8 Ma r ch 2 0 1 6

2015 FULL-YEAR AND Q4 RESULTS

2

SAFE HARBOR STATEMENT

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and statements other than statements of historical facts. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions generally identify forward-looking statements.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward- looking statements include the strength of the world economy and currencies, changes in charter hire rates and vessel values, changes in demand for “ton miles” of oil carried by oil tankers, the effect of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM’s operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents, political events or acts by terrorists.

In light of these risks and uncertainties, you should not place undue reliance on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.

3

• Highlights

• Product Tanker Market Overview and Outlook

• Financial and Operating Performance

AGENDA

• TORM’s Restructuring, Strategy and Corporate Reorganization

4

Product tanker

market

• The product tanker freight rates across segments were USD/day ~23,000 in 2015, which are the highest since 2008

• Low oil price increased refinery margins in the first half of 2015 leading to higher production of clean petroleum products

• Freight rates peaked in Q3 2015. Freight rates in Q4 2015 and Q1 2016 have also been at profitable and strong levels

Corporate

events

• TORM’s Restructuring was implemented on 13 July 2015, thereby creating a leading product tanker owner-operator with 81 owned vessels in

addition to providing TORM with strategic and financial flexibility

• TORM became a pure-play product tanker company by completing the planned wind-down of bulk activities

• Planned corporate reorganization by a redomiciliation to the UK with the aim of facilitating a future dual listing on Nasdaq Copenhagen and

New York Stock Exchange

Sales &

Purchase

• Delivery of three MR newbuildings and three modern MR second-hand vessels (last three MR newbuildings have been delivered in the first

quarter of 2016)

• Four LR2 newbuilding contracts with scheduled delivery in 2017-2018 including option for additional six vessels

• The value of TORM’s product tanker fleet has remained flat in the fourth quarter of 2015

2015

Results

HIGHLIGHTS FOR 2015

• Pro forma EBITDA of USD 319m and Profit before tax of USD 188m, which is in line with guidance

• Q4 2015 EBITDA of USD 62m and Profit before tax of USD 28m

• Pro forma RoIC of 14% and pro forma Earning per Share of USD 2.9

• Net Asset Value estimated at USD 1,169m, corresponding to a NAV/share of USD 18.3 or DKK 125.1

• For the full year 2016, TORM expects:

‒ EBITDA in the range of USD 250-330m

‒ Profit before tax in the range of USD 100-180m

2016

guidance

5

PRO FORMA EBITDA OF USD 319M AND A POSITIVE PBT OF USD 188M FOR 2015

• Full-year pro forma EBITDA of USD

319m and pro forma profit before tax of

USD 188m

• Full-year Equity of USD 976m and Cash

and cash equivalents of USD 168m

• Q4 EBITDA of USD 62m and profit

before tax of USD 28m

• Full-year reported EBITDA of USD

210m and profit before tax of USD 127m

USDm Pro forma

2015*

Pro forma

2014*

Reported

2015

Reported

Q4 2015

P&L

TCE Earnings 582 414 371 129

Gross profit 361 172 236 73

Sale of vessels 0 0 0 0

EBITDA 319 119 210 62

Profit before tax 188 1 127 28

Balance sheet

Equity 976 842 976 976

NIBD 612 619 612 612

Cash and cash equivalents 168 70 168 168

Key drivers

Number of vessels (#) 78 79 78 78

Tanker TCE/day (USD) 22,879 15,171 22,155 19,757

Tanker OPEX/day (USD) 7,193 7,655 7,085 7,330

* Pro forma figures for 2014 and 2015 presented as though the Restructuring occurred as of 1 January 2014 and 1 January 2015 respectively and include the combined

TORM and Njord fleet

6

• Highlights

• Product Tanker Market Overview and Outlook

• Financial and Operating Performance

AGENDA

• TORM’s Restructuring, Strategy and Corporate Reorganization

7

PRODUCT TANKER FREIGHT RATES IN 2015 REACHED THE HIGHEST SINCE 2008

Source: Clarksons. Spot earnings: LR2: TC1 Ras Tanura-> Chiba, LR1: TC5 Ras Tanura-> Chiba and MR: average basket of Rotterdam->NY, Bombay->Chiba, Mina Al Ahmadi->Rotterdam, Amsterdam->Lome,

