharing agreements, capacity util - isa tion improved. Rates for transports from Asia to the USA were still at a low level. In the fi rst nine months volumes and rates from the USA were infl uenced positively by the lower USD exchange rate and the reorganisation of volumes from traditional to containerised transport. In the fourth quarter volumes and rates fell considerably. Adjustment of the network on the Latin America trades improved capacity utilisation despite the decrease in volumes by 1%. Base freight rates were at 2007 levels. Volumes transported on the Transatlantic trades remained at the 2007 level. New vessel sharing agreements and improved balance between volumes transported to and from the USA entailed improved capacity utilisation. Base freight rates showed moderate positive development in 2008 overall. On the Africa routes volumes increased by 8%, pri marily due to high growth in West Africa. Capacity utilisation increased and base freight rates were at the 2007 level. The reduction of export volumes from Asia in the fourth quarter and drought in New Zealand negatively affected volumes transported on the Oceania routes, and total volumes fell by 1% compared to 2007. Excess capacity in the market led to pressure on rates. In view of the negative development in volumes Maersk Line took eight 6,500 TEU vessels out of service in November 2008. The streamline initiatives focusing on optimisation of the route network, reduction of fuel costs, simplifi cation of customer processes and product portfolio, and improvement of planning and management information systems, showed good results in 2008, while the full effect will be achieved over the next few years. In 2008 non-recurring costs related to the streamline initiatives of USD 234 million were expensed. One of the overall objectives of the streamline initiatives is to make it easier for customers to do business with Maersk Line. This is achieved through simplifi cation of processes and increased authority to the local sales organisations. Customer satisfaction developed positively in 2008 and in the fourth quarter of 2008 the highest customer satisfaction since 2004 was registered. At the same time Maersk Line regained its leading position for schedule reliability. Total terminal costs per transported FFE increased by 5%, primarily due to the weaker average USD exchange rate and increasing rates. 16

Distribution of Maersk Line unit costs 2008 2007 25% 11% 24% 21% 15% 4% 20% 12% 26% 21% 16% 5% Terminal costs Inland transportation Containers and other equipment Vessel costs Bunker Administration and other costs Costs for inland transportation per transported FFE were increased by 1%, negatively affected by rising oil prices and general rate increases, but positively infl uenced by lower inland volumes, especially in the USA. Total fuel costs rose by 43%, affected negatively by an increase in the average bunker price of 51%, but positively affected by approximately 5% lower fuel consumption due to a large number of fuel reduction measures, including service speed reductions. A large share of the higher costs resulting from the bunkers price increase was covered by surcharges and in 2008 Maersk Line introduced a new, more transparent method of calculating the fuel surcharge. Earnings per transported FFE after total unit costs (EBIT per FFE) excluding gains on sale of ships and non-recurring costs, etc. increased by USD 55 compared to 2007. Profi t before fi nancial items increased to USD 543 million from USD 411 million in 2007. Cash fl ow from operating activities increased from 2007, infl uenced positively by an improvement in the operating profi t. Investments In 2008, Maersk Line took delivery of 26 owned container vessels. As part of the ongoing renewal of the fl eet nine container vessels were sold. Four of the sold vessels were chartered back on 10-year contracts. The net capacity increase in the Group s own fl eet was 128,500 TEU, and the Group s share of the total fl eet in operation increased. In 2008 Maersk Line returned a number of mainly small vessels on the expiry of the charter contracts. Due to new charter contracts, including the four sold vessels, the total chartered tonnage was unchanged from 2007. 17

Maersk Line and Safmarine transported 7 million FFE (Forty-Foot Equivalent container units) in 2008; an increase of 2% from 2007. 2008 2007 Current fleet Own Chartered Own Chartered 0-2,999 TEU 52 143 54 171 3,000-4,699 TEU 80 35 72 35 4,700-7,999 TEU 42 48 45 41 8,000- TEU 61 3 47 2 Total 235 229 218 249 Newbuilding programme 0-2,999 TEU 6-9 - 3,000-4,699 TEU 23-14 - 4,700-7,999 TEU 18-1 - 8,000- TEU - - 16 - Total 47-40 - Net investment in vessels was USD 2.3 billion (USD 1.8 billion). The number of owned containers increased by 12%, or by more than 280,000 TEU, corresponding to a total new investment of USD 1.1 billion (USD 0.6 billion). Vessels on order In 2009, Maersk Line expects to take delivery of nine container vessels with a total capacity of 33,200 TEU. In 2010, six container vessels are expected to be delivered, and there are 32 container vessels on order for delivery in 2011-2012. Safmarine Safmarine is an independently managed shipping company within the A.P. Moller - Maersk Group with a broad network focused primarily on container transport to and from Africa. Safmarine operates a fl eet of 41 container vessels and 21 MPVs (Multi Purpose Vessels). 18

Revenue increased by 28% in 2008. Safmarine transported approximately 731,000 FFE, representing a 14% increase in volume compared to 2007. Rates increased by 9% on average, primarily due to the higher Bunker Adjustment Factor. Profi t before fi nancial items increased to USD 185 million from USD 131 million in 2007. In 2008, Safmarine took delivery of seven container vessels. At the end of 2008 Safmarine s total fl eet comprised 19 owned and 22 chartered vessels, and 21 chartered MPVs. The company has fi ve container vessels and four MPVs on order for delivery in 2009-2011. The total revenue of USD 2.7 billion is distributed primarily on rail and road transport and container depots in Europe and the USA, and on manufacturing and repair of containers in Asia. Maersk Line accounts for approximately 70% of the total revenue. Profi t before fi nancial items was USD 200 million, compared to USD 219 million in 2007, of which gains on sale of assets amounted to USD 17 million, compared to USD 40 million in 2007. Maersk Logistics/Damco Maersk Logistics/Damco operates in two business areas: Forwarding activities that are marketed under the Damco name, and Global Supply Chain Management solutions under the name of Maersk Logistics. In the fi rst half of 2008 Maersk Logistics/Damco was separated from Maersk Line as a separate business unit. The forwarding activities achieved considerable growth. Despite a weak market, especially to the USA, revenue for Maersk Logistics/Damco increased by 9%. Gains on sale of warehouse facilities in Denmark and the optimisation of the cost structure have improved the profi t before fi nancial items to USD 53 million, compared to USD 43 million in 2007. Container Inland Services Container Inland Services is represented in more than 70 countries with activities within rail and road transportation, container depots and manufacturing and repair of con tainers. Container Inland Ser vices, headquartered in London, was separated from Maersk Line as a separate business unit in the fi rst half of 2008. 19

APM Terminals DKK million USD million Highlights 2008 2007 2008 2007 Revenue 15,888 13,717 3,119 2,519 Profi t before depreciation, amortisation and impairment losses (EBITDA) 2,918 2,257 573 415 Depreciation, amortisation and impairment losses 1,770 1,371 347 252 Gains on sale of non-current assets 340 6 67 1 Associated companies shares of profi t after tax 105 83 21 15 Profi t before fi nancial items (EBIT) 1,593 975 314 179 Financial items, net - 576-320 - 113-59 Profi t before tax 1,017 655 201 120 Tax on profi t for the year 205 77 40 14 Profi t for the year 812 578 161 106 Cash fl ow from operating activities 2,551 1,416 501 260 Cash fl ow used for capital expenditure - 3,681-4,646-723 - 853 Non-current assets 25,900 19,545 4,901 3,851 Current assets 12,758 8,473 2,414 1,670 Total assets 38,658 28,018 7,315 5,521 Non-current liabilities 14,017 15,145 2,652 2,985 Current liabilities 7,708 6,823 1,459 1,344 Total liabilities 21,725 21,968 4,111 4,329 20

APM Terminals APM Terminals, crane lifts split by region, weighted by ownership share 2008 3% 2007 3% 10% 19% 7% 16% 36% 9% 11% 20% 7% 16% 34% 9% China West and Central Asia Europe North America The rest of Asia Central and South America Africa 2008 Highlights 8% growth in the number of containers handled by APM Terminals, against 4% growth in the global container terminal market EBITDA margin rose to 18.4% from 16.5% in 2007 EBIT was USD 314 million, including a gain of USD 60 million on the sale of a 20% interest in Port Qasim (Pakistan) and including impairment loss of USD 50 million on terminal rights Increase in business volume with other customers than Maersk Line to 38% of the total volume, compared to 34% in 2007 Cash fl ow from operating activities rose to USD 501 million, compared to USD 260 million in 2007 The market for terminal activities In the fi rst half of 2008 the container terminal market increased by 8% over the same period in 2007. The slowdown in the import volume to the USA was more than offset by growth in the rest of the world. As a consequence of the global economic slowdown there was a general downturn in growth in the second half of the year, and in 2008 overall the market expanded by 4% from 2007. APM Terminals APM Terminals develops and operates container terminals and related activities and is globally engaged in more than 50 terminals and terminal projects in 34 countries. APM Terminals provides services to around 60 customers. Revenue increased by 24% to USD 3.1 billion and the EBITDA margin rose to 18.4% from 16.5% in 2007, in fl u- enced positively by cost effi ciency measures, exchange rate effects and rate increases. The volume of containers handled measured in crane lifts and weighted with APM Terminals ownership share increased by 8% to 34 million TEU in 2008. The volume from customers other than Maersk Line rose to 38% of the total volume, compared to 34% in 2007. The volume from other customers increased by 25%, while the volume from Maersk Line was by and large unchanged. The growth in handled volumes was driven mainly by sound growth in Africa and Latin America, while volumes in North America were declining. Disregarding the terminals in North America the increase in volumes was 12%. The profi t before fi nancial items rose to USD 314 million, including a gain of USD 60 million on the sale of a 20% ownership share in Port Qasim (Pakistan). As a consequence of the expected development in volumes an impairment loss of USD 50 million has been recognised on terminal rights, etc. While the total profi t and margins are still infl uenced negatively by the start up of new terminals, the profi t for terminals in operation for more than one year rose by more than 25% from 2007. During 2008 APM Terminals was involved in 26 projects involving either the establishment of new terminals or the expansion of existing terminals. The average remaining duration of APM Terminals terminal concessions weighted by ownership share is just over 20 years for terminals in operation. 21

Tankers, offshore and other shipping activities DKK million USD million Highlights 2008 2007 2008 2007 Revenue 27,349 24,175 5,369 4,440 Profi t before depreciation, amortisation and impairment losses (EBITDA) 8,283 7,476 1,626 1,373 Depreciation, amortisation and impairment losses 2,845 2,405 558 442 Gains on sale of ships, rigs, etc. 2,168 3,821 425 702 Associated companies shares of profi t after tax - 1,067 9-209 2 Profi t before fi nancial items (EBIT) 6,539 8,901 1,284 1,635 Financial items, net - 1,660-1,432-326 - 263 Profi t before tax 4,879 7,469 958 1,372 Tax on profi t for the year 383 688 75 126 Profi t for the year 4,496 6,781 883 1,246 Cash fl ow from operating activities 6,498 5,402 1,276 992 Cash fl ow used for capital expenditure - 14,432-11,110-2,833-2,040 Non-current assets 64,525 47,461 12,209 9,351 Current assets 13,380 12,208 2,532 2,405 Total assets 77,905 59,669 14,741 11,756 Non-current liabilities 37,590 27,303 7,112 5,380 Current liabilities 9,778 14,688 1,850 2,894 Total liabilities 47,368 41,991 8,962 8,274 22

Tankers, offshore and other shipping activities 2008 Highlights High activity level in the offshore markets EBITDA of USD 1,626 million, compared to USD 1,373 million in 2007 Sales gains of USD 425 million, compared to USD 702 million in 2007, including gains on sale of the car carrier activities to Höegh Autoliners of USD 206 million Impairment loss on the ownership interest in Höegh Autoliners of USD 124 million included under associated companies EBIT of USD 1,284 million, compared to USD 1,635 million in 2007 Delivery of 3 drilling rigs, 1 FPSO, 14 tanker vessels and 2 anchor handling vessels Cash fl ow from operating activities rose to USD 1,276 million, compared to USD 992 million in 2007 Acquisition of the tanker shipping company Broström AB was initiated in 2008 and fi nalised in 2009 Maersk Tankers Maersk Tankers operates 118 vessels (both own and char - tered) in the global market for transport of crude oil, refi ned oil products, petrochem ical gases and natural gas. Through its working relationships with other shipping companies Maersk Tankers holds leading positions in several product tanker and gas carrier segments. After the Broström acquisition ap proximate ly 180 vessels are operated. 2008 was a good year for the crude and product tanker market, infl uenced positively by high crude oil production in the OPEC countries and moderate expansion of the fl eet. Maersk Tankers achieved signifi cantly higher average rates than in 2007 for the large crude and product tankers. The rates for Maersk Tankers intermediate and small product tank ers were at the 2007 level. The rates for handy-size and mid-size gas carriers were stable in 2008 and at 2007 levels. VLGC (Very Large Gas Carriers) rates fl uctuated considerably during the year. After a strong summer market, rates fell signifi cantly towards the end of the year and the average rates for 2008 were below the 2007 level. Maersk Tankers USD million Highlights 2008 2007 Revenue 1,021 712 Profi t before depreciation, amortisation and impairment losses (EBITDA) 427 322 Depreciation, amortisation and impairment losses 134 92 Gains on sale of ships, etc. 135 254 Profi t before fi nancial items (EBIT) 428 484 Financial items, net - 103-76 Profi t before tax 325 408 Tax on profi t for the year + 3 2 Profi t for the year 328 406 Cash fl ow from operating activities 311 226 Cash fl ow used for capital expenditure - 945-527 Non-current assets 3,904 2,882 23

Maersk Tankers continued its growth in 2008 and took delivery of 14 own ships four crude tankers, five product tankers, of which two secondhand, two gas carriers and three LNG carriers. Project delays for LNG (Liquefi ed Natural Gas) facilities, combined with an expanding fl eet, left some of the world fl eet of LNG carriers without contracts. One of Maersk Tankers LNG carriers was unemployed for a short period of 2008. The vessel will be employed under a long-term contract in the second quarter of 2009. As from 2009 the LNG activities will be part of Maersk FPSOs, due to organisational transfer of the activities from Maersk Tankers. The profi t before fi nancial items and before gains on sale of ships was higher than in 2007, primarily due to higher average rates and a larger fl eet. The profi t after gains on sale was somewhat below 2007. Maersk Tankers continued its growth in 2008 and took delivery of 14 own ships four crude tankers, fi ve product tankers, of which two second-hand, two gas carriers and three LNG carriers. Two crude tankers were sold in 2008. The gains on sale of ships in 2008 include the gain on sale of a crude tanker to Maersk FPSOs for conversion into an FPSO (Floating Production, Storage and Offl oading) unit. In the consolidated accounts the gain has been eliminated in the segment Tankers, offshore and other shipping activities. 2008 2007 Current fleet Own Chartered Own Chartered Product/VLCC 45 41 38 22 Gas 9 9 7 7 LNG 5-2 - Total 59 50 47 29 Newbuilding programme Product/VLCC 11 23 14 27 Gas 9 5 5 4 LNG 3-6 - Total 23 28 25 31 24

Maersk Tankers is the world s leading product tanker shipping company after the acquisition of Broström AB in January 2009. Broström operates a fleet of 62 product tankers. The fl eet of chartered vessels was also expanded, and during the year Maersk Tankers took delivery of 26 chartered vessels and returned fi ve vessels. With effect from 1 July 2008 A.P. Møller - Mærsk A/S acquired Teekay Corporation s 50% ownership interest in Swift Tankers Management A/S and took over time charter of 13 tanker vessels. A.P. Møller - Mærsk A/S is now sole owner of Swift Tankers which operates chartered vessels in the product tanker segment in the 10-20,000 DWT class. In August 2008 the A.P. Moller - Maersk Group made a public offer for the purchase of all shares in Broström AB (publ) which operates a fl eet of 62 owned and chartered product tankers. The European competition authorities approved the acquisition of Broström on 14 January 2009 and the public offer expired fi nally on 23 January 2009. At the end of the offer period the A.P. Moller - Maersk Group controlled more than 97% of the share capital and more than 98% of the voting rights in Broström AB. The Broström share is expected to be delisted and the process of compulsory acquisition of the outstanding shares will commence in 2009. The purchase of Broström makes Maersk Tankers the world s leading product tanker shipping company. Investment in Broström shares of USD 188 million does not affect the result for 2008. In 2008 Maersk Tankers signed newbuilding contracts for delivery of four crude tankers in 2011, as well as six handysize gas carriers: four for delivery in 2010 and two for delivery in 2011. Maersk Drilling and Maersk FPSOs Maersk Drilling serves a number of oil companies with drilling of exploration and production wells, while Maersk FPSOs operates fl oating oil and gas production and storage units. In the fi rst nine months of 2008 the market for drilling rigs and FPSOs was driven by strong demand, primarily due to the high level of activity within offshore exploration and production of oil and natural gas. The high activity level for both jack-up and semi-submersible drilling rigs resulted in almost full employment for the entire rig market under long-term contracts and at higher day rates. As a consequence of the falling oil price in the third and fourth quarters demand declined towards the end of 2008. Maersk Drilling and Maersk FPSOs fl eet was close to full employment in 2008 and several long-term contracts for the coming years were established. Maersk Drilling s overall contract coverage is considerable. The profi t before fi nancial items and gains on sale of rigs, etc. was above the 2007 level, primarily due to the production start of three jack-up rigs and one FPSO, as well as higher average rates. The profi t after sales gains was somewhat below 2007. Maersk Drilling and Maersk FPSOs USD million Highlights 2008 2007 Revenue 1,369 988 Profi t before depreciation, amortisation and impairment losses (EBITDA) 430 327 Depreciation, amortisation and impairment losses 138 84 Gains on sale of rigs, etc. 52 387 Profi t before fi nancial items (EBIT) 344 630 Financial items, net - 75-70 Profi t before tax 269 560 Tax on profi t for the year 56 61 Profi t for the year 213 499 Cash fl ow from operating activities 359 166 Cash fl ow used for capital expenditure - 1,409-688 Non-current assets 4,565 3,096 25

Maersk Supply Service achieved high employment and attractive day rates in 2008 as a result of the oil and gas companies increased exploration activities. The profi t was affected negatively by provision for bad debts on receivables in countries where economic conditions are uncertain. In 2008, Maersk Drilling took delivery of three jack-up rigs and converted one rig to a combined drilling and production platform. Delivery was delayed, but all four units commenced employment in 2008. In 2008, Maersk FPSOs took delivery of one FPSO for employment under a long-term contract for Woodside Petroleum in the waters off the west coast of Australia. In 2009, delivery of two jack-up rigs and two semi-submersible rigs is planned. One additional semi-submersible rig and one FPSO are on order for delivery in 2010. Employment has been secured for one jack-up rig, two semi-submersible rigs and the FPSO. Besides their own fl eet, Maersk Drilling and Maersk FPSOs also operate one FPSO and two semi-submersible rigs, as well as one jack-up rig, under management contracts. Maersk Drilling also has a 50% ownership interest in Egyptian Drilling Company, which operates 62 land rigs and three jack-up rigs. Maersk Supply Service Maersk Supply Service provides global service to the offshore industry including anchor handling, towage of drilling rigs and platforms, and supply transport. Maersk Supply Service USD million Highlights 2008 2007 Revenue 712 633 Profi t before depreciation, amortisation and impairment losses (EBITDA) 384 351 Depreciation, amortisation and impairment losses 76 75 Gains on sale of ships, etc. 32 85 Profi t before fi nancial items (EBIT) 340 361 Financial items, net - 27-19 Profi t before tax 313 342 Tax on profi t for the year 27 58 Profi t for the year 286 284 Cash fl ow from operating activities 341 314 Cash fl ow used for capital expenditure - 241 16 Non-current assets 1,163 932 Current fleet (excl. EDC) 2008 2007 Jack-up drilling rigs 10 7 Semi-submersible drilling rigs 1 1 Drilling barges 10 10 Floating production units (FPSO/FGSO) 4 3 Total 25 21 Newbuilding programme Jack-up drilling rigs 2 5 Semi-submersible drilling rigs 3 3 Floating production units (FPSO/FGSO) 1 1 Total 6 9 Current fleet 2008 2007 Anchor handling vessels 39* 38 Supply vessels 11 11 Other vessels 3 4* Total 53 53 Newbuilding programme Anchor handling vessels 14 16 Supply vessels 2 2 Total 16 18 * including 1 chartered vessel 26

The oil and gas companies increasing exploration activities generated a high level of activity in the offshore industry, which had a positive effect for Maersk Supply Service with attractive day rates and high employment of all types of vessels. The profi t before sales gains for 2008 was higher than in 2007, mainly due to increased activity and higher day rates. The profi t including sales gains was at the 2007 level. In 2008 Maersk Supply Service took delivery of two anchor handling vessels, while three planned deliveries were postponed until 2009. The overall newbuilding programme comprises 16 vessels, of which 13 are to be delivered in 2009 and the remainder during 2010. As part of the fl eet renewal programme, two vessels were sold in 2008. Svitzer Svitzer has activities within towage, salvage and other offshore support. Globally, Svitzer is represented in more than 100 ports and operates more than 500 tugboats and standby vessels. Svitzer s revenue rose by 20% to USD 0.9 billion due to an increase in port towage activities and sustained strong offshore markets, as well as the full-year effect of the purchase of Adsteam Marine Limited on 15 March 2007. The profi t before fi nancial items and gains on sale of ships rose by 44% from 2007 which was negatively affected by integration costs related to the Adsteam acquisition. Cash fl ow from operating activities improved due to increased earnings and a reduction of funds tied up in working capital. Svitzer USD million Highlights 2008 2007 Revenue 917 765 Profi t before depreciation, amortisation and impairment losses (EBITDA) 256 198 Depreciation, amortisation and impairment losses 133 112 Gains on sale of ships, etc. 2 24 Associated companies - share of profi t after tax 1 - Profi t before fi nancial items (EBIT) 126 110 Financial items, net - 76-55 Profi t before tax 50 55 Tax on profi t for the year + 10 4 Profi t for the year 60 51 Cash fl ow from operating activities 222 126 Cash fl ow used for capital expenditure - 238-739 Non-current assets 1,598 1,717 2008 2007 Current fleet Own Chartered Own Chartered Tugboats 333 14 330 8 Standby vessels 30 2 23 4 Other vessels 145 12 142 17 Total 508 28 495 29 Newbuilding programme Tugboats 53 39 Standby vessels 4 4 Other vessels 1 10 Total 58-53 - 27

A large number of the Group s around 120,000 employees work in challenging conditions on ships, drilling rigs, oil platforms, terminals, etc., and ensuring their health and safety takes very high priority. Norfolkline B.V. Norfolkline B.V. operates ferries, Ro-Ro vessels and door-todoor transportation in Europe. With the transport of 2.4 million passengers, more than 700,000 vehicles and 1.3 million trailers, productivity and cap acity utilisation improved compared to 2007. The profi t before fi nancial items rose from 2007, due to gains on the sale of two ships that have both been chartered back for a period. The profi t excluding sales gains was somewhat below 2007, negatively infl uenced by the economic slowdown in Great Britain, higher fuel costs and exchange rate effects resulting from the weakened pound sterling. Car carriers In January 2008 the A.P. Moller - Maersk Group sold its fl eet of 12 car carriers and six newbuildings to Höegh Autoliners. As part of this transaction the A.P. Moller - Maersk Group became a shareholder in Höegh Autoliners with an ownership share of 37.5%. As a result, the A.P. Moller - Maersk Group has moved from a tonnage provider to a signifi cant shareholder in Höegh Autoliners, a car carrier operator. Höegh Autoliners operates 67 car carriers in a global network with an annual transported volume of 1.9 million car units. Höegh Autoliners is consolidated as an associated company in the A.P. Moller - Maersk Group. Throughout most of 2008 there was sound demand for car carriers. Car manufacturers maintained high production, and tonnage utilisation was high. As a consequence of the downturn in the global economy car sales fell drastically at the end of 2008. Höegh Autoliners profi t was furthermore affected negatively by impairment losses on ships and write-down on fi nancial assets and losses on fuel hedging contracts, but positively by reversal of deferred tax. The sale to Höegh Autoliners generated accounting gains of USD 206 million in 2008. As a consequence of the reduced expectations of future earnings on car carriers deriving from the global economic slowdown, as of 31 December 2008 an impairment loss of USD 124 million was recognised on the investment in Höegh Autoliners. The A.P. Moller - Maersk Group s share of the result was thus negative with USD 213 million. 28

