<SEC-DOCUMENT>0000919574-19-001038.txt : 20190212
<SEC-HEADER>0000919574-19-001038.hdr.sgml : 20190212
<ACCEPTANCE-DATETIME>20190212172143
ACCESSION NUMBER:		0000919574-19-001038
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20190212
DATE AS OF CHANGE:		20190212

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:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228878
		FILM NUMBER:		19592092

	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>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>d8119619_424b-3.htm
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    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Filed Pursuant to Rule 424(b)(3)</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Registration No. 333-228878</div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">PROSPECTUS</div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">TORM PLC</div>
      <div style="TEXT-ALIGN: center"><img src="image0.jpg" style="HEIGHT: 97px; WIDTH: 122px"></div>
      <div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">$250,000,000</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Common Shares, Preferred Shares, Debt Securities,</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Warrants, Purchase Contracts, Rights and Units</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">and</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">47,600,172 Class A Common Shares</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">offered by the Selling Shareholder</div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">We may, from
        time to time in one or more offerings, offer and sell our common shares, preferred shares, debt securities, warrants, purchase contracts, rights and units.</font> We may also offer securities of the types listed above that are convertible or
      exchangeable into one or more of the securities listed above. The aggregate offering price of all securities issued under this prospectus may not exceed <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR:
        #ffffff">$250 million</font>.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">We may offer
        and sell these securities in amounts, at prices and on terms to be determined by market conditions and other factors at the time of the offering. This prospectus describes only the general terms of these securities and the general manner in which
        we will offer the securities. The specific terms of any securities we offer will be included in a supplement to this prospectus. The prospectus supplement will describe the specific manner in which we will offer the securities and also may add,
        update or change information contained in this prospectus. We may sell the securities offered by this prospectus directly or through underwriters, agents or dealers, the names of which and the specific terms of a plan of distribution will be stated
        in the applicable prospectus supplement.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">In addition,
        OCM Njord Holdings S.&#224; r.l., which we refer to herein as Njord Luxco or the Selling Shareholder, may sell in one or more offerings pursuant to this registration statement up to </font>47,600,172<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New
        Roman', Times, serif; BACKGROUND-COLOR: #ffffff"> of our Class A common shares. The Selling Shareholder may sell any or all of these common shares on any stock exchange, market or trading facility on which the shares are traded or in privately
        negotiated transactions at fixed prices that may be changed, at market prices prevailing at the time of sale or at negotiated prices. Information on the Selling Shareholder and the times and manners in which they may offer and sell our common
        shares is described under the sections entitled "Selling Shareholder" and "Plan of Distribution" in this prospectus. We will not receive any of the proceeds from the sale of our Class A common shares by the Selling Shareholder.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Our Class A
        common shares currently trade on Nasdaq Copenhagen A/S, or Nasdaq Copenhagen, under the symbol "TRMD A" and on Nasdaq Stock Market LLC in New York, or Nasdaq New York, under the symbol "TRMD". </font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY:
        'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The applicable prospectus supplement will contain information, where applicable, as to any other listing on the Nasdaq New York or any securities market or other exchange of the
        securities, if any, covered by the prospectus supplement.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">An investment in these securities involves risks. See the section entitled "Risk Factors"
      beginning on page 9 of this prospectus, and other risk factors contained in the applicable prospectus supplement and in the documents incorporated by reference herein and therein.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
      these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</div>
    <div style="BACKGROUND-COLOR: #ffffff"><br>
    </div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-LEFT: 0.1pt; MARGIN-RIGHT: 0.1pt">The date of this prospectus is February 12, 2019.</div>
      <div style="MARGIN-BOTTOM: 12pt"><br>
      </div>
      <div><br>
      </div>
    </div>
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    </div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">TABLE OF CONTENTS</div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="TEXT-ALIGN: justify"><br>
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    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="z8596bc43935a460bb44d6b4c120855bd">

        <tr>
          <td style="WIDTH: 93.12%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">Page</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 93.12%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">&#160;</td>
        </tr>
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          <td style="WIDTH: 93.12%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">1</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">PROSPECTUS SUMMARY</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">3</div>
          </td>
        </tr>
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          <td style="WIDTH: 93.12%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">RISK FACTORS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">9</div>
          </td>
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          <td style="WIDTH: 93.12%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">RATIO OF EARNINGS TO FIXED CHARGE</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">11</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">USE OF PROCEEDS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">12</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">CAPITALIZATION</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">13</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">PRICE RANGE OF COMMON SHARES</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">14</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">PLAN OF DISTRIBUTION</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">15</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">SELLING SHAREHOLDER</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">17</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">DESCRIPTION OF SHARE CAPITAL</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">18</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">DESCRIPTION OF DEBT SECURITIES</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">22</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">DESCRIPTION OF WARRANTS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">29</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">DESCRIPTION OF PURCHASE CONTRACTS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">30</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">DESCRIPTION OF RIGHTS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">31</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">DESCRIPTION OF UNITS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">32</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">TAX CONSIDERATIONS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">33</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">ENFORCEABILITY OF CIVIL LIABILITIES</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">41</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">LEGAL MATTERS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">41</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">EXPERTS</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">41</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">41</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">INFORMATION INCORPORATED BY REFERENCE</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">42</div>
