<SEC-DOCUMENT>0000919574-18-005708.txt : 20180816
<SEC-HEADER>0000919574-18-005708.hdr.sgml : 20180816
<ACCEPTANCE-DATETIME>20180816162816
ACCESSION NUMBER:		0000919574-18-005708
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20180831
FILED AS OF DATE:		20180816
DATE AS OF CHANGE:		20180816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TORM plc
		CENTRAL INDEX KEY:			0001655891
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38294
		FILM NUMBER:		181023616

	BUSINESS ADDRESS:	
		STREET 1:		BIRCHIN COURT
		STREET 2:		20 BIRCHIN LANE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3V 9DU
		BUSINESS PHONE:		44 203 286 6222

	MAIL ADDRESS:	
		STREET 1:		BIRCHIN COURT
		STREET 2:		20 BIRCHIN LANE
		CITY:			LONDON
		STATE:			X0
		ZIP:			EC3V 9DU

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TORM Ltd
		DATE OF NAME CHANGE:	20151125

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Anchor Admiral Ltd
		DATE OF NAME CHANGE:	20151016
</SEC-HEADER>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Washington, D.C.&#160; 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 6-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 9pt">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">For the month of August 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">Commission File Number 001-38294</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">TORM plc</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: center">(Address of principal executive offices)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Form 20-F [X]&#160; &#160; &#160;&#160; Form 40-F [&#160; ]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [&#160; ].</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Note</font>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [&#160; ].</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Note</font>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Attached to this Report on Form 6-K as Exhibit 99.1 is the report of TORM plc (the "Company")&#160;of&#160;its interim results for the half year ended June 30, 2018.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Attached to this Report on Form 6-K as Exhibit 99.2 is a copy of the press release of the Company, dated August 16, 2018, announcing the Company's interim results for&#160;the half year ended June 30, 2018.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">TORM PLC</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dated: August 16, 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">/s/ Jacob Meldgaard</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Jacob Meldgaard</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Executive Director and Principal Executive Officer</div>
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<TYPE>EX-99.1
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<FILENAME>d8050630_ex99-1.htm
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left; MARGIN-RIGHT: 14.4pt">"Despite healthy end-user consumption, the product tanker market remained under pressure in the second quarter of 2018. Nevertheless, I am pleased to see TORM outperformed commercially when comparing to relevant benchmarks and peers," says Executive Director Jacob Meldgaard and continues: "We have continued to take steps to further renew and optimize our fleet by taking delivery of one LR2 newbuilding in the second quarter and exercising newbuilding options for three MR vessels. In addition, we have to date decided to install scrubbers on 14 of our vessels to prepare for the expected consequences of the IMO sulfur emission directive that will come into force in 2020."</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup> for the second quarter of 2018 was USD 29.4m (2017, same period: USD 35.7m). The loss before tax amounted to USD 8.6m (2017, same period: USD -1.5m). Cash flow from operating activities was positive with USD 25.1m in the second quarter of 2018 (2017, same period: USD 38.5m) and loss per share (EPS) was 12 cents (2017, same period: -3 cents). Return on Invested Capital<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup> (RoIC) was 0.1% (2017, same period: 2.1%).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">EBITDA for the half year ended 30 June 2018 was USD 66.7m (2017, same period: USD 79.8m). The result after tax for the first six months of 2018 was a loss of USD 7.5m (2017, same period: profit of USD 3.3m). Cash flow from operating activities was positive with USD 43.0m in the first six months of 2018 (2017, same period: USD 65.3m) and loss per share (EPS) was 12 cents (2017, same period: earnings 5 cents). Return on Invested Capital (RoIC) was 1.2% (2017, same period: 3.0%).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In the second quarter of 2018, TORM achieved TCE rates of USD/day 12,944 (2017, same period: USD/day 13,841). In the second quarter of 2018, product tanker freight rates started out at levels close to the levels seen in the first quarter of 2018, but the rates started to slide towards the end of the quarter. Despite healthy end-user consumption, the transportation demand was sluggish due to refinery maintenance, declining global product inventories resulting in less demand for import and political turbulence in South America. At the same time, unprofitable freight rates spurred newbuild crude tankers to aggressively go after clean cargos on their maiden voyages before going into transportation of dirty cargoes.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">In early April 2018, TORM executed newbuilding options for three MR vessels for a total net consideration of USD 93m of which USD 63m is financed by banks.The three vessels are scheduled to be delivered in 2019 through the first quarter of 2020. TORM took delivery of two LR2 newbuildings in the first quarter of 2018 and on 20 April 2018, a third LR2 newbuilding, TORM Hellerup, was delivered. In June 2018, TORM redelivered the chartered LR2 vessel TORM Margrethe to its owner after expiration of the charter period. As of 30 June 2018, TORM's fleet consists of 74 owned vessels, four chartered vessels and ten vessels on order.</div>

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<div style="FONT-SIZE: 3.5pt; FONT-FAMILY: Tahoma, sans-serif; COLOR: #000000; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">______________________________________________________</sup></div>

<div style="FONT-SIZE: 3.5pt; FONT-FAMILY: Tahoma, sans-serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> See Glossary on pages 24-28 for a definition of EBITDA.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup> <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">See Glossary on pages 24-28 for a definition of RoIC.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
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<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">HIGHLIGHTS - CONTINUED</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-RIGHT: 32.4pt">TORM has decided to install scrubbers on 14 vessels including all vessels currently on order and the three LR2 vessels that were delivered earlier in 2018. These vessels have a scrubber-prepared design and there are no changes to the delivery schedule. As of today, TORM's scrubber program covers four LR2s, two LR1s and eight MRs.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-RIGHT: 54pt">As of 30 June 2018, TORM's available liquidity was USD 442m and consisted of USD 159m in cash and USD 283m in undrawn credit facilities. As of 30 June 2018, net interest-bearing debt<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup> amounted to USD 598m. As of 30 June 2018, TORM's net loan-to-value (LTV)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4</sup> ratio was 54%.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-RIGHT: 61.2pt">Based on broker valuations, TORM's fleet including newbuildings had a market value of USD 1,675m as of 30 June 2018. Compared to the broker valuations as of 31 March 2018, the fleet value has increased by USD 75m. Of the USD 1,675m, the value of new vessel contracts entered into in Q2 2018 summarized to USD 111m. Compared with Q1 2018, the broker value of the comparable fleet has decreased by USD 36m, totaling a net increase of USD 75m.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-RIGHT: 54pt">The book value of the fleet was USD 1,450m as of 30 June 2018 excluding outstanding installments on the newbuildings of USD 306m. The outstanding installments include payment for scrubbers related to these vessels. As of 30 June 2018, TORM's order book stood at ten newbuildings: one LR2, two LR1s and seven MRs, all from Guangzhou Shipyard International, China. The LR2 vessel is expected to be delivered in the third quarter of 2018 and the LR1s and the MRs in 2019 through the first quarter of 2020.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-RIGHT: 54pt">Based on broker valuations as of 30 June 2018, TORM's Net Asset Value (NAV<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">5</sup>) excluding charter commitments was estimated at USD 840.3m. This corresponds to a NAV/share of USD 11.4 or DKK 72.7. TORM's book equity amounted to USD 882m as of 30 June 2018. This corresponds to a book equity/share of USD 11.9 or DKK 76.3.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-RIGHT: 104.4pt">As of 30 June 2018, 15% of the remaining total earning days in 2018 were covered at an average rate of USD/day 16,323. As of 7 August 2018, 55% of the remaining total earning days in Q3 2018 were covered at USD/day 11,856.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 3.6pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3</sup> See Glossary on pages 24-28 for a definition of net interest-bearing debt.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 3.6pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4</sup> See Glossary on pages 24-28 for a definition of loan-to-value.</div>

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<div>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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">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.</div>
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<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">KEY FIGURES</div>

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<table id="zfca9dd60f4704fdeb61ec97b39626cd5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse; LINE-HEIGHT: normal" cellspacing="0" cellpadding="0" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">USDm</div>
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<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Q2 2018</div>
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<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Q2 2017</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Q1-Q2 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Q1-Q2 2017</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">FY 2017</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">INCOME STATEMENT</div>
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<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Revenue</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">163.3</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">157.0</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">326.3</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">329.8</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">657.0</div>
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<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Time charter equivalent earnings (TCE) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">90.4</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">93.0</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">186.7</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">199.9</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">397.1</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Gross profit <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">41.9</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">44.7</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">90.7</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">99.5</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">200.2</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">EBITDA <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">29.4</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">35.7</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">66.7</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">79.8</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">157.6</div>
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<tr style="HEIGHT: 14px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Operating profit/(loss) (EBIT)</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.5</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">7.4</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">9.5</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">21.1</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">39.6</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Financial items</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-9.1</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-8.9</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">--17.0</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-17.8</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">36.3</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Profit/(loss) before tax</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-8.6</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-1.5</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-7.5</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3.3</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3.2</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net profit/(loss) for the year/period</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-8.9</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-1.6</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-8.2</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3.0</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">BALANCE SHEET</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Non-current assets</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,452.2</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,344.3</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,452.2</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,344.3</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,385.1</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Total assets</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,743.5</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,650.7</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,743.5</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,650.7</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,646.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Equity</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">882.2</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">787.8</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">882.2</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">787.8</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">791.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Total liabilities</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">861.4</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">862.9</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">861.4</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">862.9</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">855.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Invested capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,475.1</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,340.6</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,475.1</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,340.6</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,406.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net interest-bearing debt <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">597.7</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">556.2</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">597.7</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">556.2</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">619.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">159.1</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">213.8</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">159.1</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">213.8</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">134.2</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup> For definition of the calculated key figures, please refer to the glossary on pages 24-28.</div>

