1 5 No ve m b e r 2 0 1 6

Q3 2016 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

4

Product tanker

market

Corporate

events

• TORM distributed USD 25m in dividends in September 2016 and intends to distribute 25 to 50% of Net Income going forward

• Since May 2016, TORM has conducted share repurchases for a total of USD 22m from the squeeze-out process (USD 19m), and general

market purchases (USD 3m)

Sales &

Purchase

• Product tanker ordering remained very limited in the third quarter of 2016. By the end of October 2016, the order book stands at 13% of the

total fleet, the lowest since 2012

• Second-hand values have continued to be under pressure due to limited available financing and a high number of sale candidates

• The value of TORM’s product tanker fleet has decreased by USD 73m (~5%) in the third quarter of 2016

Q3 2016

Results

HIGHLIGHTS FOR THE THIRD QUARTER OF 2016

• EBITDA of USD 40m (Q1-Q3 2016: USD 166m) and Profit before tax of USD 2m (Q1-Q3 2016: USD 48m)

• RoIC of 2.4% (Q1-Q3 2016: 6.3%) and Earnings per share of USD 0.0 or DKK 0.2 (Q1-Q3 2016: USD 0.8 or DKK 5.1)

• Net Asset Value estimated at USD 798m as of 30 September, corresponding to a NAV/share of USD 12.8 or DKK 85.5

• For the full-year 2016, TORM has specified its guidance to:

‒ EBITDA in the range of USD 185 – 205m

‒ Profit before tax in the range of USD 30 – 50m

2016

guidance

• As expected, the third quarter was challenging but profitable. TORM achieved product tanker freight rates across segments of USD/day

~14,400, which is a decrease of USD/day ~3,000 compared to the previous quarter

• Gasoline and diesel stocks in the main markets are approaching five-year averages, as inventory drawdowns have continued in the third

quarter. Although this bodes well for the coming period, destocking has been a negative factor for the product tanker market in the third

quarter

• Another negative factor in the third quarter, was the lack of long-haul trades from West to East, which mainly was due to maintenance at Far

East Asian petrochemical facilities and the usage of substitution products such as LPG

5

EBITDA OF USD 40M AND A POSITIVE PBT OF USD 2M FOR Q3 2016

• EBITDA of USD 40m and a positive profit

before tax of USD 2m for Q3 2016

• Q3 2016 Equity of USD 963m and cash

and cash equivalents of USD 77m

• Q3 2016 RoIC of 2.4% and Earnings per

share of USD 0.0 (or DKK 0.2)

• Q3 2016 Tanker freight rates of USD/day

14,391

USDmQ3 2016

Pro forma

Q3 2015* Q1-Q3 2016

Pro forma

Q1-Q3 2015*

Pro forma

2015*

P&L

TCE Earnings 103 165 526 668 582

Gross profit 50 114 198 288 361

Sale of vessels 0 0 0 0 0

EBITDA 40 105 166 257 319

Profit before tax 2 72 48 160 188

Balance sheet

Equity 963 947 963 947 976

NIBD 610 534 610 534 612

Cash and cash equivalents 77 170 77 170 168

Key figures

Earnings per share (USD) 0.0 1.1 0.8 2.6 3.0

Return on Invested Capital (RoIC) 2.4% 21.0% 6.3% 16.5% 14.1%

Net Asset Value (NAV) 798 - 798 - 1,169

Number of vessels (#) 81 75 81 75 78

Tanker TCE/day (USD) 14,391 26,148 17,255 23,843 22,879

Tanker OPEX/day (USD) 6,596 6,805 6,967 7,145 7,193

* Pro forma figures for 2015 presented as though the Restructuring occurred as of 1 January 2015 and include the combined TORM and Njord fleet