          </td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">EXPENSES</div>
          </td>
          <td style="WIDTH: 6.88%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">43</div>
          </td>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ABOUT THIS PROSPECTUS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This prospectus is part of a registration statement on Form F-3 that we have filed with the U.S. Securities and
      Exchange Commission, or the SEC, using a shelf registration process. Under the shelf registration process, we may sell common, preferred shares, debt securities, warrants, purchase contracts, rights and units described in this prospectus from time to
      time in one or more offerings, up to a total of $250 million.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This prospectus only provides you with a general description of TORM plc <font style="FONT-SIZE: 10pt; FONT-FAMILY:
        'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">and the securities that are registered hereunder that may be offered by us or the Selling Shareholder. </font>Each time we offer securities, we will provide you with a supplement to this
      prospectus that will describe the specific information about the securities being offered and the specific terms of that offering. Any prospectus supplement may also add, update or change the information contained in this prospectus. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Any prospectus supplement may also add to, update or change information contained in this prospectus. To the extent information in this prospectus is
        inconsistent with the information contained in a prospectus supplement you should rely on the information in the prospectus supplement.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This prospectus and any prospectus supplement are part of a registration statement we filed with the SEC and do not
      contain all the information in the registration statement. Forms of the indenture and other documents establishing the terms of the offered securities are filed as exhibits to the registration statement. Statements in this prospectus or any
      prospectus supplement about these documents are summaries and each statement is qualified in all respects by reference to the document to which it refers. You should refer to the actual documents for a more complete description of the relevant
      matters.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">For further information about us or the securities offered hereby, you should refer to the registration statement,
      which you can obtain from the SEC as described below under the section entitled "Where You Can Find Additional Information."</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The
        information in this prospectus is accurate as of its date. Additional information, including our financial statements and the notes thereto, is incorporated in this prospectus by reference to our reports filed with the SEC. </font>You should rely
      only on the information contained or incorporated by reference in this prospectus and in any prospectus supplement. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Before you invest in our
        securities, you should carefully read this prospectus, including the "Risk Factors," any prospectus supplement, the information incorporated by reference in this prospectus and any prospectus supplement (including the documents described under the
        heading "Where You Can Find Additional Information" in both this prospectus and any prospectus supplement), and any additional information you may need to make your investment decision.</font> We will not make an offer to sell these securities in
      any jurisdiction where the offer or sale is not permitted.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Unless otherwise indicated, the terms "TORM plc," "we," "us," "our," the "Company" and the "Group" refer to TORM plc
      and its consolidated subsidiaries, which includes TORM A/S and its consolidated subsidiaries, following the closing of the Exchange Offer (defined below). When used in this prospectus to describe events prior to the closing of the Exchange Offer, the
      terms "TORM A/S," "we," "us," "our," the "Company" and the "Group" refer to TORM A/S and its consolidated subsidiaries before such time. References to "Former TORM A/S" refer to TORM A/S and its consolidated subsidiaries prior to the completion of
      the 2015 Restructuring (defined below).</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Unless otherwise indicated, all references to "U.S. dollars," "USD," "dollars," "US$" and "$" in this prospectus are
      to the lawful currency of the United States of America, references to "Sterling", "&#163;" and "GBP" are to the lawful currency of the United Kingdom, references to "Danish Kroner," and "DKK" are to the lawful currency of Denmark. We use the term
      deadweight ton, or dwt, in describing the size of vessels. Dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry.</div>
    <div style="BACKGROUND-COLOR: #ffffff"><br>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This prospectus contains certain forward-looking statements made pursuant to the safe harbor provisions of the
      Private Securities Litigation Reform Act of 1995.&#160; Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future and other
      statements that are other than statements of historical fact.&#160; In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking
      statements.&#160; The words "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "may", "might", "plan", "possible", "potential", "predict", "project", "should", "would" and similar expressions may identify forward-looking
      statements, but the absence of these words does not mean that a statement is not forward-looking.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">All
        statements, other than statements of historical fact, included in or incorporated by reference into this prospectus and any prospectus supplements are "forward-looking statements." </font>Forward-looking statements include, but are not limited to,
      such matters as:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our future operating or financial results;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">global and regional economic and political conditions, including piracy;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our pending vessel acquisitions, our business strategy and expected capital spending or operating expenses, including dry-docking and insurance costs;</div>
            </td>
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      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">statements about shipping market trends, including charter rates and factors affecting supply and demand;</div>
            </td>
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      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate
                activities;</div>
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      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our ability to enter into time charters after our current charters expire and our ability to earn income in the spot market;</div>
            </td>
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      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">changes in the price of our Class A common shares; and</div>
            </td>
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      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels' useful lives.</div>
            </td>
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      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Many of these statements are based on our assumptions about factors that are beyond our ability to control or