<div>&#160;</div>

<div><br>
</div>

<table id="zdb6cec1b1db14d31a3e19e1b7ee4d189" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 15px">
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 8.9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Q2 2018</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.6%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Q2 2017</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.4%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Q1-Q2 2018</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 8.94%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">Q1-Q2 2017</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; BORDER-BOTTOM-COLOR: ">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center">FY 2017</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 8.94%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">KEY FINANCIAL FIGURES</font>&#160;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="BORDER-TOP: 2px solid; WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: 2px solid; WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Gross margins:</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">TCE</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">55.4%</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">59.2%</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">57.2%</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">60.6%</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">60.4%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Gross profit</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">25.7%</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">28.5%</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">27.8%</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">30.2%</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">30.4%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">EBITDA</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">18.0%</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">22.7%</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">20.4%</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">24.2%</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">24.0%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Operating profit/(loss)</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.3%</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4.7%</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.9%</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">6.4%</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">6.1%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Return on Equity (RoE)</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-4.3%</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.8%</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.0%</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.4%</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.3%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Return on Invested Capital (RoIC)</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.1%</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.1%</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.2%</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3.0%</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.8%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Equity ratio</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">50.6%</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">47.7%</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">50.6%</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">47.7%</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">48.0%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SHARE-RELATED KEY FIGURES</font>&#160;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Basic earnings/(loss) per share</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.12</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.03</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.12</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.05</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.04</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Diluted earnings/(loss) per share</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.12</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.03</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.12</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.05</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.04</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Dividend per share</div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.02</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.02</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.02</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net Asset Value per share (NAV/share) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2)</sup></div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">11.2</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">11.4</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">11.2</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">11.4</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">12.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Stock price in DKK, end of period <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3)</sup></div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">50.3</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">63.5</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">50.3</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">63.5</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">53.5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Number of shares, end of period (million) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4)</sup></div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">73.9</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">62.0</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">73.9</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">62.0</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">62.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Number of shares, average (million) <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">4)</sup></div>
</td>
<td style="WIDTH: 8.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">73.9</div>
</td>
<td style="WIDTH: 9.6%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">62.0</div>
</td>
<td style="WIDTH: 9.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">68.0</div>
</td>
<td style="WIDTH: 8.94%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">62.0</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">62.0</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;COLOR: #000000">1)</sup>&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">For definition of the calculated key figures, please refer to the glossary on pages 24-28.</font></div>

<div style="TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;COLOR: #000000">2)</sup>&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Based on broker valuations as of 30 June 2018, excluding charter commitments.</font></div>

<div style="TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;COLOR: #000000">3)</sup>&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Stock price on NASDAQ Copenhagen</font></div>

<div style="TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;COLOR: #000000">4)</sup>&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Excluding treasury shares</font></div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">4</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>
<div>&#160;</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">THE PRODUCT TANKER MARKET</div>

<div><br>
 &#160;</div>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The second quarter started with freight rate levels similar to the first quarter of the year, but in June the product tanker freight market began to slide.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Demand for clean petroleum products (CPP) was in itself firm with healthy end-user consumption in the ongoing strong economic cycle. However, the product tanker freight market remained under pressure due to a vessel overhang, among other things caused by continued cannibalization by newbuild crude carriers opting for a clean cargo for their maiden voyage due to low freight rates for crude tankers. This is a considerable factor as the largest crude carriers have a cargo capacity equivalent to that of three LR2 or six MR product tankers.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The fundamental strong demand for refined oil products exceeded refinery production, and part of the demand was met by draws on the global inventory levels which fell during the quarter. This had a negative impact on demand for seaborne transportation as inventories are often held close to the end-consumers.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Diesel inventories in key importing regions were low compared to historical averages, but maintenance work on export-oriented refineries led to diminishing diesel production, and the tight supply situation prevented a potential increase in diesel exports.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In the West, the market continued to be characterized by strong US exports primarily destined for Latin and South America. However, the volumes on this trade were reduced by higher domestic refinery production during the quarter, particularly in Brazil and Mexico. Additionally, Brazil experienced political turbulence towards the end of May as first the country's truck drivers and then its oil workers went on strike, creating negative implications for the country's economy and structural demand for refined products. A one-day strike by Argentina's truckers in June added additional pressure on US exports.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The East market was negatively impacted by reduced export volumes from the Middle and the Far East due to continued refinery maintenance. During the quarter, Middle East refineries returned to full capacity and subsequently restored export volumes to normal levels, but pressure on freight rates continued as the market sought to clear surplus tonnage in the region. Excess tonnage in the Pacific grew into the Atlantic as vessels arriving from the East tended to stay in the Atlantic Basin rather than face lower paying trades out of the region.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The global product tanker fleet (above 25,000 dwt) grew by 0.3% in the second quarter of 2018 (source: TORM).</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">During the second quarter of 2018, TORM's product tanker fleet realized average TCE earnings of USD/day 12,944 (6% down year on year), and split per vessel class:</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">LR2 fleet at USD/day 14,190 (13% down year on year)</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">LR1 fleet at USD/day 11,403 (4% up year on year)</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">MR fleet at USD/day 13,005 (8% down year on year)</font></div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Handysize fleet at USD/day 11,887 (0% year on year)</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TORM's gross profit for the second quarter of 2018 was USD 41.9m.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Outlook</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="zdf1374b96d274703959431e10651104b" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As of 30 June 2018, TORM had covered 15% of the remaining earning days in 2018 at USD/day 16,323</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z1cbbafdf114344639c020643c2fed3c9" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Up until 7 August 2018, TORM had covered 55% of the remaining earning days in Q3 2018 at USD/day 11,856.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z94d1a085726a4189ac5c8694f7d94f17" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">&#8226;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As 9,571 earning days in 2018 are unfixed as of 7 August 2018, a change in freight rates of USD/day 1,000 will impact the profit before tax by USD 9.6m</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Coverage data and operational data per vessel type are shown in the tables on the following two pages.</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">5</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div><br>
</div>

<table id="ze7be8c88e0ac44bc95750d446ab7745b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 44.46%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">COVERED AND CHARTERED-IN DAYS IN TORM &#8211; DATA AS OF 30 JUNE 2018</div>
</td>
<td style="WIDTH: 44.46%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="za27cf9a6b47d4763aa3865d30a5a9e25" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 24.95%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 24.95%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">201<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8</font></div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2019</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2020</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Owned days</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.862</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3,995</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4.006</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.250</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.585</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3.280</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">MR</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">8.919</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">19.022</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">20.368</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Handysize</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.279</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.453</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.548</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">13,310</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">28,056</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">30,201</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Charter-in and leaseback days at fixed rate</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">183</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">363</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">364</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">MR</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">366</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">726</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">728</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Handysize</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">549</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1.089</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1.092</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Charter-in days at floating rate</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">MR</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Handysize</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr style="HEIGHT: 20px">
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total physical days</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.045</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4.358</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4.370</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.250</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.585</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3.280</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">MR</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">9.285</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">19.748</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">21.096</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Handysize</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.279</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.453</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.548</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">13,859</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">29,145</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">31,293</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">&#160;</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2018</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2019</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2020</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Covered</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">%</font></div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">30%</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1%</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">5%</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">MR</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">14%</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1%</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Handysize</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">5%</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">15%</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1%</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Covered days</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">621</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">25</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">62</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">MR</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.284</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">150</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Handysize</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">69</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2,035</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">175</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Coverage rates<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>USD/day</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">21.753</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">24.273</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">LR<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font></div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">13.656</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">MR</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">14.352</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">17.239</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Handysize</div>
</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">6.468</div>
</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 49.9%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.62%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">16,323</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12.39%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">18,230</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 11.09%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 49.9%; VERTICAL-ALIGN: top" colspan="2">&#160;</td>
<td style="WIDTH: 26.62%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 12.39%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.09%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Fair value of freight rate contracts that are mark-to-market in the income statement<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">:</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;Contracts not included above<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">: </font>USD 0.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5</font>m</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;&#160;Contracts included above<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">: </font>USD 0.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5</font>m</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Actual no. of days can vary from projected no. of days primarily due to vessel sales and delays of vessel deliveries. T<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>C- in days at fixed rate do not include effects of profit split arrangements. T<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>C-in days at floating rate determine rates at the entry of each quarter, and then TORM will receive approx. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font>0<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">% </font>profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>loss compared to this rate.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">6</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>&#160;</div>