Houston->Rio de Janeiro, Singapore->Sidney

FREIGHT RATES IN ‘000 USD/DAY

1H 2015

• Product tanker market benefitted from higher refinery margins and output of

clean petroleum products

• The MR segment benefitted from strong gasoline demand in the US as well

as increased USG exports to South and Latin America

• High European exports to West Africa and large volumes of naphtha to the

Far East supported the LR segments

• In the East, the newly added refineries in the Middle East contributed to an

increase in export volumes

• A larger part of the LR2 fleet switched into dirty trade, as freight rates for

dirty vessels showed remarkable strength

2H 2015

• A seasonal reduction in US gasoline demand and declines in West African

demand caused the markets to soften from high levels seen in July-August

• US clean product exports reached an all-time high in Q4, but ample tonnage

supply limited improvements in rates

• China’s product exports reached record highs in 2H 2015

• Strong naphtha arbitrage flows from West to East and mixed aromatics

flows from Europe to China increased the number of vessels in the East

• Diesel/gasoil stocks in consuming areas rose to record levels and refinery

margins contracted, and the usual Q4 freight rate spike did not occur

• Logistical bottlenecks led to forced floating storage and longer sailing routes

8

DEMAND OUTLOOK FOR THE PRODUCT TANKER MARKET REMAINS POSITIVE

Sources: IEA, WoodMackenzie, TORM Research

• Low oil price is expected to continue to support oil demand in

2016, positively affecting demand for product tankers

• Global oil demand is forecasted to grow by an average of 1.3

mb/d p.a. during 2016-2018, well above the 2005-2015

average of 0.9 mb/d

• A shift in global oil demand towards consumer fuels

(gasoline) is expected to lead to tighter product markets (as

most recent refinery projects are diesel-focused) and

consequently more inefficient trade patterns

• Gasoline market tightness is further intensified by the fact that

refinery capacity additions will lag demand growth for the

second half of 2016, and will barely cover demand growth in

2017-2018

• Increase in China’s export quotas may lead to substantially

higher diesel exports from China putting pressure on other

refineries in Asia

• The lifting of the US crude export ban has weakened the cost

advantage of the US refineries and may lead to lower USEC

refinery runs and consequently higher imports

• Over longer term, refinery rationalization will continue in

Europe and the Pacific while more capacity will be added in

Asia and the Middle East supporting long-haul trade

• Ton-mile demand for product tankers is forecast to grow by

slightly above 6% p.a. during 2016-2018

GLOBAL GASOLINE AND DIESEL/GASOIL DEMAND GROWTH

m b/d

REFINERY NET EXPANSIONS AND OIL DEMAND GROWTH 2014-2018

‘000 b/d

9

SUPPLY OUTLOOK FOR THE PRODUCT TANKER FLEET VARIES BY SEGMENT

NET FLEET GROWTH Y-O-Y (NO. OF VESSELS)

• Product tanker ordering gained momentum towards

the end of the year, as owners rushed to bring

forward orders before the Tier 3 emission

regulations took effect on 1 January 2016

• Product tanker deliveries totaled 9.9m dwt during

2015 (fleet growth of 5.9% in terms of no. of

vessels and 6.5% in terms of dwt)

• In 2016, the fleet is forecasted to expand by 5-6%

in terms of no. of vessels (~7% in terms of dwt)

• The LR2 and LR1 segments are set to lead the

growth, while the MR growth is expected to slow

down from the 2015 level

• The total product tanker fleet is forecasted to grow

by an average of 5% p.a. during 2016-2018 in

terms of no. of vessels (6% in terms of of dwt)

Note: Increase calculated basis number of vessels. The number of vessels by the beginning of 2016 was: LR2 285, LR1 325, MR 1,496, Handy 678.

Note: Net fleet growth: Gross order book adjusted for expected scrapping and delivery slippage.

Source: TORM Research

2005-2014 average fleet growth for

LR2, LR1, MR and Handysize

%

10

• In Q2 and Q3, the second-hand market was

relatively active, but it slowed down towards

the end of Q3 and into Q4

• Second-hand prices increased generally

until Q3 where more sellers appeared.