Maersk Drilling and Maersk FPSOs fleet was close to full employment in 2008. 29

Oil and gas activities DKK million USD million Highlights 2008 2007 2008 2007 Revenue 68,743 51,537 13,494 9,465 Profi t before exploration costs 61,375 46,198 12,048 8,485 Exploration costs 4,232 2,198 831 404 Profi t before depreciation, amortisation and impairment losses (EBITDA) 57,143 44,000 11,217 8,081 Depreciation, amortisation and impairment losses 11,985 13,264 2,353 2,436 Gains on sale on non-current assets 109 151 21 28 Profi t before fi nancial items (EBIT) 45,267 30,887 8,885 5,673 Financial items, net 32-478 6-88 Profi t before tax 45,299 30,409 8,891 5,585 Tax on profi t for the year 33,267 21,543 6,530 3,957 Profi t for the year 12,032 8,866 2,361 1,628 Cash fl ow from operating activities 24,635 19,918 4,836 3,658 Cash fl ow used for capital expenditure - 14,533-14,524-2,853-2,667 Non-current assets 44,795 39,705 8,476 7,823 Current assets 10,855 10,360 2,054 2,041 Total assets 55,650 50,065 10,530 9,864 Non-current liabilities 18,475 21,255 3,496 4,188 Current liabilities 15,500 10,738 2,933 2,116 Total liabilities 33,975 31,993 6,429 6,304 30

Oil and gas activities Brent Price Fluctuations USD/barrel, 2008 150 120 90 2008 Highlights Oil and gas production (A.P. Moller - Maersk share) increased by 8% compared to 2007, due to increased oil production in Qatar and higher sale of gas from Danish fi elds, partly offset by lower oil production in Denmark, Great Britain and Algeria Average oil price (Brent) 35% higher than in 2007 Exploration costs rose by 106% to USD 831 million Profi t after tax rose by 45% to USD 2.4 billion in 2008 Cash fl ow from operating activities rose to USD 4.8 billion, compared to USD 3.7 billion in 2007 60 30 January February March April May June July August September October November December Maersk Oil has production in Denmark, Qatar, Great Britain and Kazakhstan, and participates in production activities in Algeria without being the operator. The company also conducts exploration activities in the Danish, British and Norwegian sectors of the North Sea, and in Algeria, Angola, Oman, Brazil and the USA (the Gulf of Mexico). The oil price rose from a level of around USD 90 per barrel at the beginning of 2008 to USD 143 per barrel in mid-year, after which it fell to around USD 37 per barrel at the end of the year. The average oil price for the year of USD 97 per barrel was 35% above the average price of USD 72 per barrel in 2007. Revenue from the Group s oil and gas activities rose by 43% to USD 13.5 billion in 2008, compared to USD 9.5 billion in 2007, affected positively by higher average oil prices and increased oil and gas production (A.P. Moller - Maersk share). Tax on the oil and gas activities rose to USD 6.5 billion, compared to USD 4.0 billion in 2007. Losses on oil hedging contracts reduced the result by USD 0.3 billion (USD 0.1 billion) after tax. The profi t for the year was USD 2.4 billion, compared to USD 1.6 billion in 2007. Cash fl ow from operating activities increased to USD 4.8 billion, against USD 3.7 billion in 2007, largely due to higher oil prices. The high level of investment continued, amounting to USD 2.9 billion, compared to USD 2.7 billion in 2007. Production The oil and gas production operated by Maersk Oil amounted to around 286 million barrels of oil equivalents, which is at the same level as the previous year. The Group s pre-tax share of production totalled approximately 155 million barrels of oil equivalents, which was 8% above 2007. At the end of the year oil production in Qatar and Algeria was affected negatively by OPEC s production restrictions. In Qatar, the production share of around 71 million barrels was considerably above the 2007 level of 51 million barrels, due to the continued expansion of the Al Shaheen Field. In 2008 oil production in Qatar was an average of 330,000 barrels. Discussions with Qatar Petroleum on the 31

Oil and gas production, the A.P. Moller - Maersk Group s share, before tax Million barrels of oil equivalents 80 60 40 20 0 Qatar Denmark oil Denmark gas Great Britain Algeria Kazakhstan 2008 2007 future long-term production level are ongoing due to the fact that in 2009 production is subject to limi tations by the authorities. The expansion of the Al Shaheen Field continues as planned, and more than 60% of the 2005 development plan has now been completed. Among other things, four new accommodation platforms have been established, and 84 wells out of a total programme of approximately 160 wells have been completed. During the year production commenced from three new satellite facilities. Investments in the Al Shaheen Field up to 2011 are expected to exceed USD 6 billion, of which USD 4.5 billion took place in the period 2006-2008. In the Danish sector of the North Sea, Maersk Oil produced a total of 91 million barrels of crude oil as operator for Dansk Undergrunds Consortium (DUC) in 2008. A.P. Møller - Mærsk A/S 39% share totals 35 million barrels, compared to 39 million barrels in 2007. DUC s gas sales totalled 8.7 billion m 3, which exceeded the 2007 level. The decrease in oil production refl ects the natural decline in production from older fi elds, while the increase in gas sales in 2008 mainly refl ects the low take in 2007. The high level of investment in the Danish sector of the North Sea continues. In 2008, DUC invested USD 900 million in the development of the fi elds, compared to USD 920 million in 2007. A.P. Møller - Mærsk A/S share amounted to USD 350 million. During 2008, 13 new wells were drilled in the Danish sector of the North Sea, mainly for production. The new Halfdan Northeast platform was put into production at the beginning of the year, and the Halfdan Field is being developed further with new wells and a new processing platform that are scheduled to go on-stream in 2011. In Great Britain, Maersk Oil s production share amounted 32

Maersk Oil, production and exploration, 2008 Great Britain Norway Denmark Germany USA Algeria Kazakhstan Qatar Oman In 2008 exploration costs totalled USD 831 million, compared to USD 404 million in 2007, which reflects increases in both exploration activities and cost levels. Production and exploration Exploration Brazil Angola to 16 million barrels of oil, compared to 21 million in 2007. Besides the drop in production from older fi elds the lower production compared to 2007 refl ects the closure of the Janice Field for parts of 2008 in order to complete a number of safety and staff training projects. The fi eld is expected to go back on-stream during spring of 2009. In addition, development activities are underway in among others the Gryphon Field and the Dumbarton Field, where the fi rst wells as part of the further expansion went into production in 2008. The Affl eck Field is expected to be put into production in the second quarter of 2009. In view of the lower oil price at the end of the year, impairment losses on the value of oil concession rights and production facilities for certain oil fi elds were recognised at USD 393 million before tax and USD 197 million after tax. In Algeria, Maersk Oil participates in production activities with Anadarko as the operator in cooperation with the stateowned oil company Sonatrach. In 2008, Maersk Oil s share of production was 11 million barrels of oil, which was slightly less than in 2007, mainly due to the natural decline in production from older fi elds. There is still no clarifi cation regarding the additional tax on oil earnings in Algeria which came into effect in 2006, as described in previous annual reports. The agreements entered between the parties include provisions on the protection of the fi nancial balance and in order to obtain clarifi - ca tion an arbitration case has been fi led against Sonatrach by Anadarko and Maersk Oil. In Kazakhstan, where Maersk Oil is the operator of two licences, the share of oil production amounted to 0.8 million barrels in 2008, which was slightly above 2007. Further expansion of the Dunga Field continues. Exploration Exploration costs for 2008 totalled USD 831 million, compared to USD 404 million in 2007, refl ecting the increase in exploration activities and the higher cost level. In 2008 Maersk Oil participated in the drilling of 17 exploration wells, compared to 11 in 2007. Most recently, positive results in the form of gas and oil fi nds respectively have been achieved in the Culzean well (A.P. Moller - Maersk share 66%) and the Hobby well (A.P. Moller - Maersk share 36%) in the British sector of the North Sea, and in the Buckskin well (A.P. Moller - Maersk share 20%) in the Gulf of Mexico. The commercial potential of these fi nds is being assessed. Exploration licences in countries such as Colombia and Surinam were relinquished during 2008. In 2008, new agreements were concluded for further exploration activities in Norway, Great Britain and the US sector of the Gulf of Mexico, including a cooperation agreement with Chevron. More information on exploration licences and permits is available at maerskoil.com. 33

Retail activity DKK million USD million Highlights 2008 2007 2008 2007 Revenue 57,949 56,382 11,376 10,355 Profi t before depreciation, amortisation and impairment losses (EBITDA) 3,263 3,383 640 621 Depreciation, amortisation and impairment losses 712 644 140 118 Gains on sale of non-current assets, etc. 18 101 4 19 Profi t before fi nancial items (EBIT) 2,569 2,840 504 522 Financial items, net - 467-17 - 92-3 Profi t before tax 2,102 2,823 412 519 Tax on profi t for the year 550 808 108 149 Profi t for the year 1,552 2,015 304 370 A.P. Møller - Mærsk A/S share after profi t for the year 1,111 1,298 218 238 Cash fl ow from operating activities 1,706 3,118 335 573 Cash fl ow used for capital expenditure - 3,213-1,798-631 - 330 Non-current assets 13,749 13,253 2,602 2,611 Current assets 11,839 15,625 2,240 3,079 Total assets 25,588 28,878 4,842 5,690 Non-current liabilities 1,670 1,601 316 316 Current liabilities 7,983 10,624 1,511 2,093 Total liabilities 9,653 12,225 1,827 2,409 34

Retail activity 2008 Highlights Revenue increased by 3% to DKK 57.9 billion Profi t before fi nancial items was DKK 2.6 billion a decrease by 10% from 2007 Financial items were negative at DKK 467 million, compared to a negative DKK 17 million in 2007 Profi t for the year fell by 23% to DKK 1.6 billion Cash fl ow from operating activities decreased by 45% to DKK 1.7 billion, affected by a higher tax payment and changes in the timing of payments The number of stores increased by 97 Netto stores and 2 Føtex supermarkets to a total of 1,270 The Dansk Supermarked Group comprises a range of retail concepts such as Bilka (hypermarkets), Føtex (quality supermarkets), F. Salling (department stores) and Netto (discount supermarkets). The economic slowdown in especially the second half of 2008 resulted in lower growth in retail revenue in the markets in which Dansk Supermarked operates. Revenue increased by 3% to DKK 57.9 billion including new stores, affected negatively by the slowdown in private consumption and exchange rate development in the pound sterling, Polish zloty and Swedish krona. Revenue measured in local currency increased by 5%. DKK million Revenue EBIT 2008 2007 2008 2007 Denmark 38,458 37,740 2,215 2,442 International 19,491 18,642 354 398 Total 57,949 56,382 2,569 2,840 Revenue in the Danish market increased by 2% from 2007, affected positively by higher revenue in Netto, but negatively by lower revenue in Bilka, F. Salling and Føtex. For the other markets revenue measured in local cur rency increased by a total of 12% compared to 2007. In Da nish kroner revenue increased by 5%. Revenue was infl uenced positively by higher activity from new stores in Germany, Sweden and Poland. The economic slowdown and more intense competition in the discount segment had a negative impact on revenue in the British market. Profi t before fi nancial items decreased by 10% to DKK 2.6 billion. In the Danish market the profi t before fi nancial items decreased by 9% to DKK 2.2 billion due to rising costs, mainly relating to staff, freight and energy, and lower gains on sale of non-current assets. Profi t before fi nancial items from international activities decreased by 11% to DKK 0.35 billion, primarily due to lower earnings in the British market as a consequence of more intense competition, higher import prices and the weaker pound sterling, as well as higher costs relating to the mod- 35

ern isa tion of the stores. In the Polish market, earnings were affected negatively by investments in new stores and a central ised warehouse, while earnings increased in Sweden and Germany. Financial items were affected negatively by the development in the fi nancial markets, mainly as a consequence of falling prices for shares and other securities. The profi t for the year was DKK 1.6 billion, compared to DKK 2.0 billion in 2007. Cash fl ow from operating activities fell to DKK 1.7 billion due to lower earnings, a higher tax payment and changes in the timing of supplier payments at the end of the year. Total investments in stores and centralised warehouse facil ities, shop fi xtures, etc. rose considerably to DKK 3.2 billion. The number of stores increased by 99 in 2008 to a total number of 1,270 stores at the end of the year. Stores 2008 2007 Netto Denmark 396 383 Netto Great Britain 194 180 Netto Germany 284 256 Netto Poland 158 136 Netto Sweden 100 80 Total 1,132 1,035 Bilka 14 14 Føtex 80 78 Other stores 41 41 F. Salling 3 3 Total 1,270 1,171 36

In 2008 the number of the Dansk Supermarked Group s stores increased by 99, bringing the total number of stores to 1,270 in five countries by the end of the year. 37

Shipyards, other industrial companies, interest in Danske Bank A/S, etc. DKK million USD million Highlights 2008 2007 2008 2007 Revenue 7,599 8,224 1,492 1,510 Profi t before depreciation, amortisation and impairment losses (EBITDA) - 346-759 - 68-139 Depreciation, amortisation and impairment losses 313 260 61 48 Gains on sale of non-current assets, companies, etc. 334 272 66 50 Associated companies shares of profi t after tax - 930 2,969-183 545 Profi t before fi nancial items (EBIT) - 1,255 2,222-246 408 Financial items, net 71 44 14 8 Profi t before tax - 1,184 2,266-232 416 Tax on profi t for the year + 73 + 183 + 14 + 34 Profi t for the year - 1,111 2,449-218 450 Cash fl ow from operating activities - 270 1,607-53 295 Cash fl ow used for capital expenditure 416-613 82-113 Non-current assets 20,906 23,327 3,956 4,596 Current assets 2,540 4,559 481 898 Total assets 23,446 27,886 4,437 5,494 Non-current liabilities 515 653 97 129 Current liabilities 3,149 9,749 596 1,921 Total liabilities 3,664 10,402 693 2,050 38

Shipyards, other industrial companies, interest in Danske Bank A/S, etc. 2008 Highlights Signifi cant negative result in the Odense Steel Shipyard Group, although an improvement compared to 2007 Negative share of result from Danske Bank, affected by provisions against losses on loans and impairment loss on goodwill in Danske Bank and impairment losses on the A.P. Moller - Maersk Group s recognised goodwill on shares in Danske Bank Gains on sale of buildings of DKK 314 million Odense Steel Shipyard Group During 2008, the Odense Steel Shipyard Group delivered one 11,000 TEU and four 7,000 TEU container vessels to Maersk Line. At the end of 2008 Odense Staalskibsværft held orders for two 7,000 TEU container vessels, eight Ro-Ro vessels, eight Cape Size dry cargo vessels and three frigates for the Danish Navy. The Odense Steel Shipyard Group incurred a signifi cant negative result. Although there was improvement from 2007, the result was affected negatively by provisions and impairment losses. In 2008, Odense Staalskibsværft began investigations aiming at selling the Loksa Shipyard Ltd. in Es tonia. In January 2009, the Yard Group announced a new business model for the division of Odense Staalskibsværft into three business units: shipyard, industry and shared facilities. Ejendomsselskabet Lindø Sale of buildings has continued, and in 2008 approximately 500 apartments and a number of individual houses were sold with a total sales gain of DKK 314 million. Rosti Rosti A/S develops and produces plastic components for industrial customers. Operations improved from 2007 and the result of around zero was an improvement from the previous year s negative result. Star Air A/S Star Air A/S operates a fl eet of 11 Boeing 767 cargo aircraft, primarily engaged in long-term contract fl ying for United Parcel Service (UPS) in Europe. The result was positive and at the same level as in 2007. Danske Bank A/S The A.P. Moller - Maersk Group owns 20% of the shares in Danske Bank A/S, the largest Danish bank, which has operations in a number of countries such as Denmark, Sweden, Finland, Norway, Ireland and Northern Ireland. In 2008, the bank generated a profi t of DKK 1.0 billion, which was considerably below the profi t for 2007 (DKK 14.9 billion), affected negatively by provisions against losses on loans and impairment loss on goodwill. In addition, the A.P. Moller - Maersk Group has written down the goodwill on shares in Danske Bank by DKK 1.1 billion that was recognised as part of the carrying value. Hereafter the carrying value of the Danske Bank shares in the A.P. Moller - Maersk Group s accounts corresponds to the share of the shareholders equity stated in Danske Bank s annual accounts. 39

Unallocated activities DKK million USD million Highlights 2008 2007 2008 2007 Revenue 1,569-308 - Costs including depreciation and amortisation, etc. 2,773 975 544 179 Value adjustment of oil price hedges 2,220-1,357 436-249 Profi t before fi nancial items (EBIT) 1,016-2,332 200-428 Financial items, net - 2,023 140-397 26 Profi t before tax - 1,007-2,192-197 - 402 Tax on profi t for the year + 337 11 + 66 2 Profi t for the year - 670-2,203-131 - 404 Cash fl ow from operating activities - 2,606-703 - 512-129 Unallocated activities comprise net revenue and costs, etc. as well as fi nancial items that are not attributed to business segments. Furthermore, Maersk Oil Trading s activity in the form of purchase of bunker and lubricating oil on behalf of com pan ies in the A.P. Moller - Maersk Group, as well as oil hedging activities in Maersk Oil Trading that are not allocated to segments, are included on a net basis in unallocated items. Value adjustment of oil hedging contracts led to net income of DKK 1.7 billion after tax compared to a net expense of DKK 1.0 billion after tax in 2007. The large value adjustment that is primarily unrealised is a consequence of the steep oil price decline especially in the second half of 2008, including the reversal of unrealised losses recognised in 2006 and 2007. Financial items include negative value adjustment of bonds and other securities, including exchange rate adjustments of DKK 1.1 billion, compared with positive value adjustment of DKK 0.8 billion in 2007, and exchange rate adjustment of certain fi nancial balances of negative DKK 1.1 billion, compared to negative DKK 0.6 billion in 2007. Positive fair value adjustment of certain interest-rate hedging contracts is included by DKK 0.9 billion. 40

Discontinued operations DKK million USD million Highlights 2008 2007 2008 2007 Revenue 3,683 4,671 723 858 Costs including impairment losses 3,624 5,389 712 990 Gains on sale of undertakings, aircraft, etc. 82 80 16 15 Profi t before fi nancial items (EBIT) 141-638 27-117 Financial items, net - 23 68-4 12 Profi t before tax 118-570 23-105 Tax on profi t for the year 12 + 37 2 + 7 Profi t for the year 106-533 21-98 Cash fl ow from operating activities 81-109 16-20 Cash fl ow used for capital expenditure - 70 120-14 22 Martinair Holland N.V. On 17 December 2008 the European Commission approved the sale of the A.P. Moller - Maersk Group s 50% share in Martinair Holland N.V. to KLM Royal Dutch Airlines N.V. The sale took place as of 31 December 2008 with a minor accounting gain and makes KLM Royal Dutch Airlines N.V. the sole owner of Martinair. Maersk Aviation Maersk Aviation operates three regional CRJ-700 aircraft that are all leased. Efforts to sell the aircraft, with respect for the existing contracts, continue. The result before gains on sale of aircraft was at the 2007 level. 41

A.P. Moller - Maersk Group Financial Report (Figures for 2007 in parenthesis) Income statement The A.P. Moller - Maersk Group s profi t for the year totalled DKK 17.6 billion (DKK 18.6 billion). Revenue amounted to DKK 312 billion (DKK 279 billion). The increase is particularly due to higher oil prices, which led to increased revenue from the oil and gas activities as well as higher revenue from the container activities as a consequence of a higher fuel surcharge (Bunker Adjustment Factor). Measured in USD, revenue was USD 61.2 billion (USD 51.2 billion). Depreciation, amortisation and impairment losses amounted to DKK 26.1 billion (DKK 26.2 billion). In 2008 impairment losses on intangible assets and property, plant and equipment of DKK 2.5 billion (DKK 1.0 billion) were included. Financial items showed a net expense of DKK 7.8 billion a signifi cant increase from 2007 (DKK 4.1 billion). Net interest expenses rose from DKK 4.7 billion to DKK 5.1 billion due to an increase in net liabilities. Exchange rate adjustment of balances, etc. in other currencies than the functional currency is included with a net expense of DKK 2.1 billion (DKK 0.1 billion), primarily due to the development in the USD exchange rate against the DKK and EUR exchange rates. Value adjustment of shares and bonds is included as a net expense of DKK 1.7 billion (net gain DKK 0.4 billion), as a consequence of considerable price falls in the second half of 2008. Tax Companies in the A.P. Moller - Maersk Group are taxed under different systems, depending on location and activity. Special tax rules apply to some of the Group s activities. As a general rule, shipping activities are subject to a tonnage-based or similar tax system, under which the computation of taxable income includes an amount calculated on the basis of the fl eet s tonnage. Moreover, freight taxes are paid in certain countries that are based on the gross freight income in these countries. In most countries, oil and gas activities are subject to a special form of taxation, which is often considerably higher than the normal corporate tax rate. Furthermore, from the Danish sector of the North Sea the Danish State receives 20% of the profi t before tax, calculated according to tax rules. This profi t share is treated as tax in the fi nancial statements. In other countries, the government receives a share of the oil production in addition to the tax payment. These government shares are excluded from revenue and hence not included as tax. In 2008, the total tax charge for the A.P. Moller - Maersk Group was DKK 35.3 billion (DKK 24.5 billion). The total ef fect - ive tax rate was 67%, which is somewhat above 2007 (56%). Taxes on oil activities increased signifi cantly from DKK 21.5 billion to DKK 33.3 billion. Of the total tax charge, taxes payable to Denmark constitute DKK 14.3 billion (DKK 11.2 billion), of which DKK 10.1 billion (DKK 7.7 billion) relates to the special hydrocarbon tax and profi t share to the Danish State. Currency The fi nancial statements are presented in DKK (presentation currency). For the primary activities within shipping and energy related activities, USD is the functional currency, which means, for example, that the carrying amount of non-current assets, and thus the depreciation and amortisation, is recorded in USD. For other activities, including land-based container activities and terminal activities, the functional currency is usually the local currency of the activities in question. Segment fi gures are stated in both DKK and USD. For the segments where the primary functional currency is USD, the comments on these 42

segments refer to the USD fi gures. The comments on the other segments refer to the DKK fi gures alone. Based on revenue, approximately 75% of the A.P. Moller - Maersk Group s activities use USD as their functional currency. Balance sheet At 31 December 2008, total assets amounted to DKK 343 billion (DKK 328 billion). In 2008, intangible assets of DKK 14 billion were reduced by DKK 4.7 billion. DKK 5.8 billion has been deducted comprising amortisation and impairment losses for the year. Property, plant and equipment totalling DKK 227 billion increased by DKK 44 billion in 2008. Of this increase, DKK 61 billion relates to the year s investments and DKK 5.4 billion concerns exchange rate adjustments, mainly due to the higher USD exchange rate. DKK 20.3 billion has been deducted compris ing depreciation and impairment losses for the year, and DKK 2.6 billion regarding disposals. Shares in associated companies amount to DKK 23 billion (DKK 23.5 billion). The addition is primarily attributable to the acquired 37.5% interest in Höegh Autoliners, which after impairment losses of DKK 0.6 billion is included at DKK 2.1 billion. The reduction of DKK 2.3 billion concerns the decrease in the value of Danske Bank, including dividend of DKK 1.2 billion and the impairment loss on goodwill on the ownership interest of DKK 1.1 billion. Total cash and cash equivalents, consisting of marketable securities and cash and bank balances, totalled DKK 18.9 billion (DKK 35.6 billion) at 31 December 2008. The reduction of cash and cash equivalents is an element of the optimisation of the Group s cash positions, among other things to reduce utilisation of loan facilities as a consequence of the widening interest margin. The reduction has not affected the Group s total fi nancial reserves. Total interest-bearing debt and fi nance lease obligations totalled DKK 106 billion (DKK 105 billion) or USD 20.1 billion (USD 20.7 billion) at 31 December 2008. The Group s net interest-bearing debt amounts to DKK 86 billion (DKK 68 billion). At 31 December 2008, deferred tax amounted to DKK 5.5 billion (DKK 8.7 billion). The reduction primarily relates to the amortisation and impairment write-down of oil concession rights and depreciation of installations in Great Britain. Deferred tax assets are included with the amount of DKK 4.5 billion (DKK 4.1 billion). A considerable part of this amount relates to a tax asset in the Danish oil and gas activity regarding fi eld losses that can be carried forward, hydrocarbon tax deductions and additional tax allowances in the computation of the special hydrocarbon tax. In addition, deferred tax assets of DKK 3.1 billion (DKK 3.6 billion), have not been recognised, cf. note 10. Assets held for sale total DKK 0.5 billion (DKK 9.4 billion) and comprise assets related to discontinued activities as well as assets which the Group plans to sell. The reduction primarily relates to disposal of Maritinair Holland N.V., and re-classifi cation cf. note 6. Equity totals DKK 158 billion (DKK 147 billion). This increase includes the net profi t for the year of DKK 18 billion and exchange rate adjustment on translation from functional currency to presentation currency of DKK 2.7 billion, after deduction of value adjustment of other fi nancial investments by DKK 1.2 billion, actuarial losses of DKK 1.3 billion, dividend of DKK 3.1 billion and value adjustment of hedging contracts of DKK 3.3 billion. In its annual report Danske Bank has in accordance with IAS 39 reclassifi ed a number of securities as available-for-sale assets with the effect that value adjustment of the assets is recognised directly in shareholders equity. In Danske Bank s an- 43

nual report for 2008 value adjustments of DKK 1.9 billion before tax are thus charged directly to shareholders equity. The A.P. Moller - Maersk Group s share is DKK 0.4 billion (DKK 0.3 billion after tax). At 31 December 2008, the A.P. Moller - Maersk Group held 280,959 of its own shares (B-shares) of DKK 1,000. These shares have been recognised in the fi nancial statements at a value of zero. Based on the share price at 31 December 2008 the value amounted to DKK 7.9 billion (DKK 15.3 billion). No additions or reductions were made in 2008. Cash flow Cash fl ow from operating activities totalled DKK 43.4 billion (DKK 39.8 billion). Cash fl ow from operating activities was positively affected by improved earnings before depreciation and amortisation. Cash fl ow used for capital expenditure amounted to DKK 52.4 billion (DKK 49.0 billion) and net sale of marketable secur ities was DKK 6.2 billion (DKK 4.5 billion). Net repayment of loans was DKK 3.2 billion. (In 2007 net borrowing totalled DKK 8.8 billion). Cash and bank balances at year end totalled DKK 13.7 billion (DKK 22.9 billion). Legal disputes, etc. The A.P. Moller - Maersk Group is involved in a number of legal disputes. The A.P. Moller - Maersk Group is also involved in tax dis - putes in certain countries. Some of these involve signifi cant amounts. None of the disputes mentioned above are expected to have any material impact on earnings in future periods. Pensions, etc. As an employer, the A.P. Moller - Maersk Group participates in pension plans according to normal practice in the countries in which the Group operates. As a main rule, the pension plans within the A.P. Moller - Maersk Group are defi ned contribution plans, where contributions are recognised in the income statement on an accrual basis. A number of companies have defi ned benefi t plans, in which retirement benefi ts are based on length of service and salary level. In certain countries, these defi ned benefi t plans also include payment of medical expenses, etc. At 31 December 2008, the actuarial net liability in relation to these defi ned benefi t plans amounted to DKK 2.4 billion (DKK 1.8 billion), which is recognised as a liability in the fi nancial statements. As a result of changed actuarial assumptions, cf. note 15, the net liability has increased by DKK 1.4 billion. Pension and medical plans which, as part of collective bargaining agreements, have been entered into with other companies (known as multi-employer plans) are treated as other pension plans. Such defi ned benefi t plans are treated as defi ned contribution plans when suffi cient information for calculating the individual company s share of the obligation is not available. The Group s contribution to such plans is signifi cant, and defi cits in some plans may result in increased contributions in the future, cf. note 15. Leasing agreements As part of the Group s activities, customary leasing agreements are entered into, especially with regard to: The chartering of vessels The leasing of containers and other equipment The leasing of terminal facilities, etc. including related land The leasing of buildings, premises and other equipment In the fi nancial statements, assets held under fi nance leases are recognised in the same way as owned assets. Assets held under operating leases are not included in the Group s balance sheet, but the lease payments are included in the income statement. Such operating leases normally have terms ranging from a few months to ten years for vessels and containers, and of up to 50 years for terminal facilities. The total liability regarding such operating leases amounted to around DKK 97 billion (DKK 96 billion) or USD 18 billion (USD 20 billion). Information about operating leases is stated in note 18. Risks Freight rates and cargo volumes Shipping activities are very sensitive to economic fl uctuations. Freight rates and cargo volumes are sensitive to developments in international trade, including the geographical distribution and the supply of tonnage. The Group s profi t is very sensitive to changes in volumes and rates. All other things being equal, this can be illustrated by the following sensitivities based on current earnings level (effect on net profi t): 44