<div><br>
 &#160;</div>

<table id="z596cf7f06aea40548524bf04c86cbce1" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EARNINGS DATA</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USD</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">Q2 2017</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">Q3 2017</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">Q4 2017</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">Q1 2018</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">Q2 2018</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Change Q2 17 -Q2 18</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">12-month avg.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">LR2 vessels</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Available earning days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">889</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">833</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">871</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">1,012</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">1,090</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">23%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Spot rates <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">12,487</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">9,886</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">15,726</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,714</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,393</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-9%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">12,034</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TCE per earning day <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">16,338</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,772</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">18,106</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">15,026</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,190</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-13%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">15,436</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">910</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">920</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">920</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">1,030</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">1,154</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">27%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating expenses per operating day<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,618</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,866</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,340</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,750</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,765</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-11%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7,145</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">LR1 vessels</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Available earning days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">619</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">630</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">634</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">629</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">628</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Spot rates <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,502</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,981</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">16,145</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,638</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,805</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">3%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">14,004</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TCE per earning day <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">10,941</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,960</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">16,593</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,635</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,403</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">4%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">13,654</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">637</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">644</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">644</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">630</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">637</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating expenses per operating day<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,373</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,000</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,000</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,853</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,166</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-3%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7,005</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">MR vessels</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Available earning days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,412</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,430</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,530</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,492</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,624</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">5%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Spot rates <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,066</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,364</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,794</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,083</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">12,272</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-13%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">13,948</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TCE per earning day <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,098</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,827</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,952</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,320</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">13,005</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-8%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">14,267</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,550</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,651</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,784</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,680</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">4,732</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">4%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating expenses per operating day<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,421</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,385</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,317</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,612</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,434</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">6,436</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Handysize vessels</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Available earning days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">798</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">776</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">734</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">646</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">637</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-20%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Spot rates <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,418</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,810</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">10,494</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,540</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,708</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">3%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">11,598</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TCE per earning day <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,886</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">12,501</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">10,849</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,905</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11,887</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">11,789</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">909</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">824</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">736</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">656</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">637</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-30%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating expenses per operating day<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,455</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,356</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,671</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">5,963</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,665</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">3%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">6,416</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Available earning days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,718</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,670</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,769</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,778</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,978</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">4%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Spot rates <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">13,350</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">13,405</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,508</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">13,770</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">12,193</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-9%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">13,484</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TCE per earning day <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">13,841</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,279</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">15,067</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">14,225</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">12,944</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-6%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">14,119</div>
</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating days</div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,006</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,039</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,084</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,996</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7,160</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 29.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating expenses per operating day<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3)</sup></div>
</td>
<td style="WIDTH: 9.36%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,667</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,631</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,549</div>
</td>
<td style="WIDTH: 11.02%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,593</div>
</td>
<td style="WIDTH: 9.08%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">6,573</div>
</td>
<td style="WIDTH: 11.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1%</div>
</td>
<td style="WIDTH: 8.42%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">6,586</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Spot rate = Time Charter Equivalent Earnings for all charters with less than six months' duration = Gross freight income less bunker, commissions and port expenses.</font></div>

<div style="TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">TCE = Time Charter Equivalent Earnings = Gross freight income less bunker, commissions and port expenses.</font></div>

<div style="TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">3)</sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Operating expenses are related to owned vessels.</font></div>

<div style="TEXT-ALIGN: left">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">7</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">TORM FLEET DEVELOPMENT</div>

<div><br>
 &#160;</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TORM FLEET DEVELOPMENT</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The table shows TORM's operated fleet as of 30 June 2018. In addition to the 74 owned product tankers on the water, TORM had leased and chartered-in four product tankers.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">As of 30 June 2018, TORM had ten newbuildings on order: one LR2 vessel with expected delivery in 2018, two LR1 vessels and seven MR vessels with expected delivery in 2019 through the first quarter of 2020.</div>

<div>&#160;</div>

<div><br>
</div>

<div>&#160;</div>

<table id="z7cb473cf2537441ebcbc30da23a13578" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Q1 2018</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Changes</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Q2 2018</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Changes</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-INDENT: 12.05pt">2018</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Changes</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-INDENT: 12.05pt">2019</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Changes</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2020</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Owned vessels</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">LR2</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">9</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">10</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">11</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">11</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">LR1</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">9</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">MR</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">50</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">50</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">50</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">6</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">56</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">57</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Handysize</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">7</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">73</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">74</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">75</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">8</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.82%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">83</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.82%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">84</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom">Charter-in and leaseback vessels</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">LR2</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">3</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">1</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">1</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">LR1</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">MR</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">2</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">2</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Handysize</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">-</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 6.82%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 35%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: middle; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">5</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">4</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">3</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.82%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">3</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 6.82%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">3</div>
</td>
</tr>

<tr style="HEIGHT: 30px">
<td style="WIDTH: 35%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total fleet</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">78</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">78</div>
</td>
<td style="WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 7%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
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<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">VALUE CHAIN IN OIL TRANSPORTATION</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The global oil industry includes a range of activities and processes which contribute to the transformation of primary petroleum resources into usable end products for industrial and private customers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The value chain begins with the identification and subsequent exploration of productive petroleum fields. The unrefined crude oil is transported from the production area to refinery facilities by crude oil tankers, pipelines, road and rail.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TORM is primarily involved in the transportation of refined oil products from the refineries to the end user. In addition to clean products, TORM uses some of its vessels for transportation of residual fuels from the refineries as well as crude oil directly from the production field to the refinery.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">These fuel types are commonly referred to as dirty petroleum products, as extensive cleaning of the vessel's cargo tanks is required before a vessel can transport clean products again. In 2017, 94% of TORM's turnover was generated from clean products transportation.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">One TORM integrated operating platform</font> with in-house technical and commercial management enhances responsiveness to customers' demands and allows TORM to generate value for stakeholders as well as for the Company.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The long-term success of the Company is dependent on TORM's ability to provide safe and reliable transportation services. In addition to the items explicitly stated in the financial statements, the long&#172;term success of the Company further builds on the intellectual property of the workforce at TORM and the relationship and cooperation with external stakeholders such as oil traders, state-owned oil companies, oil majors, financial institutions, shipyards, brokers and governmental agencies.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">TORM values the relationship with its key stakeholders and aims at conducting business for the benefit of the Company's shareholders and other stakeholders.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The interaction with key stakeholders is described in the 2017 Annual Report on pages 16-18 under "Strategic Ambition and Business Model". For more information on broader value generation and TORM's Corporate Social Responsibility (CSR) policy, please see pages 28-36 of the 2017 Annual Report.</div>
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<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">FINANCIAL REVIEW</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">INCOME STATEMENT</div>

<div>The gross profit for the half year ended 30 June 2018 was USD 90.7m (2017, same period: USD 99.5m). The reduction was due to lower freight rates partially offset by lower charter hire, additional earning days and lower operating expenses. Average TCE rate for first six months of 2018 was USD/day 13,575 compared to USD/day 14,567 in the same period in 2017. Available earning days were 13,756 compared to 13,722 in the same period in 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Administrative expenses for the half year ended 30 June 2018 were USD 24.3m (2017, same period: USD 22.2m). The increase is mainly driven by an increase in employee-related costs and weakening USD/DKK.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The result before depreciation (EBITDA) for the half year ended 30 June 2018 was USD 66.7m (2017, same period: USD 79.8m).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation for the half year ended 30 June 2018 was USD 57.2m (2017, same period: USD 57.7m).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The primary operating result (EBIT) for the half year ended 30 June 2018 was USD 9.5m (2017, same period: USD 21.1m).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Financial expenses for the half year ended 30 June 2018 were USD 19.0m (2017, same period: USD 18.8m).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The result after tax for the half year ended 30 June 2018 was a loss of USD 8.2m (2017, same period: profit of USD 3.0m).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">OTHER COMPREHENSIVE INCOME</div>

<div>Other comprehensive income for the half year ended 30 June 2018 was USD 2.0m (2017, same period: USD 2.7m), resulting in a total comprehensive income for the half year ended 30 June 2018, a loss of USD 6.2m (2017, same period: an income of USD 5.7m). The development in other comprehensive income is primarily driven by a decrease in net result for the period.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">ASSETS</div>

<div>As of 30 June 2018, total assets amounted to USD 1,743.5m.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The carrying value of the fleet including prepayments was USD 1,449.8m as of 30 June 2018, excluding outstanding installments on the LR2, LR1 and MR vessels under construction of USD 306.4m. Based on broker valuations, TORM's fleet including newbuildings and resale vessels had a market value of USD 1,674.6m as of 30 June 2018.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">DEBT</div>

<div>As of 30 June 2018, net interest-bearing debt amounted to USD 597.7m. As of 30 June 2018, TORM was in compliance with the financial covenants.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EQUITY</div>

<div>As of 30 June 2018, TORM's equity was USD 882.2m, and TORM held treasury shares equivalent to 0.4% of the Company's share capital.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On 23 January 2018, TORM plc announced the USD 100m Private Placement by issuing 11,920,000 new A-shares. The related capital increase was filed with the UK Companies House on 26 January 2018. The capital increase resulted in a net increase in equity of USD 97.2m, net of issue costs.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">LIQUIDITY</div>

<div>As of 30 June 2018, TORM's available liquidity was USD 442.1m and consisted of cash and cash equivalents of USD 159.1m and undrawn credit facilities of USD 283.0m. The undrawn credit facilities consisted of a USD 75.0m working capital facility, a USD 80.6m facility financing the MR resale vessels, a USD 57.4m facility financing the LR2 newbuilding program and a USD 70.0m financing commitment for the LR1 newbuilding program. As of 30 June 2018, TORM had CAPEX commitments of USD 306.4m all related to the LR2, LR1 and MR vessels under construction.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">CASH FLOW</div>

<div>Cash flow from operating activities for the half year ended 30 June 2018 amounted to USD 43.0m (2017, same period: USD 65.3m). The decrease is primarily driven by lower net result and negative cash flow from changes in bunkers, receivables and payables.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash flow from investing activities for the first half year of 2018 was USD -118.9m (2017, same period: USD -9.2m). The change is driven by a higher newbuilding CAPEX impacted by the delivery of three LR2s and installments on the ordered three MRs and two LR1s.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash flow from financing activities for the first half year of 2018 was USD 100.8m (2017, same period: USD 81.7m). The increase is driven by the capital increase of net USD 97.2m completed in January 2018 partly offset by a higher amount of net borrowing in the two first quarters of 2017 (USD 81.7m) compared to the same period in 2018 (USD 3.6m).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">RELATED PARTY TRANSACTIONS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In connection with the USD 100m equity raise completed in January 2018, an entitity affiliated with TORM's largest shareholder, OCM Njord Holdings S.&#224; r.l. (Oaktree Capital Management), received a fee of USD 1.25m in return for fully backstopping the transaction. There have been no other related party transactions during the first half year of 2018.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">RISKS AND UNCERTAINTIES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">There are a number of potential risks and uncertainties which could have a material impact on the Group's performance over the remaining six months of 2018. Risks and uncertainties, along with the mitigation measures put in place to reduce risks, remain unchanged from those published in the Annual Report 2017 and are summarized below:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Tanker freight rates &#8211; The risk of sustained low tanker freight rates or of TORM not being able to predict and act on the development of these. Furthermore TORM is active in the cyclical product tanker industry where earnings may also be affected by seasonality</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Bunker price &#8211; The risk of unexpected bunker price increases not covered by corresponding freight rate increases</div>
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<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Timing of sale and purchase of vessels &#8211; The risk of TORM not selling and purchasing vessels timely relative to market developments and business requirements</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">For further information and detailed description of the most significant risks, please refer to Note 20 of the Annual Report 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">DIVIDENDS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">In line with the Company's distribution policy, no dividend will be paid in connection with the half year 2018 results.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On behalf of TORM plc</div>