• The rising supply of tonnage for sale

widened the price cap as buyers started to

discount prices due to the high number of

sales candidates. The number of excess

sale candidates increased towards the end

of the year

• So far in 2016, ordering of product tanker

newbuildings has been very limited

Source: Clarksons

USDm

LR1 - Newbuilding MR - Newbuilding

USDm

MR - 5 yr. Second-Hand

USDk/day

MR 1Yr T/C

VESSEL PRICE DEVELOPMENT

LR2 - Newbuilding

PRODUCT TANKER VESSEL PRICES

11

• Highlights

• Product Tanker Market Overview and Outlook

• Financial and Operating Performance

AGENDA

• TORM’s Restructuring, Strategy and Corporate Reorganization

12

Unfixed days

2017 2018

29,029

4,015

18,615

2,5553,844

28,297

4,004

18,777

2,5312,986

2016

26,657

3,870

18,115

2,4242,249

HandyMRLR1LR2

Illustrative change in cash flow generation potential for the TORM Fleet

∆ Average TCE/day 2016 2017 2018

USD 2,000 53.3 56.6 58.1

USD 1,000 26.7 28.3 29.0

USD (1,000) (26.7) (28.3) (29.0)

USD (2,000) (53.3) (56.6) (58.1)

USDm

# of days

Of total earning days 92% 97%

TORM HAS SIGNIFICANT OPERATING LEVERAGE IN THE

PRODUCT TANKER MARKET

98%

13

Notes:

• Peer gorup is based on Ardmore (split by ECO and ECO-modified); d’Amico, Frontline 2012, Norden, BW, Teeday Tankers and Scorpio

• Q4 2015 figures are missing Frontline 2012 and BW reporting is based on prospectus in 2015

USD/day

PEER COMPARISON SHOWS THAT TORM HAS CONTINUED TO PERFORM COMMERCIALLY DESPITE FINANCIAL DIFFICULTIES AND AN OLDER FLEET

0

5,000

10,000

15,000

20,000

25,000

30,000

Q4 14 Q1 15 Q2 15 Q3 15 Q4 15

MR - reported TCE

Peer high-low TORM Peer average

14

PRO FORMA OPEX IS TRENDING DOWNWARDS

9,500

9,000

8,500

8,000

7,500

7,000

6,500

0

LR1

LR2

Q3 15Q2 15Q1 15Q4 14

Handysize

MR

Q4 15

USD/operating day

Q3 14

15

TORM has maintained a fully integrated business model…… and TORM’s cost program has trimmed admin expenses

significantly

Admin. expenses (quarterly avg. in USDm)

• TORM has a fully integrated business model to obtain the

highest possible

‒ trading flexibility

‒ earning power

• TORM manages

‒ ~80 vessels commercially

‒ ~75 vessels technically

• Global reach ensures proximity to customers

• Outsourced technical and commercial management would

affect other line items of the P&L

• Average admin cost per earning day is 1,580 USD

TORM HAS A FULLY INTEGRATED BUSINESS MODEL AND ADMIN EXPENSES ARE TRENDING SIGNIFICANTLY DOWN

0 2 4 6 8 10 12 14 16 18 20 22 24

2012

2013

2011

2008

2014

2015

2010

2009

proforma -18%

-53%

16

TORM’S NET ASSET VALUE ESTIMATED AT USD 1,169M

1,16954168

224

7811,951325

1,626

Net Asset

Value

Working

Capital

CashCommittet

CAPEX

Outstanding

debt

Total vessel

value

Value of

newbuilidngs

Value of

vessels

on water

LTV of 51%

• Based on broker values, TORM’s vessels

including newbuildings were at 31

December 2015 estimated at USD

1,951m

• With an outstanding debt of USD 781m

and committed CAPEX of USD 224m,

TORM’s Loan-to-Value was at 51%

ensuring a strong capital structure

• Adjusting for cash and working capital,

TORM’s Net Asset Value (NAV) was

estimated at USD 1,169m

• On a per share basis, the NAV was

estimated at USD 18.3 and DKK 125.1

31 December figures, USDm

17

Ample headroom under our attractive

covenant package:

Loan-to-Value (depending on facility)

Minimum liquidity: USD 50m*

Minimum book equity ratio: 25%

(adjusted for market value of vessels)

Debt repayments do not include any potential cash sweep under TORM’s loan facilities. * Of which USD 20m must be cash or cash equivalents

