Presentation of Full-year and Q4 2014 results

4 March 2015

2

Safe Harbor Statement

Matters discussed in this presentation may constitute forward-looking statements.

Such statements reflect TORM's current expectations and are subject to certain risks and uncertainties that could negatively impact

TORM's business.

To understand these risks and uncertainties, please read TORM's announcements to NASDAQ OMX Copenhagen.

The presentation may include statements and illustrations concerning risks, plans, objectives, goals, strategies, future events or

performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking

statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions,

including without limitation, TORM's examination of historical operating trends, data contained in our records and other data available from

third parties. As many of these factors are subject to significant uncertainties and contingencies which are difficult or impossible to predict

and are beyond our control, TORM makes no warranties or representations about accuracy, sequence, timeliness or completeness of the

content of this presentation.

3

Highlights for 2014

2014

Results

Tanker

Bulk

Guidance

• Seasonal market improvements further supported by the opening of several long-haul

arbitrage trades and a declining crude oil price

• On average, TORM’s freight rates for Q4 2014 improved by 42% y-o-y

• Tanker segment 2014 gross profit of USD 123m (USD 172m)

• Freight rates remained under pressure throughout 2014

• Bulk segment 2014 gross profit of USD 0m (USD -22m)

Highlights

Finance

Tanker market Dry bulk market

Sale &

Purchase

• Price for modern tonnage was flat in Q4 2014, but with few transactions

Restructuring

process

• During October 2014, TORM has entered into an agreement with a group of its lenders,

representing 61% of TORM’s ship financing, and Oaktree Capital Management regarding

a possible restructuring of TORM

• Full year EBITDA of USD 77m (USD 96m), and Q4 had a positive EBITDA of USD 29m

• Profit before tax of USD -283m including impairments of USD 192m, which is fully aligned

with guidance

• Positive operating cash flow of USD 27m after full interest payments of USD 35m

• The financial results for 2015 are subject to considerable uncertainty related to the

completion of the proposed Restructuring Agreement

• Consequently, TORM has decided not to provide earnings guidance for 2015

4

Full-year and Q4 2014 results

• Q4 EBITDA of USD 29m (USD 25m) despite 22% fewer product tanker earning days

• Full-year EBITDA of USD 77m (USD 96m), which is in line with guidance

• 2014 results before tax of USD -283m (USD -166m) including impairments of USD 192m

(USD 60m)

•Positive operating cash flow of USD 27m after full interest payment of USD 35m

Finance

Tanker market Dry bulk market

Highlights

USDm Q4 2014 Q4 2013 2014 2013 2012 2011

P&L

Gross profit 38 37 123 150 (93) 81

Sale of vessels 0 0 0 0 (26) (53)

EBITDA 29 25 77 96 (195) (44)

Profit before tax (12) (80) (283) (166) (579) (451)

Balance

Equity (164) 118 (164) 118 267 644

NIBD 1,394 1,718 1,394 1,718 1,868 1,787

Cash and cash equivalents 45 29 45 29 28 86

Cash flow statement

Operating cash flow (3) 21 27 68 (100) (75)

Investment cash flow (6) (12) 313 93 0 168

Financing cash flow 23 (10) (324) (161) 42 (128)

5

Product tanker freight rates Highlights

Finance

Tanker market Dry bulk market

East (Q4 2014)

In the East, the earnings for the LRs peaked in

November due to continued strong demand

and LR2 congestion

West (Q4 2014)

In the West, a decrease in the price for light

distillates opened up further arbitrage in the

Atlantic Basin. Unplanned maintenance

of South American refineries led to increased

import demand and ton-mile

Source: Clarksons 9 Oct 2014. 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

6

0

5.000

10.000

15.000

20.000

25.000

30.000

LR2

+2% -8% -24%

0

5.000

10.000

15.000

20.000

LR2

+24%

Tanker Division spot rates versus 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

-8%

MR LR1

Benchmark (roundtrip)

TORM avg. Earning

TORM spot vs. benchmark Q4 2014 (USD/day)

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

-16%

MR Handysize LR1

Benchmark (roundtrip)

TORM avg. Earning

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

Highlights

Finance

Tanker market Dry bulk market

+17% +25%

Handysize

7

Demand outlook for the product tanker market

Sources: EIA, IEA, JBC, WoodMackenzie, TORM Research

* Based on EIA weekly import and export figures; includes gasoline, distillate fuel oil and jet fuel