<div><img src="image00007.jpg"></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Christopher H. Boehringer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Chairman of the Board of Directors</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">16 August 2018</div>

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<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">RESPONSIBILITY STATEMENT</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We confirm that to the best of our knowledge:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of events during the first quarter and description of principal risks and uncertainties for the remaining nine months of the year); and</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein).</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Disclaimer</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The half year report has been prepared solely to provide additional information to shareholders to assess the Group's strategies and the potential for those strategies to succeed. The half year report should not be relied on by any other party or for any other purpose.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The half year report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the time of their approval of this report. Such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking statements.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">By order of the Board of Directors:</div>

<div><img src="image00008.jpg"></div>

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</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Jacob Meldgaard</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Executive Director</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">16 August 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
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<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">CONSOLIDATED INCOME STATEMENT</div>

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<table id="zbc1186063f984bf7a054007bab7f7e3b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-INDENT: 7.05pt">Note</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>2 2018</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-Q</font>2 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-INDENT: 14.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-Q</font>2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-INDENT: 14.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
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<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Revenue</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">163.3</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">157.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">326.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">329.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">657.0</div>
</td>
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<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Port expenses. bunkers and commissions</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-72.9</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">--64.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-139.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>129.9<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">259.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Charter hire</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-1.4</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-1.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-2.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>5.1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">8.5</div>
</td>
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<tr style="HEIGHT: 17px">
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-INDENT: 7pt">1</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-47.1</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-46.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-93.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>95.3<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">188.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Profit from sale of vessels</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">2.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">2.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">2.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Administrative expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-INDENT: 7pt">1</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-12.1</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-11.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-24.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>22.2<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">45.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other operating expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.6</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>0.3<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Share of profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) from joint ventures</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.2</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Impairment losses on tangible and intangible assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-INDENT: 7pt">2</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>1.0<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">3.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-INDENT: 7pt">2</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-28.9</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-28.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-57.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>57.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-114.5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Operating profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) (EBIT)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">0.5</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">7.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">9.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">21.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">39.5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Financial income</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.5</div>
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<td style="WIDTH: 9.68%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.8</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">2.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">1.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">4.3</div>
</td>
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<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Financial expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-9.6</div>
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<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-9.7</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">--19.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>18.8</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>40.6</div>
</td>
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<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) before tax</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>8.6</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>1.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>7.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">3.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">3.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Tax</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>0.3</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>0.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>0.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>0.8</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 40%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">-8.9</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">-1.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">-8.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">3.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">2.4</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 40%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EARNINGS PER SHARE</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic earnings<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) per share (USD)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: center">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.68%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.12</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.03</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.12</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.05</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.04</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Diluted earnings<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) per share (USD)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.12</div>
</td>
<td style="WIDTH: 9.68%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.03</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.12</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.05</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.04</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">13</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">CONSOLIDATED INCOME STATEMENT PER QUARTER</div>

<div>&#160;</div>
</div>

<div>&#160;</div>

<div>
<table id="z46df895b646d44f49b25510c09c180e2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 6.55pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2 2018</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 13.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1 2018</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 13.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4 2017</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 13.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3 2017</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 13.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2 2017</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Revenue</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">163.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">163.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">171.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">155.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">157.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Port expenses. bunkers and commissions</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-72.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-66.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-69.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-60.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">--64.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Charter hire</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-1.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-1.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">--2.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-1.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-1.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-47.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-46.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-46.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-46.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-46.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Profit from sale of vessels</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">2.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Administrative expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-12.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-12.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-12.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-10.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-11.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other operating expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Share of profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) from joint ventures</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Impairment losses on tangible and intangible assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-2.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-28.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-28.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-28.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-28.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-28.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Operating profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) (EBIT)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">0.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">9.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">12.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">5.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">7.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Financial income</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">1.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">1.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">1.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Financial expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-9.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-9.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-10.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-11.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-9.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) before tax</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 6.55pt">-8.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">1.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">3.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 6.55pt">-3.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 6.55pt">-1.5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: ">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Tax</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.1</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 6.55pt">-8.9</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">0.7</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">3.6</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 6.55pt">-4.2</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 6.55pt">-1.6</div>
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<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
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<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EARNINGS PER SHARE</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Basic earnings<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) per share (USD)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.12</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.01</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.06</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.07</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.03</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Diluted earnings<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) per share (USD)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.12</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.01</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.06</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.07</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 6.5pt">-0.03</div>
</td>
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<div>&#160;</div>

<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
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<div id="DSPFPageHeader"></div>
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<div>&#160;</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</div>

<div>&#160;</div>

<div>&#160;</div>
</div>

<div>&#160;</div>

<div>
<table id="z2931b16560e141c5abc3a7f916a4d098" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">Q2 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">Q2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q1-Q2 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 24.1pt">Q1-Q2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 24.1pt">FY 2017</div>
</td>
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<tr style="HEIGHT: 14px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net profit/(loss) for the year</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-8.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-1.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-8.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">3.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">&#160; 2.4</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Other comprehensive income/(loss):</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Items that may be reclassified to profit or loss:</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Exchange rate adjustment arising from translation of entities using a functional currency different from USD</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">0.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">&#160;&#160;0.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Fair value adjustment on hedging instruments</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">4.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">2.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">&#160;&#160;9.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Value adjustment on hedging instruments transferred to income statement</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-2.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">-0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 12pt">&#160;&#160;-2.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Other comprehensive income/(loss) after tax </font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-WEIGHT: bold">1</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">)</sup></div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-1.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">2.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">&#160;&#160;7.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total comprehensive income/(loss) for the year</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-10.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">0.4</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-6.2</div>
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<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">5.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 12.05pt">&#160;&#160;9.7</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup> No income tax was incurred relating to other comprehensive income/(loss) items.</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">15</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">CONSOLIDATED BALANCE SHEET</div>

<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">AS OF 30 JUNE</div>

<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">&#160;</div>

<div>&#160;</div>

<div>
<table id="z54a8a55313ea4fe683d6393480229938" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">Note</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">30 <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">June</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">30 <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">June</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Q2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">ASSETS</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NON-CURRENT ASSETS</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Tangible fixed assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessels and capitalized dry-docking</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,399.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,282.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,294.5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Prepayments on vessels</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">50.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">59.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">88.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other plant and operating equipment</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total tangible fixed assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,452.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,344.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,384.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Financial assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investments in joint ventures</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total financial assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">0.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">0.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total non-current assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,452.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,344.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,385.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">CURRENT ASSETS</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Bunkers</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">40.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">28.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">33.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Freight receivables</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">71.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">52.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">71.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other receivables</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">16.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">8.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">11.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Prepayments</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">3.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">4.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">159.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">213.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">134.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Current assets<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>excluding assets held-for-sale</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">291.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">306.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">254.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Assets held-for-sale</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">6.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total current assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">291.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">306.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">261.5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TOTAL ASSETS</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,743.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,650.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,646.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="ze2e1411224d64b1e90604443820325b5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font>June</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font>June</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">Note</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">E<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>UITY AND LIABILITIES</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">E<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>UITY</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Common shares</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Share premium</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">97.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Treasury shares</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-2.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-2.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-2.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Hedging reserves</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">9.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">3.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Translation reserves</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Retained profit</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">777.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">787.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">785.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total equity</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">882.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">787.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">791.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">LIABILITIES</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NON-CURRENT LIABILITIES</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deferred tax liability</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">45.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">44.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">44.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Mortgage debt and bank loans</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 49pt">4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">635.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">644.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">629.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Finance lease liabilities</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">23.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">26.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">25.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total non-current liabilities</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">704.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">716.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">699.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">CURRENT LIABILITIES</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Mortgage debt and bank loans</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 49pt">4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">89.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">79.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">91.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Finance lease liabilities</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">3.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">16.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2.9</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Trade payables</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">32.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">19.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">26.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Current tax liabilities</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other liabilities</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">30.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">30.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">33.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deferred income</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total current liabilities</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">156.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">146.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">156.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total liabilities</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">861.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">862.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">855.5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TOTAL E<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>UITY AND LIABILITIES</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,743.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,650.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,646.6</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="z1c7b4c657d5e44c6abc568b202ff99f5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 28.92%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; TEXT-ALIGN: left">Contractual obligations and rights</div>
</td>
<td style="WIDTH: 58.75%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">5</div>
</td>
<td style="WIDTH: 12.54%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 28.92%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Post balance sheet date events</div>
</td>
<td style="WIDTH: 58.75%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">6</div>
</td>
<td style="WIDTH: 12.54%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 28.92%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounting policies</div>
</td>
<td style="WIDTH: 58.75%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">7</div>
</td>
<td style="WIDTH: 12.54%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">16</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>
</div>
</div>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</div>