6

• Highlights

• Product Tanker Market Overview and Outlook

• Financial and Operating Performance

AGENDA

7

PRODUCT TANKER FREIGHT RATES SOFTENED DURING Q3

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

West

• Global destocking of refined oil products kept freight rates at lower levels

compared to previous quarters

• Naphtha arbitrage trade from West to East continued to decline,

negatively impacting the LR market

• West African imports declined on economic and political issues

• Atlantic trade flows declined from Q2 but generally remained at healthy

levels compared to last year

• A temporary outage of the Colonial pipeline in September and early

November boosted MR earnings until the pipeline capacity was restored

East

• An increase in the use of liquefied petroleum gas, as a substitution for

naphtha in the Far East petrochemical sector, had a negative impact on

the LR market

• The penetration of newbuilt VLCCs and Suezmax tankers into traditional

LR2 routes weighed negatively on product tanker earnings

8

DEMAND FUNDAMENTALS FOR PRODUCT TANKERS -INVENTORIES

Sources: Reuters, EIA, TORM Research

• The fundamental long term outlook remains positive with the

oil demand increasing and the ton-mile is positively impacted

by the dislocation of refinery capacity from Europe and the

Pacific (Japan) to the Middle East and Asia

• Global product inventories are still at high levels, although

especially gasoline stockpiles in the main oil consuming

regions have started to draw down and move closer to their

historical levels

US EAST COAST GASOLINE INVENTORIES

Million bbl Million bbl

9

DEMAND FUNDAMENTALS FOR PRODUCT TANKERS –ASIAN NAPHTHA AND LPG PRICES

Sources: Reuters, EIA, TORM Research

• Strengthening LPG prices vis-à-vis naphtha and lower

expected maintenance at Asian naphtha crackers incentivize

the Asian petrochemical sector to use more naphtha as a

feedstock

• Refinery maintenance in the Middle East towards the end of

the year and improved naphtha arbitrage economics, may

potentially lead to higher naphtha flows from West to Asia

• Over medium/longer-term, petrochemical capacity additions

in the Middle East and India will limit naphtha export volumes

from the region and potentially lead to increasing West to

Asia naphtha flows

ASIAN NAPHTHA AND LPG PRICES

USD/ton

10

NIGERIAN CRUDE OIL PRODUCTION

• Economic and political issues in West Africa have continued

to weigh on imports to the region and have negatively

influenced both the MR and LR markets

• Low oil revenue in Nigeria, as a consequence of low oil prices

and oil production currently approximately 30% below the

2015 average level, has led to significantly lower imports of

clean petroleum products months

DEMAND FUNDAMENTALS FOR PRODUCT TANKERS –

WEST AFRICA

Million

b/d

Source: JODI

11

SUPPLY OUTLOOK FOR THE PRODUCT TANKER FLEET VARIES BY SEGMENT

Notes: * The number of vessels at the beginning of 2016 was: LR2 284, LR1 325, MR 1,488, Handy 680 (includes chemical vessels). Net fleet growth: gross order book adjusted for expected scrapping, delivery

slippage and TORM assumptions on additional ordering. Currently confirmed orders account on average for 75% of forecast deliveries in 2018. Source: TORM Research

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

MR ORDER BOOK AS PERCENTAGE OF THE FLEET (DWT)