5% increase/reduction in average container freight rates, excluding BAF: USD 700 million 5% increase/reduction in transported containers: USD 300 million Currency The A.P. Moller - Maersk Group s income from shipping and oil related activities is mainly denominated in USD, while the related expenses are incurred in a wide range of currencies such as USD and USD-related currencies, as well as DKK, EUR, CNY, GBP, etc. Other activities, including land-based container activities, terminal activities and retail activities are often locally based, so that income and expenses are mainly denominated in the same currency, thus reducing the Group s exposure to the currencies in question. Overall, however, the Group has net income in USD and net expenses in most other currencies. Due to the net earnings in USD it is also the primary fi nancing currency. Consequently the Group s loans are mainly de nomin ated in USD. The Group uses various fi nancial instruments to limit the impact of exchange rate fl uctuations. The key aspects of the currency hedging policy are as follows: Net operating costs in other signifi cant currencies than USD are hedged with forward contracts with a 12-month horizon Future investment commitments in other currencies than USD are hedged with forward contracts or foreign exchange options Net receivables in other currencies than USD are partly hedged with forward contracts Currency hedging contracts reduce the exposure to fl uctuating economic conditions. From an accounting aspect certain hedge contracts qualify for hedge accounting in accordance with IAS 39 and are treated as such. Other hedge contracts do not qualify for hedge accounting and the income statement can be affected accordingly, which will have accounting consequences that do not match the timing of the economic exposure. As a rule of thumb, all other things being equal, a stronger USD exchange rate in the long term will have a positive effect on the net result and cash fl ow. A stronger USD exchange rate will also have a positive effect on the Group s equity measured in DKK, but a negative effect in USD. In the short term a rising USD exchange rate can have a negative effect on the net result due to value adjustment of receivables and other fi nancial assets in other currencies than USD, and hedge contracts that do not qualify for hedge accounting. For 2009, the result is estimated to be neutral towards a change in the USD exchange rate. An increase in the USD exchange rate of 10% against all non-dollar-related currencies will all other things being equal affect the equity positively by approximately DKK 11 billion. Interest The A.P. Moller - Maersk Group has net interest expenses mostly in USD but also in other currencies such as DKK, EUR, GBP, AUD, etc. Some loans are at fi xed interest rates, while others are at fl oating rates. The Group strives to maintain a combination of fi xed and fl oating interest rates on its net liabilities that refl ect expectations and risks. The interest rate on fl oating rate loans is partly hedged through interest rate swaps that fi x the interest rate for a certain period. At the end of 2008, the interest expenses were fi xed for 2009 for 84% of loans, with a declining share in the following years. A general rise in the interest rate by one percentage point would, all other things being equal, affect profi ts before tax for 2009 negatively by USD 39 million, corresponding to DKK 213 million. The effect on the equity excluding tax effect of an increase in the interest rate as mentioned above is estimated to be positive with approximately USD 140 million corresponding to DKK 761 million. Liquidity The Group attaches great importance to maintaining a fi nancial reserve to cover the Group s obligations and investment opportunities, and to provide the capital necessary to offset changes in the Group s liquidity due to changes in operational cash fl ow. In addition to bank deposits and holdings of marketable securities the Group s fi nancial reserve comprises unutilised long-term loan facilities. The fl exibility of the fi nancial reserve is subject to ongoing prioritisation and optimisation, among other things by focusing on release of capital and following up on the development in working capital. The average duration of loan facilities in the Group was around seven years at 31 December 2008. 45

Crack development 2006-2008 - 40-35 - 30-25 - 20-15 - 10 2006 2007 2008 effect on the profi t after tax, but before the effect of oil price hedges in the order of USD 370 million. In view of the current market conditions for the container activities it is not possible to compute a meaningful estimated effect of a change in the bunker price. In order to limit the negative effect of changes in oil prices, the Group enters into hedge contracts, primarily options. The current hedging policy follows a dynamic strategy intended to offset the effects of a long lasting decline in oil prices. The purchase of bunker and lubrication oil, the sale of crude oil, and the conclusion of oil price hedges for the A.P. Moller - Maersk Group are handled by one organisation: Maersk Oil Trading. Oil prices Income from oil and gas activities is sensitive to the development in the price of crude oil. The effect on earnings is, however, reduced by taxes and government shares, some of which change progressively with changes in the crude oil price or in other factors. For the shipping activities, particularly container shipping, bunker oil is a signifi cant expense. The exposure to changes in bunker prices is only partially covered by fuel surcharges (BAF). The container shipping market signifi cantly impacts Maersk Line s opportunities to compensate for higher bunker prices with higher fuel surcharges (BAF), whereby the BAF ratio is affected by the general underlying market conditions. For the A.P. Moller - Maersk Group the development in the crack (the difference between the prices of crude oil and bunker oil) is a signifi cant risk factor. A widened crack (i.e. the price of crude oil rising more than the price of bunker oil) results in income from oil and gas activities rising faster than the costs incurred by shipping activities. This will have a positive effect on the earnings of the A.P. Moller - Maersk Group, while a narrowed crack will have a negative effect. Overall, and in the long term, an increase in oil prices is expected to have a positive net effect on the result of the A.P. Moller - Maersk Group, as the positive effect for the oil and gas activities more than outweighs the negative effect for the container activities, where a larger share of the increased bunker prices must be expected to be compensated through freight rates. For the oil and gas activities, the estimate for 2009 of an increase in the crude oil price by USD 10 per barrel, based on current oil prices and all other things being equal is a positive Newbuildings The A.P. Moller - Maersk Group controls a fl eet of more than 1,000 ships, rigs, FPSOs, etc. The Group has orders for approximately 150 new ships, rigs and tugs etc. for delivery over the next 4-5 years for a contract price of approximately USD 10 billion. The orders are placed with various shipyards in Europe and Southeast Asia. Signifi cant amounts have already been paid against repayment guar antees, and the remaining payments will be fi nanced from own funds, existing guaranteed fi nancing, and additional fi nancing at the time of delivery from banks, export credit organisations and ship fi nance institutions. Risks relating to the shipyards nonfulfi lment of contracts, fi nancing, and the credit quality of issuers of repayment guarantees are considered to be acceptable. Other risks In addition to exposure to oil price risks, earnings from oil and gas activities are very sensitive to changes in taxation. The A.P. Moller - Maersk Group has no particular con centra tion of customers or suppliers, is not especially dependent on specifi c customers or suppliers, and has no particular credit risks. Significant accounting estimates and assessments When preparing the annual report for the A.P. Moller - Maersk Group, management undertakes a number of accounting es timates and assessments to recognise and measure the Group s assets and liabilities. The negative development in the global economy in the second half of 2008 and the beginning of 2009 entails that 46

the measurement of the Group s assets is subject to greater uncertainty than normal. The most signifi cant areas subject to estimates and assessments are mentioned below. Depreciation periods Intangible assets and property, plant and equipment are depreciated and amortised over the expected useful life to the expected residual value for ships and rigs, etc. typically over a useful life of 20 years to a residual value of 10% of the original cost price. For producing oil fi elds and production platforms, the useful life is based on the expected production profi le of the fi eld. Estimates of useful life and residual value are reassessed regularly based on available information. In this connection, the long term view is prioritised, in order to the extent possible to disregard temporary market fl uctuation, which may be signifi cant. Total depreciation, amortisation and impairment losses are at DKK 26.1 billion in 2008 (DKK 26.2 billion) a signifi cant cost to the A.P. Moller - Maersk Group. Changes to estimates of useful life and residual value may affect the annual depreciation and amortisation and thereby the result for the year signifi cantly. Valuation of intangible assets The A.P. Moller - Maersk Group has the following signifi cant main groups of intangible assets at 31 December 2008: Goodwill DKK 2.3 billion Oil concession rights DKK 6.6 billion Other concession rights especially concerning container ter min als DKK 4.7 billion Goodwill is not amortised, but is subject to annual impairment tests. Rights with a defi nite useful life are amortised over the expected useful life. The value of intangible assets depends on the expected future cash fl ow generated by the asset, which is based on a number of assumptions. A signifi cant assumption for the value of the oil concession rights is for example the future oil price. Impairment tests Annual impairment tests are carried out of goodwill. Intangible assets with a defi nite useful life, property, plant and equipment, as well as fi xed asset investments, are tested for impairment, if there is an indication of impairment. Impairment tests are based on the expected free cash fl ow from the cash-generating unit in question based on the business plans for the next fi ve years. Any impairment loss is based on the higher of value in use and estimated fair market value. In accordance with IFRS standards the defi nition of cash gener ating units varies. For business units such as Tankers, offshore and other shipping activities the cash generating unit is often the individual asset. For the oil and gas activities, connected oil and gas fi elds are considered to be cash generating units, and for integrated network activities such as Maersk Line and Safmarine the entire activity is considered to be one cash generating unit. Deferred tax assets Deferred tax assets including the tax value of unutilised tax losses carried forward are recognised to the extent that it is estimated that the tax assets can be realised through future positive income within the foreseeable future. Pension liabilities Defi ned benefi t pension liabilities have been recognised as a net liability of DKK 2.4 billion (DKK 1.8 billion) at 31 December 2008. The total gross liability amounts to DKK 10.1 billion (DKK 12.8 billion) and total pension assets constitute DKK 7.8 billion (DKK 11.1 billion). The pension liabilities are based on a number of actuarial assumptions such as discount rates, future infl ation, the future rate of salary and pension increases, and expected lifespan. Even modest changes to the actuarial assumptions may entail signifi cant changes in the pension liability. Gains and losses following changes to actuarial assumptions are included directly in equity. Provisions for abandonment When establishing oil and gas production facilities, provisions are included in the cost price for the disposal of the facilities and re-establishment of the sea bed according to the rules which apply to the individual concession areas. The assumptions for the provisions are reassessed annually. 47

At 31 December 2008, provisions of a total of DKK 6.9 billion have been made (DKK 5.3 billion). A signifi cant part of the liability is not realised until after 20-30 years and consequently the calculation of the liability, including the assumptions applied, is associated with signifi cant uncertainty. The most signifi cant assumptions are: The useful economic life of the fi eld and thereby the time of abandonment (which partly depends on the future oil price) Cost level at the time of abandonment Discount rate Other provisions At 31 December 2008, other provisions constitute DKK 9.7 billion (DKK 6.7 billion). The amount comprises inter alia pro visions for guarantee obligations, provisions for onerous contracts, provisions for legal disputes, including tax and duty disputes, etc. and provisions for incurred, but not yet reported incidents under certain insurance programmes, primarily in the USA. The management s estimate of the provisions is based on the knowledge available on the actual substance of the cases and a legal assessment of these. Due to the nature of legal disputes, the outcome of these is subject to considerable uncertainty. Related parties The A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, Copenhagen, Denmark, exercises control. Related parties also include the companies in which the A.P. Moller - Maersk Group exercises signifi cant infl uence. In addition, related parties comprise the Executive Board, Firmaet A.P. Møller, members of the Board of Directors, as well as their close family members and companies signifi cantly infl uenced by them. Members of Firmaet A.P. Møller and of the Executive Board and a number of key executives participate in a number of shipping partnerships that are operated as part of the A.P. Moller - Maersk fl eet. These are seven partners in Firmaet A.P. Møller and 13 key executives who, together with A.P. Møller - Mærsk A/S, participate in ten shipping partnerships which have a corresponding number of vessels. In all cases, A.P. Møller - Mærsk A/S owns at least 50% of all ten vessels and holds the ultimate control. Five of the vessels are time chartered to the A.P. Moller - Maersk Group, and the others are operated directly in the market. All transactions between related parties and the A.P. Moller - Maersk Group are subject to arm s length conditions. Information about related party transactions is disclosed in note 20 of the consolidated fi nancial statements. Parent company financial statements The activities of the parent company comprise the global container services in Maersk Line, parts of Tankers, offshore and other shipping activities, and the oil and gas activities in the Danish sector of the North Sea. In addition, activities include the holding of shares in subsidiaries and associated companies. In the parent company fi nancial statements, shares in subsidiaries and associated companies are recognised at cost or at a lower value in use, cf. note 6, page 103, and in the income statement, dividends from subsidiaries and associated companies are recognised as income. The profi t for the year amounted to DKK 9.7 billion (DKK 15.6 billion). Cash fl ow from operating activities totalled DKK 17.0 billion (DKK 13.8 billion). The increase is due to improvement in earnings especially from the oil and gas activities and higher dividends from subsidiaries. At 31 December 2008, total assets amounted to DKK 202 billion (DKK 187 billion) and equity totalled DKK 92 billion (DKK 86 billion). 48

A.P. Moller - Maersk Group 2008 Corporate Governance Corporate governance Corporate Governance is a topic that the company s Board of Directors has considered and continues to consider on the basis of the company s activities, external environment, history, needs, etc. Good Corporate Governance is a dynamic process in which management continuously assesses the need for changes. Management structure As a Danish listed company, A.P. Møller - Mærsk A/S has a management structure consisting of the Board of Directors and the Management Board. Further information about the company s management structure is published at maersk.com. The Board of Directors Pursuant to the articles of association, the Board of Directors shall consist of 4-13 members elected at the Annual General Meeting. The Board members elected at the Annual General Meeting are elected for a two-year term. This means that half the members are up for election every year. This ensures continuity in the work of the Board of Directors. Board members are eligible for re-election. Today, the full Board of Directors consists of 12 members. The Board elects its Chairman and two Vicechairmen among its members. The Board of Directors lays down the general business and management principles for the A.P. Moller - Maersk Group and ensures the proper organisation of the company. The Board of Directors normally meets 7-9 times a year and is otherwise convened when deemed necessary by the Chairman. The Board of Directors is organised in the following committees: The Chairmanship, which consists of the Chairman of the Board of Directors, Michael Pram Rasmussen, and the Vicechairmen Poul J. Svanholm and Ane Mærsk Mc-Kinney Uggla. The Chairmanship meets regularly and as required. The Audit Committee consists of 3-4 Board members appointed by and among the Board members of A.P. Møller - Mærsk A/S. The committee currently consists of three members (Jan Tøpholm, Lars Kann-Rasmussen and Leise Mærsk Mc-Kinney Møller) and reports to the Board of Directors. The tasks of this committee include the review of accounting, auditing, risk and control matters, among other things at meetings with the external auditors and the Head of Group Internal Audit. The committee determines the frequency of its meetings and usually meets three times a year. The tasks of the Audit Committee are described in a set of procedures approved by the Board of Directors. The Remuneration Committee consists of the Chairman and the two Vice-chairmen. At the Board meeting in which the annual report is considered, the Committee makes a proposal for the remuneration of the Management Board (Firmaet A.P. Møller). The committee approves the allocation of the remuneration to the partners of Firmaet A.P. Møller and also decides on the annual adjustment of salaries in per cent for the staff of A.P. Møller - Mærsk A/S and Maersk Oil. Furthermore, the committee determines the size of the proposed annual overall remuneration, including pensions, bonuses and the like, for key executives of the A.P. Moller - Maersk Group worldwide. The committee meets as and when required. The Management Board The Management Board of A.P. Møller - Mærsk A/S consists of Firmaet A.P. Møller, a Danish partnership. The partners of Firmaet A.P. Møller are Mærsk Mc-Kinney Møller, Nils Smedegaard Andersen, Thomas Thune Andersen, Claus V. Hemmingsen, Eivind Kolding, Søren Skou and Søren Thorup Sørensen. Each of the partners is entitled to sign on behalf of Firmaet A.P. Møller using the signature A.P. Møller. 49

Executive Board The Executive Board functions as the day-to-day management and currently consists of Nils Smedegaard Andersen (Group CEO), Thomas Thune Andersen, Claus V. Hemmingsen, Eivind Kolding, Søren Skou and Søren Thorup Sørensen. Remuneration of the Management The remuneration payable to the Management Board is de termined by considering what is reasonable in relation to the size, activities and other circumstances of the company. A total of DKK 111 million was paid to the Management Board in 2008, and is disclosed in note 2 of the consolidated fi nancial statements. The Board of Directors is paid a fi xed fee determined for one year at a time. A special fee is paid for participation in committees. The total remuneration to the Board of Directors is disclosed in note 3 of the consolidated fi nancial statements and amounted to DKK 16 million in 2008. In order to attract, retain and motivate the key executives of the A.P. Moller - Maersk Group, and in order to increase alignment between these employees interests and the interests of the shareholders, a long term incentive programme for the Group s management, comprising about 110 people, was estab lished in March 2008. A signifi cant element is a share option programme, which once a year will offer the employees in question share options at a fair value corresponding to 1-2 months pay for the individual employee. The options are allocated with a strike price of 110% of the average of the market value (for A.P. Møller - Mærsk A/S B shares all trades ) on the fi rst fi ve trading days following the publication of the company s annual report. The options are exercisable after two years and within fi ve years at the latest. The fi rst grant of share options took place in April 2008. A corresponding incentive programme has been decided for the members of the Executive Board with effect from April 2008. However, at their own expense, they are obliged to acquire share options at market value for an amount corresponding to about two months pay. At the Annual General Meeting on 29 April 2008, the General Guidelines for Incentive Pay for the Management of A.P. Møller - Mærsk A/S were adopted. The guidelines are published at maersk.com. Independent audit In order to ensure a high degree of independence and quality in auditing, the company s and Group s annual reports are audited by two mutually independent state authorised audit fi rms. These auditors are appointed annually at the Annual General Meeting. The present audit fi rms are: KPMG, Statsautoriseret Revisionspartnerselskab and Grant Thornton, Statsautoriseret Revisionsaktieselskab. Internal audit The main focus of the A.P. Moller - Maersk Group s internal audit function (Group Internal Audit) is to review the effi ciency of the internal control and risk management systems and to deal with the prevention and detection of any irregularities. The Head of Group Internal Audit reports to the Chairman of the Board of Directors and to the Audit Committee. Recommendations for Good Corporate Governance in Denmark The Board of Directors of A.P. Møller - Mærsk A/S continues to consider the Recommendations for Good Corporate Gov ernance prepared by NASDAQ OMX Copenhagen. Most of the recom men da tions have been complied with, but there are some which the Board of Directors has chosen not to follow. With reference to the comply or explain principle, NASDAQ OMX Copenhagen has stated that companies should either comply with the recommendations or explain why they deviate from them. The role of the shareholders and their interaction with the management of the company Day-to-day communication between A.P. Møller - Mærsk A/S and the shareholders is carried out primarily at the Annual General Meeting and through stock exchange announcements. In addition, online presentations are made for investors, analysts, the press and other stakeholders in connection with the publication of annual and interim reports, and interim management statements, and individual meetings are held with share analysts, as well as current and potential investors. Investors and share analysts are welcome to contact the company s Investor Relations offi ce. Information about the Group s activities, capital structure, press releases, announcements of fi nancial results and annual reports is published at maersk.com. The annual report, press releases and announcements are published in both Danish and English. The company has chosen not to get involved in communication among shareholders, as this is treated as a private matter between individual shareholders. 50

The Annual General Meeting constitutes, within the boundaries laid down in the articles of association, the supreme authority in the affairs of the company. The Annual General Meeting must be held in Copenhagen, Svendborg or Århus, Denmark, before the end of April. In accordance with the articles of association Annual General Meetings are normally convened with three weeks notice, but must be convened at no fewer than eight days and no more than four weeks notice. Notices of Annual General Meetings are announced in the Danish daily press and in the Danish Commerce and Companies Agency information system. Registered shareholders receive an invitation with an agenda and appendices, including the annual report, if requested. They also receive a proxy form on which the shareholder can record his or her proxy voting instructions for each item of the agenda. The Board of Directors or a named third party can be appointed proxy. It is also possible to appoint a proxy via maersk.com. This ensures that shareholders can exercise their voting rights even though they are not able to attend the Annual General Meeting. The annual report, agenda and other published material as well as other useful information concerning the Annual General Meeting are all available at maersk.com. Procedures for the company s Annual General Meeting are laid down in articles 8-14 of the articles of association. The Board of Directors fi nds that the company s capital struc - ture, together with the majority shareholding held by the A.P. Moller Foundations, benefi ts the development of the company, and that a continuation would be advantageous to holders of both class A and class B shares. The role of stakeholders and their importance to the company The Board of Directors has laid down guidelines for the company s relationship with its stakeholders. In Maersk Fundamental Business Principles, which is available at maersk.com, the Board of Directors has laid down the fundamental business principles that describe, on the basis of the company s fundamental values, the company s relationship to the local communities in which the Group operates, as well as policies on environmental and labour-related matters. Openness and transparency The Management Board has prepared an information and communication policy that is supported by the Board of Directors. Signifi cant information of importance to the assessment of A.P. Møller - Mærsk A/S and its activities, business objectives, strategies and results by shareholders and the fi nancial markets is published as soon as possible via stock exchange announcements. In order to ensure ongoing dialogue between the company and both its new and potential shareholders an Investor Relations offi ce to which questions concerning the company can be addressed has been established. The company s annual report is prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU as well as with additional Danish dis closure requirements for the annual reports of listed companies. The annual report, which also includes a range of non-fi nancial information, is published at maersk.com. In connection with the preparation of the company s annual report, the Board of Directors decides on additional relevant non-fi nancial information. Annual and interim reports and interim management statements, as well as stock exchange announcements on signifi cant (share price relevant) circumstances concerning the company, are presented. They are all published at maersk.com. Announcements are made between annual and interim reports and interim management statements when changes or circumstances that may infl uence the share price occur. The duties and responsibilities of the Board of Directors As prescribed by Danish law, the Board of Directors is responsible for the overall governance of the company and lays down guidelines for, and supervises the work of, the Management Board. The development and defi nition of the Group s strategies constitute an important management task. On an ongoing basis, the Board of Directors discusses and determines its duties at least once a year. The Board of Directors has established a set of procedures. At the individual Board meetings, the Board of Directors decides which duties are to be performed on a daily basis and in the long term. It is the opinion of the Board of Directors that this method of working is the most suitable for the company more appropriate, for example, than formal, detailed job and duty descriptions for the Chairman and the Vice-chairmen which could prove restrictive. The Board of Directors is organised with a Chairman and two Vice-chairmen. When allocating the duties of the Board of Directors, and during the general discussion at Board meetings, the Chairman strives to ensure that the special knowledge and competence of the individual Board members is put to the best possible use for the benefi t of the company. The Board of Directors set of procedures outlines the reporting made by the Management Board to the Board of Directors. 51

