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Second Quarter Report 2012

Equity ratio 17.1% 32.4% 17.1% 32.4% 23.2%

Exchange rate USD/DKK, end of period 5.90 5.16 5.90 5.16 5.75

Exchange rate USD/DKK, average 5.80 5.18 5.73 5.32 5.36

Share related key figures

Earnings per share, EPS USD -1.9 -0.3 -3.0 -1.0 -6.5

Diluted earnings per share, EPS USD -1.9 -0.3 -3.0 -1.0 -6.5

Cash f low per share, CFPS USD -0.3 -0.4 -1.1 -0.6 -1.1

Share price, end of period (per share of DKK 5 each) DKK 2.1 21.7 2.1 21.7 3.7

Number of shares, end of period Million 72.8 72.8 72.8 72.8 72.8

Number of shares (excl. treasury shares), average Million 69.6 69.5 69.6 69.6 69.6

Announcement no. 30 / 21 August 2012 Second quarter report 2012 3 of 22

Results

In general, TORM's financial results have been negatively affected by the combination of adverse market conditions and the uncertainty about the Company's difficult financial situation.

The result before tax for the second quarter of 2012 was a loss of USD 132 million, compared to a loss of USD 24 million in the same period of 2011. The result before depreciation (EBITDA) for the second quarter of 2012 was a loss of USD 23 million, compared to a gain of USD 30 million in the same period of 2011. In addition, the result was negatively impacted by mark-to-market non-cash adjustments of USD 8 million in total, compared to a gain of USD 2 million in the same period of 2011.

The Tanker Division reported an operating loss of USD 42 million in the second quarter of 2012, compared to an operating profit of USD 1 million in the same period last year. The sale of shares in a JV entity which main asset was the 2007-built LR1 vessel, TORM Ugland led to a loss of USD 5 million in the second quarter of 2012.

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