<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">1 JANUARY - 30 JUNE</div>
</div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<table id="z84be602b8b3540a8a61c4dd8396d4e54" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 26px">
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Common <br>
 shares</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Share <br>
 premium</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Treasury</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">shares</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Hedging</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">reserves</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Translation <br>
 reserves</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Retained <br>
 profit</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Total</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Balance as of 1 January <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">20</font>1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8</font>. as shown in the financial statements of TORM plc</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-2.9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">7.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">785.8</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">791.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Effect as of 1 January <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">20</font>1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8 </font>of IFRS 1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5 </font>implementation</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.9</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Adjusted equity as of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1 </font>January <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2018</font></div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">0.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-2.9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">7.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">0.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">784.9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">790.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Comprehensive income<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>loss for the period</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-8.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-8.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other comprehensive income<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.0</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total comprehensive income<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-0.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-8.2</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-6.2</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Capital increase</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">99.9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">100.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Transaction costs capital increase</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-2.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-2.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Share-based compensation</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.1</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total changes in equity for the period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">0.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">97.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-0.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-7.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">92.1</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Equity as of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font>June <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2018</font></div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">0.7</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">97.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-2.9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">9.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">777.7</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">882.2</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Common</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Share</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Treasury</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Hedging</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Translation</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Retained</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">shares</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">premium</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">shares</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">reserves</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">reserves</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">profit</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Total</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Equity as of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1 </font>January <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2017</font></div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">0.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-2.9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">0.4</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-0.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">782.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">780.6</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Comprehensive income<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period:</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other comprehensive income<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.7</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total comprehensive income<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">0.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">3.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">5.7</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Shareholder's contribution</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Share-based compensation</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.9</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total changes in equity for the period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">0.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">4.5</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">7.2</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 30%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Equity as of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font>June <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2017</font></div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">0.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-2.9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">3.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">787.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">787.8</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">17</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">CONSOLIDATED CASHFLOW STATEMENT</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<table id="zc02d9d0af28444779f40b6c6ea94fec3" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-Q</font>2 2018</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 19.25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-Q</font>2 2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">CASH FLOW FROM OPERATING ACTIVITIES</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-8.2</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">3.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;2.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Adjustments:</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 7pt">Reversal of profit from sale of vessels</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-0.6</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>2.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>2.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 7pt">Reversal of amortization and depreciation</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">57.2</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">57.7</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;114.5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 7pt">Reversal of impairment loss on tangible and intangible assets</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">1.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;3.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 7pt">Reversal of share of profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) from joint ventures</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-0.2</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 7pt">Reversal of financial income</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">--2.0</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>1.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>4.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 7pt">Reversal of financial expenses</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">19.0</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">18.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;40.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 7pt">Reversal of tax expenses</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">0.7</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;0.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; TEXT-INDENT: 7pt">Reversal of other non-cash movements</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">1.2</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">1.5</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;3.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividends received from joint ventures</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">0.4</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest received and realized exchange gains</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">1.6</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">0.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;1.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Interest paid and realized exchange losses</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-20.1</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>16.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>36.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Income taxes paid</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-0.3</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>0.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>0.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Change in bunkers<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>receivables and payables etc<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-5.7</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">3.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>13.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net cash flow from operating activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">43.0</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">65.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">&#160;&#160;109.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-Q</font>2 2018</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-Q</font>2 2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">CASH FLOW FROM INVESTING ACTIVITIES</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">&#160;</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investment in tangible fixed assets</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-126.1</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>30.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>145.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Sale of tangible fixed assets</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">7.2</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">20.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;31.4</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net cash flow from investing activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>118.9</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>9.2</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>113.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">CASH FLOW FROM FINANCING ACTIVITIES</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">&#160;</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Borrowing<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>mortgage debt</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">57.2</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">160.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;175.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Borrowing<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>sale and leaseback transactions</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font>30.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Repayment<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>redemption<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>mortgage debt</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-52.2</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>78.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>125.5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Repayment<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>redemption<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>finance lease liabilities</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-1.4</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;-</font>16.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividend paid</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;-<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.2</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Capital increase</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">100.0</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Transaction costs capital increase</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">-2.8</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net cash flow from financing activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">100.8</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">81.7</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;&#160;62.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net cash flow from operating, investing and financing activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">24.9</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">137.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;&#160;58.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and cash equivalents<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>beginning balance</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">134.2</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">76.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;76.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and cash equivalents<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>ending balance</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 0.85pt">159.1</div>
</td>
<td style="WIDTH: 14.63%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">213.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;134.2</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">18</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">CONSOLIDATED STATEMENT OF CASH FLOW PER QUARTER&#160;</div>

<div>&#160;</div>
</div>

<div>&#160;</div>

<div>
<table id="z789f02c197d74b8bb3bdd8341864345e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Q2 2018</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Q1 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Q4 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Q3 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Q2 2017</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CASH FLOW FROM OPERATING ACTIVITIES</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.99%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) for the period</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-8.9</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-4.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-1.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Adjustments:</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Reversal of profit from sale of vessels</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-2.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Reversal of amortization and depreciation</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">28.9</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">28.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">28.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">28.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">28.3</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Reversal of impairment loss on tangible and intangible assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Reversal of share of profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss) from joint ventures</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.2</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Reversal of financial income</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.5</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-1.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-1.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-1.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Reversal of financial expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">9.6</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">9.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">10.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">11.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">9.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Reversal of tax expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.3</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Reversal of other non-cash movements</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.6</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Dividends received from joint ventures</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.4</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest received and realized exchange gains</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.5</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest paid and realized exchange losses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">--10.0</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-10.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-7.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-12.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-9.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Income taxes paid</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.1</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-0.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Change in bunkers, receivables and payables etc<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4.5</div>
</td>
<td style="WIDTH: 9.99%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-10.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-6.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-9.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">14.6</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net cash flow from operating activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">25.1</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.99%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">18.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">27.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">17.5</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">38.5</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">19</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">CONSOLIDATED STATEMENT OF CASH FLOW PER QUARTER&#160;</div>

<div>&#160;</div>

<div>&#160;</div>
</div>

<div>
<table id="zf2280ea350ab4547b2b8d6c8413cacc7" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 19px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>2 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 14.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>1 2018</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 14.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>4 2017</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 14.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>3 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>2 2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">CASH FLOW FROM INVESTING ACTIVITIES</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investment in tangible fixed assets</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-46.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-79.7</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-16.1</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">--99.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-12.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Sale of tangible fixed assets</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.2</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">10.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">14.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net cash flow from investing activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-46.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-72.5</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-16.1</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-88.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">CASH FLOW FROM FINANCING ACTIVITIES</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Borrowing<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>mortgage debt</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">28.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">28.7</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.5</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">45.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Borrowing<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>sale and leaseback transactions</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">10.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Repayment<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>redemption<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>mortgage debt</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-20.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-31.3</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-20.5</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-27.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-51.4</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Repayment<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>redemption<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>finance lease liabilities</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.7</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.7</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-14.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dividend paid</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Capital increase</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">100.0</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Transaction costs capital increase</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-2.8</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 14pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net cash flow from financing activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">6.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">93.9</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>21.8</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>41.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net cash flow from operating<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>investing and financing activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-14.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">39.4</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-10.9</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">-68.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">--1.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and cash equivalents<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>beginning balance</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">173.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">134.2</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">145.1</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">213.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">214.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash and cash equivalents<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">, </font>ending balance</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">159.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">173.6</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">134.2</div>
</td>
<td style="WIDTH: 9.76%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">145.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">213.8</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">20</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>
<div>&#160;</div>

<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">NOTES&#160;</div>

<div>&#160;</div>
</div>

<div>
<table id="z48bd84ed45e643f49ab5bd9218fa5f97" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTE 1 &#8211; STAFF COSTS</div>
</td>
<td style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<table id="z831473eea84847e2a9ab118848123f9d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr style="HEIGHT: 14px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-Q</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-Q</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">2</font></div>
</td>
<td style="WIDTH: 10.4%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>2 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Q</font>2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2017</div>
</td>
<td style="WIDTH: 10.4%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">FY 2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Included in operating expenses</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">4.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">4.6</div>
</td>
<td style="WIDTH: 10.4%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">9.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Included in administrative expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">9.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">9.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">19.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">16.8</div>
</td>
<td style="WIDTH: 10.4%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">34.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total staff costs</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">11.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">11.4</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">24.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">21.4</div>
</td>
<td style="WIDTH: 10.4%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">43.8</div>
</td>
</tr>
</table>

<div>&#160;</div>

<div>&#160;</div>

<table id="z7f0724670e0440a1a56fee756ec8120c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTE 2 &#8211; VESSELS AND CAPITALIZED DRY-DOCKING</div>
</td>
</tr>
</table>

<div>&#160;</div>

<table id="z9c35fbe5591b4d19a2bb34fdc8f51dcb" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 8pt">30 June<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> 2018</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">30 June<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> 2017</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">FY 2017</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cost:</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15.32%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Balance as of beginning of period</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,726.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,697.4</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,697.4</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Additions</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">97.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">15.6</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">103.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Disposals</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-4.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-3.9</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-14.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Transferred to/from other items</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">63.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Transferred to assets held-for-sale</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 8pt">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-32.1</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-59.6</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,883.4</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,677.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15.32%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,726</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Depreciation:</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15.32%; VERTICAL-ALIGN: middle">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Balance as of beginning of period</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">258.5</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">180.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Disposals</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-4.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-3.9</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-14.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation for the period</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">56.7</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">57.4</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">113.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Transferred to assets held-for-sale</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 8pt">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">--13.0</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-20.8</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Balance</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">310.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">220.5</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15.32%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">258.5</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Impairment:</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15.32%; VERTICAL-ALIGN: middle">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Balance as of beginning of period</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">173.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">173.6</div>
</td>
<td style="WIDTH: 15.32%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">173.6</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Balance</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">173.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">173.6</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15.32%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">173.6</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Carrying amount</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,399.5</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,282.9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15.32%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,294.5</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Included in the carrying amount for "Vessels and capitalized dry-docking" are capitalized dry-docking costs in the amount of USD 62.1m (30 June 2017: USD 68.9m, 31 December 2017: USD 68.1m).</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The depreciation expense for the first half year ended 30 June 2018 related to "Other plant and operating equipment" of USD 0.5m is included in the "Administration expenses" (30 June 2017: USD 0.4m, 31 December 2017: USD 0.9m).</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Impairment assesment</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">For determination of the vessel values, TORM has carried out an assessment of the most significant assumptions used in the value in use calculations for the Annual Report as of 31 December 2017 (please refer to Note 8 in the Annual Report 2017). Based on this, TORM has assessed that there are no significant changes in the assumptions to either the fair value or the value in use, and therefore TORM does not find any need to reassess the recoverable amount as of 30 June 2018.</div>