383

57

13973

6069781

2019

repayment

2017

repayment

2018

repayment

2020

repayment

HereafterDebt as of 31

Dec. 2015

2016

repayment

22486

7562

Total2016 20182017

75168

Available

debt facility

Cash position

CAPEX commitments Available liquidity

CAPEX and Liquidity (USDm)

TORM is well-positioned to service future

CAPEX and debt commitments

Strong operational cash flows expected in

2016

Scheduled debt repayments (USDm)

100% 9% 8% 9% 18% 7% 49%

TORM HAS A FAVOURABLE FINANCING PROFILE AND STRONG LIQUIDITY POSITION

115

243

359Expected financing

of LR2 newbuildings

Total available

liquidity

18

EBITDA

(USDm)

Profit before

tax (USDm)

Earnings per

Share (USD)

2016 full-year result USD/day 1,000

freight rate change

250 – 330 +/- 27

100 –180 +/- 27

+/- 53

+/- 53

+/- 0.4

FORECASTED EBITDA FOR THE COMBINED COMPANY IN THE RANGE OF USD 250M TO USD 330M FOR FY2016

With 26,657 unfixed earning days as of 31 December 2015, TORM’s financial result is highly exposed to

freight rate fluctuations

USD/day 2,000

freight rate change

1.6 – 2.8

Earning per

Share* (DKK)+/- 2.810.7 – 19.2

* Earning per Share in DKK is calculated assuming an USD/DKK fx rate of 6.81

+/- 0.8

+/- 5.7

19

• Highlights

• Product Tanker Market Overview and Outlook

• Financial and Operating Performance

AGENDA

• TORM’s Restructuring, Strategy and Corporate Reorganization

20

THE RESTRUCTURING PROVIDED A DELEVERAGING OF TORM’S BALANCE SHEET

536

312134

817

122

561

Total debt

and CAPEX

commitments

Remaining

newbuilding

CAPEX

Oaktree debtTORM

reinstated

debt

Debt-to-

equity

Debt write

down

TORM debt,

pre

Restructuring

1.409

LTV

164%

LTV

51%

Total vessel

values

1.603

742

861

Vessel

value

861

Pre-restructuring

capital structure

Development in debt

and CAPEX commitments

Post-restructuring

capital structure

Note:

Vessel values are based on 30 June 2015 broker values. Debt write-down and debt-to-equity conversions have been simplified and include other minor elements.

• The Restructuring recapitalized TORM’s

balance sheet by reducing the Loan-to-

Value ratio from 164% to 51% via three

interlinked steps:

1. Debt write-down of USD 536m in

exchange for warrants

2. Debt conversion of USD 312m into

equity reinstating debt at USD 561m

3. Asset contribution of 25 on-the-water

vessels and six newbuildings including

debt of USD 134m and CAPEX

commitments of USD 122mOaktree vessel values

TORM vessel values

July 2015 illustration

21

THE RESTRUCTURING HAS CREATED A LEADING PRODUCT TANKER COMPANY

PRE-Restructuring POST-Restructuring

On-the-water vessels Newbuildings

Product tanker owner with a fleet of

43 vessels

Top three product tanker owner-

operator with 74 on-the-water vessels

and seven newbuildings

(31 December 2015)

TORM’s Restructuring has created a

leading product tanker owner-operator by

combining TORM’s existing 43 on-the-

water vessels with Oaktree’s 25 on-the-

water vessels and six newbuilidngs

Following the Restructuring, TORM has

purchased three modern second-hand MR

vessels and ordered four LR2 newbuildings

(with option for six additional vessels)

Note:

As of 8 March 2016, TORM has taken delivery of the remaining three MR newbuildings

22Strong capital structure Selective fleet growth

One TORM – Superior integrated operating platformPure-play product tanker owner

TORM AIMS TO BE REGARDED AS THE REFERENCE COMPANY IN THE PRODUCT TANKER SEGMENT

One TORM – Superior integrated operating platform

Global

scaleOne

TORM

Financial

flexibilityGrowth

Active in all large segments to meet customer demands

~80 owned product tankers

Primarily spot-orientated

Limited T/C commitments

In-house technical and commercial management (preferred by

customers)

Enhanced responsiveness to

customers and higher TCEs

Cost-efficient without leakages

May serve as consolidator

Selective growth based on

projected financial returns

In-house S&P team with relationships with

brokers, yards, banks and shipowners

Focused on profitabilityModerate debt levels with

attractive debt profile

Financial strength to pursue growth

Strong balance sheet gives a competitive advantage

when pursuing vessel acquisitions from lenders and yards

23

TORM CORPORATE REORGANIZATION

• TORM A/S is contemplating a corporate reorganization involving a redomiciliation to the UK and the creation of a UK-based company,