•US CPP exports to Latin

America increased in Q4

driven by unplanned refinery

outages (e.g. Venezuela)

•European gasoline exports

got a boost from unusually

strong refinery margins, as

Brent crude price dropped

•Naphtha flows from West to

East remained strong amid

feedstock switching from

naphtha to LPG in Europe

•Refinery capacity net

addition in 2015 are

estimated to reach around 2

mbbl/day, driven by the

start-up of Yanbu and

Ruwais2 refineries in the

Middle East

•Further refinery

consolidation is expected in

Europe and the OECD

Pacific

Refinery expansions favoring tonne-mile

US imports and exports of clean petroleum products*

Highlights

Finance

Tanker market Dry bulk market

Net distillation capacity additions and expansions, mbbl/day

‘000 b/d

Refinery expansions favoring ton-mile

8

Supply outlook for the product tanker fleet

Net fleet growth y-o-y in % of total fleet (no. of vessels)

Highlights

Finance

Tanker market Dry bulk market

• The total product tanker

fleet grew by 3.4% in 2014

and is forecasted to grow

by 5.7% in 2015 (in terms

of no. of vessels), with the

LR2 and MR segments

leading the growth

• Minimal ordering activity

during 2012-2013 in the

LR1 segment results in

barely 1% fleet growth in

2015

• The Handysize segment

contains most likely

scrapping candidates, but

after years of negative

fleet growth, growth pace

is expected to pick up

Note: Increase calculated basis number of vessels. The number of vessels by the beginning of 2015 was: LR2 259, LR1 328, MR 1,397, Handy 651

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

Source: TORM Research

9

Product tanker vessel prices

• Product tanker ordering

activity picked up in Q4

2014 compared to the

previous quarter, driven by

the LR1 segment

• Overall ordering activity in

2014 remained 56% below

the 7-year high level in

2013, with the LR1 and LR2

sectors together accounting

for 63% of total capacity

ordered

• Price for modern tonnage

fell slightly in Q4 2014,

before picking up at the

start of 2015

Source: Clarksons

USDm

MR - 5 yr. Second-Hand

MR - Newbuilding

USDm

MR - 5 yr. Second-Hand

USDt

MR 1Yr T/C

Vessel price development

Highlights

Finance

Tanker market Dry bulk market

10

Dry bulk market

Source: Clarksons

Highlights

Finance

Tanker market Dry bulk market

• Spot rates for the relevant bulk segments remained under pressure in Q4 2014, and the average

Panamax spot rates for 2014 were USD/day 7,800 (or 20% below 2013 level)

• TORM continued to employ its Panamax fleet in the period market and obtained TCE earnings

of USD/day 10,477 in 2014

Panamax freight rates in ‘000 USD/day

11

Dry bulk order book and vessel prices

* Calculated basis dwt. Number of vessels primo 2015: Cape 1,507; P-PMX 530; PMX 2,005, SMX 3,162; Handy 3,065.

Source: TORM Research, Clarksons

Finance

Tanker market Dry bulk market

Highlights

Panamax newbuilding and second-hand prices (USDm)

Net fleet growth y-o-y as percent of existing fleet primo 2014*

-5

5

15

25

2014 2013 2012

SMX PMX P-PMX Cape Handy

2015F

12

TORM has a fully integrated business model

TORM has maintained a fully

integrated business model…

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

-43% 2014

2013

2012

2011

2010

2009

2008

-10%

Finance

Tanker market Dry bulk market

Highlights

… but 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

‒ ~90 vessels commercially

‒ 65+ vessels technically

• Global reach ensures proximity

to customers

• Outsourced technical and

commercial management

would affect other line items of

the P&L

13

TORM’s financial position Finance

Tanker market Dry bulk market

Highlights

Newbuilding

CAPEX

• TORM has no newbuildings on order

Debt situation • TORM has a total debt of USD 1.44bn incl. drawn part of Working Capital Facility

• TORM’s Working Capital Facility of USD 50m has been extended until 31 March

2015. The extension is subject to continued progress in the recapitalization process

USD bn. as of 31 December 2014

Liquidity

• As at 31 December 2014, TORM’s cash and cash equivalents were USD 65m

consisting of

‒ USD 45m in cash

‒ USD 20m in undrawn Working Capital Facility

Total

1.44

2016

1.33

2015

0.11

14

TORM’s forecast for 2015 Finance

Tanker market Dry bulk market

Highlights

2015 forecast

Earnings

sensitivity for

2015 per 31

December 2014

Coverage per

31 December

2014

0%0%4% 0%0%

64%

2017 2016 2015

Bulk Tanker

Rates

(USD/day) 23,140 8,454 n.a. n.a. n.a. n.a.