• Ordering of product tanker newbuildings has

remained at a historically low level this year with 27

vessels ordered so far compared to 150 during the

first three quarters of 2015

• Consequently, the product tanker order book to

fleet ratio has fallen to 13%, the lowest since 2012

• For the MR segment, the order book to fleet ratio is

11%, the lowest level for at least 20 years

• Product tanker deliveries totaled 2.2m dwt during

Q3, which combined with limited scrapping activity,

resulted in a 1.3% net fleet growth in Q3

• Year-to-date, the total product tanker fleet capacity

has grown by 5.7%, and for the total year, the fleet

is expected to grow by slightly more than 6%

• Newbuilding deliveries are expected to peak in

2016 with fleet growth starting to slow down during

2017 and especially in 2018

2005-2015 average fleet growth for

LR2, LR1, MR and Handysize%

m dwt

12

• The second-hand market was relatively slow

during Q3, with buyers primarily focusing on older

tonnage, combined with a few modern sales

• The second-hand prices remain under pressure

• The newbulding market has literally come to a

stand still, with prices under continued pressure

• Lack of traditional bank financing remained an

important issue, whereas we have seen more

sale/lease back transactions reported

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

13

• Highlights

• Product Tanker Market Overview and Outlook

• Financial and Operating Performance

AGENDA

14

Unfixed days

2017 2018

27,498

4,015

17,520

2,5553,408

25,696

3,914

16,743

2,5002,539

Q4 2016

5,680

907

3,851

583339

HandyMRLR1LR2

Illustrative change in cash flow generation potential for the TORM fleet

∆ Average TCE/day Q4 2016 2017 2018

USD 2,000 11.4 51.4 55.0

USD 1,000 5.7 25.7 27.5

USD (1,000) (5.7) (25.7) (27.5)

USD (2,000) (11.4) (51.4) (55.0)

USDm

# of days

Of total earning days 77% 91%

TORM HAS SIGNIFICANT OPERATING LEVERAGE IN THE

PRODUCT TANKER MARKET

93%

15

Notes:

• Peer group is based on Ardmore (split by ECO and ECO-modified), d’Amico (composite of MR and Handy), Frontline 2012, BW (Q1-Q2 2015), Norden, Teekay Tankers and

Scorpio, OSG

USD/day

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

16

PRO FORMA OPEX HAS SHOWN A FLAT TREND

6,000

5,500

6,500

7,500

8,000

9,000

7,000

8,500

5,000

Q3 15Q2 15 Q3 16Q2 16Q1 16

USD/operating day

Q4 15

17

TORM operates on a fully integrated commercial and

technical platformTORM has trimmed administration expenses significantly

Admin. expenses (quarterly avg. in USDm)

• TORM’s operational platform handles all commercial and

technical operation

• The integrated business model provides TORM with the highest

possible trading flexibility and earning power

• TORM manages

‒ ~80 vessels commercially

‒ ~75 vessels technically

• TORM has a global reach with offices in Denmark, India, the

Philippines, Singapore, the UK and the US

• Average admin cost per earning day for Q1-Q3 2016 of

USD/day ~1,500

• Outsourced technical and commercial management would

affect other line items of the P&L

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

2015*

2014

2013

2012 -53%

Q1-Q3 2016

2011

2010

2009

2008

* Pro forma figures for 2015 presented as though the Restructuring occurred as of 1 January 2015 and include the combined TORM and Njord fleet

18

TORM’S NET ASSET VALUE ESTIMATED AT USD 798M

194 689

15877 27

Net Asset

Value

798

Working

Capital

CashCommitted

CAPEX

Outstanding

debt

Total vessel

value

1,541

Value of

newbuildings

Value of

vessels

on water

1,347

LTV of 55%

• Based on broker values, TORM’s vessels

including newbuildings were estimated at

USD 1,541m as of 30 September 2016

• With an outstanding debt of USD 689m,

and committed CAPEX of USD 158m,

TORM’s Loan-to-Value was at 55%

ensuring a strong capital structure

• Adjusting for cash and working capital,

TORM’s Net Asset Value (NAV) was

estimated at USD 798m

• On a per share basis*, the NAV was

estimated at USD 12.9 or DKK 85.5

30 September figures, USDm

* Calculated based on 62,001,308 shares (excluding 297,540 treasury shares) and USD/DKK fx rate of 6.7

19

TORM has, in order to allow for dividend

payments, terminated the cash sweep

mechanism under the term facility and

begun paying fixed amortizations from Q3

2016.