      predict and are subject to risks and uncertainties that are described more fully under the section entitled "Risk Factors," on page 9 of this prospectus and in our Annual Report on Form 20-F for the fiscal year ended December 31, 2017, and
      incorporated by reference herein, for a more complete discussion of these risks and uncertainties and for other risks and uncertainties. Any of these factors or a combination of these factors could materially affect our future results of operations
      and the ultimate accuracy of the forward-looking statements. Factors that might cause future results to differ include, but are not limited to, the following:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">changes in governmental rules and regulations or actions taken by regulatory authorities;</div>
            </td>
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers' abilities to perform under
                existing time charters;</div>
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      </table>
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    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">potential liability from future litigation and potential costs due to environmental damage and vessel collisions;</div>
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the length and number of off-hire periods and dependence on third-party managers; and</div>
            </td>
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      </table>
    </div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">1</font></div>
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    </div>
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    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z92a8ccaabe0044389400555a8bcf215b">

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            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">other factors discussed under the heading "Risk Factors" in this prospectus and in our Annual Report on Form 20-F for the year ended December 31, 2017, incorporated by
                reference herein.</div>
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    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">You should not place undue reliance on forward-looking statements contained in, or incorporated by reference into,
      this prospectus because they are statements about events that are not certain to occur as described or at all. All forward-looking statements in, or incorporate by reference into, this prospectus are qualified in their entirety by the cautionary
      statements contained herein. 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>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Except to the extent required by applicable law or regulation, we undertake no obligation to release publicly any
      revisions to these forward-looking statements to reflect events or circumstances after the date of this prospectus or to reflect the occurrence of unanticipated events.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">2</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PROSPECTUS SUMMARY</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR:
        #ffffff">This section summarizes some of the key information that is contained or incorporated by reference in this prospectus. It may not contain all of the information that may be important to you. As an investor or prospective investor, you
        should review carefully the entire prospectus and the information incorporated by reference herein, including the section entitled "Risk Factors."</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Our Company and our Business</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">TORM plc is one of the world's largest carriers of refined oil products. Our activities are primarily the
      transportation of clean petroleum products, such as gasoline, jet fuel, kerosene, naphtha and gas oil, and occasionally dirty petroleum products, such as fuel oil. We are active in all larger vessel segments of the product tanker market from
      Handysize to Long Range 2 (LR2) tankers. As of the date of this prospectus, we operate a fleet of 75 product tankers, 72 of which we own and three of which we charter in on bareboat charter. In addition, as of the date of this prospectus, we have <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">nine newbuildings under construction. </font>For an overview of the specifications of our fleet, please see "Our Fleet," below.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We have an extensive in-house operating and management platform which performs commercial, administrative and
      technical management for our vessels. Through this integrated platform, we handle the commercial management of all our vessels and the technical management of all our owned vessels, other than three vessels managed by an unaffiliated third party. In
      addition, we conduct all vessel sale and purchase activities in-house, leveraging relationships with shipbrokers, shipyards, financial institutions and other shipowners.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">History and Development of the Company</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">TORM A/S, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">a
        company organized under the laws of Denmark,</font> was founded in 1889 and has a 130-year track record of operations in the shipping industry. In July 2015, TORM A/S completed a restructuring and recapitalization, which we refer to as the 2015
      Restructuring, pursuant to a restructuring agreement between us, Oaktree Capital Management L.P., or Oaktree,<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"> and certain of our pre-2015
        Restructuring lenders. The net result of the 2015 Restructuring was that (i) the pre-2015 Restructuring lenders received approximately 99% of TORM A/S' share capital in consideration for the write-down of certain of our indebtedness, (ii) the TORM
        Group acquired 25 product tankers and contracts for the construction of six MR product tanker newbuildings (subsequently delivered to us in 2015 and 2016) from an affiliate of Njord Luxco in exchange for TORM A/S shares, and (iii) Njord Luxco
        became our majority shareholder.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">On April 15,
        2016, we established a new corporate structure, whereby TORM plc effectively acquired all of the outstanding A shares of TORM A/S (referred to herein as Danish A shares) in exchange for TORM plc's securities, which we refer to as the Exchange
        Offer. On April 19, 2016, upon the closing of the Exchange Offer and the listing of TORM plc's Class A common shares on Nasdaq Copenhagen, TORM plc became the TORM Group's publicly-held parent company incorporated under the laws of England and
        Wales.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In December 2017, we effected a direct listing of our Class A common shares on Nasdaq New York. Our Class A common
      shares commenced trading on Nasdaq New York under the symbol "TRMD" on December 11, 2017. As a result of our listing on Nasdaq New York, our Class A common shares may be traded on both Nasdaq New York and Nasdaq Copenhagen.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">In January
        2018, we completed a private placement of 11,920,000 Class A common shares for gross proceeds of approximately $100 million, or the Private Placement. Njord Luxco purchased approximately $70 million of our Class A common shares in the Private
        Placement. Following the Private Placement and as of the date of this prospectus, Njord Luxco owns approximately 64.4% of our outstanding Class A common shares and our one outstanding C share, the voting rights associated with which relate to
        election and dismissal of members of the Board of Directors and certain amendments to our Articles of Association.</font></div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">3</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Our Fleet</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The following
        table sets forth summary information regarding our fleet of owned product tankers, including the vessels that we charter in as of the date of this prospectus</font></div>
    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="zb6e314977ff44eaebcc9ec6a37c867cc">

        <tr>
          <td style="WIDTH: 34.75%; 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: center">Vessel Name</div>
