Announcement by the boards of Maersk Line and Oetker Group

Today, the boards of Maersk Line and the Oetker Group made a joint announcement on the future management of Hamburg Süd. The announced changes are subject to the closing of Maersk Line’s acquisition of Hamburg Süd. Maersk Line expects this to happen in the fourth quarter of 2017. Until then, Hamburg Süd and Maersk Line will continue business as usual. The acquisition remains subject to regulatory approvals.

Joint Announcement by the Boards of Maersk Line A/S and Dr. August Oetker KG

Following the effectiveness of the Sale and Purchase Agreement between Dr. August Oetker KG and Maersk Line A/S on the sale of Hamburg Süd KG and in preparation for the take-over Dr. August Oetker KG and Maersk Line A/S are pleased to announce the following organizational structure as and after Closing:

• Ottmar Gast will retire as Chairman of the Executive Board to become the Chairman of the Supervisory Board of Hamburg Süd.
• Søren Toft, Chief Operating Officer of Maersk Line A/S, will become member of the Supervisory Board of Hamburg Süd.
• Arnt Vespermann will become the new Chairman of the Executive Board of Hamburg Süd and will in addition to his then existing responsibilities be in charge of Compliance, Corporate Communication and of Columbus Ship Management. He will be the coach for Region North America (RNA) and Region Caribbean & Latin America West Coast (RCW).
• Frank Smet will continue as member of the Executive Board of Hamburg Süd with responsibilities for Sales & Marketing, Customer Order Management and all Hamburg Süd parts of Operations, including Network and Logistics. He will be the coach for Region Asia Pacific (RAP) and of Region South America East Coast (RSE).
• Jakob Wegge-Larsen, currently CFO of Maersk Line Operations, will join the Executive Board of Hamburg Süd to assume the responsibility of Finance & Accounting, Controlling and Information Technology & Services. He will be the coach for Region Europe (REU).

The Closing is subject to regulatory approval. Until the Closing, Hamburg Süd will continue to operate independently from Maersk Line as required by competition laws. After the Closing Maersk Line intends to maintain the business model of Hamburg Süd as well as the commercial structure in the regions. Hence, the five customer facing regions and the areas will remain unchanged after Closing and the respective management is asked to continue in their current capacity.

“We have strong confidence in the Hamburg Süd Management Board and like to thank Ottmar Gast for his continued and valuable involvement after Closing. We also look forward to welcoming all our future colleagues into the Maersk family and together build an even stronger company” says Søren Skou, Chief Executive Officer of Maersk Line.

Maersk Line and Hamburg Süd will establish a joint team to ensure that business operations will continue seamlessly at and as of Closing. The team will be headed by Lars Mikael Jensen from Maersk Line and Michael Triskatis from Hamburg Süd. Further team members will be announced shortly.

Hamburg/Copenhagen/Bielefeld, May 4, 2017

Dr. h.c. August Oetker, Chairman of the Supervisory Board, Dr. August Oetker KG Søren Skou, Chief Executive Officer, Maersk Line A/S