TORM plc, above TORM A/S

• The purpose of the corporate reorganization is to improve the marketability of the listed Company, to attract a broader and more

diversified investor base and to facilitate a potential dual listing in the US

• The Company believes a new UK holding company structure should assist in this, as the UK legal system, corporate governance

structure and tax regime, in combination, is more familiar and beneficial for TORM’s investor base going forward

• The reorganization will be implemented through an Exchange Offer from TORM plc for all the existing shares of TORM A/S on a 1:1

basis. Holders of TORM A/S warrants will be offered TORM plc warrants on a 1:1 basis

• The reorganization is recommended and supported by a unanimous Board in TORM A/S

Reorganization

with a UK-based

TORM plc above

TORM A/S

Commercial and

governance

setup maintained

with support

from major

shareholder and

Board

Process for the

reorganization

and required next

steps

• TORM’s commercial and technical management activities will continue to be managed out of TORM A/S’ Copenhagen office, while certain

corporate and administrative functions will be transferred to TORM plc and a new UK office. Furthermore, some vessels may be

transferred to TORM plc

• TORM plc’s Articles of Association will in all material aspects mirror TORM A/S’ existing Articles of Association including maintaining

strong minority protection rights. The non-employee-elected members of TORM A/S’ Board will form the TORM plc Board of Directors

together with TORM A/S’ CEO

TORM plc has obtained support from shareholders and warrant holders representing 83% of the shares and 70% of the warrants at the

time of the Annual Report

The Exchange Offer is expected to be published within a short period after the Annual Report followed by an offer acceptance period of

approximately four weeks

Following completion of the Exchange Offer, TORM plc will be listed on Nasdaq Copenhagen

24

Current Structure - Listing of TORM A/S

TORM A/S

Shareholder(s)Shareholder(s)Other

shareholdersOaktree

New Proposed Structure – (dual) Listing of TORM plc

TORM plc (UK)

TORM A/S (DK)

NYSE (US) Nasdaq

Copenhagen (DK)

Nasdaq

Copenhagen (DK)

Contemplated future

primary listing

TORM plc

100%62%38%

Shareholder(s)Shareholder(s)Other

shareholdersOaktree

~62%*~38%*

Share Exchange

Offer

TORM plc will make a Share Exchange Offer to acquire the entire

issued share capital of TORM A/S. Existing TORM A/S

shareholders who tender their shares in TORM A/S will become

shareholders in TORM plc in a 1:1 exchange ratio

TORM plc will be listed on Nasdaq Copenhagen following the

completion of the Exchange Offer

Squeeze-out and

delisting

Provided that the Exchange Offer is accepted by more than 90%

of all outstanding shares and voting rights in TORM A/S on a fully

diluted basis, TORM plc will acquire the remaining shares in

TORM A/S and delist TORM A/S from Nasdaq Copenhagen

Potential US IPO

and dual listing on

NYSE and Nasdaq

Copenhagen

Following the completion of the Exchange Offer, it is

contemplated that TORM plc may also seek to carry out an IPO

(new shares and existing shares) and implement a dual listing on

• New York Stock Exchange ( “NYSE”)

• Nasdaq Copenhagen

The timing of an initial US offering will be determined principally

by market conditions and SEC approval

Note:

* Actual ownership percentage will depend on the achieved support for the Exchange Offer

PROPOSED CORPORATE REORGANIZATION WITH THE AIM TO FACILITATE A POSSIBLE FUTURE DUAL LISTING

APPENDIX

26

FLEET UPDATE

PER 31.12.2015

Please note: TORM has the option to purchase up to six additional vessels within the LR2, LR1 or MR segment with expected delivery in 2018 and 2019