          </td>
          <td style="WIDTH: 18.04%; 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: center">Type</div>
          </td>
          <td style="WIDTH: 16.86%; 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: center">DWT</div>
          </td>
          <td style="WIDTH: 13.64%; 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: center">Year Built</div>
          </td>
          <td style="WIDTH: 16.7%; 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: center">Shipyard<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></div>
          </td>
        </tr>
        <tr>
          <td colspan="5" style="WIDTH: 100%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">Owned On-the-Water Product Tankers</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Kristina</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">99,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">1999</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Halla</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Gudrun</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">99,965</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2000</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Ingeborg</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">99,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2003</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Samho</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Valborg</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">99,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2003</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Samho</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Marina</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">109,672</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2007</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Dalian New</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Maren</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">109,672</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2008</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Dalian New</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Mathilde</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">109,672</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2008</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Dalian New</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Herdis</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">114,000</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2018</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Hermia</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">114,000</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2018</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Hellerup</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">114,000</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2018</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Hilde</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">114,000</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2018</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Sara</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR1</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">72,718</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2003</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Samsung</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Estrid</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR1</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">74,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2004</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Emilie</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR1</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">74,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2004</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Ismini</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR1</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">74,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2004</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Signe</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR1</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">72,718</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Samsung</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Sofia</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR1</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">72,660</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Samsung</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Venture</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR1</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">73,700</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2007</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">New Century</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Gunhild</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">44,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">1999</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Halla</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Cecilie</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">44,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2001</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Amazon</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">47,275</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2002</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Onomichi</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM San Jacinto</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">47,038</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2002</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Onomichi</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Gertrud</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">45,990</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2002</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Gerd</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">45,960</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2002</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Caroline</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">44,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2002</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Moselle</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">47,024</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2003</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Onomichi</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Rosetta</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">47,015</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2003</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Onomichi</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Carina</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">46,219</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2003</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Freya</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">45,990</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2003</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Thyra</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">45,950</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2003</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Camilla</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">44,990</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2003</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Horizon</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">46,955</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2004</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Resilience</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Thames</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">47,036</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Helvig</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">46,187</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Ragnhild</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">46,187</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Eric</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">51,266</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2006</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Platte</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">46,959</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2006</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Kansas</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">46,955</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2006</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Republican</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">46,955</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2006</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Loke</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">51,372</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2007</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">SLS</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Hardrada</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">45,983</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2007</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Shin