This is to ensure that the Board of Directors continually receives the information it requires regarding the company s activities. The Board of Directors procedures are reviewed once a year to ensure alignment with the requirements of the company. The composition of the Board of Directors The Board of Directors has authorised the Chairman to ensure a thorough and transparent process for the selection and nomination of candidates to the Board. This is intended to ensure a composition that provides the skills and expertise necessary for the Board to perform its duties in the best possible way. Candidates are presented to the entire Board of Directors, which makes an assessment of the professional and personal qualifi cations of potential candidates. A number of recruitment criteria can be established, but it is the opinion of the Board of Directors that it is neither appropriate nor relevant to prepare an exhaustive list of specifi c recruitment criteria. This means that the recommendation to provide information about the recruitment criteria established by the Board of Directors is not followed. The individual Board members have been nominated and elected on the basis of an overall assessment of the qualifi cations of the Board of Directors and the individual members, including any relevant and necessary knowledge, and experience in relation to the needs of the company. The other management positions and signifi cant organisational duties of the individual Board members are disclosed in the annual report. This means the recom men da tion to publish a yearly profi le of the composition of the Board of Directors and information about any special skills or qualifi cations that individual Board members may have is not followed. When new members join the Board of Directors, they receive an introduction to the most important departments of the company and are introduced to the day-to-day operations. The Chairman of the Board and new members discuss whether the new members require supplementary training. It is the opinion of the Board of Directors that each individual Board member is otherwise responsible for calling attention to any needs they may have for updating their qualifi cations and expertise. For this reason, it has not been deemed necessary for the Board of Directors to annually assess any such need, as suggested in the recommendations. The Board of Directors currently consists of 12 members, which, given the size, complexity and global nature of the A.P. Moller - Maersk Group, is considered appropriate. The majority of the members of the Board of Directors are considered to be independent. As Board members from the principal shareholder A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal Ane Mærsk Mc-Kinney Uggla and Leise Mærsk Mc-Kinney Møller are not considered to be independent. As employees of the A.P. Moller - Maersk Group, John Axel Poulsen and Cecilie Mose Hansen are not considered to be independent. As stated above, the Board of Directors normally meets 7-9 times a year and is otherwise convened when deemed necessary by the Chairman. The company has not established any boundaries which defi ne the number of other management positions held by in di vidual Board members. This means the individual Board members are expected to balance time they spend on Board work with their management positions in a responsible manner. All Board members are obliged to own A-shares in the company and to have these registered. The Board members are only allowed to trade the company s shares within the four weeks immediately following the publication of the company s annual report and the issue of the company s interim report. Any trading in the company s shares by Board members will be reported to and published by NASDAQ OMX Copenhagen pursuant to the provisions of the Danish Securities Trading Act. For this reason the Board of Directors and the Management Board have not found it necessary or useful to publish the trading of the individual Board members in the annual report by stating the members total holdings and re sultant changes, as otherwise recommended by NASDAQ OMX Copenhagen. Along with their invitation to the Annual General Meeting, registered shareholders receive a list of candidates that states the candidates ages, etc. The Board of Directors is of the opinion that age may be included in the assessment of the qualifi cations of a Board member, but that age cannot constitute grounds for qualifi cation or disqualifi cation in and of itself. As a result, the company does not have any rules regarding age limits or age requirements. At A.P. Møller - Mærsk A/S, Board members are elected to serve two-year terms in accordance with the articles of association. A two-year period has been considered suitable to ensure both the opportunity to renew the Board of Directors and the necessary level of continuity. The Board of Directors collectively signs for and acts on behalf of the company. As a result, the terms of reference for the Audit Committee and the Remuneration Committee are con - sidered to be a matter between the individual committees and the Board of Directors and are not described in the annual report, as otherwise recommended. 52

The Annual General Meeting evaluates the work and results of the Board of Directors. The Chairman of the Board ensures on an everyday basis that the Board functions satisfactorily and that the duties of the Board are attended to. Improvements are made regularly. As a result, the recommendation for a formal assessment procedure has not been adopted. The working relationship between the Board of Directors and the Management Board is evaluated on an ongoing basis at meetings between the Chairmanship and the Group CEO. It has not been considered necessary to follow the recommendation to formalise the dialogue with, and the reporting to, the entire Board of Directors. The Management Board does not participate in those parts of Board meetings during which the Board of Directors discusses the relationship with the Management Board. Remuneration of the Board of Directors and the Management Board As described in the introduction, the remuneration payable to the Management Board is a refl ection of what is reasonable in relation to the size, global activities and other conditions of the company. The same applies to the remuneration of the Board of Directors. The recommendations for a written remuneration policy, a statement of the implementation of such policy in the past, present and coming year, and a presentation of the current year s remuneration to the Board of Directors for approval by the Annual General Meeting have not been adopted. The company s general remuneration policy is mentioned above under Remuneration of the Management. The remuneration of the Management Board and the entire Board of Directors for the previous year and for a comparative year is stated in note 2 and note 3 of the consolidated fi nancial statement. In this way, the Annual General Meeting can de termine whether the remuneration is reasonable. Unless special conditions apply, the Chairman of the Board will not elaborate on the remuneration policy in his report to the Annual General Meeting. At the Annual General Meeting of the company on 29 April 2008 the General Guidelines for Incentive Pay were adopted. These general guidelines require a revolving share option programme with a fi xed redemption price that is higher than the market price on the date of allocation. Incentive programmes for the Management established prior to the adoption of the general guidelines are in accordance with the guidelines. The remuneration to the Board of Directors comprises fi xed fees that do not include share options. The level of remuneration to the Management Board and members of the Board of Directors can be assessed from the information in the annual report concerning the remuneration to the entire Management. Information about remuneration on an individual basis does not, in the opinion of the company, serve any objective purpose. For this reason, the company has not adopted the recommendation to provide information at an individual level. There are no unusual termination payments for Management. Information about details of the schemes is considered to be an internal matter. Risk management In connection with the preparation and updating of the company s strategy and general objectives, the company s Board of Directors and Management Board identify the most signifi cant business risks. Rules for the Group s risk management have been laid down in the systematic reporting. This also includes reporting from the Management Board to the Board of Directors. In addition, Group Internal Audit makes a report on risk management at the meetings of the Audit Committee. The Group s risk management activities are extensive, and the most important of these are stated in the annual report. Audit The Board of Directors performs a specifi c and critical assessment of the independence, competence, etc. of the auditors for the purpose of making recommendations to the Annual General Meeting concerning the appointment of auditors. The independence of each auditor is assured by the general framework for the auditors delivery of non-audit services adopted by the Board of Directors. On this basis, the Audit Committee annually reviews the auditors services. The Audit Committee regularly reviews and assesses the company s internal control systems as well as the Management s guidelines and supervision. The signifi cant accounting policies applied and accounting estimates are reviewed at Board meetings at which the Board of Directors discusses the annual report with the auditors. At the same time, and on the basis of a review of the longform audit report, the Board of Directors assesses the work of the auditors. 53

A.P. Møller - Mærsk A/S Directors Statement The annual report for 2008 of A.P. Møller - Mærsk A/S has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies and in our opinion gives a true and fair view of the Group s and the Company s assets and liabilities, fi nancial position at 31 December 2008 and of the results of the Group s and the Company s operations and cash fl ow for the fi nancial year 2008. Furthermore, in our opinion the Directors Report (pages 1-53) gives a true and fair view of the development and performance of the Group s and the Company s activities and of the fi nancial position taken as a whole together with a description of the signifi cant risks and uncertainties that the Group and the Company face. Copenhagen, 5 March 2009 Managing Director: A.P. Møller Board of Directors: Michael Pram Rasmussen Chairman Ane Mærsk Mc-Kinney Uggla Vice-chairman Poul J. Svanholm Vice-chairman Sir John Bond Cecilie M. Hansen Niels Jacobsen Lars Kann-Rasmussen Jan Leschly Leise Mærsk Mc-Kinney Møller Lars Pallesen John Axel Poulsen Jan Tøpholm 54

A.P. Møller - Mærsk A/S Independent Auditors Report To the shareholders of A.P. Møller - Mærsk A/S We have audited the annual report of A.P. Møller - Mærsk A/S for the fi nancial year 1 January - 31 December 2008, which comprises the directors report, directors statement, accounting policies, income statement, balance sheet, cash fl ow statement, statement of recognised income and expenses and notes. The annual report has been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. Management s Responsibility for the annual report Management is responsible for the preparation and fair presentation of the annual report in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of an annual report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Auditors Responsibility and basis of opinion Our responsibility is to express an opinion on the annual report based on our audit. We conducted our audit in accordance with Danish and International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the annual report is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual report. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the annual report, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity s preparation and fair presentation of the annual report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the annual report. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion. Our audit did not result in any qualifi cation. Opinion In our opinion, the annual report gives a true and fair view of the Group s and the Company s assets, liabilities and fi nancial position at 31 December 2008 and of the results of the Group s and the Company s operations and cash fl ows for the fi nancial year then ended in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. Copenhagen, 5 March 2009 Grant Thornton Statsautoriseret Revisionsaktieselskab Gert Fisker Tomczyk State Authorised Public Accountant KPMG Statsautoriseret Revisionspartnerselskab Jesper Ridder Olsen State Authorised Public Accountant 55

A.P. Møller - Mærsk A/S Accounting Policies The annual report for 2008 of the A.P. Moller - Maersk Group has been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. In addition, the annual report has been prepared in compliance with IFRS issued by the International Accounting Standards Board (IASB). The accounting policies are consistent with those applied to the annual report for 2007 with the exception of the adjustments resulting from the implementation of IFRIC 12 Service Concession Arrangements and IFRIC 14 concerning the limit on defi ned benefi t assets as of 1 January 2008. The implementation of IFRIC 12 and IFRIC 14 has not signifi cantly affected the result for 2008. Reference is made to note 23, page 87. The A.P. Moller - Maersk Group adopted IFRS as of 1 January 2005. In accordance with IFRS 1, IAS 39 on recognition and measurement of fi nancial instruments has been applied from 1 January 2005 without restatement of the comparative fi gures. Consolidation The consolidated fi nancial statements comprise the entities controlled by A.P. Møller - Mærsk A/S. Intra-group income and expenses, shareholdings, intragroup balances and dividends, and gains on intra-group transactions are eliminated. On acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifi able intangible assets are recognised if they arise from a contractual right or can otherwise be separately identifi ed, and if their fair value can be measured reliably. The excess of cost over the fair value of acquired identifi able net assets is recognised as goodwill under intangible assets. Goodwill is not amortised, but is subject to an annual impairment test. The effect of the purchase and sale of minority interests after obtaining control is included directly in equity. Acquired net assets are not re-evaluated. Entities jointly controlled with one or more other enterprises are included by proportionate consolidation. Elimination of intra-group transactions is performed proportionally. Financial statement items related to part-owned vessels are included proportionally. Associated companies are those entities in which the Group is able to exercise signifi cant infl uence but not control over the fi nancial and operating policies. Investments in associated companies are recognised in the balance sheet as the Group s share of the equity value inclusive goodwill on acquisition less any impairment losses. In the income statement the Group s share of the net result in the associated companies is included, adjusted for the share of unrealised intra-group gains and losses. Foreign currency translation The A.P. Moller - Maersk Group uses DKK as its presentation currency. In the translation to the presentation currency for enterprises with a functional currency different from DKK, income statement items are translated into DKK at average exchange rates and balance sheet items are translated at the exchange rates at the balance sheet date. Exchange differences arising from translation are recognised directly in equity. The functional currency varies from business to business depending on its nature. For the Group s principal shipping activities and the oil and gas activities, the functional currency is USD. For other activities, including container terminal activities and land-based container activities, the functional currency is generally the local currency in the country in which such activities are performed. Transactions in other currencies than the functional currency are translated at the exchange rate prevailing at the date of the transaction. Monetary items in foreign currencies not settled at the balance sheet date are translated at the exchange rate at the balance sheet date. Foreign exchange gains and losses are included in the income statement as fi nancial income or expense. Derivative financial instruments are measured at fair value and are included under the item Value of hedges, etc. (assets and liabilities). Fair value is determined based on available market data and accepted valuation methods. The effective portion of changes in the value of derivative fi nancial instruments used to hedge the value of recognised assets and liabilities is recognised in the income statement together with the changes in the value of the hedged assets or liabilities. 56

The effective portion of changes in the value of derivative fi nancial instruments used to hedge future transactions is recognised directly in equity until the hedged transactions are realised. At that time, the value changes are recognised together with the hedged transactions. The ineffective portion of hedge transactions, including time value for oil price hedges, and changes in the fair values of derivative fi nancial instruments which do not qualify for hedge accounting, are recognised in the income statement as fi nancial income or expense for fi nancial instruments, and as other operating income and expense for oil price hedges and forward freight agreements. Income statement Revenue comprises invoiced sales. Uncompleted voyages in shipping activities are recognised at the share related to the fi nancial year. The earnings of vessels that are part of pool arrangements are recognised in revenue based on time charter equivalents. Revenue regarding the oil and gas activities is calculated as the Group s share of the value of the oil and gas production in the partnerships in which the Group participates. Exploration costs in the oil and gas activities are recognised as incurred, under external costs. Tax on the profi t for the year comprises the amount estimated to be paid for the year, as well as adjustments to previous years and deferred tax. The tax amount includes the special taxes relating to extraction and production of hydrocarbons, including the profi t share to the Danish State. Government grants are deducted from the cost of the assets or expenses to which the grant relates. Balance sheet Intangible assets are measured at cost less accumulated amort isation, which is provided on a straight-line basis over the estimated useful life of the assets. Intangible assets in connection with acquired oil fi elds (concession rights, etc.) are amortised over the expected production period of up to 15 years for the fi elds. For non-producing fi elds the amortisation period is up to fi ve years. IT software is amortised over a useful life of 3-5 years. Concession rights in connection with the terminal activity are amortised over the concession period. Goodwill is not amortised, but impairment tests are prepared annually. Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. Property, plant and equipment are valued at cost less accumulated depreciation and impairment losses. Depreciation is charged to the income statement on a straight-line basis over the useful lives at an estimated residual value. The useful lives of new assets are typically as follows: Ships, rigs, etc. Containers, etc. Aircraft Buildings Terminal infrastructure over lease or concession period Plant and machinery, cranes and other terminal equipment Other operating equipment, inventory, etc. Oil and gas production facilities, etc. based on the expected production periods of the fi elds 20 years 12 years 20 years 10-50 years 5-20 years 3-7 years up to 15 years For oil production facilities, including facilities under construction, where oil is received as payment for the investment (cost oil), depreciation takes place concurrently with the receipt of cost oil. Estimated useful lives and residual values are reassessed on a regular basis. Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value in use and fair value less costs of disposal. The cost of assets produced by the Group includes direct and indirect expenses, but excludes fi nancial expenses. Estimated costs of abandonment, removal and restor ation are included in the cost of the assets. Assets held under fi nance leases are treated as property, plant and equipment. Dry-docking costs are recognised in the values of ships, rigs, etc. when incurred and depreciated over the period until the next dry-docking. Other equity investments are recognised at cost and are subsequently measured at the quoted market price for listed 57

securities and at estimated fair value for other equity investments. Unrealised value adjustments are recognised directly in equity. When realised, the value adjustments are transferred to the income statement as fi nancial income or expense. Inventories are measured at cost according to the FIFO method. Write-down is made to net realisable value if lower. The cost of fi nished goods and work in progress includes direct and indirect production costs. Receivables are generally recognised at nominal value. Non-current receivables are recognised at discounted value. Write-down is made for anticipated losses. Work in progress for third parties is recognised at the sales value of the work completed less payments on account. Marketable securities, comprising shares and bonds held for trading, are measured at the quoted market price for listed securities and at estimated fair value for other securities. Value adjustments are recognised in the income statement as fi nancial income or expense. Equity Dividend for distribution is recognised as a separate component of equity. Purchase and sales gains and dividends from own shares are included directly in retained earnings under equity, including the proceeds from sale of own shares in connection with the exercise of share options. The translation reserve comprises differences arising on the currency translation of entities with functional currencies other than DKK. In the event of the disposal or winding up of an enterprise, the currency translation relating to that enterprise is transferred to the income statement. Share options Share options allocated to the key executives of the A.P. Moller - Maersk Group as part of the company s long-term incentive programme are recognised as staff costs at the estimated market value at the time of granting. A corresponding amount is taken to equity. The market value is stated on the basis of the Black & Scholes formula for valuation of options. Provisions are recognised when the Group has a current legal or constructive obligation and include provisions for abandonment of oil fi elds, restructuring costs, onerous contracts, etc. Provisions are recognised on the basis of specifi c estimates. Pension obligations are recognised based on an actuarial calculation. The pension cost charged to the income statement consists of current service cost, interest cost, expected return on plan assets and past service cost. Actuarial gains and losses are recognised directly in equity. Costs regarding defi ned contribution based plans are recognised as incurred. Pension plans where the Group as part of collective bargaining agreements participates together with other enterprises so called multi-employer plans are treated as other pension plans in the fi nancial statements. For defi ned benefi t multi-employer plans where suffi cient information is not available to use defi ned benefi t accounting, the plans are treated as defi ned contribution based plans. Deferred tax is calculated on differences between the carry ing amount and tax base of assets and liabilities. Deferred tax is not provided on goodwill which is not deductible for tax purposes, or temporary differences which have no effect on the accounting result or taxable income at the time of the transaction. Additionally, deferred tax is not calculated for differences relating to investments in subsidiaries and associated companies to the extent that taxable dividends are unlikely in the foreseeable future. Deferred tax assets are only recognised when set-off against tax on future income is probable. Financial liabilities are initially measured at the proceeds received. Any premium or discount is amortised over the term of the liabilities. Capitalised liabilities in respect of fi nance leases are included as liabilities in the balance sheet. Cash flow statement Cash fl ow for the year is divided into cash fl ow from operating activities, cash fl ow used for investing activities and cash fl ow from fi nancing activities. Cash and cash equivalents comprise cash and bank balances. Changes in marketable securities are included in cash fl ow used for investing activities. Segment information Segment profi t, assets and liabilities comprise items directly attributed to or that can reasonably be allocated to segments. For companies that are included in more than one segment, interest and interest-bearing debt are allocated according to the carrying amount of the segment assets. Unallocated items comprise expenses, provisions, depreciation and amortisation and fi nancial income and expense that are not allocated to business segments. Furthermore, they include non segment 58

specifi c hedging activities in Maersk Oil Trading, and the result for Maersk Oil Trading s trading activity in the form of purchase of bunker and lubricating oil on behalf of companies in the A.P. Moller - Maersk Group. Revenue is split geographically between Europe, North and South America, Asia and other regions. For the shipping activities, allocation is based on destination. Assets and related capital expenditure are allocated to geographical segments on the basis of legal ownership. Diluted earnings per share is adjusted for the dilution effect of issued share options. Dividend per share is the proposed dividend for the year per share of DKK 1,000. The total market capitalisation is the total number of shares excluding the Group s holding of own shares multiplied by the end-of-year price quoted by NASDAQ OMX Copenhagen. Discontinued operations and non-current assets held for sale Discontinued operations comprise entities disposed of or classifi ed as held for sale. The results of discontinued operations are presented separately in the income statement and comparative fi gures are restated. Similarly, assets and related liabilities from discontinued operations and non-current assets held for sale are presented as separate items in the balance sheet, and the cash fl ows from discontinued operations are presented separately in the cash fl ow statement. Assets and liabilities from discontinued operations and non-current assets held for sale except fi nancial assets are measured at the lower of fair value less the cost of disposal or carrying amount. Assets held for sale are not depreciated. Accounting estimates The measurement of certain assets and liabilities is based on estimates of uncertain future events. Reference is made to the section on pages 46-48 of the Financial Report. Key figures Return on equity is calculated as the profi t for the year divided by the average equity. Return on invested capital after tax (ROIC) is the profi t for the year before interest but after calculated tax, divided by the average invested capital (equity plus net interest-bearing debt). Equity ratio is calculated as the equity divided by total equity and liabilities. Earnings per share and cash fl ow from operating activities per share comprise A.P. Møller - Mærsk A/S share of the profi t for the year respectively the cash fl ow from operating activities divided by the number of shares (of DKK 1,000 each), excluding the Group s holding of own shares. 59

A.P. Moller - Maersk Group Income statement Amounts in DKK million Note 2008 2007 1 Revenue 311,821 278,872 Other operating income 3,556 1,588 2 External costs 197,574 183,833 Other operating expenses 861 1,404 3 Staff costs 32,997 30,328 Profit before depreciation, amortisation and impairment losses, etc. 83,945 64,895 7,8 Depreciation, amortisation and impairment losses 26,092 26,226 Gains on sale of ships, rigs, etc. 4,656 6,062 9 Associated companies share of profit/loss after tax - 1,882 3,081 Profit before financial items 60,627 47,812 4 Financial income 2,383 2,309 4 Financial expenses 10,191 6,420 Profit before tax 52,819 43,701 5 Tax on profit for the year 35,287 24,537 Profit for the year continuing operations 17,532 19,164 6 Profit/loss for the year discontinued operations 106-533 Profit for the year 17,638 18,631 Of which: Minority interests 678 822 A.P. Møller - Mærsk A/S s share of the profit for the year 16,960 17,809 14 Earnings per share, DKK 4,122 4,328 14 Diluted earnings per share, DKK 4,122 4,328 61

A.P. Moller - Maersk Group Balance sheet at 31 December Amounts in DKK million Note 2008 2007 7 Intangible assets 14,232 18,950 Ships, rigs, containers, etc. 135,688 102,778 Production facilities and equipment, etc. 35,002 27,167 Land and buildings 20,753 18,409 Construction work in progress and payment on account for property, plant and equipment 35,355 34,616 8 Total property, plant and equipment 226,798 182,970 9 Investment in associated companies 23,016 23,541 12 Other investments 4,939 891 12 Receivables 4,253 3,601 Total investments 32,208 28,033 10 Deferred tax asset 4,467 4,130 Total non-current assets 277,705 234,083 11 Inventories 8,179 9,709 12 Trade receivables 20,885 23,677 Tax receivables 741 566 12 Value of hedges, etc. 4,871 3,387 Other receivables 8,847 9,115 Prepayments 2,493 2,591 Receivables 37,837 39,336 12 Securities 5,264 12,686 12 Cash and bank balances 13,665 22,926 6 Assets held for sale 460 9,358 Total current assets 65,405 94,015 TOTAL ASSETS 343,110 328,098 62

A.P. Moller - Maersk Group Balance sheet at 31 December Amounts in DKK million Note 2008 2007 Share capital 4,396 4,396 Other reserves 142,288 130,925 Dividend for distribution 2,857 2,857 Equity attributable to A.P. Møller - Mærsk A/S 149,541 138,178 Minority interests 8,853 8,510 13 Total equity 158,394 146,688 15 Pensions and similar obligations 2,378 1,848 16 Provisions 15,729 11,547 10 Deferred tax liability 5,492 8,747 12,17 Bank and other credit institutions, etc. 94,237 87,823 Total non-current liabilities 117,836 109,965 16 Provisions 1,282 662 12,17 Bank and other credit institutions, etc. 11,968 17,313 Trade payables 30,035 31,531 Corporation tax, etc. 5,431 4,233 12 Value of hedges, etc. 8,118 4,358 Other payables 6,693 7,343 Deferred income 1,454 1,229 Prepayments received 1,479 2,130 6 Liabilities associated with assets held for sale 420 2,646 Total current liabilities 66,880 71,445 Total liabilities 184,716 181,410 TOTAL EQUITY AND LIABILITIES 343,110 328,098 18 Other financial obligations 20 Related parties 21 Jointly controlled companies 23 New financial reporting requirements 63