Ample headroom under our attractive

covenant package:

Minimum liquidity: USD 75m*

Minimum book equity ratio: 25%

(adjusted for market value of vessels)

* Of which USD 20m must be cash or cash equivalent

689 3289

72135

57

Hereafter

304

2020

repayment

2019

repayment

2018

repayment

2017

repayment

ROY 2016

repayment

Debt as of

30 Sep 2016

1588662

10

Total201820172016

7577

Available

debt facility

Cash position

CAPEX commitments Available liquidity

CAPEX and liquidity as of 30 June 2016 (USDm)

• TORM is well-positioned to service

future CAPEX and debt commitments

• Strong operational cash flows expected

in 2016

Scheduled debt repayments (USDm)

100% 5% 13% 10% 20% 8% 44%

TORM HAS A FAVOURABLE FINANCING PROFILE AND STRONG LIQUIDITY POSITION

Financing of LR2

Newbuildings

and new DSF

financing

Total available

liquidity

297

152145

20

EBITDA

(USDm)

Profit before

tax (USDm)

Earnings per

Share (USD)

2016 full-year result USD/day 1,000

freight rate change

185 – 205 +/- 5.7

30 – 50 +/- 5.7

+/- 11.4

+/- 11.4

+/- 0.1

FORECASTED EBITDA IN THE RANGE OF USD 185M TO USD 205M FOR FY2016

With 5,680 unfixed earning days as of 30 September 2016, TORM’s financial result is highly exposed to

freight rate fluctuations.

USD/day 2,000

freight rate change

0.5 – 0.8

Earnings per

Share* (DKK)+/- 0.63.1 – 5.3

* Earnings per Share in DKK is calculated assuming an USD/DKK fx rate of 6.7 and 62.1m shares

+/- 0.2

+/- 1.2

21

TORM HAS DISTRIBUTED A TOTAL OF USD 47M TO SHAREHOLDERS FOLLOWING THE SEPTEMBER DIVIDEND

2016 distribution to shareholders (USDm)

• In connection with the Corporate Restructuring, TORM plc has made

accretive share repurchases for an amount of USD 19m covering 2.4% of

the outstanding TORM A/S shares

• During the third quarter of 2016, TORM plc has repurchased own shares

on Nasdaq Copenhagen for a total consideration of USD 2m, at a

significant discount to NAV. TORM may from time to time continue to

conduct limited share purchase in the market

• On 15 September, TORM plc distributed a USD 25m dividend payment

• The USD 25m in dividend corresponds to a dividend per share of

USD 0.40 or DKK 2.70*

• During 2016, TORM has distributed a total of USD 47m to shareholders, in

addition to any further purchase in the market, corresponding to a yield of

8%*Total distributionSeptember

dividend

319

Market purchaseRepurchase

from Corporate

Reorganization

25

47

Potential further distributions

TORM’s distribution policy from 2017

• 25 to 50% of Net Income

• Semi-annual distribution

• Dividend and/or share repurchase

• Policy reviewed periodically

* Based on share price as of 30 September and a USD/DKK fx rate of 6.7

APPENDIX

23Selective fleet growthStrong capital structure

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-oriented

Limited T/C-in (off-balance sheet)

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

Semi-annual distribution policy of 25 to 50% of net income (after

fixed payment of USD 25m in September 2016)

24

FLEET UPDATE

# of vessels

Q2 2016 Changes Q3 2016 Changes EoY 2016 Changes EoY 2017 Changes EoY 2018

Owned vessels

LR2 8 - 8 - 8 1 9 3 12

LR1 7 - 7 - 7 - 7 - 7

MR 51 - 51 - 51 - 51 - 51

Handysize 11 - 11 - 11 - 11 - 11

Total 77 - 77 - 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

Total 4 - 4 - 4 -2 2 -2 0

Total fleet 81 - 81 - 81 -1 80 1 81

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

25

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:

