The previously mentioned fuel initiatives are also expected to hold a major cost-saving potential.

With a number of initiatives in such areas as procurement and crewing, TORM has also managed to keep OPEX significantly below the 2008 level despite the underlying inflationary pressure.

TORM is well on the way to delivering on a cost program of USD 100 million in accumulated savings between 2012 and 2014.

                                                                 ***

TORM has now created a financial and operational platform for the coming years, which will give the Company time to find a more permanent capital structure. The "One TORM" measures will strengthen TORM's long-term foundation.

Proposals submitted by the Board of Directors

Finally, before rounding off my report, I would like to make a few comments on the remaining part of the notice to convene this meeting, which once again this year includes proposals from the Board of Directors. However, these are far less extensive than last year, when the proposals included a number of authorizations in connection with the restructuring process.

Proposal 7.a. is prompted by the existing Danish corporate governance recommendations issued in 2011 and, accordingly, the Board of Directors proposes that the shareholders at the General Meeting approve the level of remuneration for the Board of Directors for 2013.

Proposal 7.b. concerns an authorization to terminate the Company's American Depositary Receipt ("ADR") program and in this connection allow the Company to acquire treasury shares as well as delist the Company's American Depository Shares ("ADS") from Nasdaq Capital Market, USA and deregister the Company's securities under the U.S. Securities Exchange Act of 1934. The Board of Directors finds that this would be in the interest of the Company due to the limited size of the ADR program and the costs involved with a listing on NASDAQ and the reporting and filing obligations under the U.S. Exchange Act. The ADR program represents approximately 0.5% of the Company's total share capital following the capital increase carried out in connection with TORM's restructuring in November 2012.

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