Kurushima</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Lene</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2008</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Laura</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2008</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Lotte</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2009</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Louise</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2009</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Lilly</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2009</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Alice</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2010</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Alexandra</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2010</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>

    </table>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">4</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div>
      <div>&#160;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="z348b4f1847a340319224670d3570dc67">

            <tr>
              <td style="WIDTH: 34.75%; 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: center">Vessel Name</div>
              </td>
              <td style="WIDTH: 18.04%; 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: center">Type</div>
              </td>
              <td style="WIDTH: 16.86%; 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: center">DWT</div>
              </td>
              <td style="WIDTH: 13.64%; 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: center">Year Built</div>
              </td>
              <td style="WIDTH: 16.7%; 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: center">Shipyard<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (1)</sup></div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="z49eaef8758b94f8f9e39e0e827468289">

        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Aslaug</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2010</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Agnete</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2010</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Almena</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2010</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Atlantic</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2010</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Agnes</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2011</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Amalie</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2011</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Arawa</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2012</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Anabel</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2012</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Astrid</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2012</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Thor</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,842</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2015</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Sungdong</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Timothy</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,842</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2015</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Sungdong</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Thunder</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,842</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2015</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Sungdong</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Titan</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,842</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2016</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Sungdong</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Torino</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,842</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2016</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Sungdong</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Troilus</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,842</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2016</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Sungdong</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Sovereign</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2017</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Supreme</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2017</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Charente<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Handysize</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">35,751</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2001</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Daedong</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Garonne</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Handysize</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">37,178</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2004</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Loire</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Handysize</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">37,106</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2004</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Saone</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Handysize</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">36,986</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2004</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Tevere</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Handysize</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">37,383</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2005</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Gyda</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Handysize</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">36,207</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2009</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai Mipo</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">Chartered-in Product Tankers</div>
            <div style="TEXT-ALIGN: justify">&#160;</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Helene<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR2</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">99,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">1997</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Hyundai</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Vita<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">45,990</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2002</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">TORM Mary<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">44,990</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2002</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">STX</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">Newbuildings</div>