A.P. Moller - Maersk Group Cash flow statement Amounts in DKK million Note 2008 2007 Profit before financial items 60,627 47,812 7,8 Depreciation, amortisation and impairment losses 26,092 26,226 Other non-cash items 1,036 909 Paid integration costs - - 163 Gains on sale of ships, rigs, etc. - 4,656-6,062 Associated companies share of profit/loss after tax 1,882-3,081 19 Change in working capital 294 2,570 Financial income, received 2,574 3,947 Financial expenses, paid - 7,384-6,132 Taxes paid - 37,043-26,206 Cash flow from operating activities 43,422 39,820 19 Purchase of non-current assets - 57,849-55,379 Disposal of non-current assets 8,289 9,185 22 Acquisition of subsidiaries and activities - 13-3,467 22 Disposal of subsidiaries and activities - 9 391 Acquisition/disposal of investments in associated companies, etc., net - 1,898-267 Other investments and receivables, net - 895 534 Cash flow used for capital expenditure - 52,375-49,003 Purchase of marketable securities - 3,806-9,997 Sale of marketable securities 9,962 14,527 Cash flow used for investing activities - 46,219-44,473 Repayment of loans - 23,216-17,361 Proceeds from loans 20,054 26,184 Dividends distributed - 2,675-2,263 Dividends distributed to minority interests - 392-210 Capital increases and acquisition/disposal of minority interests, etc., net - 31 464 Cash flow from financing activities - 6,260 6,814 Net cash flow from continuing operations - 9,057 2,161 Discontinued operations Cash flow from operating activities 81-109 Cash flow used for investing activities - 70 120 Cash flow from financing activities - 110-354 Net cash flow for the year from discontinued operations - 99-343 Net cash flow for the year - 9,156 1,818 Cash and bank balances at 1 January 23,112 23,031 Exchange rate adjustment of cash and bank balances, etc. - 215-1,737 Cash and bank balances at 31 December 13,741 23,112 Of which classified as assets held for sale - 76-186 12 Cash and bank balances at 31 December 13,665 22,926 64

A.P. Moller - Maersk Group Statement of recognised income and expenses Amounts in DKK million Note 2008 2007 Income and expenses in associated companies recognised directly in equity - 214-60 Value adjustment of other financial investments - 1,215 3,444 Cash flow hedges: Value adjustment of hedges - 3,545 791 Transfer to income statement, revenue 984 - Transfer to income statement, external costs - 574-1,484 Transfer to income statement, financial expenses - 10 167 Transfer to carrying amount, non-current assets - 166-479 Exchange rate adjustment on translation from functional currency to presentation currency 2,735-10,409 Actuarial gains/losses on defined benefit plans, etc. - 1,282 1,227 Tax on income and expenses recognised directly in equity 362 298 Income and expenses recognised directly in equity - 2,925-6,505 Profit for the year 17,638 18,631 13 Total recognised income and expenses 14,713 12,126 Of which: Minority interests 480 729 A.P. Møller - Mærsk A/S s share of profit for the year 14,233 11,397 65

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million 1 Segment information Container shipping and related activities APM Terminals Tankers, offshore and other shipping Oil and gas activities 2008 2007 2008 2007 2008 2007 2008 2007 External revenue 145,726 140,044 6,578 4,696 27,045 23,832 68,743 51,537 Inter-segment revenue 306 548 9,310 9,021 304 343 - - Total revenue 146,032 140,592 15,888 13,717 27,349 24,175 68,743 51,537 Profit before depreciation, amortisation and impairment losses, etc. 11,525 10,907 2,918 2,257 8,283 7,476 57,143 44,000 Depreciation and amortisation 8,355 8,171 1,492 1,382 2,825 2,405 9,846 12,368 Impairment losses 17 100 278 6 61-2,139 896 Reversal of impairment losses 12 21-17 41 - - - Gains on sale of ships, rigs, etc. 1,765 1,735 340 6 2,168 3,821 109 151 Associated companies share of profit after tax 10 20 105 83-1,067 9 - - Profit before financial items 4,940 4,412 1,593 975 6,539 8,901 45,267 30,887 Financial items, net - 2,460-2,248-576 - 320-1,660-1,432 32-478 Profit before tax 2,480 2,164 1,017 655 4,879 7,469 45,299 30,409 Tax on profit/loss for the year 1,429 1,586 205 77 383 688 33,267 21,543 Profit for the year continuing operations 1,051 578 812 578 4,496 6,781 12,032 8,866 Profit/loss for the year discontinued operations - - - - - - - - Profit/loss for the year 1,051 578 812 578 4,496 6,781 12,032 8,866 Cash flow from operating activities 10,143 8,309 2,551 1,416 6,498 5,402 24,635 19,918 Cash flow used for investing activities - 15,920-15,131-3,681-4,646-14,432-11,110-14,533-14,524 Capital expenditure including additions from acquisitions 24,314 20,134 4,399 4,842 13,542 18,293 15,573 16,874 Segment assets 159,075 142,252 37,720 26,680 75,754 59,614 55,650 50,065 Investment in associated companies 94 118 938 1,338 2,151 55 - - Assets held for sale - - - - - - - - Total assets 159,169 142,370 38,658 28,018 77,905 59,669 55,650 50,065 Segment liabilities 78,573 84,375 21,725 21,968 47,368 41,991 33,975 31,993 Liabilities associated with assets held for sale - - - - - - - - Total liabilities 78,573 84,375 21,725 21,968 47,368 41,991 33,975 31,993 66

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million Retail activity Shipyards, other industrial companies, interest in Danske Bank A/S, etc. Unallocated activities Eliminations, etc. Total 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 57,949 56,382 4,211 2,381 1,569 - - 311,821 278,872 - - 3,388 5,843 - - - 13,308-15,755 - - 57,949 56,382 7,599 8,224 1,569 - - 13,308-15,755 311,821 278,872 3,263 3,383-346 - 759 1,163-2,284-4 - 85 83,945 64,895 712 644 247 260 146 48-39 - 16 23,584 25,262 - - 175 - - - - - 2,670 1,002 - - 109 - - - - - 162 38 18 101 334 272-1 - - 77-24 4,656 6,062 - - - 930 2,969 - - - - - 1,882 3,081 2,569 2,840-1,255 2,222 1,016-2,332-42 - 93 60,627 47,812-467 - 17 71 44-2,023 140-725 200-7,808-4,111 2,102 2,823-1,184 2,266-1,007-2,192-767 107 52,819 43,701 550 808 + 73 + 183 + 337 11 + 137 7 35,287 24,537 1,552 2,015-1,111 2,449-670 - 2,203-630 100 17,532 19,164 - - - - - - - - 106-533 1,552 2,015-1,111 2,449-670 - 2,203-630 100 17,638 18,631 1,706 3,118-270 1,607-2,606-703 765 753 43,422 39,820-3,213-1,798 416-613 - 149-358 - 863-823 - 52,375-49,003 3,428 2,182 208 199-137 831 827 62,295 63,488 25,588 28,878 3,750 5,841 49,256 58,503-87,159-76,634 319,634 295,199 - - 19,696 22,045 - - 137-15 23,016 23,541 - - - - - - - - 460 9,358 25,588 28,878 23,446 27,886 49,256 58,503-87,022-76,649 343,110 328,098 9,653 12,225 3,664 10,402 77,061 53,158-87,723-77,348 184,296 178,764 - - - - - - - - 420 2,646 9,653 12,225 3,664 10,402 77,061 53,158-87,723-77,348 184,716 181,410 67

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 1 continued Geographical segments For the shipping activities revenue is based on the destination, split into four principal geographical regions; Europe, North and South America, Asia and Other regions. The majority of the Group s ships, drilling rigs and containers are registered in Denmark, Hong Kong, the Netherlands, Singapore, the Great Britain, and USA. These types of assets and related capital expenditure are allocated to geographical segments based on legal ownership. External revenue Segment assets Capital expenditure including additions from acquisitions 2008 2007 2008 2007 2008 2007 Europe 149,917 142,756 212,857 213,195 37,740 32,506 North and South America 46,865 46,136 22,278 19,775 3,026 3,121 Asia 31,388 27,586 52,872 40,053 8,858 15,591 Other regions 1) 83,651 62,394 31,627 22,176 12,671 12,270 Total 311,821 278,872 319,634 295,199 62,295 63,488 1) Comprise Middle East, Africa, Australia, etc. The revenue of the Group includes sale of goods including sale of oil and gas with DKK 131b (DKK 111b). Other net revenue is related to rendering of services. 2 External costs External costs include fees etc. to the managing Director, Firmaet A.P. Møller DKK 111m (DKK 152m). The amount for 2008 includes remuneration of DKK 10m (DKK 53m) in connection with resignation. Contracts of employment for members of management contain terms customary in Danish listed companies, including termination of employment notice and competition clauses. In connection with a possible takeover offer neither management nor the Board of Directors will receive special remuneration. Share-based payment In 2008, the A.P. Møller - Maersk Group established a share option programme for members of the Executive Board and other key executives (total of 114 employees). Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. Møller - Mærsk A/S. The market value DKK 30m is recognised in the income statement. In addition to this the six members of the Executive Board bought share options corresponding to a calculated market value of DKK 12m. The share options are granted at a strike price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. Møller - Mærsk A/S annual report. Exercise of the share options is contingent on the option owner still being permanently employed at the time of exercise. Special conditions apply regarding illness, death and resignation as well as changes in the company's capital structure etc. The share options can be exercised when at least two years and no more than five years have passed from the times of grant and can only be exercised over the four weeks period after release of the annual report or interim statements. The share option can only be settled in shares. A share of the company s holding of own shares is reserved to settlement of granted options. 68

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 2 continued Outstanding share options: Executive Board Key executives Total Total fair value 1) No. No. No. DKK million Granted - 2,750 2,750 30 Sold 1,120-1,120 12 Forfeited - 41 41 - Outstanding at 31 December 1,120 2,709 3,829 42 1) At the time of grant The average maturity period as per 31 December 2008 is 4.3 years. In 2008, fair value per share option at the time of grant is calculated at DKK 10,314 based on Black & Scholes formula to measure the options including the average share price the first five business days after the release of A.P. Møller - Mærsk A/S annual report and on the following assumptions:. 2008 Average share price, DKK 48,636 Exercise price, DKK 53,500 Expected volatility (based on four years historical volatility) 25% Expected term 4.5 years Expected dividend per share, DKK 650 Risk free interest rate (based on the five years DKK swap interest rate curve) 4.3% Fee to the statutory auditors of A.P. Møller - Mærsk A/S: 2008 2007 Grant Thornton, Statsautoriseret Revisionsaktieselskab Fee for auditing 16 16 Fee for services other than auditing 9 10 KPMG, Statsautoriseret Revisionspartnerselskab Fee for auditing 20 20 Fee for services other than auditing 15 17 Exploration costs for the oil and gas activities are included in external costs with DKK 4,232m (DKK 2,198m). 69

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 3 Staff costs 2008 2007 Directors fees 16 16 Wages and salaries 29,299 26,545 Pension contribution, defined benefit plans 35 216 Pension contribution, defined contribution plans 1,721 1,760 Other social security costs 1,926 1,791 Total 32,997 30,328 Average number of employees excluding jointly controlled companies and excluding discontinued operations 119,599 117,319 Customary agreements have been made with employees regarding compensation in connection with resignation with consideration for local legislation and collective agreements. 4 Financial income and expense 2008 2007 Interest income 993 1,519 Interest income from associated companies 107 9 Dividends received 360 387 Fair value adjustment of securities - 394 Fair value adjustment of interest rate hedge contracts 923 - Financial income 2,383 2,309 Interest expenses 6,021 6,041 Interest expenses to associated companies 164 140 Exchange rate adjustment, net 2,100 64 Fair value adjustment of securities 1,658 - Unwind of discount on provisions 248 175 Financial expenses 10,191 6,420 70

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 5 Tax on profit for the year 2008 2007 Current tax Current tax for the year including hydrocarbon tax 38,527 27,402 Adjustment of deferred tax Adjustment of temporary differences including tax asset, previously not recognised - 3,218-2,903 Effect of changed tax rate - 22 38-3,240-2,865 Tax on profit for the year 35,287 24,537 Deferred tax recognised directly in equity 362 298 Tax on profit for the year can be specified as follows Profit before tax 52,819 43,701 Income subject to Danish and foreign tonnage taxation, etc. - 4,588-5,447 Associated companies share of profit/loss after tax 1,882-3,081 50,113 35,173 Calculated 25% tax 12,528 8,793 Additional/less tax in foreign companies, net - 423-710 Additional tax in the oil segment in excess of 25% 22,553 14,753 Freight and tonnage taxes, etc. 942 1,037 Effect of changed tax rate - 22 38 Gains related to shares, dividends, etc. 83-45 Adjustment to previous years taxes - 327 261 Deferred tax asset, not previously recognised - 903-822 Tax loss excluding tax assets 840 494 Other permanent differences, net 16 738 Tax on profit for the year 35,287 24,537 6 Discontinued operations and assets held for sale For discontinued operations reference is made to page 41. Assets and liabilities classified as held for sale comprise non-current assets DKK 346m (DKK 8,343m), current assets DKK 114m (DKK 1,015m), provisions DKK 121m (DKK 846m) and other liabilities DKK 299m (DKK 1,800m). The possible sale of non-strategic assets, as announced in the annual report for 2007, is not expected to materialise in the next 12 months and accordingly the assets have been re-classified to non-current assets. The re-classification has no impact on the income statement. 71

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 7 Intangible assets Oil concession Goodwill IT Software rights Other rights Total Cost 1 January 2007 531 1,056 21,844 8,395 31,826 Additions during the year - 304 444 532 1,280 Additions on acquisitions 2,371 - - 383 2,754 Disposals during the year 9 52-30 91 Transfer, property, plant and equipment - - - - 386-386 Transfer, assets held for sale - - 10 - - - 10 Exchange rate adjustment - 52-108 - 2,292-670 - 3,122 31 December 2007 2,841 1,190 19,996 8,224 32,251 Additions during the year - 229 475 473 1,177 Disposals on sale of companies - - - 4 4 Disposals during the year 37 120 13 78 248 Transfer, property, plant and equipment - 11 - - 202-191 Transfer, receivables - - - 508 508 Exchange rate adjustment - 454 39 843-132 296 31 December 2008 2,350 1,349 21,301 8,789 33,789 Amortisation and impairment losses Balance at 1 January 2007 30 411 6,043 1,967 8,451 Amortisation for the year - 248 4,745 1,146 6,139 Impairment losses for the year 3 3 - - 6 Disposals during the year 9 51-28 88 Transfer, assets held for sale - - 1 - - - 1 Exchange rate adjustment - - 45-948 - 213-1,206 31 December 2007 24 565 9,840 2,872 13,301 Amortisation for the year - 273 2,507 992 3,772 Impairment losses for the year 2) 29-1,765 235 2,029 Disposals during the year 36 120-57 213 Exchange rate adjustment - 1 23 566 80 668 31 December 2008 16 741 14,678 4,122 19,557 Carrying amount at 31 December 2007 2,817 625 1) 10,156 5,352 18,950 Carrying amount at 31 December 2008 2,334 608 1) 6,623 4,667 14,232 1) Hereof DKK 272m (DKK 76m) relates to ongoing development of software. 2) Impairment losses for the year of DKK 2,029m, primarily relate to oil concession rights on certain fields in the British part of the North Sea and container terminal rights, etc. which have been written down to estimated value in use (see page 21 and 33). Discount rates of 8-12% p.a. after tax and for oil concession rights the forward curve for oil prices at 31 December 2008 are used in the calculations. At 31 December 2008, goodwill relates mainly to Adsteam Marine Limited DKK 1.9b (DKK 2.4b) and retail activity DKK 0.4b (DKK 0.4b) and is allocated to cash generating units based on the management structure. The impairment test regarding goodwill is based on the estimated value in use based on five years business plans and a calculated terminal value with growth equal to the expected local inflation. In the calculations discount rates of 6-9% (7-9%) p.a. after tax have been used. Furthermore, the development in earnings is a significant parameter. Sensitivity analyses show that discount rates can be increased with up to 3% (2%) points, without resulting in impairment of goodwill. 72

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 8 Property, plant and equipment Cost Ships, rigs, containers, etc Production facilities and equipment, etc. Land and buildings Construction work in progress and payment on account for property, plant and equipment 1 January 2007 151,989 71,278 25,554 29,573 278,394 Additions during the year 7,063 9,059 2,896 38,980 57,998 Additions on acquisitions 2,094 32 130 110 2,366 Disposals during the year 8,142 1,607 717 298 10,764 Transfer 22,503 4,453 1,848-28,418 386 Transfer, assets held for sale - 3,767-422 - 629-472 - 5,290 Exchange rate adjustment - 16,645-6,516-624 - 3,568-27,353 31 December 2007 155,095 76,277 28,458 35,907 295,737 Additions during the year 10,502 5,234 3,494 41,848 61,078 Additions on acquisitions 38 1 1-40 Disposals during the year 5,702 1,244 455 197 7,598 Transfer 29,629 9,006 624-39,068 191 Exchange rate adjustment 6,525 2,241-937 1,267 9,096 31 December 2008 196,087 91,515 31,185 39,757 358,544 Depreciation and impairment losses 1 January 2007 56,703 45,373 9,866 68 112,010 Depreciation for the year 8,542 8,606 692 1,283 19,123 Impairment losses for the year - 904-92 996 Reversals of impairment losses 13-8 17 38 Disposals during the year 5,615 1,275 214-7,104 Transfer, assets held for sale - 1,341-288 - 143 - - 1,772 Exchange rate adjustment - 5,959-4,210-144 - 135-10,448 31 December 2007 52,317 49,110 10,049 1,291 112,767 Depreciation for the year 9,428 5,931 812 3,641 19,812 Impairment losses for the year 1) 61 540 35 5 641 Reversals of impairment losses 53 109 - - 162 Disposals during the year 3,754 992 237-4,983 Transfer 43 615 14-672 - Exchange rate adjustment 2,357 1,418-241 137 3,671 31 December 2008 60,399 56,513 10,432 4,402 131,746 Carrying amount at 31 December 2007 102,778 27,167 18,409 34,616 182,970 Assets held under finance leases 20,261 4 9-20,274 Carrying amount at 31 December 2008 135,688 35,002 20,753 35,355 226,798 Assets held under finance leases 23,617 20 8-23,645 1) Impairment losses for the year of DKK 641m (DKK 996m) primarily relate to production facilities in the oil and gas activities which are written down to estimated value in use cf. page 33. Discount rates of 8-12% (6-11%) p.a. after tax and the oil price forward curve as per 31. December 2008 are used In the calculations. Total 73

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 8 continued Government grants In 2008, government grants of DKK 247m (DKK 341m) primarily comprised subsidies to shipyards. Of this amount DKK 233m (DKK 315m) has reduced the cost price of new buildings and DKK 14m (DKK 26m) has reduced costs. Ownership of production facilities Ownership of production facilities etc. relating to oil production in Qatar and Algeria with a carrying amount of DKK 18.2b (DKK 11.4b) is transferred to state-owned oil companies on an ongoing basis according to agreements. The right of use is maintained during the concession period. Security Bank loans and other debt to credit institutions etc. are secured in ships, etc. and containers to the amount of DKK 35.3b (DKK 31.1b). The carrying amount of the ships, etc. and containers provided as security is DKK 44.1b (DKK 34.9b). 9 Investment in associated companies The associated companies listed on page 115 have the following revenue, profit, assets and liabilities (100%): Banking activities Other activities 2008 2007 2008 2007 Revenue 174,674 174,091 11,243 6,869 Profit 1,036 14,870-2,246 356 Assets 3,543,974 3,349,530 27,531 11,466 Liabilities 3,445,727 3,245,175 17,422 7,370 The market value of listed shares in associated companies amounts to DKK 8.0b (DKK 28.0b). The carrying amount is DKK 20.2b (DKK 22.0b). Revenue from banking activities includes gross interest income, trading income, fees received and insurance income. Danske Bank A/S Profit for 2008 in Danske Bank was DKK 1.0b. The A.P. Moller - Maersk Groups' share of this was DKK 0.2b. The A.P. Moller - Maersk Group has additionally recognised an impairment loss on goodwill relating to the shares in Danske Bank of DKK 1.1b at 31 December 2008. Hereafter the shares in Danske Bank are recognised at estimated value of DKK 19.7b equal to to the share of equity according to the annual report of Danske Bank. In Danske Bank s annual report for 2008 value adjustment of DKK 1.9b before tax has been charged directly to shareholders equity in accordance with IAS 39. The A.P. Moller - Maersk Group s share of this is DKK 0.4b (0.3b after tax). Höegh Autoliners In 2008, a 37.5% interest in Höegh Autoliners was acquired at DKK 3,637m. Share of loss for the year after tax including depreciation on excess values at acquisition was DKK - 452m. At 31 December 2008, an impairment loss of DKK 632m on the A.P. Moller - Maersk Group's shareholding has been recognised due to the weak market outlook for car carriers. A discount rate of 9% p.a. after tax is used in the calculation. 74

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 10 Deferred tax Recognised deferred tax liabilities and assets are attributable to the following: Assets Liabilities Net 2008 2007 2008 2007 2008 2007 Intangible assets - 5-8 2,871 4,716 2,876 4,724 Property, plant and equipment 1,856 2,323 5,648 4,979 3,792 2,656 Investments - 28 38-90 134-62 96 Hedges, etc. 840-13 5-157 - 835-144 Current assets - 31-14 12 162 43 176 Provisions 813 530-356 - 244-1,169-774 Liabilities 139 21-1,650-528 - 1,789-549 Tax loss carry forwards 1,223 1,261-416 - 49-1,639-1,310 Other 15 255-177 - 3-192 - 258 Deferred tax 4,822 4,393 5,847 9,010 1,025 4,617 Offsets - 355-263 - 355-263 - - Net deferred tax 4,467 4,130 5,492 8,747 1,025 4,617 Unrecognised deferred tax assets and liabilities Under the special hydrocarbon tax, at 31 December 2008, the Group had field loss carry forwards and unused tax allowances of a tax value of DKK 0.9b (DKK 1.1b). No tax value is recognised as it is not considered likely that the deferred tax assets can be realised in the foreseeable future. Furthermore, deferred tax assets have not been recognised in respect of the following items: 2008 2007 Deductible temporary differences 863 1,309 Tax loss carry forwards 1,368 1,217 Total 2,231 2,526 The tax loss carry forwards have no significant time limitations. ). No tax value is recognised as it is not considered likely that the deferred tax assets can be realised in the foreseeable future. There are no significant tax liabilities on investment in subsidiaries, associated companies and jointly controlled companies. 11 Inventories 2008 2007 Raw material and consumables 1,604 1,877 Work in progress 155 170 Finished goods and goods for resale 4,446 4,310 6,205 6,357 Bunkers 1,974 3,352 Total 8,179 9,709 Costs of goods sold amount to DKK 45b (DKK 45b) primarily related to the Dansk Supermarked Group. No significant write-downs have been recognised on inventories. 75

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 12 Financial instruments Carrying amount Effective interest rate Average duration/years Bonds 2008 2007 2008 2007 2008 2007 DKK 3,563 4,936 3.1% 4.2% 6.0 3.4 USD - 3,350-3.4% - 1.3 Other securities EUR 217 401 USD 184 471 Other currencies 24 43 Total bonds and securities 3,988 9,201 Shares Listed shares 2,112 3,235 Non listed shares 4,103 1,141 6,215 4,376 Total bonds, securities and shares 10,203 13,577 Of which: Non-current assets (available for sale) 4,939 891 Current assets (held for trading) 5,264 12,686 The return on non-current assets (available for sale) consists of dividend of DKK 249m (DKK 225m). At 31 December 2008, bonds of a value of DKK 0.0m (DKK 5.8b) have been provided as security for amounts owed to credit institutions in connection with REPO agreements. Receivables Investments include interest-bearing bank deposits of DKK 1.7b (DKK 1.7b) provided as security for lease obligations. Trade receivables Not due 13,149 16,025 Less than 90 days overdue 7,435 6,411 More than 90 days overdue 2,250 2,430 Receivables, gross 22,834 24,866 Provision for bad debt losses 1,949 1,189 Carrying amount 20,885 23,677 Including work in progress for third parties of DKK 345m (DKK 42m) less pre-payments of DKK 1,451m (DKK 322m). Change in provision for bad debt 1 January 1,189 1,981 Acquisitions/disposals of companies - 3 4 Provisions made during the year 1,483 941 Provisions used during the year - 432-1,043 Provisions reversed during the year - 341-551 Exchange rate adjustment 53-143 31 December 1,949 1,189 76

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 12 continued Cash and bank balances 2008 2007 USD 5,133 12,467 EUR 1,581 1,206 DKK 1,931 2,849 Other currencies 5,020 6,404 Total 13,665 22,926 Bank and other credit institutions, etc. 2008 2007 Interest spread Interest spread 0-3% 3-6% 6%- Total 0-3% 3-6% 6%- Total USD 12,395 58,429 15,671 86,495 372 62,901 15,966 79,239 EUR 184 4,452 27 4,663 160 7,862 19 8,041 DKK 6 3,072 566 3,644 33 6,294 179 6,506 Other currencies 2,560 4,204 4,639 11,403 230 5,184 5,936 11,350 15,145 70,157 20,903 106,205 795 82,241 22,100 105,136 Of which bearing fixed interest, including interest rate swaps 89,172 69,589 Of which bearing floating interest, including interest rate swaps 17,033 35,547 Risks To hedge risks relating to interest rates, currencies, as well as crude oil and bunker prices, various derivative financial instruments are used. Further information is provided in the Financial Report on page 44. Exchange rate adjustment The profit for the year includes exchange rate adjustment of bank deposits, loans and working capital at a total of DKK 979m (DKK - 1,149m). Interest rate swaps Interest rate swaps are used to hedge interest rate exposure on loans. The fair value of interest swaps can be specified as follows: Fair value 2008 2007 USD - 3,110-840 EUR - 2 3 DKK - 8 8 Other currencies - 60-32 - 3,180-861 Of which recognised in income statement - 458-198 For future recognition - 2,722-663 The fair value to be recognised in future periods relates to the conversion of floating to fixed rate on loans and is expected to be recognised within six years. 77

