Announcement Details

Annual Report 2004, the A.P. Moller - Maersk Group Today, the Board of Directors in A.P. Møller - Mærsk A/S has made public the Company's Annual Report for 2004. The Annual Report is available on www.maersk.com. The printed Annual Report is expected to be available and sent to the shareholders registered by name on 7 April 2005. The Annual Report shows the following main figures: DKK millions Net revenue Result before depreciation and write-downs, etc. Depreciation, amortisation and write-downs, etc. Gains on sale of undertakings, ships, rigs, etc. Result before financial items Associated companies ­ share of result before tax Financial items, net Result before special items Value adjustment of financial assets Exchange rate adjustment of loans, cash in banks, etc. Result before tax Tax on result for the year Minority interests Result for the year Result for the year after tax, before special items and the gain on the sale of Mærsk Data Total assets Equity Cash flow from operating activities Cash flow used for investing activities, net Financial ratios: Return on equity Equity ratio Net result per share, DKK *) Dividend per share, DKK Total market capitalisation *) *) The Group's holding of own shares has been eliminated.

2004 165,962 41,406 15,896 4,013 29,523 618 129 30,270 3,233 140 33,643 9,184 -107 24,352

2003 157,112 38,855 17,764 655 21,746 568 -359 21,955 2,518 2,149 26,622 9,230 -119 17,273

18,399 193,936 114,261 29,207 18,388

12,967 173,034 92,188 26,299 16,603

23.6% 58.9% 5,918 450 185,369

20.4% 53.3% 4,198 300 170,106 Page 1 of 4

The result for the year after tax but before special items and before the gain on the sale of Mærsk Data ­ DKK 18,399 million (2003: DKK 12,967 million) ­ was slightly above the expectations stated in the Interim Report. This is mainly due to higher rates for the container services and higher crude oil prices. Compared to 2003, the result is in particular positively affected by: · Increased volumes and rates for the container services and higher rates for the tankers. · Oil prices 27% higher in USD ­ 16% higher in DKK. · Lower write-downs on fixed assets DKK 925 million (2003: DKK 2,354 million). - and affected negatively by: · A DKK/USD exchange rate which was on average about 9% lower. · Increased taxes and government share from the oil activities. Value adjustment of financial assets is mainly related to the increase in the share price of Danske Bank. Danske Bank is regarded as an associated company, with effect from 1 January 2005. This is estimated to have a positive effect of approximately DKK 800 million on the result after tax for 2005. Cash flows from operating activities were DKK 29,207 million (2003: DKK 26,299 million) and net investments were DKK 18,388 million (2003: DKK 16,603 million). Cash flows from operating activities and net investments per segment:

DKK millions Container shipping and related activities Tankers, Offshore and other shipping activities Oil and gas activities Retail activity Other activities ­ including the sale of Mærsk Data

Cash flow from operating activi15,922 4,771 8,891 833 -1,210 29,207

Net investments 12,609 3,955 2,761 1,090 -2,027 18,388

Expectations for 2005 At oil prices at a level corresponding to the average for the year to date and a USD exchange rate 6% lower than in 2004, the total revenue in 2005 for the A.P. Moller - Maersk Group is expected to be about 5-10% higher than that for 2004 (which was DKK 166 billion), and the result before special items but after tax is expected to be in the order of DKK 20 billion. The expectations for the 2005 result are based on international financial reporting standards (IFRS) and not directly comparable with 2004. An estimate of a comparable 2004 result based on the international financial reporting standards ­ exclusive the gain on the sale of Mærsk Data ­ is in the order of DKK 20.5 billion. Expectations for 2005 are affected negatively by the lower USD exchange rate, generally increasing costs and higher taxes. At exchange rates at the 2004 level, the expected result for 2005 would be somewhat higher than 2004 (approx. DKK 20.5 billion).

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Segment Information Container shipping and related activities DKK millions Net revenue Result for the year after tax 2004 94,692 8,397 2003 89,008 3,862

For Maersk Sealand, transported volumes and rates rose appreciably. This was partially offset by increasing expenses for chartered tonnage and fuel and effect of the lower USD exchange rate. The result was considerably above that of 2003. Safmarine Container Lines also had increased activity and a result considerably above that for 2003. For the related activities ­ Maersk Sealand agencies, Maersk Logistics, APM Terminals, etc. ­ the activities and results were above those for 2003. Tankers, Offshore and other shipping activities DKK millions Net revenue Result for the year after tax 2004 15,894 3,044 2003 15,615 2,182

With considerably higher rates for the large crude carriers and rates slightly above the good level in 2003 for the product carriers and despite the negative effect of the lower USD exchange rate, Maersk Tankers achieved a result considerably above that of 2003. The result of Maersk Contractors before the gain on the sale of rigs was lower due to the lower USD exchange rate and slightly lower rates for the drilling rigs. For the offshore supply vessels the market was weaker and the result, which also was affected negatively by the lower USD exchange rate was considerably poorer than that of 2003. Gain on sale of rigs and tankers, etc. affected the result positively by DKK 974 million (2003: DKK 101 million). Oil and gas activities DKK millions Net revenue Result for the year after tax 2004 20,109 6,576 2003 19,159 6,490

Oil production in the North Sea was at the 2003 level with about 112 million barrels of crude oil. Gas sales were 7.9 billion m3 (2003: 6.4 billion m3). The A.P. Moller - Maersk Group's share is 39%. In Qatar, 75 million barrels of oil were produced (2003: 70 million). The share of the A.P. Moller - Maersk Group was, however, below that in 2003 due to an increased government share. In Algeria, 104 million barrels of oil were produced (2003: 92 million). The A.P. Moller - Maersk Group's share hereof was 10.8%. The average oil price in USD was approximately 27% above that of 2003, although this was partially offset by lower USD exchange rate and the effect of oil price hedging. The result for the year was negatively affected by increased taxes and government share. Page 3 of 4

Retail activity DKK millions Net revenue Result for the year after tax 2004 23,352 1,288 2003 22,106 998

The increased revenue is primarily due to an increased number of outlets. This has also led to higher depreciation and operating expenses, however, resulting in an operating result slightly below that for 2003. The net result was affected positively by a gain on the sale of leasing activities. Shipyards, other industrial companies, aviation, IT, etc. DKK millions Net revenue Result for the year after tax 2004 19,087 1,716 2003 20,125 24

The gain on the sale of Mærsk Data of DKK 2.6 billion is included in the net result for 2004. Maersk Air had a difficult year and a significantly negative result. The same applied to the shipyards. The other industrial companies overall achieved a minor positive result compared to a negative result in 2003. _________________

Annual General Meeting and dividend The Annual General Meeting will be held in Copenhagen on 18 April 2005 at 10.00 a.m. The Board of Directors will propose a dividend of DKK 450 per share of DKK 1,000 (2003: DKK 300) corresponding to a total amount of DKK 1,978 million (2003: DKK 1,319 million). __________

Copenhagen, 31 March 2005 A.P. Møller - Mærsk A/S

Contacts:

Eivind Kolding, Executive Vice President, CFO, telephone +45 33 63 36 80 Per Møller, Executive Vice President, Accounting, telephone +45 33 63 43 13

The Interim Report is expected to be published on 25 August 2005. Page 4 of 4