            <div style="TEXT-ALIGN: justify">&#160;</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Hull no. 15121140</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR1</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">75,000</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Exp. 2019</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Hull no. 15121141</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">LR1</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">75,000</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Exp. 2019</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Hull no. 15121034</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Exp. 2019</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Hull no. 15121035</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Exp. 2019</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Hull no. 15121036</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Exp. 2019</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Hull no. 15121037</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Exp. 2019</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Hull no. 15121038</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Exp. 2019</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Hull no. 15121039</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Exp. 2019</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>
        <tr>
          <td style="WIDTH: 34.75%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Hull no. 15121040</div>
          </td>
          <td style="WIDTH: 18.04%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">MR</div>
          </td>
          <td style="WIDTH: 16.86%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">49,999</div>
          </td>
          <td style="WIDTH: 13.64%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Exp. 2020</div>
          </td>
          <td style="WIDTH: 16.7%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">GSI</div>
          </td>
        </tr>

    </table>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">_______________________</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z6f67a68ae765466f8965db43c6c10fb6">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(1)</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">As used in this prospectus, Hyundai refers to Hyundai Heavy Industries Co. Ltd.; Halla refers to Halla Engineering &amp; Heavy Industries, South Korea; Samho refers to
                Hyundai Samho Heavy Industries Co. Ltd.; Dalian New refers to Dalian Shipbuilding Industry, China; New Century refers to New Century Shipbuilding Co. Ltd.; Onomichi refers to Onomichi Dockyard, Japan; Daedong refers to Daedong Shipbuilding,
                South Korea; STX refers to STX Offshore and Shipbuilding Co. Ltd.; Hyundai Mipo refers to Hyundai Mipo Dockyard Co. Ltd.; Shin Kurushima refers to Shin Kurushima Dockyard Co. Ltd., Japan; SLS refers to SLS Shipbuilding Co. Ltd. Tongyeong,
                South Korea; Samsung refers to Samsung Heavy Industries; Sungdong refers to Sungdong Shipbuilding and Marine Engineering; and GSI refers to Guangzhou Shipyard International Co., Ltd.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z34b3b24d52504a63b15d8ef6da227451">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(2)</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">In December 2018, TORM entered into an agreement to sell the Handysize vessel, TORM Charente (built in 2001), and expects to deliver the vessel to the new owners
                during the first quarter of 2019.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z8d25cd8a43224e4bb5ab0a863902976c">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(3)</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Vessels were sold and leased back on bareboat charter with a contract expiration in 2022. We have a purchase option for the individual vessels. The vessels are
                accounted for as financial lease.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">5</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Management of Our Fleet</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify">Integrated Platform</div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">We perform commercial and
          technical management functions for our own fleet which we believe provides us with efficient operations and high-quality service to our customers. Operating under an integrated platform allows us to avoid conflicts of interest that may arise in
          companies that outsource vessel management to external, related-party entities, to maintain closer control over our operating expenses and to provide customers with better visibility into vessel performance and safety.</font></div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Our commercial management
          includes arranging the employment of our vessels from voyage to voyage as well as presenting opportunities to engage in contracts of affreightment (COAs) with customers or charter out vessels on longer-term charter periods. The commercial
          management is also responsible for the voyage operation.</font></div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Our technical management
          includes providing technical expertise necessary for all vessel operations, supervising the maintenance, upkeep and general efficiency of vessels, arranging and supervising newbuilding construction, dry-docking, repairs and alterations, crew
          management, insurance, and developing, implementing, certifying and maintaining a safety management system. We also maintain construction supervision rights over all newbuildings that we acquire in order to ensure that they meet their quality
          specifications and perform at the standards we require.</font></div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif;
        BACKGROUND-COLOR: #ffffff">In addition to commercial and technical management, we also manage our sale and purchase activities in-house. The team leverages relationships with shipbrokers, shipyards, financial institutions and shipowners to identify
        attractive vessel acquisition and sale opportunities to attempt to maximize shareholder returns and maintain our desired fleet composition. Our sale and purchase team also seeks to opportunistically renew our product tanker fleet by acquiring
        modern vessels with specifications demanded by our customers.</font><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Our Business
        Strategy</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif;
        BACKGROUND-COLOR: #ffffff">Our primary objective is to optimize our earnings within the given market environment and conditions. The four key elements of our business strategy are:</font><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Optimize our
        chartering strategy as a pure-play product tanker owner and operator to maximize earnings</font>. As one of the world's largest product tanker companies with a current operating fleet of 75 vessels and nine newbuildings under construction as of the
      date of this prospectus, we are active within all larger product tanker classes (LR2, LR1, MR and Handysize). This is an important factor in meeting customer demands, as global customers in general have transportation requirements that move between
      vessel classes. Our chartering strategy is to employ our fleet primarily in the spot market, where we are able to optimize earnings from voyage to voyage. We actively manage the employment of our operating fleet between spot market voyages as well as
      short and long-term time charters. We may seek to employ some of our vessels on longer-term time charter-out contracts, if customer needs and expected returns make it attractive. Due to the scale of our owned fleet we will only enter into long-term
      charter in commitments if deemed profitable on a case-by-case assessment. We believe that ownership of vessels combined with our integrated platform provides an essential control and allows more flexibility. Short-term charter in agreements (less
      than 12 months) are considered and evaluated as an active part of our spot-oriented market approach.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Selective fleet
        growth.</font> We may selectively grow our product tanker fleet and serve as a consolidator in the product tanker segment if the right opportunities arise. Our sale and purchase activities are conducted by an in-house team leveraging relationships
      with shipbrokers, shipyards, financial institutions and shipowners. We continuously follow the market for attractive opportunities to acquire high-specification second-hand product tankers that will be franchise enhancing and financially accretive.