USDm Change in freight rates (USD/day)

Segment -2,000 -1,000 1,000 2,000

Tankers -32 -16 16 32

Bulk -1 -1 1 1

Total -33 -17 17 33

• The financial results for 2015 are subject to considerable uncertainty related to the

completion of the proposed Restructuring Agreement

• Consequently, TORM has decided not to provide earnings guidance for 2015

15

Appendix

16

Seafarers: ~2,700

• 1,350 Filipino seafarers

• 1,050 Indian seafarers

• 175 Danish seafarers

• 125 Croatian seafarers

TORM Offices: ~275

A world leading product tanker

company

• 125+ years of history

• A leading product tanker owner

• Presence in dry bulk as

operator

Listed on NASDAQ OMX

Copenhagen

Key facts Global footprint based on regional power and presence

TORM employees:

TORM at a glance

17

Product tankers have coated tanks and have specially designed cargo

systems with flexibility to transport a wide range of different products

11

Oil product supply chain

Exploration Transportation Refining Transportation Storage/distribution

Crude

oils

~12%

Fuel oils

~12%

Diesels

~6%

Gas oils

/ Gas-

olines

~38%

Karo-

senes /

Jet fuel

~8%

Clean

conden-

sates

~3%

Naph-

thas

~19%

MTBEs

~0%

Veg. oils

~1%

Biofuel

~0%

Ethanol

~0%

”Dirty products” Less refined

”clean products”

More refined

”clean products”

Percentages = TORM volumes for 12-month-period

(Q4 2013 – Q3 2014)

18

Management team with an international outlook and many

years of shipping experience

Executive management

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 Tina Revsbech

▪ Head of Tanker Division

Christian Riber

▪ Head of Human Resources

Lars Christensen

▪ Head of Sale & Purchase Division incl.

Bulk activities

Executive Management

Senior Management

Christian Søgaard-Christensen

▪ Head of Investor Relations and

Corporate Support

Jesper S. Jensen

▪ Head of Technical Division

19

TORM completed the restructuring with banks and time charter

partners on 5 November 2012

Banks

Maturities for all debt amended to 31

December 2016

***

Majority owners of the Company

New capital

USD 100m in working capital

Newbuilding program

Elimination of newbuilding program

completed

TORM

Cost and cash initiatives with a cumulative effect of at least USD 100m over three years

***

Cost program in place and identified initiatives under implementation

T/C-in partners

T/C-rates adjusted to market

level or contracts terminated

***

Co-owners of the Company

Compre-

hensive

finance

solution

for TORM

20

20

The TORM share

TORM’s shares are listed on NASDAQ OMX

Copenhagen under the ticker TORM

Shares

• One class of shares, each carrying one vote

• Share capital of 728m shares of DKK 0.01 each

For further company information, visit TORM at

www.torm.com

Share information Ownership structure (31 December 2014*)

5.5%

6.2%

11.3%

11.5%

13.7%

51.8%

DBS Bank

Deutsche Bank

Nordea Bank

Danske Bank

HSH Nordbank

Other

* Based on public filings

21

21

Industry cooperation and transparency is key to TORM’s

Corporate Social Responsibility

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’ Association -

As part of DSA,TORM is pushing for

international regulation and

standards on e.g. emissions through

the International Maritime

Organization

• Maritime Anti Corruption Network –

TORM is founding member of a global

business network working towards a

maritime industry free of corruption that

enables fair trade

• UN Global Compact –

TORM became signatory to the

UNGC in 2009 as the first Danish

shipping company

TORM is actively participating in…

Target:

6.4

2014

7.0

2008

8.0

-13%

Target:

2.2

2008 2014

2.3 3.1

-25%

22

Detailed key figures overview

22

USDm 2014 2013 2012 2011 2010 2009

Revenue 624 992 1,121 1,305 856 862

EBITDA 77 96 (195) (44) 97 203

Profit/(loss) before tax (283) (166) (579) (451) (136) (19)