<div>&#160;</div>
</div>

<div>
<table id="z8bc48fc39c0446b7be89c453310f5258" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 84.49%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NOTE 3 &#8211; PREPAYMENTS ON VESSELS</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 5.17%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 5.17%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 5.17%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>
</table>

<div><br>
</div>

<table id="za40127b73e154f92ba98d7110082dd89" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 9.05pt">30 June</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">30 June</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 9.05pt">2018</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 9.05pt">2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">FY 2017</div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Balance as of beginning of period</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">88.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 9pt">44.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">44.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Additions</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">25.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 9pt">15.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">44.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Transferred to vessels</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-63.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 9pt">-59.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Carrying amount</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">50.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 9.05pt">59.4</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">88.4</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">21</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>&#160;</div>

<div>
<table id="z191f0097b8244c849c29364b6842a806" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">NOTE 4 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8211; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">MORTGAGE DEBT AND BANK LOANS</font></div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="z8499611558bc4da085624f5e90ef8837" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" rowspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea" rowspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">30 June<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> 2018</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" rowspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">30 June<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> 2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" rowspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">FY 2017</div>
</td>
</tr>

<tr>
<td></td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Mortgage debt and bank loans to be repaid as follows:</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Falling due within one year</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">90.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">79.5</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">92.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Falling due between one and two</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">86.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">138.5</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">86.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Falling due between two and three years</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">86.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">69.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">82.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Falling due between three and four years</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">381.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">69.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">346.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Falling due between four and five years</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">21.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">348.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">89.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Falling due after five years</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">21.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">28.3</div>
</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">730.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 8.05pt">727</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">725.8</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 5.4m (30 June 2017: USD 3.4m, 31 December 2017: USD 4.8m), which are amortized over the term of the loans.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">As of 30 June 2018, TORM was in compliance with the financial covenants. TORM expects to remain in compliance with the financial covenants in the remaining period of 2018.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">During the first half year of 2018, TORM signed a financing agreement with Danish Ship Finance to extend an existing agreement with collateral in nine vessels. The new financing agreement amounts to USD 79.4m and extends the final facility maturity by two years from 2019 to 2021.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Additionally, TORM signed a financing agreement with ABN AMRO for USD 70m financing newbuildings with expected drawdown at the end of 2019 and maturity in 2024.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The main conditions in the agreements are in line with the Company's existing loan agreements.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">During the first half year of 2018, three out of four LR2 newbuildings from GSI were delivered to TORM. The vessels are financed by The Export-Import Bank of China with final maturity in 2030, and TORM has made two drawdowns on one vessel.</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">
<div>&#160;</div>

<div>
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<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">NOTE&#160;5 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8211; CONTRACTUAL OBLIGATIONS AND RIGHTS</font></div>
</td>
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<div>&#160;</div>
</div>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">As of 30 June 2018, TORM has contractual obligations regarding newbuilding commitments and chartered-in vessels of USD 306.4m and USD 0.1m respectively (30 June 2017: USD 134.4m and USD 6.6m, 31 December 2017: USD 306.9m and USD 2.9m). In addition, TORM has contractual rights regarding charter hire income from vessels of USD 25.3m (30 June 2017: USD 74.6m, 31 December 2017: USD 50.2m).</div>

<div>&#160;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">
<div>&#160;</div>

<div>
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<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">NOTE&#160;6 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8211; POST BALANCE SHEET DATE EVENTS</font></div>
</td>
</tr>
</table>

<div>&#160;</div>
</div>
</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8226;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">On 23 July, the LR2 TORM Marie was redelivered to the owner.</font></div>

<div>&#160;</div>

<div><br>
</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">22</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">
<div>&#160;</div>

<div>
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<td style="BORDER-TOP: #000000 2px solid; WIDTH: 100%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">NOTE&#160;7 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#8211; ACCOUNTING POLICIES</font></div>
</td>
</tr>
</table>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">General information</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The information for the year ended 31 December 2017 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on those accounts was not qualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Significant accounting policies</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The interim report for the period 1 January-30 June 2018 is presented in accordance with IAS 34 "Interim Financial Reporting" as adopted by the EU. The interim report has been prepared using the accounting policies of TORM plc that are consistent with the accounting policies of the Annual Report 2017 and additional IFRS standards endorsed by the EU effective for accounting periods beginning after 1 January 2018. New standards have not had any material effect on the interim report other than mentioned below. The accounting policies are described in more detail in the Annual Report 2017. The interim report for the first quarter of 2018 is not audited or reviewed, in line with normal practice.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Implementation of IFRS 9</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On 1 January 2018, TORM implemented IFRS 9, "Financial Instruments", which replaces IAS 39, and which introduces the "expected losses" model to replace the "incurred losses" model for recognition of credit losses. TORM has assessed that the impact from the change is insignificant.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Implementation of IFRS 15</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On 1 January 2018, TORM also implemented IFRS 15, "Revenue from Contracts with Customers", which replaces IAS 11, IAS 18 and associated interpretations. We have implemented IFRS 15 with retrospective effect, however, we have elected to utilize the relief from restating comparative figures (modified retrospective method). The standard has changed the recognition pattern of revenue. The change in revenue recognition has gone from recognizing from "discharge-to-discharge" to "load-to-discharge". The effect of the implementation as of 1 January 2018 amounts to USD 0.9m.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Going concern</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Group monitors its funding position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuildings and loan commitments, and to monitor compliance with the financial covenants in its loan facilities. As of 30 June 2018, TORM's cash position was USD 159m, TORM's debt was USD 757.5m and the net debt loan-to-value ratio was 54.0%. TORM performs sensitivity calculations to reflect different scenarios including, but not limited to, future freight rates and vessel valuations in order to identify risks to future liquidity and covenant compliance and to enable Management to take corrective actions, if required. The principal risks and uncertainties facing the Group are set out on page 11.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The Board of Directors has considered the Group's cash flow forecasts and the expected compliance with the Company's financial covenants for a period of not less than 12 months from the date of approval of these financial statements. Based on this review, the Board of Directors has a reasonable expectation that, taking into account reasonably possible changes in trading performance and vessel valuations, the Group will be able to continue in operational existence and comply with its financial covenants for the foreseeable future. Accordingly, the Group continues to adopt the going concern basis in preparing its financial statements.</div>

<div>&#160;</div>

<div><br>
</div>

<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

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<div>&#160;</div>

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<div>
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">GLOSSARY</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">KEY FINANCIAL FIGURES</div>
</div>

<div>&#160;</div>
</div>

<div>&#160;</div>

<div>
<table id="z5375ae5f68134f3b9644bbebd994db4d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">TCE %</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">=</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">TCE</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">Revenue</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Gross profit %</div>
</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">=</div>
</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Gross profit</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Revenue</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">EBITDA %</div>
</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">=</div>
</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">EBITDA</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Revenue</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating profit/(loss) %</div>
</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">=</div>
</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating profit/(loss) (EBIT)</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Revenue</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Return on Equity (RoE) %</div>
</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">=</div>
</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net profit/(loss) for the year</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average equity</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Return on invested Capital (RoIC) %</div>
</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">=</div>
</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating profit/(loss) less tax</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average invested capital</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Equity ratio</div>
</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">=</div>
</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Equity</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total assets</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Earnings per share, EPS</div>
</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">=</div>
</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net profit/(loss) for the year</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average number of shares</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Diluted earnings/(loss) per share, EPS (USD)</div>
</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">=</div>
</td>
<td style="WIDTH: 26.63%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net profit/(loss) for the year</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 22.85%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 1.76%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 3.66%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 26.63%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average number of shares less average number of treasury shares</div>
</td>
<td style="WIDTH: 47%; VERTICAL-ALIGN: top">&#160;</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">24</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
<div>
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">GLOSSARY</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">ALTERNATIVE PERFORMANCE MEASURES</div>
</div>

<div>&#160;</div>
</div>
</div>

<div>&#160;</div>

<div>
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Throughout the interim report, several APMs are used. The APMs used are the same as in the Annual Report, and therefore we refer to the principles for these on pages 144-149 in the TORM plc Annual Report 2017. See <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #0000ff; FONT-STYLE: normal"><u>www.torm.com/investors</u></font>.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Time Charter Equivalent (TCE) earnings</font>: TORM defines TCE earnings, a performance measure, as revenue after port expenses, bunkers and commissions incl. freight and bunker derivatives. The Company reports TCE earnings because we believe it provides additional meaningful information to investors in relation to revenue, the most directly comparable IFRS measure. TCE earnings is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance irrespective of changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Below is presented a reconciliation from Revenue to TCE earnings:</div>
</div>