# of vessels

Q3 2015 Changes Q4 2015 Changes 2016 Changes 2017 Changes 2018

Owned vessels

LR2 8 - 8 - 8 1 9 3 12

LR1 7 - 7 - 7 - 7 - 7

MR 42 6 48 3 51 - 51 - 51

Handysize 11 - 11 - 11 - 11 - 11

Tanker Division 68 6 74 3 77 1 78 3 81

Bulk activities 2 -2 0 - 0 - 0 - 0

Total 70 4 74 3 77 1 78 3 81

Charter-in vessels

LR2 2 - 2 - 2 - 2 -2 0

LR1 0 - 0 - 0 - 0 - 0

MR 2 - 2 - 2 -2 0 - 0

Handysize 0 - 0 - 0 - 0 - 0

Tanker Division 4 - 4 - 4 -2 2 -2 0

Bulk activities 1 -1 0 - 0 - 0 - 0

Total 5 -1 4 - 4 -2 2 -2 0

Total fleet 75 3 78 3 81 -1 80 1 81

27

Seafarers: ~2,800

• 1,300 Filipino seafarers

• 1,100 Indian seafarers

• 170 Danish seafarers

• 200 Croatian seafarers

• 30 Polish seafarers

TORM offices: ~270

A world-leading product

tanker company

• 125+ years of history

• A leading product tanker

owner

Listed on Nasdaq

Copenhagen

Key facts Global footprint based on regional power and presence

TORM employees:

Source: TORM

TORM AT A GLANCE

28

Oil product supply chain

Exploration Transportation Refining Transportation Storage/distribution

Crude

oil

Fuel oil Diesel Gas oil

/ Gas-

oline

Kero-

sene /

Jet fuel

Clean

conden-

sate

Naph-

tha

MTBE Veg. oil Biofuel Ethanol

”Dirty products” ”Clean products”

Typical refined oil products carried on TORM’s vessels

PRODUCT TANKERS HAVE COATED TANKS AND HAVE SPECIALLY DESIGNED CARGO SYSTEMS WITH FLEXIBILITY TO TRANSPORT A WIDE RANGE OF DIFFERENT PRODUCTS

29

Jacob Meldgaard

▪ CEO of TORM since April 2010

▪ Previously Executive Vice President of the Danish shipping company NORDEN where he was in charge of the company’s dry cargo division

▪ Prior to that he held various positions with J. Lauritzen and A.P. Møller-Mærsk

▪ More than 20 years of shipping experience

Mads Peter Zacho

▪ Chief Financial Officer

Lars Christensen

▪ Head of Projects

Executive Management

Senior Management

Christian Søgaard-Christensen

▪ Head of Corporate Support

Jesper S. Jensen

▪ Head of Technical Division

MANAGEMENT TEAM WITH AN INTERNATIONAL OUTLOOK AND MANY YEARS OF SHIPPING EXPERIENCE

30

OAKTREE IS THE MAJORITY SHAREHOLDER IN TORM

TORM’s shares are listed on Nasdaq Copenhagen

under the ticker TORM A

Shares

• 63.8m A shares, one B share and one C share

• The B and C shares have certain voting rights

• A Share has a nominal value of DKK/share 15.00

For further company information,

visit TORM at www.torm.com

Share information Ownership structure (31 July 2015*)

31.6%

6.4%

62.0%

Other

DW Partners, LP

OCM Njord Holdings S.à r.l.

* Based on public filings.

31

REPORTED KEY FIGURES

USDm* Q4 2015 2015 2014

Revenue 186 540 180

EBITDA 62 210 41

Profit/(loss) before tax 28 127 13

Balance sheet

Total assets 1,867 1,867 626

Equity 976 976 470

NIBD 612 612 103

Cash and cash equivalents 168 168 38

Cash flow statement

Operating cash flow 77 214 17

Investment cash flow -155 -159 -378

Financing cash flow 77 75 397

Financial related key figures

EBITDA margin 33% 39% 23%

Equity ratio 52% 52% 75%

Return on invested capital (RoIC) 9% 13% 4%

* The financial results for 2015 will reflect Oaktree activities in the period from January 2015 until completion of TORM’s Restruc turing (13 July 2015) and the combined entity from completion of TORM’s Restructuring until 31 December 2015.

32

TORM TANKER SPOT RATES VERSUS INDUSTRY BENCHMARK

Source: Clarksons, Spot earnings: LR2: TC1 (Ras Tanura-> Chiba), LR1: TC5 (Ras Tanura-> Chiba), MR: average basket of Rotterdam->NY, Bombay->Chiba, Mina Al Ahmadi->Rotterdam,

Amsterdam->Lome, Houston->Rio de Janeiro, Singapore->Sidney, Handysize: average basket of Augusta->Lavera, Tuapse->Agioi Theodoroi.