Balance

Total assets 1,384 2,008 2,355 2,779 3,286 3,227

Equity (164) 118 267 644 1,115 1,247

NIBD 1,394 1,718 1,868 1,787 1,875 1,683

Cash and cash equivalents 45 29 28 86 120 122

Cash flow statement

Operating cash flow 27 68 (100) (75) (1) 116

Investment cash flow 313 93 0 168 (187) (199)

Financing cash flow (324) (161) 42 (128) 186 37

Financial related key figures

EBITDA margin 12% 10% (17%) (3%) 11% 24%

Equity ratio - 6% 11% 23% 34% 39%

Return on invested capital (ROIC) (14%) (5%) (20%) (14%) (3%) 2%

23

Large product tanker fleet PER 31.12.2014

# of vessels

Q3 2014 Changes Q4 2014 2015 2016 2017

Owned vessels

LR2 5.0 - 5.0

LR1 7.0 - 7.0

MR 20.0 - 20.0

Handysize 11.0 - 11.0

Tanker Division 43.0 - 43.0 - - -

Panamax 2.0 - 2.0

Handymax - - -

Bulk Division 2.0 - 2.0 - - -

Total 45.0 - 45.0 - - -

T/C-in vessels with contract period >= 12 months

LR2 2.0 - 2.0

LR1 - - -

MR 5.0 - 5.0 -3.0

Handysize - - -

Tanker Division 7.0 - 7.0 -3.0 - -

Panamax 5.0 -1.0 4.0 -2.0

Handymax 1.0 - 1.0 -1.0

Bulk Division 6.0 -1.0 5.0 -3.0 - -

Total 13.0 -1.0 12.0 -6.0 - -

T/C-in vessels with contract period < 12 months

LR2

LR1

MR

Handysize

Tanker Division - - -

Panamax - -

Handymax - - -

Bulk Division - - -

Total - - -

Commercial management 40.0 -18.0 22.0 3.0

Total fleet 98.0 -19.0 79.0

Current fleetNewbuildings and T/C-in deliveries

with a period >= 12 months

24

Earning days, T/C cost and coverage for 2015, 2016 and 2017

Owned days

PER 31.12.2014

T/C-in days at fixed

rate

T/C-in days at

floating rate

Total physical days

Coverage

2015 2016 2017 2015 2016 2017

Owned days

LR2 1,782 1,815 1,825

LR1 2,510 2,546 2,555

MR 7,077 7,155 7,186

Handysize 3,797 3,960 4,015

Tanker Division 15,166 15,476 15,581

Panamax 726 728 730

Handymax - - -

Bulk Division 726 728 730

Total 15,892 16,204 16,311

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

LR2 - - - - - -

LR1 - - - - - -

MR 752 104 - 15,697 16,000 -

Handysize - - - - - -

Tanker Division 752 104 - 15,697 16,000 -

Panamax 1,245 760 730 12,458 11,000 11,000

Handymax - - - - - -

Bulk Division 1,245 760 730 12,458 11,000 11,000

Total 1,997 864 730 13,678 11,600 11,000

T/C-in days at floating rate

LR2 726 684 730

LR1 - - -

MR - - -

Handysize - - -

Tanker Division 726 684 730

Panamax - - -

Handymax 41 13 -

Bulk Division 41 13 -

Total 767 697 730

Total physical days Covered days

LR2 2,509 2,499 2,555 116 - -

LR1 2,510 2,546 2,555 73 - -

MR 7,829 7,259 7,186 194 - -

Handysize 3,797 3,960 4,015 322 - -

Tanker Division 16,644 16,263 16,311 705 - -

Panamax 1,971 1,488 1,460 1,283 - -

Handymax 41 13 - - - -

Bulk Division 2,011 1,501 1,460 1,283 - -

Total 18,656 17,764 17,771 1,987 - -

Coverage rates, USD/day

LR2 5% 0% 0% 20,486 - -

LR1 3% 0% 0% 40,138 - -

MR 2% 0% 0% 25,949 - -

Handysize 8% 0% 0% 18,532 - -

Tanker Division 4% 0% 0% 23,140 - -

Panamax 65% 0% 0% 8,454 - -

Handymax 0% 0% 0% - - -

Bulk Division 64% 0% 0% 8,454 - -

Total 11% 0% 0% 13,661 - -

Covered, %