<div>&#160;</div>

<div>
<table id="z413bc1a628224f868e4e956836eb79b7" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 9.56%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q2 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">Q1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>Q2<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>Q2<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> 2017</div>
</td>
<td style="WIDTH: 10.03%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Reconciliation to revenue</div>
</td>
<td style="WIDTH: 9.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10.03%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Revenue</div>
</td>
<td style="WIDTH: 9.56%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">163.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">157.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">326.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">329.8</div>
</td>
<td style="WIDTH: 10.03%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">657</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Port expenses. bunkers and commissions</div>
</td>
<td style="WIDTH: 9.56%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-72.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">--64.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-139.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>129.9</div>
</td>
<td style="WIDTH: 10.03%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-259.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">TCE earnings</div>
</td>
<td style="WIDTH: 9.56%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">90.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">93.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">186.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">199.9</div>
</td>
<td style="WIDTH: 10.03%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">397.1</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div><font style="FONT-WEIGHT: bold">Gross profit</font>: TORM defines Gross profit, a performance measure as revenues less port expenses, bunkers and commissions, charter hire and operating expenses. The Company reports Gross profit because we believe it provides additional meaningful information to investors, as Gross profit measures the net earnings from shipping activities. Gross profit is calculated as follows:</div>

<div>
<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">
<table id="ze344d201011248c1bc514a2e5ba02c34" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 50.78%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">Q1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>Q2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 56.2pt">Q1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>Q2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q2 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.78%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Reconciliation to revenue</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50.78%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Revenue</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">163.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">157.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">326.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">329.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">657</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.78%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Port expenses, bunkers and commissions</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-72.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">--64.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-139.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>129.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>259.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.78%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Charter hire</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-2.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-13.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-8.5</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 50.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating expenses</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-47.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-46.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-93.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-283.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-188.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Gross profit</div>
</td>
<td style="WIDTH: 9.2%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">41.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">44.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">90.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">99.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">&#160;&#160;200.2</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-WEIGHT: bold">Net interest-bearing debt</font>: Net interest-bearing debt is defined as mortgage debt and bank loans (current and non-current), finance lease liabilities, and amortised bank fees less cash and cash equivalents. Net interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance our investments. As such, TORM believes that net interest-bearing debt is a relevant measure which Management uses to measure the overall development of our use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as follows:</div>
</div>

<div>
<table id="z230edb52cdc445aaa719f5b370554b15" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font>June</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font>June</div>
</td>
<td style="WIDTH: 14.83%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">2018</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">2017</div>
</td>
<td style="WIDTH: 14.83%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Mortgage debt and bank loans (current and non-current)</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">725.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">723.6</div>
</td>
<td style="WIDTH: 14.83%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;72<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0</font>.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Finance lease liabilities</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">26.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">43.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0</font></div>
</td>
<td style="WIDTH: 14.83%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font>28.2</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Amortized bank fees</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">4.7</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">3.4</div>
</td>
<td style="WIDTH: 14.83%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;4.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-159.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>213.8</div>
</td>
<td style="WIDTH: 14.83%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>134.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net interest-bearing debt</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">597.7</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">556.2</div>
</td>
<td style="WIDTH: 14.83%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt">&#160;&#160;619.7</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">25</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>
<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
<div>
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">GLOSSARY</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">ALTERNATIVE PERFORMANCE MEASURES</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">- continued</div>
</div>

<div>&#160;</div>
</div>
</div>

<div>&#160;</div>
</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">EBITDA</font>: TORM defines EBITDA as earnings before financial income and expenses, depreciation, impairment, amortization and taxes. The computation of EBITDA refers to financial income and expenses which the Company deems to be equivalent to "interest" for purposes of presenting EBITDA. Financial expenses consist of interest on bank loans, losses on foreign exchange transactions and bank charges. Financial income consists of interest income and gains on foreign exchange transactions.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">EBITDA is used as a supplemental financial measure by Management and external users of financial statements, such as lenders, to assess TORM's operating performance as well as compliance with the financial covenants and restrictions contained in the Company's financing agreements. TORM believes that EBITDA assists Management and investors by increasing comparability of the Company's performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods, capital structure and which may significantly affect profit/(loss) between periods. Including EBITDA as a measure benefits investors in selecting between investment alternatives.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">EBITDA excludes some, but not all, items that affect profit/(loss), and these measures may vary among other companies and not be directly comparable. The following table reconciles EBITDA to net profit/ (loss), the most directly comparable IFRS financial measure, for the periods presented:</div>
</div>

<div>&#160;</div>

<div>
<table id="zdc0e5c64681f4d878397805486546703" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">Q1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>Q2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 60.25pt">Q1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>Q2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">Q2 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">Q2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Reconciliation to net profit<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">/</font>(loss)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Net profit/(loss) for the year</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-8.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-8.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">3<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;2<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.4</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Tax</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;0<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>8</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Financial expenses</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">9.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">9.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">19.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">18<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4</font>0<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Financial income</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">--2.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font>.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font>-4.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Depreciation</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">28.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">28.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">57.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">5</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">7.7</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">11<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4.</font>5</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Impairment losses on tangible assets</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;3<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EBITDA</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">29.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">35.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">66.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">79.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">&#160;&#160;157.6</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-WEIGHT: bold">Return on Invested Capital (RoIC)</font>: TORM defines RoIC as earnings before interest and tax (EBIT) less tax, divided by the average invested capital for the period. Invested capital is defined below.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">RoIC expresses the returns generated on capital invested in the Group. The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors. RoIC is calculated as follows:</div>
</div>

<div>&#160;</div>

<div>
<table id="z7b508f1fdaf644c4865ff86d0e117499" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">Q1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>Q2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 52.7pt">Q1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font>Q2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">Q2 2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q2 2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">2018</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">2017</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Operating profit/(loss) (EBIT)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">9.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">21<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;39<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>5</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Tax</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-0.7</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">8</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EBIT less Tax</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">0.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">7.3</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">8.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">20.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">&#160;&#160;38.7</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EBIT less Tax - Full year equivalent</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">0.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">29.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">17.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">41.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">&#160;&#160;38.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Average invested capital <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-FAMILY: 'Cambria Math', serif">)</sup></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,44</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6</font></div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font>359<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">1,440.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">1,364.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font>396<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font>9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Return on Invested Capital (RoIC)</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">0.1%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2.1%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">1.2%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">3.0%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">2.8%</div>
</td>
</tr>
</table>

<div><br>
</div>

<table id="z2f8e95ab92f74e61a51805b4702f84b2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 100%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><strong style="FONT-WEIGHT: normal"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup></strong>) </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal">Average invested capital is calculate as the average of the opening- and closing balance of invested capital.</font></div>
</td>
</tr>
</table>

<div>&#160;</div>

<div><br>
 &#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">26</font></div>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
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<div>
<div>&#160;</div>

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<div>&#160;</div>

<div>
<div>
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">GLOSSARY</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">ALTERNATIVE PERFORMANCE MEASURES</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">- continued</div>
</div>

<div>&#160;</div>

<div>&#160;</div>
</div>
</div>
</div>

<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Loan-to-value (LTV)</font>: TORM defines Loan-to-value (LTV) ratio as Vessel values divided by net borrowings of the vessels.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">LTV describes the net debt ratio of the vessels, and is used by TORM to describe the financial situation, the liquidity risk as well as to express the future possibilities to raise new capital by new loan facilities.</div>

<div>&#160;</div>

<div>
<table id="zee2d7a1319f143c9b105a3c9a7ab7f5b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">June</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 67.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">June</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2018</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Vessel values including newbuildings (broker values)</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font>674.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font>354.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font>661.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total (value)</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,674.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">1,354.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">&#160;&#160;1,661.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Outstanding debt <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</font></sup></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">756.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">770.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;753.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Committed CAPEX on newbuildings</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">306.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">134.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;306.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash and cash equivalents</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-159.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">213.8</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">134.2</font></div>
</td>
</tr>

<tr style="HEIGHT: 15px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total (loan)</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">904.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">690.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">&#160;&#160;926.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Loan-to-value (LTV) ratio</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">54.0%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">51.0%</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;55.8%</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><font style="FONT-WEIGHT: normal"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1)</sup>&#160; Outstanding debt </font><font style="FONT-WEIGHT: normal">includes long-term and </font><font style="FONT-WEIGHT: normal">short-term Mortgage and bank loans and Finance liabilities</font></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal">.</font></div>

<br>
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Invested capital</font>: TORM defines invested capital as the sum of intangible assets, tangible fixed assets, investments in joint ventures, bunkers, accounts receivables, assets held-for-sale (when applicable), deferred tax liability, trade payables, current tax liabilities and deferred income. Invested capital measures the net investment used to achieve our operating profit. The Company believes that invested capital is a relevant measure that Management uses to measure the overall development of the assets and liabilities generating our net profit. Such measure may not be comparable to similarly titled measures of other companies. Invested capital is calculated as follows:</div>

<div><br>
</div>

<div>
<table id="z819ef8603e72497299cd2ccb80c51e67" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">June</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 67.75pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">30 </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">June</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDm</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">2018</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">FY </font>2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Tangible and intangible fixed assets</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,452.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font>344.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font>384.8</div>
</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investments in joint ventures</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">0.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;0.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Bunkers</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">40.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">28.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;33.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Accounts receivables <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</font></sup></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">91.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">63.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt">&#160;&#160;87.5</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Assets held-for-sale</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">-</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">6.6</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deferred tax liability</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">--45.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">44.9</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">44.9</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Trade payables <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;FONT-FAMILY: 'Cambria Math', serif">)</sup></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-62.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">50.3</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">60.0</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Current tax liabilities</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-1.5</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.9</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.4</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Deferred income</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.2</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.2</font></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 7.5pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">0.1</font></div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Invested capital</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">1,475.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">1,340.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7.55pt">&#160;&#160;1,406.0</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1</sup>)&#160; Accounts receivables includes Freight receivables, Other receivables and Prepayments.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">2</sup>)&#160; Trade payables includes Trade payables and Other liabilities.</div>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter" style="WIDTH: 100%">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: right"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal">27</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>