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 12 continued Forward exchange and option contracts Forward exchange and option contracts are used to hedge the currency risk related to recognised and unrecognised transactions. The net principal amount for purchase/sale (-) and fair value of forward exchange and option contracts can be specified as follows: Principal Purchase/sale (-), net Fair value 2008 2007 2008 2007 USD 495-1,015-212 287 EUR 1,169 7,468-153 736 DKK 22,008 18,991 309 541 CNY 2,614 2,349-111 - 40 SEK 3,281 290-152 11 Other currencies 9,299 15,932-1,240 577-1,559 2,112 Of which recognised in income statement and in hedged assets - 193 906 For future recognition - 1,366 1,206 The fair value to be recognised in future periods relates to hedging of expected revenue, expenses and investments within the next four years. Other hedges Forward freight hedges and oil price hedges are entered into to hedge oil price, freight and bunkers. The net principal amount for purchase/sale (-) and fair value of freight hedges can be specified as follows: Principal Purchase/sale (-), net Fair value 2008 2007 2008 2007 Oil price hedges - 13,855-16,933 1,542-2,223 Forward freight agreements 108-24 - 50 1 1,492-2,222 Of which recognised in income statement 1,490-418 For future recognition 2-1,804 Time of recognition Financial assets and liabilities are recognised at the trading day. Credit risks The A.P. Moller - Maersk Group has no particular concentration of credit risks. 78

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 13 Total Equity A.P. Møller - Mærsk A/S Share capital Translation reserves Retained earnings Dividend for distribution Total Minority interests 1 January 2007 4,396-6,849 129,079 2,418 129,044 7,667 136,711 Total recognised income and expenses - - 10,345 18,885 2,857 11,397 729 12,126 Dividends to shareholders - - 155-2,418-2,263-210 - 2,473 Capital increases - - - - -. 324 324 31 December 2007 4,396-17,194 148,119 2,857 138,178 8,510 146,688 Total recognised income and expenses - 2,910 8,466 2,857 14,233 480 14,713 Acquisition of minority interests - - - 219 - - 219-90 - 309 Value of granted and sold share options - - 24-24 - 24 Dividends to shareholders - - 182-2,857-2,675-392 - 3,067 Capital increases - - - - - 345 345 31 December 2008 4,396-14,284 156,572 2,857 149,541 8,853 158,394 Total recognised income and expenses is specified on page 65. Own shares (B shares): No. of shares of DKK 1,000 Nominal value % of share capital 2008 2007 2008 2007 2008 2007 1 January and 31 December 280,959 280,959 281 281 6.4% 6.4% Total Equity 14 Earnings per share The calculation of basis earnings per share is based on the share of profit for the year for A.P. Møller - Mærsk A/S DKK 17.0b (DKK 17.8 b) and average number of shares issued during 2008 of 4,114,641 shares (4,114,641 shares). Calculated as follows: 2008 2007 Issued shares at 1 January 4,395,600 4,395,600 Own shares 280,959 280,959 Average number of shares at 31 December 4,114,641 4,114,641 Earnings per share can hereafter be calculated as DKK 4,122 (DKK 4,328), of which earnings per share for discontinued operations amounts to DKK 26 (DKK - 130). At 31 December 2008, there is no dilution effect of 3,829 issued share options corresponding to 0.0871% of the share capital. The share options can potentially dilute earnings per share in the future. 15 Pensions and similar obligations 2008 2007 Present value of unfunded obligations 687 728 Present value of funded obligations 9,453 12,111 Total present value of obligations at 31 December 10,140 12,839 Fair value of plan assets - 7,764-11,128 Expenses related to previous years not previously recognised 2 3 Adjustment, asset ceiling - 134 Net obligations at 31 December 2,378 1,848 79

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 15 continued Changes in the fair value of the plan assets 2008 2007 Fair value at 1 January 11,128 10,518 New pension plans 4 3 Expected return on plan assets 753 741 Changes related to acquisitions/disposals of companies - 1,108 Settlements - 56-301 Pension benefits paid - 572-608 Contributions from the Group 616 575 Contributions from employees 65 36 Actuarial gains/losses - 2,275-30 Exchange rate adjustment - 1,899-914 Fair value at 31 December 7,764 11,128 Specification of plan assets Shares 3,901 5,992 Bonds 3,349 4,421 Real estate 160 259 Cash and cash equivalents 71 155 Other assets 283 301 Fair value at 31 December 7,764 11,128 The plan assets do not include assets used by the Group or own shares. The actual return on assets in 2008 DKK - 1,522m (DKK 711m). Changes in gross liability for defined benefit obligations Gross liability at 1 January 12,839 13,650 Expenses recognised in the income statement 212 244 Interest on obligations 686 700 Actuarial gains/losses - 858-1,296 Changes related to acquisitions/disposals of companies - 1,419 Changes in plans/new plans, etc. 116 176 Curtailments/settlements - 111-327 Pension benefits paid - 576-613 Transferred to discontinued operations - - 46 Exchange rate adjustment - 2,168-1,068 Gross liability at 31 December 10,140 12,839 Expenses recognised in the income statement Current service costs 212 244 Interest and obligations 686 700 Expected return on plan assets - 753-741 Employee contributions - 65-36 Other expenses 9 75 Curtailments/settlements - 54-26 Total 35 216 80

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 15 continued Accumulated actuarial gains/losses(-) 2008 2007 Accumulated losses at 1 January 1,050-150 Actuarial gains/losses(-) for the year - 1,417 1,266 Settlements - 9 10 Exchange rate adjustment - 7-76 Accumulated gains/losses(-) at 31 December - 383 1,050 In 2009, the Group expects to pay contributions amounting to DKK 399m to funded defined benefit plans (DKK 507m for 2008). Actuarial assumptions Principal actuarial assumptions at 31 December expressed as weighted averages: Discount rate 6.0% 5.7% Rate of inflation 2.8% 2.9% Expected return on plan assets 5.0% 7.4% Future salary increase 4.0% 4.3% Medical cost trend rate 5.0% 5.0% Future pension increase 2.7% 2.5% Pensions historical information 2008 2007 2006 2005 2004 Actuarial value of the defined benefit obligations 10,140 12,839 13,650 13,511 3,402 Plan assets - 7,764-11,128-10,518-10,017-2,447 Expenses related to previous years not previously recognised 2 3 - - - Assets not recognised, asset ceiling - 134 98 60 42 Net liability at 31 December 2,378 1,848 3,230 3,554 997 Experience adjustments to liabilities - 188-63 - 382-32 34 Experience adjustments to plan assets - 2,275-30 - 15 572 43 A general description of the pension plans is provided in the Financial Report on page 44. Multi-employer plans Due to collective agreements, some companies in the A.P. Moller - Maersk Group participate together with other enterprises in defined benefit pension and health insurance schemes for current and retired employees (multi-employer plans). In 2008, the Group s contribution is estimated at DKK 535m (DKK 542m). No reliable basis exists for allocation of the schemes obligations and plan assets to individual employer participants. The Group s share might be significant. Deficit in some of the schemes may necessitate increased contributions in the future. Based on the most recent financial data available from the plans trustees, the total plan assets amount to DKK 43.6b (DKK 44.3b) and the actuarial obligations approximate DKK 49.0b (DKK 48.8b). Net obligations in the plans with deficits amounts to DKK 10.6b (DKK 8.8b). In general, the contributions to the schemes are based on man hours worked or cargo tonnage handled, or a combination hereof. 81

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 16 Provisions Abandonment Restructuring Other Total 1 January 2008 5,330 182 6,697 12,209 Unwind of discount 248 - - 248 Transfer 7 4 613 624 Provisions made during the year 1,026 418 4,026 5,470 Provisions used during the year 11 107 797 915 Provisions reversed during the year - 30 917 947 Disposals on sale of companies - - 4 4 Exchange rate adjustment 253-20 93 326 31 December 2008 6,853 447 9,711 17,011 Current - 252 1,030 1,282 Non current 6,853 195 8,681 15,729 Total 6,853 447 9,711 17,011 Provisions for abandonment comprise the net present value of estimated costs for abandonment of oil and gas fields. Restructuring includes provisions for decided and publicly announced restructurings. Other includes provisions for guarantees, risks related to insurance agreements, onerous contracts, legal disputes, etc. including tax and duty disputes. The provisions are subject to considerable uncertainty. Reversals of provisions primarily relate to legal disputes, etc. which are recognised in the income statement under external expenses and taxes on profit for the year. 17 Bank and other credit institutions, etc. Carrying Carrying amount Fair value amount Fair value 2008 2008 2007 2007 Non-current liabilities: Bank and other credit institutions, etc. 76,962 82,691 71,015 72,719 Finance leases 17,275 18,563 16,808 17,197 Total 94,237 101,254 87,823 89,916 Currrent liabilities: Bank and other credit institutions, etc. 10,494 11,276 15,709 16,086 Finance leases 1,474 1,584 1,604 1,642 Total 11,968 12,860 17,313 17,728 Due as follows: Within one year 11,968 17,313 Between one and five years 54,129 49,034 After five years 40,108 38,789 Total 106,205 105,136 Fair value of liabilities is affected by the lower market rate level for interest rates. 82

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 17 continued Finance leases: Payment Interest Principal Payment Interest Principal 2008 2008 2008 2007 2007 2007 Within one year 2,611 1,137 1,474 2,746 1,142 1,604 Between one and five years 9,446 3,427 6,019 10,153 3,662 6,491 After five years 15,651 4,395 11,256 15,387 5,070 10,317 Total 27,708 8,959 18,749 28,286 9,874 18,412 Further information about the Group s exposure to interest rates and foreign currency risks, is provided in note 12. A general description of lease agreements is provided in the Financial Report on page 44. 18 Other financial obligations Operating leases As part of the Group s activities, customary agreements are concluded regarding charter and operating leases of ships, containers, port facilities, etc. The future charter and operating lease payments for continuing operations are: Tankers, offshore and Container and related activities APM Terminals other shipping activities Oil and gas activities Retail activity Other Total Within one year 11,853 1,326 1,339 703 340 250 15,811 Between one and five years 22,870 4,024 4,925 195 710 860 33,584 After five years 14,813 25,300 5,062 96 468 623 46,362 Total 2007 49,536 30,650 11,326 994 1,518 1,733 95,757 Lease and payments during the year 15,195 Within one year 10,227 1,315 2,319 384 293 217 14,755 Between one and five years 23,777 4,445 7,103 322 798 750 37,195 After five years 13,291 26,292 4,887 64 617 307 45,458 Total 2008 47,295 32,052 14,309 770 1,708 1,274 97,408 Lease and payments during the year 14,945 Obligations related to acquisition of non-current assets At the end of 2008, the A.P. Moller - Maersk Group has capital commitments relating to ships, rigs, containers terminals, etc. on order amounting to DKK 64b (DKK 50b). Furthermore, the Group has investment commitments to concession grantors relating to terminal activities in the order of DKK 2b (DKK 4b). The Group has made a public offer to acquire Broström AB at SEK 57 per share (conditions have been meet after the balance sheet date). At 31 December 2008 the Group owned 36.35% of the share capital. The remaining "purchase obligation" total DKK 1.8b at 31 December 2008. The acquisition was finalised in January 2009. 83

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 18 continued Other obligations Except for customary agreements within the Group s activities, no material agreements have been entered into that will take effect, change or expire upon changes of the control over the company. The necessary facility of USD 352m (USD 243m) has been established in order to meet the requirements for trading in the USA under the American Oil Pollution Act of 1990 (Certificate of Financial Responsibility). The container business has entered into certain agreements with terminals, etc. containing volume commitments including an extra payment in case minimum volumes are not met. When exploring or producing oil in foreign countries, each subsidiary is generally liable for contractual obligations jointly with the other consortium partners. Tax may crystalise if the companies leave the tonnage tax regimes. 19 Change in working capital/purchase of non-current assets 2008 2007 Change in working capital: Inventories 1,556-2,107 Trade receivables 3,811 218 Other receivables and prepayments, etc. 198 456 Trade payables and other payables, etc. - 4,899 3,773 Exchange rate adjustment - 372 230 Total 294 2,570 Purchase of non-current assets: Addition of intangible assets and property, plant and equipment 62,255 59,185 Of which finance leases - 2,334-1,270 Change in payables to suppliers of non-current assets - 1,046-1,152 Provision for abandonment - 1,026-1,384 Total 57,849 55,379 84

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 20 Related parties Jointly controlled Associated companies companies Management 1) 2008 2007 2008 2007 2008 2007 Revenue 587 12 70 134 117 2 Other operating income 21 20 32 26 5 7 Remuneration to management - - - - 138 193 External costs 1,027 1,103 1,467 1,476 2) 236 2) 2) 251 2) Acquisition of companies and non-current assets - - - - - 16 Disposal of companies and non-current assets - - - - - 190 Financial income 107 544 6 7 - - Financial expenses 483 140 - - - - Non-current receivables 321 76 190 210 - - Trade receivables 69 2 109 62 56 17 Other receivables 215 329 75 21 - - Positive value of hedges 516 50 - - - - Securities 76 513 - - - - Cash and bank balances 2,748 816 - - - - Bank and other credit institutions, etc. non-current 4,450 5,613 - - - - Bank and other credit institutions, current 100 472 146 8 - - Trade payables 1 22 13 14 1 14 Negative value of hedges 668 84 - - - - Other payables 56 23-3 - - 1) The Board of Directors and the Management Board in A.P. Møller - Mærsk A/S, A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal and their close relatives (including undertakings under their significant influence). Remuneration to management includes remuneration in connection with resignation of DKK 10m (DKK 53m). Trade receivables include customary business related accounts in connection with shipping activities. 2) Includes commission to Maersk Broker K/S from chartering, purchase and sale of ships with DKK 203m (DKK 204m) as well as time charter hire to part owners. During the year DKK 1m (DKK 1m) has been expensed to A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, which exercises control. In relation to Danske Bank A/S arrangement of payment transactions, sale and purchase of securities, etc. only the related costs are included in the above. Only the realised part of hedges is included. For jointly controlled companies, only the non-eliminated part is included. The six members of the Executive Board bought 1,120 share options in total corresponding to a calculated market value of DKK 12m. Further information is provided in note 2. Dividends received and distributed are not included. 85

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 21 Interest in jointly controlled companies The jointly controlled companies listed on page 119 are included proportionally in the consolidated financial statements with the following amounts, before eliminations of internal transactions: 2008 2007 Revenue 4,079 3,584 Expenses, depreciation, amortisation, interest, etc. 2,985 2,618 Profit 1,094 966 Non-current assets 8,018 5,978 Current assets 2,075 1,927 Non-current liabilities 2,869 2,426 Current liabilities 2,300 1,524 Net assets 4,924 3,955 The Group has not assumed any separate financial obligations or investment obligations regarding jointly controlled companies. The Group's share of jointly controlled companies financial obligations and investment obligations are included proportionally in note 18. 22 Acquisition and disposals of subsidiaries and activities Acquisition and disposals of subsidiaries and activities have had the following effect on the Group s assets and liabilities: Acquisitions Disposals Acquisitions Disposals 2008 2008 2007 2007 Non-current assets 65 4 3,053 405 Current assets 38 180 566 1,255 Minority interests - 1 - - Provisions - 4 435 92 Liabilities 77 114 1,981 1,428 Acquired/disposed net assets 26 65 1,203 140 Goodwill - - 2,371 - Gains/losses on disposals - 59-290 Purchase/sales price including transaction costs 26 6 3,574 430 Cash in acquired/disposed companies - 13-15 - 107-39 Cash flow from acquisitions and disposals of companies and activities 13-9 3,467 391 Acquisitions Carrying Carrying amount Fair value amount Fair value 2008 2008 2007 2007 Non-current assets 58 65 2,285 3,053 Current assets 38 38 549 566 Provisions - - 376 435 Liabilities 74 77 1,991 1,981 Net assets 22 26 467 1,203 Goodwill - 2,371 Acquisition price in cash 26 3,574 Cash and bank balances acquired - 13-107 Net investment 13 3,467 86

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 22 continued If acquisitions during the year had occurred on 1 January 2008, Group revenue would have been approximately DKK 312b (DKK 280b). The impact on the result for the corresponding period is not estimated to be significant. Acquisitions in 2008 On 1 June, Svitzer A/S acquired the remaining 50% of Plipwijs Ltd. and Plipwijs Shipowners. The total purchase price was DKK 21m including costs related to the purchase. On 18 November, A.P. Møller - Mærsk A/S acquired the remaining 50% of Swift Tankers Management A/S. The total purchase price was DKK 5m. Acquisition after the balance sheet date In January 2009, the A.P. Moller - Maersk Group acquired control of Broström AB, cf. page 24. According to the most recent financial reporting (at 30 September 2008) Broström had non-current assets of DKK 5.7b, current assets of DKK 1.3b and liabilities of DKK 5.0b. Excess purchase price on acquisition is expected to be DKK 0.6 billion before purchase price allocation adjustment of assets and liabilities; primarily related to ships. Acquisitions in 2007 On 15 March 2007, Svitzer A/S completed the acquisition of Adsteam Marine Limited. The total cash purchase price was DKK 3,197m including costs of DKK 63m directly related to the acquisition. The activities in Adsteam Marine Limited include anchor towage and salvage activities. In connection with the EU Commission s approval, the activities in Liverpool, UK, were disposed of. From 15 March 2007 to 31 December 2007, Adsteam Marine Limited contributed with a net loss of DKK 10m. Goodwill is among other things attributed to growth expectations, and expected synergies. Other acquisitions primarily comprise investments in two container terminals. 23 New financial reporting requirements Changes in accounting policies Effective from 1 January 2008, the A.P. Moller - Maersk Group has implemented IFRIC 12 "Service Consession Arrangements" and IFRIC 14 "IAS 19 The Limit of Defined Benefit Assets, Minimum Funding Requirements and their Interaction". IFRIC 12 is expected to be approved by the EU, while IFRIC 14 has been approved by the EU with another effective date than the corresponding IFRIC as issued by IASB. Consequently, the A.P. Moller - Maersk Group has pre-implemented IFRIC 12 and IFRIC 14 at 1 January 2008, thus the implementation complies with IASB's date of commencement. The implementation of IFRIC 12 has resulted in a change in accounting policies for a limited number of container terminals under special regulation. The impact is an increase of intangible non-current assets due to the reclassification of tangible non-current assets and recognition of minimum payment commitments under concession arrangements. The net profit for 2008 is affected by DKK - 8m (DKK - 27m). The comparative figures for 2007 have been adjusted accordingly. 87

A.P. Moller - Maersk Group Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 23 continued Impact of the changes in accounting policies: 1 January 2008 1 January 2007 Previously reported Change According to new accounting policy Previously reported Change According to new accounting policy Assets Intangible assets 17,376 1,574 18,950 21,883 1,492 23,375 Property, plant and equipment 183,962-992 182,970 167,308-924 166,384 Other assets 126,181-3 126,178 124,504-124,504 Total assets 327,519 579 328,098 313,695 568 314,263 Equity and liabilities Equity 146,715-27 146,688 136,711-136,711 Non-current liabilities 109,370 595 109,965 114,672 566 115,238 Current liabilities 71,434 11 71,445 62,312 2 62,314 Total equity and liabilities 327,519 579 328,098 313,695 568 314,263 Changes in coming years IASB has issued the following new accounting standards (IAS and IFRS) and interpretations (IFRIC) which are not mandatory for the A.P. Moller - Maersk Group when preparing the annual report for 2008: IAS 1, 23 and 27, IFRS 2, 3 and 8, IFRIC 13 and 15-18 as well as "Amendments to IAS 32 and IAS 1", "Amendments to IAS 39" and "Amendments to IFRS 1 and IAS 27" as well as "Improvements to IFRS May 2008". IFRS 2, IAS 27, mentioned amendments and IFRIC 15-18 have not yet been approved by the EU. The A.P. Moller - Maersk Group expects to implement the new accounting standards and interpretations, when they become mandatory in 2009 and 2010, respectively. The standards and interpretations approved by the EU with another effective date than the corresponding effective dates from the IASB are pre-implemented, and thus complying with the IASB's effective dates. Amended IAS 1 "Presentation of Financial Statements" and IFRS 8 "Operating Segments" will only impact the presentation of the annual report. Amended IAS 23 "Borrowing Costs" will result in a change in accounting policies, as borrowing costs from 1 January 2009 must be recognised as part of the cost price for non-current assets with long manufacturing period. As recognition only affects assets, where manufacturing starts after 1 January 2009 the net profit will in 2009 not be significantly impacted by this change. Except for the above mentioned, none of the new standards or interpretations will have a significant impact on the financial reporting of the A.P. Moller - Maersk Group. 88

A.P. Møller - Mærsk A/S 89

A.P. Møller - Mærsk A/S Financial highlights Amounts in DKK million 2008 2007 2006 2005 2004 Revenue 145,591 135,925 137,267 103,564 85,850 Profit before depreciation, amortisation and impairment losses, etc. 23,251 19,814 17,554 27,592 21,337 Depreciation, amortisation and impairment losses 4,793 4,447 4,145 6,260 6,224 Gains on sale of companies, ships, rigs, etc. 2,573 2,843 2,285 1,274 3,200 Profit before financial items 21,031 18,210 15,694 22,606 18,313 Financial items, net 2,895 9,607 3,314 5,384 4,272 Value adjustment of financial assets - - - - 4,895 Profit before tax 23,926 27,817 19,008 27,990 27,480 Tax on profit for the year 14,234 12,208 9,772 8,657 4,594 Profit for the year 9,692 15,609 9,236 19,333 22,886 Total assets 201,806 186,889 170,542 160,685 121,740 Equity 91,819 85,717 78,665 81,616 68,155 Cash flow from operating activities 17,035 13,846 4,485 23,187 19,434 Cash flow used for capital expenditure - 22,550-10,357-12,154-37,992-15,583 Investment in property, plant and equipment 22,853 16,048 12,758 18,136 13,261 Dividend per share, DKK 650 650 550 550 450 91

A.P. Møller - Mærsk A/S Income statement Amounts in DKK million Note 2008 2007 Revenue 145,591 135,925 Other operating income 696 553 1 External costs 122,936 116,664 Other operating expenses 100 0 Profit before depreciation, amortisation and impairment losses, etc. 23,251 19,814 4,5 Depreciation, amortisation and impairment losses 4,793 4,447 Gains on sale of companies, ships, rigs, etc. 2,573 2,843 Profit before financial items 21,031 18,210 Dividends 8,155 10,226 2 Financial income 3.544 3,370 2 Financial expenses 8,804 3,989 Profit before tax 23,926 27,817 3 Tax on profit for the year 14,234 12,208 Profit for the year 9,692 15,609 Appropriation: Dividend 2,857 2,857 Retained earnings 6,835 12,752 9,692 15,609 Dividend per share, DKK 650 650 93

A.P. Møller - Mærsk A/S Balance sheet at 31 December Amounts in DKK million Note 2008 2007 4 Intangible assets 595 504 Ships, rigs, containers, etc. 49,753 39,780 Production facilities and equipment, etc. 7,965 5,524 Land and buildings 490 499 Construction work in progress and payment on account for property, plant and equipment 13,685 11,959 5 Total property, plant and equipment 71,893 57,762 6 Investments in subsidiaries 38,493 29,154 6 Investments in associated companies 14,532 12,195 11 Other investments 2,364 172 Interest bearing receivables from subsidiaries and associated companies 27,235 28,565 Other receivables 1,492 748 Total investments 84,116 70,834 7 Deferred tax asset 2,503 2,312 Total non-current assets 159,107 131,412 8 Inventories 2,118 3,392 11 Trade receivables 10,208 12,979 Interest bearing receivables from subsidiaries and associated companies 10,671 9,904 11 Value of hedges, etc. 3,826 2,514 Other receivables 1,807 1,641 Other receivables from subsidiaries and associated companies 7,780 5,794 Prepayments 1,041 877 Receivables 35,333 33,709 11 Securities 2,819 7,411 11 Cash and bank balances 2,429 7,684 9 Assets held for sale - 3,281 Total current assets 42,699 55,477 TOTAL ASSETS 201,806 186,889 94

A.P. Møller - Mærsk A/S Balance sheet at 31 December Amounts in DKK million Note 2008 2007 Share capital 4,396 4,396 Retained earnings 84,566 78,464 Dividend for distribution 2,857 2,857 10 Equity 91,819 85,717 12 Provisions 6,847 5,092 11,13 Bank and other credit institutions, etc. 42,584 43,901 11,13 Interest bearing debt to subsidiaries 2,100 1,576 Total non-current liabilities 51,531 50,569 12 Provisions 288 63 11,13 Bank and other credit institutions, etc. 3,032 7,405 11,13 Interest bearing debt to subsidiaries 25,530 20,559 Trade payables 11,794 12,560 Corporation tax, etc. 4,102 2,625 11 Value of hedges, etc. 6,971 1,682 Other payables 971 833 Other payables to subsidiaries and associated companies 5,399 4,649 Deferred income 369 227 Total current liabilities 58,456 50,603 Total liabilities 109,987 101,172 TOTAL EQUITY AND LIABILITIES 201,806 186,889 15 Other financial obligations 16 Related parties 17 Accounting policies 18 New financial reporting requirements 95

