First Quarter Review

— The global economic crisis and resulting lower demand for container shipping affected the container activities particularly negatively in the first part of 2009. The increase in new tonnage caused the situation to deteriorate and the container activities realized a negative and unsatisfactory result for the first quarter of 2009.

— The average crude oil price of $45 per barrel in the first quarter of 2009 was 54% below the corresponding period of 2008. The lower crude oil price had a negative impact on the result for the oil and gas activities. Oil and gas production was 18% above the corresponding period of 2008, primarily due to a higher share of production in Qatar.

— Demand in the offshore markets was declining with limited effect for Maersk Drilling and Maersk Supply Service due to contract coverage. Maersk Tankers was affected negatively by declining demand as well as by impairment losses and integration costs relating to the Brostrom acquisition.

— Gains on the sale of ships, rigs, etc. amounted to $25 million, compared to $417 million in the corresponding period of 2008.

— Cash flow from operating activities measured in USD was 12% below the corresponding period of 2008. The cash flow for the period is influenced positively by a reduction of working capital due to such factors as the falling net revenue.

— Cash flow used for capital expenditure primarily relates to investments in the oil and gas activities, Maersk Line, Brostrom and in the offshore activities.

— In 2009, additional initiatives were taken to achieve significant cost reductions in the business units and Group functions. Effect of these initiatives is expected to increase throughout the year.

Oil and gas activities

The revenue from the group’s oil and gas activities fell to $1,915 million compared to $3,170 million for the corresponding period of 2008. The decrease relates primarily to the lower average crude oil price, which at $45 per barrel was 54% below that of the same period of 2008.

The group’s share of oil and gas production before tax reached 43 million barrels of oil equivalents in the first quarter of 2009 – an increase of 18% compared to the corresponding period of 2008.

Production in Qatar is affected by the authorities’ production restrictions and total oil production in the first quarter was slightly below the corresponding period of 2008, while the group’s production share of 24 million barrels was higher. The increase in the group’s production share is mainly due to a higher share related to recovery of investments and costs.

In the Danish sector of the North Sea expansion of the Halfdan field continues, including the establishment of a new processing platform. The group’s production share of 8.7 million barrels of oil in the first quarter was slightly below the average production in the corresponding period of 2008 and reflects the natural decrease in production from mature fields. Gas production was significantly lower than in the corresponding period of 2008 due to a lower customer take.

In Great Britain development activities are underway in the Dumbarton and Gryphon Fields and in the Affleck Field, which is expected to be put into production at the beginning of the third quarter of 2009. The Janice field was brought back on-stream on March 30, 2009. The group’s production share in the first quarter was 3.3 million barrels, which was somewhat below the corresponding period of 2008.

In Algeria the production is subject to the authorities’ restrictions and the group’s production share of 2.7 million barrels in the first quarter was somewhat lower than in the corresponding period of 2008.

In the first quarter of 2009 six exploration wells were completed in Great Britain, USA (the Gulf of Mexico), Norway and Kazakhstan. The exploration costs totaled $171 million, compared to $161 million in the corresponding period of 2008.

Outlook for 2009

The outlook for 2009 is subject to considerable uncertainty, especially due to the development in the global economy. Specific uncertainties relate to the development in container freight rates, transported volumes, the USD exchange rate and oil prices.

As mentioned in the annual report 2008, the result excluding gains on sale of ships, rigs, etc. is expected to be significantly below 2008.

Compared to the first quarter the crude oil prices for the remainder of the year are assumed to be slightly higher, just as the diminishing decline in freight volumes in the container trades is expected to reduce the decline in the container freight rates. These conditions combined with an increased effect from cost savings are expected to improve the group’s earnings in the second half of 2009. A continued loss is expected for the second quarter and it cannot be ruled out that the total result for 2009 could be negative.