TORM spot vs. industry benchmark Q4 2015 (USD/day)

TORM spot vs. industry benchmark last 12 months (USD/day)

Note: Benchmarks are not one-to-one comparisons as they do not take into account broker commission, armed guards and low sulphur fuel costs.

10,000

40,000

30,000

20,000

50,000

0

Handysize

+17%

+18%

+14%

LR1

+4%

LR2 MR

BenchmarkTORM

40,000

30,000

20,000

10,000

50,000

0

Handysize

+5%-5%

-9%

LR1

+3%

LR2 MR

BenchmarkTORM

33

Owned days

PER 31.12.2015

T/C-in days at

fixed rate

T/C-in days at

floating rate

Total physical

days

Coverage

TORM HAS A SPOT-ORIENTED PROFILE IN A STRONG MARKET

2016 2017 2018 2016 2017 2018

LR2 2,889 2,987 4,231

LR1 2,546 2,531 2,555

MR 18,262 18,491 18,615

Handysize 3,935 4,004 4,015

Tanker Division 27,632 28,012 29,416

LR2 - - - - - -

LR1 - - - - - -

MR 703 286 - 16,153 16,250 -

Handysize - - - - - -

Tanker Division 703 286 - 16,153 16,250 -

LR2 676 729 340

LR1 - - -

MR - - -

Handysize - - -

Tanker Division 676 729 340

LR2 3,565 3,716 4,571 1,317 730 727

LR1 2,546 2,531 2,555 121 - -

MR 18,965 18,777 18,615 850 - -

Handysize 3,935 4,004 4,015 65 - -

Tanker Division 29,011 29,027 29,756 2,354 730 727

LR2 37% 20% 16% 24,427 24,011 24,010

LR1 5% 0% 0% 29,331 - -

MR 4% 0% 0% 21,956 - -

Handysize 2% 0% 0% 19,068 - -

Tanker Division 8% 3% 2% 23,638 24,011 24,010

Covered, %

2016 2017 2018 2016 2017 2018

LR2 2,889 2,987 4,231

LR1 2,546 2,531 2,555

MR 18,262 18,491 18,615

Handysize 3,935 4,004 4,015

Tanker Division 27,632 28,012 29,416

LR2 - - - - - -

LR1 - - - - - -

MR 703 286 - 16,153 16,250 -

Handysize - - - - - -

Tanker Division 703 286 - 16,153 16,250 -

LR2 676 729 340

LR1 - - -

MR - - -

Handysize - - -

Tanker Division 676 729 340

LR2 3,565 3,716 4,571 1,317 730 727

LR1 2,546 2,531 2,555 121 - -

MR 18,965 18,777 18,615 850 - -

Handysize 3,935 4,004 4,015 65 - -

Tanker Division 29,011 29,027 29,756 2,354 730 727

LR2 37% 20% 16% 24,427 24,011 24,010

LR1 5% 0% 0% 29,331 - -

MR 4% 0% 0% 21,956 - -

Handysize 2% 0% 0% 19,068 - -

Tanker Division 8% 3% 2% 23,638 24,011 24,010

Owned days

T/C-in days at fixed rate T/C-in costs, USD/day

Covered days

T/C-in days at floating rate

Total physical days

Covered, % Coverage rates, USD/day

34

Set climate targets:

•20% reduction of CO2 emissions pr. vessel by 2020

(starting point in 2008), in g/ton-km

•25% reduction of CO2 emissions from offices per

employee by 2020

(starting point in 2008), ton/employee

TORM has set and communicated on climate targets

• Danish Shipowners’ AssociationAs part of DSA,TORM is pushing for

international regulation and standards on

e.g. emissions through the International

Maritime Organization

•Maritime Anti-Corruption NetworkTORM is founding member of a global

business network working towards a

maritime industry free of corruption that

enables fair trade

•UN Global CompactTORM became signatory to the

UNGC in 2009 as the first Danish

shipping company

TORM is actively participating in…

Target:

6.4

2015

5.5

2008

8.0-32%

Target:

2.2

2008 2015

2.33.1

-20%

INDUSTRY COOPERATION AND TRANSPARENCY IS KEY TO TORM’S CORPORATE SOCIAL RESPONSIBILITY