A.P. Møller - Mærsk A/S Cash flow statement Amounts in DKK million Note 2008 2007 Profit before financial items 21,031 18,210 Depreciation, amortisation and impairment losses 4,793 4,447 Other non-cash items 800 204 Gains on sale of ships, rigs, etc. - 2,573-2,843 14 Change in working capital 1,092 906 Financial income, received 2,252 3,122 Financial expenses, paid - 5,942-3,761 Dividends, received 8,114 5,419 Taxes, paid - 12,532-11,858 Cash flow from operating activities 17,035 13,846 14 Purchase of non-current assets - 19,444-15,672 Disposal of non-current assets 7,045 7,432 Acquisition of subsidiaries and activities - 10,978-2,174 Disposal of subsidiaries and activities 2,163 - Acquisition/disposal of investments in associated companies, etc., net - 1,470 - Other investments and receivables, net 134 57 Cash flow used for capital expenditure - 22,550-10,357 Purchase of marketable securities - 880-4,273 Sale of marketable securities 4,556 4,123 Cash flow used for investing activities - 18,874-10,507 Repayment of loans - 10,835-11,223 Proceeds from loans 4,790 9,732 Movements in interest bearing loans to/from subsidiaries, net 5,274 250 Dividends distributed - 2,700-2,285 Cash flow from financing activities - 3,471-3,526 Net cash flow for the year - 5,310-187 Cash and bank balances at 1 January 7,684 8,651 Exchange rate adjustment of cash and bank balances, etc. 55-780 11 Cash and bank balances at 31 December 2,429 7,684 96

A.P. Møller - Mærsk A/S Statement of recognised income and expenses Amounts in DKK million Note 2008 2007 Value adjustment of other investments - 811 2,390 Cash flow hedges: Value adjustment of hedges - 3,329 1,655 Transfer to income statement, external costs - 577-874 Transfer to income statement, financial expenses - 12 180 Transfer to carrying amount, non-current assets - 210-497 Exchange rate adjustment on translation from functional currency to presentation currency 3,510-9,238 Tax on income and expenses recognised directly in equity 506 112 Income and expenses recognised directly in equity - 923-6,272 Profit for the year 9,692 15,609 10 Total recognised income and expenses 8,769 9,337 97

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 1 External costs Fee to the Board of Directors totals DKK 15m (DKK 16m). The Company has no employees of its own as all engaged are employed by Rederiet A.P. Møller A/S. External costs include fee, etc. to the managing director, Firmaet A.P. Møller DKK 93m (DKK 134m). The amount for 2008 includes a remuneration of DKK 10m (DKK 53m) in connection with resignation. Share-based payment In 2008, the A.P. Møller - Maersk Group established a share option programme for members of the Executive Board and other key executives (total of 114 employees). Each share option granted is a call option to buy an existing B share of nominal DKK 1,000 in A.P. Møller - Mærsk A/S. The issued share options correspond to 0.0871% of the share capital. The market value of the share options granted to key executives DKK 30m is recognised in the income statement. In addition to this the six members of the Executive Board bought share options corresponding to a calculated market value of DKK 12m. The share options are granted at a strike price corresponding to 110% of the average of the market price on the first five trading days following the release of A.P. Møller - Mærsk A/S annual report. Exercise of the share options is contingent on the option owner still being permanently employed at the time of exercise. Special conditions apply regarding illness, death and resignation as well as changes in the company's capital structure etc. The share options can be exercised when at least two years and no more than five years have passed from the times of grant and can only be exercised over the four weeks period after release of the full year or interim statements. The share option can only be settled in shares. A share of the company s holding of own shares is reserved to settlement of granted options. Outstanding share options: Executive Board Key executives Total Total fair value 1) No. No. No. DKK million Granted - 2,750 2,750 30 Sold 1,120-1,120 12 Forfeited - 41 41 - Outstanding at 31 December 1,120 2,709 3,829 42 1) At the time of grant The average maturity period as per 31 December 2008 is 4.3 years. In 2008, fair value per option at the time of grant is calculated at DKK 10,314 based on Black & Scholes formula to measure the options including the average share price the first five business days after the release of A.P. Møller - Mærsk A/S annual report and on the following assumptions: 2008 Average share price, DKK 48,636 Exercise price, DKK 53,500 Expected volatility (based on four years historical volatility) 25% Expected term 4.5 years Expected dividend per share, DKK 650 Risk free interest rate (based on the five years DKK swap interest rate curve) 4.3% 98

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 1 continued Fee to the statutory auditors of A.P. Møller - Mærsk A/S: 2008 2007 Grant Thornton, Statsautoriseret Revisionsaktieselskab Fee for auditing 9 9 Fee for services other than auditing 6 6 KPMG, Statsautoriseret Revisionspartnerselskab Fee for auditing 9 9 Fee for services other than auditing 7 8 Exploration costs for the oil and gas activities are included in external costs with DKK 68m (DKK 32m). 2 Financial income and expenses 2008 2007 Interest income 2,447 2,463 Exchange rate adjustment, net - 96 Reversal of impairment losses, investments in and loans to subsidiaries and associated companies 1) 174 310 Fair value adjustment of securities - 501 Fair value adjustment of interest rate hedge contracts 923 - Financial income 3,544 3,370 Interest expenses 3,630 3,707 Exchange rate adjustment, net 1,894 - Impairment losses, investment in and loans to subsidiaries and associated companies 1) 2,118 163 Fair value adjustment of securities 1,046 - Unwind of discount on provisions 116 119 Financial expenses 8,804 3,989 1) Impairment losses to lower value in use primarily relates to investment in Höegh Autoliners and reversal of impairment losses relates to investments in Danish industrial companies. 99

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 3 Tax on profit for the year 2008 2007 Current tax Current year including hydrocarbon tax 14,191 11,967 Adjustment of deferred tax Adjustment of temporary differences including tax asset, previously not recognised 43 241 Tax on profit for the year 14,234 12,208 Deferred tax recognised directly in equity 506 112 Tax on profit for the year is specified as follows Profit before tax 23,926 27,817 Income subject to Danish and foreign tonnage taxation, etc. 699 102 24,625 27,919 Calculated 25% tax 6,156 6,980 Additional tax in the oil segment in excess of 25% 9,436 7,499 Freight and tonnage taxes, etc. 549 588 Gains related to shares, dividends, etc. - 1,422-2,574 Effect of changes in tax rate - - 41 Adjustment to previous years taxes - 66-21 Deferred tax assets, not previously recognised - 235-454 Other permanent differences, net - 184 231 Tax on profit for the year 14,234 12,208 100

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 4 Intangible assets IT Software Other rights Total Cost 1 January 2007 955-955 Additions during the year 202-202 Disposals during the year 47-47 Exchange rate adjustment - 109 - - 109 31 December 2007 1,001-1,001 Additions during the year 88 233 321 Disposals during the year 116-116 Exchange rate adjustment 40 8 48 31 December 2008 1,013 241 1,254 Amortisation and impairment losses 1 January 2007 370-370 Amortisation for the year 224-224 Disposals during the year 47-47 Exchange rate adjustment - 50 - - 50 31 December 2007 497-497 Amortisation for the year 239 14 253 Disposals during the year 116-116 Exchange rate adjustment 25-25 31 December 2008 645 14 659 Carrying amount at 31 December 2007 504 1) - 504 Carrying amount at 31 December 2008 368 1) 227 595 1) DKK 92m (DKK 73m) of this relates to ongoing development of IT software. 101

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 5 Property, plant and equipment Ships, rigs, containers, etc. Production facilities and equipment, etc. Land and buildings Construction work in progress and payment on account for property, plant and equipment Cost 1 January 2007 75,759 28,609 788 11,971 117,127 Additions during the year 4,396 465-11,187 16,048 Disposals during the year 4,816 11-2,903 7,730 Transfer 5,504 1,463 - - 6,967 - Exchange rate adjustment - 8,188-2,952-82 - 1,329-12,551 31 December 2007 72,655 27,574 706 11,959 112,894 Additions during the year 7,871 699-14,283 22,853 Disposals during the year 9,392 - - 2,665 12,057 Transfer 8,032 2,398 - - 10,430 - Exchange rate adjustment 3,245 1,169 30 538 4,982 31 December 2008 82,411 31,840 736 13,685 128,672 Depreciation and impairment losses 1 January 2007 36,566 23,626 196-60,388 Depreciation for the year 3,402 787 34-4,223 Disposals during the year 3,301 2 - - 3,303 Exchange rate adjustment - 3,792-2,361-23 - - 6,176 31 December 2007 32,875 22,050 207-55,132 Depreciation for the year 3,548 963 29-4,540 Disposals during the year 5,066 - - - 5,066 Exchange rate adjustment 1,301 862 10-2,173 31 December 2008 32,658 23,875 246-56,779 Carrying amount at 31 December 2007 39,780 5,524 499 11,959 57,762 Assets held under finance leases 170 - - - 170 Carrying amount at 31 December 2008 49,753 7,965 490 13,685 71,893 Assets held under finance leases 1,891 - - - 1,891 Total Security Bank loans and other debt to credit institutions, etc. are secured in ships, etc. and containers to the amount of DKK 15.7b (DKK 13.5b). The carrying amount of the ships, etc. and containers provided as security is DKK 16.6b (DKK 13.8b). 102

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 6 Investment in subsidiaries and associated companies Cost Investments in subsidiaries Investments in associated companies 1 January 2007 28,793 13,780 Transfer 5-5 Additions during the year 5,212 - Disposals during the year 20 - Exchange rate adjustment - 3,334-1,426 31 December 2007 30,656 12,349 Additions during the year 12,034 3,732 Disposals during the year 3,856 256 Exchange rate adjustment 1,572 640 31 December 2008 40,406 16,465 Impairment losses 1 January 2007 1,790 178 Reversal of impairment losses 304 6 Impairment losses for the year 194 - Exchange rate adjustment - 178-18 31 December 2007 1,502 154 Reversal of impairment losses 35 - Disposals during the year 102 16 Impairment losses for the year 1) 472 1,725 Exchange rate adjustment 76 70 31 December 2008 1,913 1,933 Carrying amount at 31 December 2007 29,154 12,195 Carrying amount at 31 December 2008 38,493 14,532 1) Impairment losses are based on calculated value in use using a discount rate of 9% p.a. after tax. Reference is made to page 115-119 for a list of all significant subsidiaries and associated companies. 103

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 7 Deferred tax asset Recognised deferred tax liabilities and assets relate to the following items:: Net 2008 2007 Property, plant and equipment 306 725 Investments - 79-76 Hedges 664 134 Current assets - 30-119 Provisions 785 515 Loss carry forwards 857 1,133 Total 2,503 2,312 Unrecognised deferred tax assets and liabilities Under the special hydrocarbon tax, at 31 December 2008 the company had field losses carry forwards and unused tax allowances of a tax value of DKK 0.9b (DKK 1.1b). Furthermore, deferred tax assets relating to provisions have not been recognised DKK 0.6b (DKK 0.6b). No tax value is recognised as it is not considered likely that the deferred tax assets can be realised in the foreseeable future. There are no significant tax liabilities on investments in subsidiaries, associated companies and jointly controlled companies. 8 Inventories 2008 2007 Raw material and consumables 390 430 Bunkers 1,728 2,962 Total 2,118 3,392 No significant write-downs have been recognised on inventories. 9 Assets held for sale Assets held for sale DKK 0m (DKK 3,281m). The possible sale of non-strategic assets, as announced in the annual report for 2007, is not expected to materialise in the next 12 months and accordingly the assets have been re-classified to non-current assets. The re-classification has no impact on the income statement. 10 Equity Share capital Retained earnings Dividend for distribution 1 January 2007 4,396 71,851 2,418 78,665 Total recognised income and expenses - 6,480 2,857 9,337 Dividends to shareholders - 133-2,418-2,285 31 December 2007 4,396 78,464 2,857 85,717 Total recognised income and expenses - 5,912 2,857 8,769 Value of granted and sold share options - 33-33 Dividends to shareholders - 157-2,857-2,700 31 December 2008 4,396 84,566 2,857 91,819 Total 104

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 10 continued The share capital at 31 December 2008 comprises: A shares DKK 2,197,800 divided into 2,197,585 shares of DKK 1,000 and 430 shares of DKK 500. B shares DKK 2,197,800 divided into 2,197,488 shares of DKK 1.000 and 624 shares of DKK 500. One A share of DKK 1,000 holds two votes. B shares have no voting right. Shareholder disclosure subject to Section 28a of the Danish Public Companies Act: Share capital Votes A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, Copenhagen 41.22% 50.60% A.P. Møller og Hustru Chastine Mc-Kinney Møllers Familiefond, Copenhagen 9.85% 13.53% Mærsk Mc-Kinney Møller, Copenhagen 3.72% 6.49% Den A.P. Møllerske Støttefond, Copenhagen 2.94% 5.86% Companies within the A.P. Moller - Maersk Group (own shares) 6.39% - No. of shares of DKK 1,000 Nominal value % of share capital Own shares (B shares): 2008 2007 2008 2007 2008 2007 1 January and 31 December 240,830 240,830 241 241 5.48% 5.48% Note 13 in the financial statements of the Group includes the total number of own shares held by the Group. 11 Financial instruments Bonds Carrying amount Effective interest rate Average duration/years 2008 2007 2008 2007 2008 2007 DKK 1,760 1,817 4.8% 4.4% 3.1 2.6 USD - 3,349-3.4% - 1.3 Total 1,760 5,166 Shares Listed shares 816 1,871 Non-listed shares 2,607 546 Total 3,423 2,417 Total bonds and shares 5,183 7,583 Of which: Non-current assets (available for sale) 2,364 172 Current assets (held for trading) 2,819 7,411 The return on non-current assets (available for sale) consists of dividend, DKK 155m (DKK 165m). 105

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 11 continued Trade receivables 2008 2007 Not due 5,910 8,713 Less than 90 days overdue 4,153 3,370 More than 90 days overdue 1,297 1,703 Receivables, gross 11,360 13,786 Provision for bad debt losses 1,152 807 Carrying amount 10,208 12,979 Changes in provision for bad debt 1 January 807 1,369 Provisions made during the year 968 911 Provisions used during the year - 372-851 Provisions reversed during the year - 295-511 Exchange rate adjustment 44-111 31 December 1,152 807 Cash and bank balances USD 1,424 7,125 EUR 249 180 DKK 160 24 Other currencies 596 355 Total 2,429 7,684 Bank and other credit institution, interest bearing debt to subsidiaries, etc. 2008 2007 Interest spread Interest spread 0-3% 3-6% 6%- Total 0-3% 3-6% 6%- Total USD 19,457 43,315 1,886 64,658-59,816 2,504 62,320 DKK - 2,625 779 3,404-6,373 179 6,552 EUR 571 2,374-2,945-3,929-3,929 Other currencies 1,987 252-2,239 5 456 179 640 22,015 48,566 2,665 73,246 5 70,574 2,862 73,441 Of which bearing fixed interest, including interest rate swaps 44,646 53,254 Of which bearing floating interest, including interest rate swap 28,600 20,187 Risks To hedge risks relating to interest and currencies, various derivatives financial instruments are used. Further information is provided in the Financial Report on page 44. Interest influence on profit and equity Interest risks are hedged on a group basis. The company aims at combining fixed and floating rate net debt. A general increase of the interest rate of one percentage point would all other things being equal negatively influence the profit for 2009 with approximately DKK 0.5b before tax. The total positive effect on equity excluding the effect of taxes would be approximately DKK 0.5b. 106

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 11 continued Influence of exchange rates on profit and equity Currency risks are hedged on a group basis. The effect of changes in exchange rates is difficult to estimate. All other things being equal and excluding effect of translation to presentation currency profit before tax for 2009 is estimated to be affected negatively by approximately DKK 0.8b by an increase of 10% in the USD exchange rate including effect of hedges. The total negative effect on equity excluding the effect of taxes would be approximately DKK 1.0b. Influence of crude oil price on profit and equity The risks of crude oil prices are hedged on a group basis. Under the current market conditions prevailing in the container business, it is imposible to estimate the effect from a change in the bunker price. For the oil and gas activities, the estimate for 2009 of an increase in the crude oil price by USD 10 per barrel, based on current oil prices and all other things being equal is a positive effect on the equity and the profit after tax, but before the effect of oil price hedges in the order of DKK 0.5b. Exchange rate adjustment The profit for the year includes exchange rate adjustment of bank deposits, loans and working capital at a total of DKK 801m (DKK - 884m). Interest rate swap Interest rate swaps are used to hedge interest rate exposure on loans. The fair value of interest rate swaps can be specified as follows: Fair value 2008 2007 USD - 2,344-648 DKK - - 3 Other currencies 149-29 - 2,195-680 Of which recognised in income statement 214-125 For future recognition - 2,409-555 The fair value recognised in the income statement is included in the financial income and expenses. The fair value to be recognised in future periods relates to the conversion of floating rate to fixed rate on loans and is expected to be recognised within six years. Forward exchange and option contracts Forward exchange and option contracts are used to hedge the currency risk related to recognised and unrecognised transactions. The net principal amount for purchase/sale and fair value of forward exchange and option contracts can be specified as follows: Principal Purchase/sale(-), net Fair value 2008 2007 2008 2007 DKK 15,762 16,089 574 488 EUR 1,061 7,127-319 502 CNY 4,636 2,349-104 - 40 SEK 3,257 200-167 11 Other currencies 11,417 10,747-884 551-900 1,512 Of which recognised in income statement and hedged assets 568 118 For future recognition - 1,468 1,394 The fair value recognised in the income statement is included in external costs. The fair value to be recognised in future periods relates to hedging of expected revenue, expenses and investments within the next three years. 107

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) Note 11 continued Other hedges Freight hedges are entered into to secure freight. The principal amount and fair value of freight hedges can be specified as follows: Principal Purchase/sale (-), net Fair value 2008 2007 2008 2007 Freight hedges 108-24 - 50 0 Of which recognised in income statement - 50 0 For future recognition - - The fair value recognised in the income statement is included in other operational expenses. Time of recognition Financial assets and liabilities are recognised at the trading day. Credit risks The Company has no particular concentration of credit risks. 12 Provisions Abandonment Other Total 1 January 2008 2,899 2,256 5,155 Unwind of discount 116-116 Provisions made during the year 699 1,339 2,038 Provisions used during the year - 41 41 Provisions reversed during the year - 350 350 Exchange rate adjustment 150 67 217 31 December 2008 3,864 3,271 7,135 Current - 288 288 Non-current 3,864 2,983 6,847 Total 3,864 3,271 7,135 Provisions for abandonment comprise the net present value of estimated costs for abandonment of oil and gas fields. Other includes provision for guarantees, risks related to legal disputes, etc. including tax and duty disputes. The provisions are associated with considerable uncertainty. 108

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 13 Bank and other credit institutions, etc. Carrying Carrying amount Fair value amount Fair value Non-current liabilities: 2008 2008 2007 2007 Bank and other credit institutions, etc. 41,072 43,186 43,827 44,584 Finance leases 1,512 1,508 74 64 Subsidiaries 1) 2,100 2,098 1,576 1,584 Total 44,684 46,792 45,477 46,232 Current liabilities: Bank and other credit institutions, etc. 2,878 3,232 7,307 7,468 Finance leases 154 165 98 114 Subsidiaries 1) 25,530 25,518 20,559 20,616 Total 28,562 28,915 27,964 28,198 Due as follows: Within one year 28,562 27,964 Between one and five years 32,473 31,237 After five years 12,211 14,240 Total 73,246 73,441 1) Interest bearing debt to subsidiaries includes lease obligations of DKK 79m (DKK 99m). Finance leases: Payment Interest Principal Payment Interest Principal 2008 2008 2008 2007 2007 2007 Within one year 218 39 179 129 9 120 Between one and five years 733 140 593 157 6 151 After five years 1,043 70 973 - - - Total 1,994 249 1,745 286 15 271 Further information about the company s exposure to interest rate and foreign currency risks is provided in note 11. 14 Change in working capital/purchase of non-current assets 2008 2007 Change in working capital: Inventories 1,333-1,425 Trade receivables 1,965 894 Other receivables and prepayments, etc. - 180-362 Other receivables from subsidiaries and associated companies - 1,738 1,079 Trade payables and other payables, etc. - 354 1,760 Other debt to subsidiaries and associated companies 798-1,177 Exchange rate adjustment - 732 137 Total 1,092 906 Purchase of non-current assets: Addition of intangible assets and property, plant and equipment 23,174 16,250 Of which finance leases - 1,793 0 Change in payables to suppliers of non-current assets - 1,238-85 Provision for abandonment - 699-493 Total 19,444 15,672 109

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 15 Other financial obligations Operating leases As part of the company s activities, customary agreements are conducted regarding charter and operating leases of ships, containers, port facilities, etc. The future charter and operating lease payments are: 2008 2007 Within one year 18,082 19,165 Between one and five years 40,195 37,121 After five years 17,751 19,794 Total 76,028 76,080 Lease payments during the year 22,069 23,003 Obligations related to acquisitions of non-current assets At the end of 2008, the company has capital commitments relating to ships, rigs, containers, terminals, etc. on order amounting to DKK 36.6b (DKK 22.5b). Other obligations Guarantees amount to DKK 16.6b (DKK 17.7b). DKK 16.2b (DKK 17.7b) relates to subsidiaries. The container business has entered into certain agreements with terminals, etc. containing volume commitments including an extra payment in case minimum volumes are not met. The necessary facility of USD 352m (USD 243m) has been established in order to meet the requirements for trading in the USA under the American Oil Pollution Act of 1990 (Certificate of Financial Responsibility). Tax may crystalise if the company leaves the tonnage tax regime. 110

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 16 Related parties Subsidiaries Associated companies Jointly controlled companies Management 1) 2008 2007 2008 2007 2008 2007 2008 2007 Revenue 13,266 9,908 10-135 266 117 - Other operating income 382 276 2-32 33 5 6 Remuneration to management - - - - - - 108 150 External costs 63,455 59,554 655 1,095 2,454 2,265 2) 188 2) 214 Investment in companies and non-current assets 7,733 6,784 - - - - - 16 Sale of companies and non-current assets 7,420 3,593 - - - - - 190 Dividend 3) 6,576 8,884 1,263 1,055 78 52 - - Financial income 2,413 2,168 53 526 9 5 - - Financial expenses 2,684 859 453 121 - - - - Interest bearing receivables from subsidiaries and associated companies, non-current 26,935 28,232 71 75 229 258 - - Trade receivables 2,054 927 14-85 72 56 5 Interest bearing receivables from subsidiaries and associated companies, current 10,402 9,777 150 112 119 15 - - Positive value of hedges with subsidiaries and associated companies 2,433 434 514 50 - - - - Other receivables form subsidiaries and associated companies 7,693 5,771 77 23 10 - - - Prepayments 21 112 - - - - - - Cash and bank balances - - 611 2 - - - - Bank and other credit institutions, etc., non-current - - 4,219 5,575 - - - - Interest bearing debt to subsidiaries, non-current 2,100 1,576 - - - - - - Interest bearing debt to subsidiaries, current 25,530 20,559 - - - - - - Trade payables, etc. 2,495 3,646 1 4 18 3 1 13 Negative value of hedges with subsidiaries and associated companies 1,529 653 668 84 - - - - Other debt to subsidiaries and associated companies 5,295 4,623 104 23-3 - - 1) The Board of Directors and the Management Board of A.P. Møller - Mærsk A/S, A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal and their close relatives, (including enterprises under their significant influence). Remuneration to management includes remuneration of DKK 10m (DKK 53m) in connection with resignation. Trade receivables include customary business related accounts in connection with shipping activities. 2) Includes commission to Maersk Broker K/S from chartering, purchase and sale of ships with DKK 154m (DKK 167m) as well as time charter hire to part owners. 3) Excluding dividend from own shares. During the year DKK 1m (DKK 1m) has been expensed to A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, which exercises control. In relation to Danske Bank A/S arrangement of payment transactions, sale and purchase of securities, etc. only related costs are included in the above. Only the realised part of hedges is included The six members of the Executive Board bought 1,120 share options in total corresponding to a calculated market value of DKK 12m. Further information is provided in note 1. Dividends received and distributed are not included. 2) 2) 111