<div id="DSPFPageHeader"></div>
</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
<div>
<div style="FONT-SIZE: 25pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-WEIGHT: bold; COLOR: #003977; TEXT-ALIGN: left">GLOSSARY</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">ALTERNATIVE PERFORMANCE MEASURES</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Gotham Medium', Arial, monospace; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left">- continued</div>
</div>

<div>&#160;</div>
</div>
</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>Net Asset Value per share (NAV/share)</u></font>: TORM believes that the NAV/share is a relevant measure that Management uses to measure the overall development of the assets and liabilities per share. Such measure may not be comparable to similarly titled measures of other companies. NAV/share is calculated using broker values of vessels and excluding charter commitments. NAV/share is calculated as follows:</div>

<div>&#160;</div>

<div>
<table id="z280cb85368854527ab53fef3e38703de" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: top">&#160;</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 10.05pt">30 June</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 10.05pt">30 June</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">&#160;</td>
</tr>

<tr style="HEIGHT: 17px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USDrn</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 10.05pt">2018</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 10.05pt">2017</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 10.05pt">FY 2017</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Net Asset Value per share</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total vessel values indudmg newbuildings (broker values)</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">1,674.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1,354.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1661.1</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Committed CAPE% on newbuedirms</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">-306.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-134.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">-306.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Cash position</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">359.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">21.3.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">134.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Bunkers</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">40.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">28.8</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">33.2</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Freight receivables</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">71.6</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">52.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">71.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other receivables</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">16.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">8.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">11.8</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other plant and operating eouipment</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">1.7</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">1.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Investments in taint ventures</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.1</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.3</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Prepayments</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">3.4</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2.5</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">4.4</div>
</td>
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<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Outstanding debt <sup style="vertical-align: text-top; line-height: 1; font-size: smaller">1<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">)</font></sup></div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-757.5</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-770.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">-751.9</div>
</td>
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<tr style="HEIGHT: 17px">
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Trade payables</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-32.6</div>
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<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-19.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">-26.2</div>
</td>
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<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Other liabilities</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">--30.0</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-30.4</div>
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<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-33.8</div>
</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Current tax liabilities</div>
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<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">-1.5</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-0.9</div>
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<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">-1.4</div>
</td>
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<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Net Asset Value (NAV)</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 9.05pt">840.3</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">706.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">796.0</div>
</td>
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<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Total number of <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><font style="FONT-WEIGHT: normal">shares</font> </font>excluding treasury shares (million)</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 10pt">73.9</div>
</td>
<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">62.0</div>
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<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">62.0</div>
</td>
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<tr>
<td style="WIDTH: 55%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Total Net Asset Value per share (NAV/share)</div>
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<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #eaeaea">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; TEXT-INDENT: 9.05pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">11.4</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">&#160;</font></div>
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<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">11.4</div>
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<td style="WIDTH: 15%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">12.8</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">'<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">)</sup> </font><font style="FONT-SIZE: 3.5pt; FONT-FAMILY: 'Cambria Math', serif">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Outstanding debt includes long-term and short-term Mortgage and bank loans and Finance liabilities</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>

<div>&#160;</div>

<div>&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #003977; TEXT-ALIGN: left">TORM INTERIM RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2018</div>
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<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right">Exhibit 99.2</div>

<div>&#160;</div>

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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
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<div>
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<div style="TEXT-ALIGN: left"><br>
<div style="TEXT-ALIGN: left; MARGIN-RIGHT: 9pt"><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif">TORM plc interim results for the half year ended 30 June 2018</font><font style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font></font><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 16.3pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">"Despite healthy end-user consumption, the product tanker market remained under pressure in the second quarter of 2018. Nevertheless, I am pleased to see TORM outperformed commercially when comparing to relevant benchmarks and peers,"</font> says Executive Director Jacob Meldgaard and continues:<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic"> "We have continued to take steps to further renew and optimize our fleet by taking delivery of one LR2 newbuilding in the second quarter and exercising newbuilding options for three MR vessels. In addition, we have to date decided to install scrubbers on 14 of our vessels to prepare for the expected consequences of the IMO sulfur emission directive that will come into force in 2020."</font></div>

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<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">EBITDA for the second quarter of 2018 was USD 29.4m (2017, same period: USD 35.7m). The loss before tax amounted to USD 8.6m (2017, same period: USD -1.5m). Cash flow from operating activities was positive with USD 25.1m in the second quarter of 2018 (2017, same period: USD 38.5m) and loss per share (EPS) was 12 cents (2017, same period: -3 cents). Return on Invested Capital (RoIC) was 0.1% (2017, same period: 2.1%).</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">EBITDA for the half year ended 30 June 2018 was USD 66.7m (2017, same period: USD 79.8m). The result before tax for the first six months of 2018 was a loss of USD 7.5m (2017, same period: profit of USD 3.3m). Cash flow from operating activities was positive with USD 43.0m in the first six months of 2018 (2017, same period: USD 65.3m) and loss per share (EPS) was 12 cents (2017, same period: 5 cents). Return on Invested Capital (RoIC) was 1.2% (2017, same period: 3.0%).</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">In the second quarter of 2018, TORM achieved TCE rates of USD/day 12,944 (2017, same period: USD/day 13,841). In the second quarter of 2018, product tanker freight rates started out at levels close to the levels seen in the first quarter of 2018, but the rates started to slide towards the end of the quarter.</div>
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<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As of 30 June 2018, 15% of the remaining total earning days in 2018 were covered at an average rate of USD/day 16,323. As of 7 August 2018, 55% of the remaining total earning days in Q3 2018 were covered at USD/day 11,856.</div>
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<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">TORM has decided to install scrubbers on 14 vessels including all vessels currently on order and the three LR2 vessels that were delivered earlier in 2018. These vessels have a scrubber-prepared design and there are no changes to the delivery schedule. As of today, TORM's scrubber program covers four LR2s, two LR1s and eight MRs.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">In early April 2018, TORM exercised newbuilding options for three MR vessels for a total net consideration of USD 93m of which USD 63m is financed by banks. The three vessels are scheduled to be delivered in 2019 through the first quarter of 2020.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">TORM took delivery of two LR2 newbuildings in the first quarter of 2018 and on 20 April 2018 a third newbuilding, TORM Hellerup, was delivered. In June 2018, TORM redelivered the chartered LR2 vessel TORM Margrethe to its owner after expiry of the charter period. As of 30 June 2018, TORM's fleet consists of 74 owned vessels, four chartered-in vessels and ten vessels on order.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As of 30 June 2018, TORM's available liquidity was USD 442m and consisted of USD 159m in cash and USD 283m in undrawn credit facilities. As of 30 June 2018, net interest-bearing debt amounted to USD 598m. As of 30 June 2018, TORM's net loan-to-value (LTV) ratio was 54%.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Based on broker valuations as of 30 June 2018, TORM's Net Asset Value (NAV) excluding charter commitments was estimated at USD 840.3m. This corresponds to a NAV/share of USD 11.4 or DKK 72. TORM's book equity amounted to USD 882m as of 30 June 2018. This corresponds to a book equity/share of USD 11.9 or DKK 76.3.</div>
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<div>&#160;</div>

<div style="TEXT-ALIGN: left">
<table id="z78f550775bcb4bf49145bb95476231e6" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Based on broker valuations, TORM's fleet including newbuildings had a market value of USD 1,675m as of 30 June 2018. Compared to the broker valuations as of 31 March 2018, the fleet value has increased by USD 75m. Of the USD 1,675m, the value of new vessel contracts entered into in Q2 2018 summarized to USD 111m. Compared with Q1 2018, the broker value of the comparable fleet has decreased by USD 36m, totaling a net increase of USD 75m.</div>
</td>
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</div>

<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
<div>&#160;</div>

<div>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 1.7pt">Announcement no. 14 / 16 August 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Results for the half year ended 30 June 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As of 30 June 2018, TORM's order book stood at ten newbuildings: one LR2, two LR1s and seven MRs, all from Guangzhou Shipyard International, China. The LR2 vessel is expected to be delivered in the third quarter of 2018 and the LR1s and the MRs in 2019 through the first quarter of 2020.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The book value of the fleet was USD 1,450m as of 30 June 2018 excluding outstanding installments on the newbuildings of USD 306m.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">CONFERENCE CALL</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">TORM will be hosting a conference call for investors and financial analysts at 3 pm CET (9 am EST) today, 16 August 2018. Please dial in 10 minutes before the conference is due to start on +45 8071 8097 (from Europe) or +1 866 966 1396 (from the USA). Conference ID: 3498788. The presentation can be downloaded from www.torm.com.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">CONTACT</div>
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<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: medium none; WIDTH: 50%; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">TORM plc</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">Jacob Meldgaard, Executive Director, tel.: +45 3917 9200</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">Birchin Court, 20 Birchin Lane</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">Christian S&#248;gaard-Christensen, CFO, tel.: +45 3917 9200</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">London, EC3V 9DU, United Kingdom</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">Tel.: +44 203 713 4560</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9pt">www.torm.com</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 9.05pt">ABOUT TORM</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9.05pt">TORM is one of the world's leading carriers of refined oil products. The Company operates a fleet of approximately 80 modern vessels with a strong commitment to safety, environmental responsibility and customer service. TORM was founded in 1889. The Company conducts business worldwide. TORM's shares are listed on NASDAQ Copenhagen and NASDAQ New York (tickers: TRMD A and TRMD). For further information, please visit www.torm.com.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-RIGHT: 9.05pt">SAFE HARBOR STATEMENTS AS TO THE FUTURE</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9.05pt">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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9.05pt">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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9.05pt">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.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9.05pt">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.</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-RIGHT: 9.05pt">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.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 1.7pt">Announcement no. 14 / 16 August 2018</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Results for the half year ended 30 June 2018</div>
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<DOCUMENT>
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