A.P. Møller - Mærsk A/S - Establishment of Share Option Programme

Announcement

Summary: The Board of A.P. Møller - Mærsk A/S has decided to establish a
revolving share option programme for members of the Management Board and key
executives that will give the participants the right to purchase B shares from
the Company's holding of own shares. 

A.P. Møller - Mærsk A/S - Establishment of Share Option Programme
In connection with a review of the remuneration policy the Board of A.P. Møller
- Mærsk A/S has decided to establish revolving share option programmes for
members of the Management Board and key executives. The programmes are based on
options giving right to purchase B shares from the Company's holding of own
shares. 

Two share option programmes are being established, one for the Management Board
and one for selected key executives. The options will be granted free of charge
to the key executives. Members of the Management Board (Partners) will purchase
the options at market value. 

Options to key executives will be granted annually on 1 April, first time on 1
April 2008. The number of options to the key executives will be calculated
based on a percentage of pay excluding bonus, equivalent to 1-2 months pay.
Based on the current share price, approximately 2,700 options are expected to
be granted to around 110 key executives in 2008. 

Options to members of the Management Board will be granted each year after
publication of the Company's annual report. Members of the Management Board
will be obliged to acquire options at calculated market value. The number of
options is based on a percentage of each member's remuneration, equivalent to
approximately 2 months remuneration. In 2008, approximately 1,100 options are
expected to be sold to members of the Management Board. The options are priced
and acquired on the sixth business day after the publication of the Company's
annual report. 

Other than employment in the A.P. Moller - Maersk Group on 1 April or
membership of the Management Board at the time of granting, no conditions are
attached to the granting or acquiring. Non-vested options will in certain
circumstances lapse in connection with an employee's or a member of Management
Board's resignation. 

The options are exercisable over a period of two to five years from granting or
acquiring. Options granted on 1 April 2008 can therefore be exercised from 1
April 2010 to 1 April 2013. Options which are not exercised during this period
will lapse. Options may only be exercised in accordance with the Company's
internal rules on insider trading. 

One option gives the right to purchase one B share in the Company. The options
are granted at a strike price corresponding to 110% of the average of the
market price (for A.P. Møller - Mærsk A/S B share “All trading”) on the first
five trading days following the release of A.P. Møller - Mærsk A/S' annual
report. 

The market value of the options expected to be granted in 2008 has been
estimated at app. DKK 30 mill. Market value is based on the Black Scholes model
with the following assumptions: Share price: DKK 48.200, volatility: 25%,
risk-free interest: 4% and a dividend per share of DKK 650. The exact market
value cannot be calculated before the granting price has been determined. 

At the Annual General Meeting on 29 April 2008, the Board will present general
overall guidelines for incentive pay for the Company's Management Board for the
approval of the shareholders. 

Copenhagen, 13 March 2008

Contact person: Executive Vice President Lars-Erik Brenøe, tel. +45 33663 3607



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