A.P. Møller - Mærsk A/S Notes to the financial statement Amounts in DKK million (In parenthesis the corresponding figures for 2007) 17 Accounting policies The accounting policies for the parent company are identical with the accounting policies for A.P. Møller - Mærsk Group, page 56, with the following exceptions: - Shares in subsidiaries and associated companies are measured at cost or a lower value in use. - Dividends from subsidiaries and associated companies are recognised as income. - No segment information is disclosed. - Value of granted share options to employees in subsidiaries is expensed directly in the relevant subsidiary. At the time of grant, the subsidiary settles the amount with A.P. Møller - Mærsk A/S and the counter posting is made in equity. At the time of exercising, the proceeds are included in the parent company s equity. 18 New financial reporting requirements Changes in coming years Revised IAS 1 Presentation of the Financial Statements will be implemented with effect from 1 January 2009. The standard will only affect the presentation of the financial statements. Revised IAS 23 Borrowing Costs will be implemented with effect from 1 January 2009, entailing changes in the accounting policies due to the fact that as of 1 January 2009, borrowing costs are to be included in the cost of property, plant and equipment with substantial manufacturing period. As recognition only applies where manufacturing has commenced after 1 January 2009, the profit for 2009 will not be significantly affected by the change. Reference is made to note 23 in the financial statements of the Group. Described change in accounting policies has no impact on the parent company. 112

A.P. Møller - Mærsk A/S Other management duties The Board of Directors: Michael Pram Rasmussen, chairman (born 1955) Joined the board in 1999. Latest re-election in 2007. Term of offi ce will end in 2009. Other management duties: Coloplast A/S (chairman); Topdanmark A/S (chairman) and one subsidiary; William Demant Holding A/S; Semler Holding A/S (chairman); JPMorgan Chase International Council; Louisiana Museum of Modern Art. Poul J. Svanholm, vice-chairman (born 1933) Joined the board in 1978. Latest re-election in 2008. Term of offi ce will end in 2010. Other management duties: Ejendomsselskabet Sankt Annæ Plads A/S. Ane Mærsk Mc-Kinney Uggla, vice-chairman (born 1948) Joined the board in 1991. Latest re-election in 2008. Term of offi ce will end in 2010. Other management duties: A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal (vice-chairman); Maersk Broker A/S; Maersk Broker K/S; Estemco A/S (chairman). Sir John Bond (born 1941) Joined the board in 2008. Term of offi ce will end in 2010. Other management duties: Vodafone Group plc. (chairman); Shui On Land Limited; International Advisory Board of Mitsubishi Corporation; China Development Forum; Mayor of Shanghai s International Business Leaders Advisory Council, Kohlberg Kravis Roberts & Co. Asia Limited (chairman). Cecilie M. Hansen (born 1974) Joined the board in 2006. Latest re-election in 2008. Term of offi ce will end in 2010. Senior HR consultant (employee). Other management duties: Rederiet A.P. Møller A/S. Niels Jacobsen (born 1957) Joined the board in 2007. Term of offi ce will end in 2009. CEO, William Demant Holding A/S. Other management duties: LEGO A/S (chairman); KIRKBI A/S (vice-chairman); Sennheiser Communications A/S (chairman); William Demant Invest A/S (chairman); Össur hf. (chairman); HIMPP A/S (chairman); Hearing Instrument Manufacturers Software Association A/S (chairman); Himsa II A/S; Thomas B. Thriges Fond (chairman); and 5 subsidiaries to William Demant Holding A/S (chairman). Lars Kann-Rasmussen (born 1939) Joined the board in 1995. Latest re-election in 2008. Term of offi ce will end in 2010. Other management duties: VKR Holding A/S (chairman) and 4 subsidiaries; VILLUM KANN RASMUSSEN FONDEN (chairman). Jan Leschly (born 1940) Joined the board in 2000. Latest re-election in 2008. Term of offi ce will end in 2010. Chairman and managing partner for Care Capital LLC. Other management duties: American Express Company; CardioKine; D-Pharm; Epigenesis; Adjunct professor at Copenhagen Business School. 113

Leise Mærsk Mc-Kinney Møller (born 1941) Joined the board in 1993. Latest re-election in 2007. Term of offi ce will end in 2009. Other management duties: A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal; Rederiet A.P. Møller A/S. Lars Pallesen (born 1947) Joined the board in 2008. Term of offi ce will end in 2010. Rector at the Technical University of Denmark (DTU). Other management duties: The Royal Danish Theatre (chairman). John Axel Poulsen (born 1946) Joined the board in 2008. Term of offi ce will end in 2010. Captain (employee). Other management duties: Rederiet A.P. Møller A/S. Jan Tøpholm (born 1946) Joined the board in 2001. Latest re-election in 2007. Term of offi ce will end in 2009. CEO, Widex A/S. Other management duties: T & W Holding A/S (chairman); Widex Holding A/S (chairman); A.M. Denmark A/S (chairman); Tøpholm Holding A/S; Weibel Scientifi c A/S; GSA Invest ApS (chairman) and 3 subsidiaries. Firmaet A.P. Møller: Shipowner Mærsk Mc-Kinney Møller (born 1913) Other management duties: A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal (chairman); Maersk Broker A/S (chairman); Aktieselskabet Klema (chairman); Bramsløkke Landbrug A/S (chairman); Maersk Broker K/S (chairman). Shipowner Nils Smedegaard Andersen (born 1958) Joined the management in 2007. Other management duties: Rederiet A.P. Møller A/S (chairman); F. Salling Holding A/S (chairman); F. Salling A/S (chairman); F. Salling Invest A/S (chairman); Dansk Supermarked A/S (chairman); Danske 114 Banks Rådgivende Repræsentantskab; DI s Erhvervspolitiske Udvalg; European Round Table of Industrialists; EU-Russia Industrialist s Round Table (co-chairman). Shipowner Thomas Thune Andersen (born 1955) Joined the management in 2005. Other management duties: Scottish and Southern Energy PLC. Shipowner Claus V. Hemmingsen (born 1962) Joined the management in 2007. Other management duties: Egyptian Drilling Company; International Association of Drilling Contractors (IADC) (chairman); Danish Chinese Business Forum; EU-Hong Kong Business Co-operation Committee; Denmark Hong Kong Trade Association (chairman). Shipowner Eivind Kolding (born 1959) Joined the management in 2006. Other management duties: Danske Bank A/S (vice-chairman); European Liner Affairs Association (ELAA) (chairman). Shipowner Søren Skou (born 1964) Joined the management in 2007. Other management duties: Broström AB (chairman); The International Tanker Owners Polution Federation Limited (ITOPF); Lloyd s Register; Höegh Autoliners Holdings AS (vice-chairman). Shipowner Søren Thorup Sørense n (born 1965) Joined the management in 2007. Other management duties: Rederiet A.P. Møller A/S; F. Salling Holding A/S; F. Salling A/S; Dansk Supermarked A/S; Broström AB.

A.P. Møller - Mærsk Group Company Overview Group companies Country of Owned Company incorporation share A.P. Moller (Bermuda) Ltd. Bermuda 100% A.P. Moller Finance S.A. Switzerland 100% A.P. Moller Singapore Pte. Ltd. Singapore 100% A.P. Moller Terminals & Co. Ltd. Oman 65% A.P.M. Holding Australia Pty. Ltd. Australia 100% Aktieselskabet Roulunds Fabriker Odense, Denmark 100% Anchor Storage Ltd. Bermuda 51% APM Global Logistics Danmark A/S Århus, Denmark 100% APM Global Logistics Germany GmbH Germany 100% APM Pipelines A/S Copenhagen, Denmark 100% APM Saigon Shipping Company Limited Vietnam 75% APM Terminals A/S Copenhagen, Denmark 100% APM Terminals Apapa Ltd. Nigeria 58% APM Terminals Bahrain B.S.C. Bahrain 80% APM Terminals Brasil Participacoes Ltda. Brazil 100% APM Terminals Dachan Co. Ltd. Hong Kong 50% APM Terminals Dalian Company Limited Hong Kong 100% APM Terminals Itajaí Participicacões LTDA Brazil 100% APM Terminals (Jamaica) Ltd. Jamaica 80% APM Terminals Japan K.K. Japan 100% APM Terminals Jordan LLC. Jordan 100% APM Terminals Kaliningrad LLC Russia 80% APM Terminals Management B.V. The Netherlands 100% APM Terminals Mâssvlakte II B.V. The Netherlands 100% APM Terminals Mexico, S.A. DE C.V. Mexico 100% APM Terminals North America USA 100% APM Terminals Pacifi c Ltd. USA 100% APM Terminals Romania SRL Romania 100% APM Terminals Rotterdam B.V. The Netherlands 100% APM Terminals São Paulo Participicões LTDA Brazil 100% APM Terminals Shanghai Co. Ltd. Hong Kong 100% APM Terminals Taiwan Co. Ltd. Taiwan 100% APM Terminals Tangier S.A. Morocco 90% Country of Owned Company incorporation share APM Terminals Tianjin International Co. Ltd. China 100% APM Terminals Vado Ligure Spa Italy 98% APM Terminals Virginia, Inc. USA 100% APM Terminals Xiamen Company Ltd. Hong Kong 100% APM Terminals Yangshan Co. Ltd. Hong Kong 100% APM Terminals Zeebrügge N.V. Belgium 100% Aqaba Container Terminal Company Ltd. Jordan 50% Bangkok Marine Company Limited Thailand 74% Barkentine Insurance Company Limited Bermuda 100% Bermutine Transport Corporation Limited Bermuda 100% Bridge Terminal Transport Canada Inc. Canada 100% Bridge Terminal Transport, Inc. USA 100% Brigantine Services Limited Hong Kong 100% Cai Mep International Vietnam 49% Constar Holdings Co. Ltd. Taiwan 100% Corvetine Insurance Company Limited Bermuda 100% Damco A/S Copenhagen, Denmark 100% Damco International B.V. The Netherlands 100% Danbor Service AS Esbjerg, Denmark 100% Dania Trucking A/S Århus, Denmark 100% Dansk Industri Syndikat A/S Copenhagen, Denmark 100% Dansk Supermarked A/S Århus, Denmark 68% DSL Star Express Inc. USA 100% Egyptian International Container Terminal SA Switzerland 100% Ejendomsselskabet Lindø A/S Odense, Denmark 100% ERS Railways B.V. The Netherlands 100% Esvagt A/S Esbjerg, Denmark 75% European Rail Shuttle B.V. The Netherlands 100% F. Salling A/S Århus, Denmark 38% 115

Group companies Country of Owned Company incorporation share Country of Owned Company incorporation share Fute Maersk Agency Belarus 100% Gateway Terminals India Pvt. Ltd. India 74% Gujarat Pipavav Port Limited India 55% Interseas Shipping Company S.A. Panama 100% K/S Membrane I Copenhagen, Denmark 75% K/S Membrane II Copenhagen, Denmark 75% Live Oak Company Limited Bermuda 100% Loksa Shipyard Ltd. Estonia 100% Maersk A/S Copenhagen, Denmark 100% Maersk Adria D.O.O. Slovenia 100% Maersk Agency Denmark A/S Århus, Denmark 100% Maersk Algerie SPA Algeria 100% Maersk (Angola) Lda. Angola 100% Maersk Argentina S.A. Argentina 100% Maersk Australia Pty. Ltd. Australia 100% Maersk B.V. The Netherlands 100% Maersk Bahamas Ltd. Bahamas 100% Maersk Bahrain A/S Copenhagen, Denmark 100% Maersk Bangladesh Limited Bangladesh 100% Maersk Benelux B.V. The Netherlands 100% Maersk Benin SA Benin 100% Maersk Beograd D.O.O. Serbia 100% Maersk Brasil (Brasmar) LTDA Brazil 100% Maersk Bulgaria Limited EOOD Bulgaria 100% Maersk Burkina Faso S.A. Burkina Faso 100% Maersk Burundi S.A. Burundi 100% Maersk Cambodia Ltd. Cambodia 100% Maersk Cameroun S.A. Cameroon 90% Maersk Canada Inc. Canada 100% Maersk Central America and Caribean Limited Bermuda 100% Maersk Chile S.A. Chile 100% Maersk China Limited China 100% Maersk Colombia S.A. Colombia 100% Maersk Congo RDC SPRL The Democratic Republic Congo 100% Maersk Congo S.A. Congo 100% Maersk Container Industri Dongguan Ltd. China 100% Maersk Container Industri Qindao Ltd. China 100% Maersk Drilling Norge AS Norway 100% Maersk Costa Rica S.A. Costa Rica 100% Maersk Côte d Ivoire SA Ivory Coast 100% Maersk Croatia D.O.O. Croatia 100% Maersk Customs Services, Inc. USA 100% Maersk Cyprus Ltd. Cyprus 100% Maersk Czech Republic S.R.O. Czech Republic 100% Maersk del Ecuador C.A. Ecuador 100% Maersk de Nicaragua S.A. Nicaragua 100% Maersk Denizcilik A.S. Turkey 100% Maersk Deutschland A/S & Co. KG. Germany 100% Maersk Distribution Canada Inc. Canada 100% Maersk Distribution Services Inc. USA 100% Maersk Dominicana S.A. The Dominican Republic 100% Maersk Eastern Europe ApS Copenhagen, Denmark 100% Maersk Eesti AS Estonia 100% Maersk Egypt for Maritime Transport (S.A.E.) Egypt 100% Maersk El Salvador S.A. de C.V. El Salvador 100% Maersk Energy UK Limited Great Britain 100% Maersk Equipment Service Company, Inc. USA 100% Maersk España S.A. Spain 100% Maersk Ethiopia Private Ltd. Company Etiopia 100% Maersk Finland OY Finland 100% Maersk Fluid Technology Inc. USA 100% Maersk France S.A. France 100% Maersk Gabon S.A. Gabon 51% Maersk Gambia Limited Gambia 100% Maersk Georgia LLC Georgia 100% Maersk Ghana Limited Ghana 100% 116

Group companies Country of Owned Company incorporation share Country of Owned Company incorporation share Maersk Global Service Centres Costa Rica S.A. Costa Rica 100% Maersk Global Service Centres (Guangdong) Ltd. China 100% Maersk Global Service Centres (India) Private Ltd. India 100% Maersk Global Service Centres (Phillipines) Ltd. Phillipines 100% Maersk Global Service Centres (Schenzhen) Ltd. China 100% Maersk Guatemala S.A. Guatemala 100% Maersk Guinee S.A. Guinea 100% Maersk Hellas Shipping S.A. Greece 100% Maersk Holding B.V. The Netherlands 100% Maersk Holdings Ltd. Great Britain 100% Maersk Honduras S.A. Honduras 100% Maersk Hong Kong Limited Hong Kong 100% Maersk Hungary KFT Hungary 100% Maersk Inc. USA 100% Maersk India Pvt. Limited India 100% Maersk Israel Ltd. Israel 100% Maersk Italia SPA Italy 100% Maersk Jordan W.L.L. Jordan 50% Maersk JSC Kazakhstan 100% Maersk Jupiter Drilling Corporation S.A. Panama 100% Maersk K.K. Japan 100% Maersk Kenya Ltd. Kenya 100% Maersk Korea Limited South Korea 100% Maersk Latvija SIA Latvia 100% Maersk Lebanon S.A.R.L. Lebanon 51% Maersk Liberia Limited Liberia 100% Maersk Line UK United Kingdom 100% APM Global Logistics Netherlands B.R. The Netherlands 100% APM Global Logistics (Shanghai) Co. LTD. China 100% Maersk Logistics Hong Kong Ltd. Hong Kong 100% Maersk Logistics Nicaragua, S.A. Nicaragua 100% APM Global Logistics Sweden AB Sweden 100% Maersk Logistics Tanzania Ltd. Tanzania 100% Maersk Logistics UK Limited Great Britain 100% APM Global Logistics USA Inc. USA 100% Maersk Macau Lda. Macau 100% Maersk Madagascar SA Madagascar 100% Maersk (Malawi) Limited Malawi 100% Maersk Malaysia Sdn. Bhd. Malaysia 70% Maersk Mali S.A. Mali 100% Maersk Maritime S.A.S. France 100% Maersk Maroc S.A. Morocco 100% Maersk Mauritanie SA Mauritania 60% Maersk (Mauritius) Limited Mauritius 100% Maersk Mexico S.A. de C.V. Mexico 100% Maersk Mozambique Lda. Mozambique 100% Maersk Namibia (Pty) Ltd. Namibia 100% Maersk Nepal Private Ltd. Nepal 95% Maersk New Zealand Limited New Zealand 100% Maersk Niger S.A. Niger 100% Maersk Nigeria Limited Nigeria 70% Maersk Norge AS Norway 100% Maersk Oil America Inc. USA 100% Maersk Oil Angola AS Copenhagen, Denmark 100% Maersk Oil Brasil Ltda. Brazil 100% Maersk Oil B.V. The Netherlands 100% Maersk Oil Colombia AS Copenhagen, Denmark 100% Maersk Oil Egypt A/S Copenhagen, Denmark 100% Maersk Oil GB Ltd. Great Britain 100% Maersk Oil Kazakhstan GmbH Germany 100% Maersk Oil Kuwait B.V. The Netherlands 100% Maersk Oil Morocco GmbH Germany 100% 117

Group companies Country of Owned Company incorporation share Country of Owned Company incorporation share Maersk Oil North Africa A/S Copenhagen, Denmark 100% Maersk Oil North Sea UK Limited Great Britain 100% Maersk Oil Norway AS Norway 100% Maersk Oil Oman B.V. The Netherlands 100% Maersk Oil Qatar AS Copenhagen, Denmark 100% Maersk Oil Suriname B.V. The Netherlands 100% Maersk Oil Turkmenistan The Netherlands 100% Maersk Oil (UK) Limited Great Britain 100% Maersk Öl und Gas GmbH Germany 100% Maersk Pakistan (Pvt) Ltd. Pakistan 100% Maersk Panama S.A. Panama 100% Maersk Peru S.A. Peru 100% Maersk Polska Sp.Zo.O. Poland 100% Maersk Portugal Lda. Portugal 100% Maersk Qatar Maritime Services W.L.L. Qatar 100% Maersk Romania SRL Romania 100% Maersk Rwanda Limited Rwanda 100% Maersk Shipping Company Ltd. Sudan 51% Maersk Shipping Hong Kong Ltd. Hong Kong 100% Maersk Shipping Services & Co. LLC. Oman 65% Maersk Sierra Leone Sierra Leone 100% Maersk Singapore Pte. Ltd. Singapore 100% Maersk Slovakia S.R.O. Slovakia 100% Maersk South Africa (Pty) Ltd. South Africa 100% Maersk South America Ltd. Bermuda 100% Maersk Supply Service International A/S Copenhagen, Denmark 100% Maersk Supply Service (Angola) S.A. Angola 50% Maersk Supply Service Canada Ltd. Canada 100% Maersk Supply Service UK Ltd. Great Britain 100% Maersk Sverige AB Sweden 100% Maersk Switzerland Ltd. Switzerland 100% Maersk Taiwan Ltd. Taiwan 100% Maersk Togo S.A. Togo 100% Maersk Training Centre A/S Svendborg, Denmark 100% Maersk Trinidad Ltd. Trinidad and Tobago 100% Maersk Trucking (China) Co. Ltd. Hong Kong 100% Maersk Uganda Ltd. Uganda 100% Maersk Ukraine Ltd. Ukraine 100% Maersk Uruguay S.A. Uruguay 100% Maersk Vietnam Ltd. Vietnam 100% Maersk West and Central Asia Limited. Bermuda 100% Maersk Zanzibar Ltd. Zanzibar 100% Maersk Österreich GmbH Austria 100% Maersk-Filipinas Inc. Philippines 100% MCC Transport Limited Great Britain 100% MCC Transport Singapore Pte. Ltd. Singapore 100% Membrane Shipping Limited Bermuda 100% Mobile Contatiner Terminals, LLC USA 80% Mærsk Container Industri A/S Tinglev, Denmark 100% Mærsk Olie og Gas AS Copenhagen, Denmark 100% Mærsk Olie, Algeriet AS Copenhagen, Denmark 100% Nedlloyd Container Line Ltd. Great Britain 100% Nord France Terminal International S.A.S. France 61% Norfolkline B.V. The Netherlands 100% Norse Merchant Group Ltd. Great Britain 100% Odense Staalskibsværft A/S Odense, Denmark 100% Producttankers AB Sweden 100% P.T. APM Global Logistics Indonesia Indonesia 100% P.T. Maersk Indonesia Indonesia 100% Pentalver Transport Limited Great Britain 100% Rederiaktieselskabet Kuling Copenhagen, Denmark 100% 118

Group companies Country of Owned Company incorporation share Country of Owned Company incorporation share Rederiet A.P. Møller A/S Copenhagen, Denmark 95% Rosti A/S Farum, Denmark 100% Safmarine Container Lines N.V. Belgium 100% Safmarine (Proprietary) Limited South Africa 100% Shipbuilding Yard Baltija Lithuania 99% Siam Shoreside Services Ltd. Thailand 87% Sogester - Sociedade Gestora de Terminais S.A. Angola 51% Star Air A/S Dragør, Denmark 100% Suez Canal Container Terminal Egypt 55% Svitzer A/S Copenhagen, Denmark 100% Teconvi S.A. Brazil 100% Terminales 4 S.A. Argentina 100% Terminales de Algeciras S.A. Spain 50% The Maersk Company Canada Ltd. Canada 100% The Maersk Company (Ireland) Limited Ireland 100% The Maersk Company Limited Great Britain 100% Transporte Maritimo Maersk Venezuela S.A. Venezuela 100% Trans-Siberian Express Service OOO Russia 100% UAB Maersk Lietuva Lithuania 100% Universal Maritime Service Corporation USA 100% West Africa Container Terminal Nigeria Ltd. Nigeria 32% ZAO Maersk Russia 100% Associated companies Danske Bank A/S Handytankers K/S Copenhagen, Denmark 20% Copenhagen, Denmark 33% Höegh Autoliners Holding AS Norway 37,5% Inttra Inc. USA 65% Maersk Kanoo (UAE) LLC The United Arab Emirates 49% Maersk Kanoo Bahrain W.L.L. Bahrain 49% Maersk Kuwait Co. W.L.L. Kuwait 49% Maersk Lanka (Ptv.) Ltd. Sri Lanka 40% Maersk Product Tankers A/S Copenhagen, Denmark 50% Maersk Senegal SA Senegal 50% Maersk Tunesie S.A. Tunesia 50% Medcenter Container Terminal S.p.A. Italy 33% Meridian Port Service Ltd. Ghana 33% Salalah Port Services Co. Oman 30% Societe Exploitation Terminal de Vridi Ivory Coast 40% South Asia Gateway Terminals (Pvt) Ltd. Sri Lanka 30% Tianjin Port Alliance International Container Terminal CO. China 20% Voltri Terminal 2 Srl Italy 45% Jointly controlled entities Dalian Port Container Terminal Co. Ltd. China 20% Douala International Terminal Cameroon 40% Egyptian Drilling Company Egypt 50% Getma Gabon S.A. Gabon 34% Laem Chabang ContainerTerminal 1 Ltd. Thailand 35% LR2 Management K/S Copenhagen, Denmark 50% North Sea Production Co. Ltd. Great Britain 50% North Sea Terminal Bremerhaven GmbH & Co. Germany 50% Pelabuhan Tanjung Pelepas Sdn. Bhd. Malaysia 30% Qingdao Qianwan Container Terminal Co. Ltd. China 20% Shanghai East Container Terminal Co. Ltd. China 49% Shanghai Tie Yang Multimodal Transportation Co. Ltd. China 49% Terminal Porte Océane S.A. France 50% Smart Logistics Company Ltd. Hong Kong 49% Xiamen Songyu Container Terminal Co. Ltd. China 50% 119

Announcements 2008 Titel Financial Calendar 2008 A.P. Møller - Mærsk A/S becomes a major shareholder in Höegh Autoliners Necessary approvals for the A.P. Moller - Maersk Group s sale of car carriers to Höegh Autoliners have been obtained A.P. Møller - Mærsk A/S Establishment of Share Option Programme Annual Report 2007 Development of the Annual General Meeting Change of Auditors Change of Management (Sir John Bond, Lars Pallesen and John Axel Poulsen) Interim management statement Financial calendar 2008 update Interim Report 2008 A.P. Møller - Mærsk A/S launch of public offer to the shareholders of Broström AB (publ) A.P. Møller - Mærsk A/S publication of offer document regarding conditional public offer to the shareholders of Broström AB (publ) Financial Calendar 2008 update Interim management statement A.P. Møller - Mærsk A/S Financial Calendar 2009 Dato 23 January 30 January 12 March 13 March 13 March 29 April 29 April 29 April 15 May 20 May 27 August 27 August 17 September 3 October 12 November 19 December 120

A.P. Møller - Mærsk A/S Registration no 22756214 Managing Director: Esplanaden 50 DK-1098 Copenhagen K Tel. +45 33 63 33 63 Board of Directors: Michael Pram Rasmussen Chairman Poul J. Svanholm Vice-chairman Ane Mærsk Mc-Kinney Uggla Vice-chairman Sir John Bond Cecilie M. Hansen Niels Jacobsen Lars Kann-Rasmussen Jan Leschly Leise Mærsk Mc-Kinney Møller Lars Pallesen John Axel Poulsen Jan Tøpholm Audit Committee: Jan Tøpholm chairman Lars Kann-Rasmussen Leise Mærsk Mc-Kinney Møller Remuneration Committee: Michael Pram Rasmussen chairman Poul J. Svanholm Ane Mærsk Mc-Kinney Uggla Auditors: Grant Thornton Statsautoriseret revisionsaktieselskab KPMG statsautoriseret revisionspartnerselskab