TORM AT A GLANCE

26

Oil product supply chain

Exploration Transportation Refining Transportation Storage/distribution

Crude

oil

Fuel oil Con-

densate

Diesel/

gasoil

Jet fuel/

kero-

sene

Naph-

tha

Gaso-

line

MTBE Ethanol Vege-

table oil

Biofuel

”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

27

Jacob Meldgaard

▪ Executive Director in TORM plc

▪ CEO of TORM A/S 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

Lars Christensen

▪ Head of Projects

Executive Director

Senior Management

Christian Søgaard-Christensen

▪ Acting Chief Financial Officer

Jesper S. Jensen

▪ Head of Technical Division

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

28

OAKTREE IS THE MAJORITY SHAREHOLDER AND

OWNERSHIP HAS BECOME MORE DISPERSED

TORM’s shares are listed on Nasdaq

Copenhagen under the ticker TRMD A

Shares

• 62.3m 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 USD/share

0.01

For further company information,

visit TORM at www.torm.com

Share information Ownership has become more dispersed

3162

10001 0

6

1010

100

627

38

TotalRetailInstitutionalOaktree DW unknownParticipants

in

Restructuring

Shareholdings as at Restructuring 2015, %

Estimated shareholdings following the

corporate reorganization, %

29

REPORTED KEY FIGURES

USDm* Q3 2016 Q3 2015 Q1-Q3 2016 Q1-Q3 2015 2015

Revenue 156 216 526 354 540

EBITDA 40 96 166 148 210

Profit/(loss) before tax 2 65 48 100 127

Balance sheet

Total assets 1,761 1,767 1,761 1,767 1,867

Equity 963 947 963 947 976

NIBD 610 534 610 534 611

Cash and cash equivalents 77 170 77 170 168

Cash flow statement

Operating cash flow 38 80 154 137 214

Investment cash flow -18 46 -103 -4 -159

Financing cash flow -60 -8 -143 -2 75

Financial related key figures

EBITDA margin 26% 44% 32% 42% 39%

Equity ratio 55% 54% 55% 54% 52%

Return on invested capital (RoIC) 2.4% 27.8% 6.3% 14.0% 13.1%

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

30

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 Q3 2016 (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 broker commission, armed guards and low sulphur fuel costs into account.

0

5,000

10,000

15,000

20,000

25,000

30,000

+33%+113%

+46%+25%

HandysizeMRLR1LR2

BenchmarkTORM

0

5,000

10,000

15,000

20,000

25,000

+42%+18%

+28%+15%

HandysizeMRLR1LR2

31

Owned days

PER 30.09.2016

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 FUNDAMENTALLY STRONG MARKET

2016 2017 2018 2016 2017 2018

LR2 732 2,855 4,160

LR1 641 2,500 2,555

MR 4,639 18,047 18,615

Handysize 1,007 3,914 4,015

Total 7,019 27,315 29,345

LR2 - - - - - -

LR1 - - - - - -

MR 183 286 - 16,250 16,250 -

Handysize - - - - - -

Total 183 286 - 16,250 16,250 -

LR2 183 726 340

LR1 - - -

MR - - -

Handysize - - -

Total 183 726 340

LR2 915 3,581 4,500 576 1,042 1,092

LR1 641 2,500 2,555 58 - -

MR 4,822 18,332 18,615 971 1,589 1,095

Handysize 1,007 3,914 4,015 100 - -

Total 7,385 28,327 29,685 1,705 2,631 2,187

LR2 63% 29% 24% 20,894 24,200 24,198

LR1 9% 0% 0% 15,737 - -

MR 20% 9% 6% 14,629 18,765 17,545

Handysize 10% 0% 0% 8,000 - -

Total 23% 9% 7% 16,396 20,918 20,868

Owned days

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

Charter-in days at floating rate

Total physical days Covered days

Covered, % Coverage rates, USD/day

32

Set climate targets:

•20% reduction of CO2 emissions per 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

4.8*/**

2008

8.0

Target:

2.2

2008 2015

3.0*3.1

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

* This figure has been revised compared to previous CSR reporting because TORM has changed the system used for generating emissions data in 2015

** Given that TORM has met its CO2 emission per vessel target for 2020, the Company will introduce a new target in the 2016 CSR Highlights