1 11 N O V E M B E R 2 0 2 0 Q3 2020 RESULTS TELECONFERENCE ■ TORM | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - In Q2 2020, TORM realized a profit before tax of $71 million, with a total of $128 million for the first half of the year [7] - The average TCE rates for the fleet were $25,274 per day in Q2 2020 and $24,465 per day for the first half [7] - Return on invested capital (ROIC) was 18.5% for Q2 and 17.1% for the first half, with earnings per share of DKK 11.6 for the first six months [7][8] Business Line Data and Key Metrics Changes - The LR segment achieved average rates of $32,732 per day for LR2 and $31,655 for LR1, while the MR segment achieved rates of $23,012 per day and Handysize segment rates were $15,270 per day [12] - TORM's operational performance in the MR segment outperformed the peer group average, achieving rates of $23,012 per day compared to a peer average of $19,512 per day, translating into additional earnings of $34 million for the first six months [25] Market Data and Key Metrics Changes - By the end of Q2 2020, approximately 4% of clean trading tonnage was still in floating storage, down from 14% at its peak in early May [15][18] - The U.S. Gulf market remained strong, supported by increasing exports and tight vessel availability, with 35% of TORM's MR fleet positioned in the Americas [15][16] Company Strategy and Development Direction - TORM is focused on ongoing fleet renewal, having sold 7 older vessels for $66 million, which supports the company's strategic flexibility and ability to capitalize on market opportunities [9][11] - The company aims to maintain a balanced strategy in positioning vessels across different basins to maximize earnings potential [26] Management's Comments on Operating Environment and Future Outlook - Management noted that while the market is currently experiencing volatility due to COVID-19, there are positive indicators for underlying demand recovery [22][48] - The order book to fleet ratio for product tankers is at a historically low level, which is expected to support product tanker rates over the longer term [21] Other Important Information - TORM announced a dividend distribution of $63 million or $0.85 per share, aligning with its distribution policy of 25% to 50% of net income [8][33] - The company has a strong liquidity position with available liquidity of $302 million as of June 30, 2020, and a net loan to value of 47% [30][31] Q&A Session Summary Question: Capital allocation plans in light of the dividend payout - Management indicated that the strong performance allows for a 50% dividend payout, with plans to utilize remaining capital for potential market opportunities [39] Question: Market dynamics and inventory levels - Management noted that inventories have peaked and are in a de-stocking phase, with expectations for a positive trajectory in underlying demand [47][48] Question: Future vessel sales or acquisitions - Management stated that future decisions on vessel sales or acquisitions will depend on market conditions and pricing [49] Question: Dividend distribution rationale and share buybacks - Management explained that the decision to distribute 50% of net income was based on a strong balance sheet and cash availability, while also considering share buybacks as a potential strategy [50]

1 1 7 A U G U S T 2 0 2 0 Q2 2020 RESULTS ■ TORM | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Data and Key Metrics Changes - In Q1 2020, TORM reported a positive EBITDA of $102 million and a profit before tax of $57 million, translating to $0.76 per share, which is higher than the adjusted full-year result for 2019 [11][59] - The return on invested capital was positive at 15.4% for Q1 2020, considered an attractive level [11] - The average TCE rate for the product tanker fleet was $23,643 per day, with the MR segment achieving an average TCE rate of $22,461 per day [10][16] Business Line Data and Key Metrics Changes - The LR2 segment achieved average rates of $29,108 per day, while LR1 rates were $24,329 per day, and Handysize segment rates were $20,649 per day [16] - TORM's MR segment outperformed the peer group average, achieving rates of $22,461 per day compared to a peer average of $18,821 per day, resulting in additional earnings of $19 million in Q1 [52] Market Data and Key Metrics Changes - The product tanker market experienced significant volatility in Q1 2020, influenced by COVID-19 and OPEC+ events, leading to a strong start to the year [9][15] - As of early May 2020, TORM's total coverage for Q2 was 69% at $29,188 per day, with MR segment coverage at 65% at $26,511 per day [26][58] Company Strategy and Development Direction - TORM has focused on maintaining efficient operations and safety during the COVID-19 pandemic, with a strong operational focus enhancing results despite market challenges [8][6] - The company has committed to installing scrubbers on 49 vessels, with 37 already installed, to enhance operational efficiency [13] - TORM's strategy includes positioning vessels in basins with the highest earning potential, with a balanced approach to exposure in East and West markets [54] Management's Comments on Operating Environment and Future Outlook - Management noted that uncertainties around COVID-19's impact on the global economy and oil demand remain, with the timing and speed of recovery being key factors for the product tanker market [25][27] - The company expects continued volatility in the market in the short to medium term, but sees positive long-term drivers such as low order book and refinery dislocation [51] Other Important Information - TORM refinanced $496 million in debt, extending maturities until 2026, providing a solid foundation for future operations [14] - The net asset value was estimated at $993 million as of March 31, 2020, corresponding to $13.3 per share, with shares trading at DKK 54 [66] Q&A Session Summary Question: Duration of contract coverage and desire to lock-in elevated rates - Management indicated that liquidity for longer-term deals has been subdued due to economic uncertainty, affecting the shipping markets [75] Question: Capital allocation and dividend policy amidst uncertainty - Management stated that the dividend policy remains at 25% to 50% of net profit, but evaluations will be made in August based on market conditions [79] Question: Q2 fixings and market dynamics - Management explained that Q2 bookings reflect rates from March, with operational storage affecting realized rates [91] Question: Expectations for supply and demand balance in the oil market - Management noted that it is too early to provide precise data points, expecting volatility due to ongoing economic uncertainties [106] Question: Logistical issues and demurrage rates - Management observed that logistical issues have eased slightly but remain high, with demurrage rates following market trends [118]

1 1 4 M AY 2 0 2 0 Q1 2020 RESULTS ■ TORM | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) [ ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ OR [ ] SHELL COMPA ...

TORM plc (NASDAQ:TRMD) Q4 2019 Earnings Conference Call March 11, 2020 10:00 AM ET Company Participants Morten Agdrup - Head, Corporate Finance and Strategy Jacob Meldgaard - Executive Director and CEO Kim Balle - CFO Conference Call Participants John Chappell - Evercore Espen Landmark - Fearnley Ulrik Bak - SEB Operator Ladies and gentlemen, thank you for standing by, and welcome to the TORM's Annual Report 2019 Conference Call. [Operator Instructions] I must advise you that this conference is being record ...

TORM plc. (NASDAQ:TRMD) Q3 2019 Earnings Conference Call November 12, 2019 9:00 AM ET Executives Morten Agdrup - Head, CF&S Jacob Meldgaard - ED, CEO Analysts Jonathan Chappell - Evercore Epson Landmark - Fearnley Morten Agdrup Thank you for dialing in and welcome to TORM's Conference Call regarding the Results for the Third Quarter of 2019. My name is Morten Agdrup and IÂ'm the Head of Corporate Finance and Strategy in TORM. We will refer to the slides as we speak and at the end of the presentation, we wil ...

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TORM Plc (NASDAQ:TRMD) Q2 2019 Earnings Conference Call August 15, 2019 9:00 AM ET Company Participants Morten Agdrup - Head, Corporate Finance & Strategy Jacob Meldgaard - Executive Director & CEO Conference Call Participants Jonathan Chappell - Evercore Operator Thank you for dialing in and welcome to TORM's Conference Call regarding the Results for the Second Quarter and the First Half Year of 2019. I would now like to hand the conference over to Morten Agdrup, Head of Corporate Finance and Strategy in T ...