      The specific acquisition criteria include for example:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z2e550f63bf794cfebe8b2398f9385947">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Price point attractiveness</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z3d4c33cf0efc451aa8a4cd94025627f4">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Complementarity to the current fleet</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">6</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z4dffabd2a36c4cf882995570c1add1ef">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Vessel quality level and origin (quality yard)</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z6a050622148e4a2db56f0685843f8947">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Operational characteristics incl. main engine design, bunker consumption and cargo intake</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We also selectively pursue attractive newbuilding programs with high-quality shipyards, where second-hand purchases
      do not meet our return thresholds, or where the second-hand market has insufficient liquidity in vessels that meet our customers' requirements. Our in-house technical management has significant experience in newbuilding projects from design to
      delivery. As of the date of this prospectus, our newbuilding program consists of two LR1 vessels and six MR vessels, with scheduled delivery in 2019, and one MR vessel with expected delivery in 2020. We will from time to time sell vessels that no
      longer fit our commercial strategy, or if the price point is deemed attractive.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Solid capital
        structure. </font>We have a solid capital structure with long-dated debt maturities, a strong liquidity position and limited off-balance sheet liabilities. We have an attractive debt profile with favorable interest rates, amortization schedule and
      covenants. The solid capital structure supports our spot employment strategy and enhances financial and strategic flexibility. In addition, our balance sheet strength gives a competitive advantage when pursuing vessel acquisitions, as counterparties
      prefer contracting with well-capitalized counterparties. We plan to finance our business and fleet growth with a combination of cash-on-hand and financing from lenders and from the capital markets.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Maintain
        cost-efficient in-house vessel operations and corporate expenses through an integrated management system</font>. We manage our fleet cost-efficiently and effectively with our in-house commercial and technical management team, which has a reputation
      for strong commercial performance, safety and operational expertise. Within the One TORM platform, our employees ensure the high quality of the fleet that is essential for acceptance by our customers under their strict vetting criteria. We believe
      that our largest customers prefer the integrated operating model, as it provides them with better accountability and insight into safety and vessel performance. The integrated nature of our operating platform provides transparency and additional
      alignment of management and shareholder interests, which mitigates the potential for actual or perceived conflicts of interest with related parties. In addition, it allows for closer control over operating expenses. Our diverse fleet of
      well-maintained product tankers gives us the necessary and critical mass to reap scale advantages both commercially and in terms of cost-efficiency compared to smaller product tanker owners. We believe that the combination of well-maintained vessels,
      the presence in all product tanker classes and the integrated operating platform provides the commercial management team with enhanced flexibility and responsiveness to customer demands. As a result, we have consistently delivered TCE earnings and
      cash flows above industry average.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Corporate Structure and Certain Company Information</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">TORM plc was incorporated as<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT:
        bold">&#160;</font>a public limited company incorporated under the laws of England and Wales on October 12, 2015 under the name Anchor Admiral Limited with company number 09818726. Anchor Admiral Limited was renamed TORM Limited on November 26, 2015,
      and TORM Limited was renamed TORM plc on January 20, 2016. TORM plc's registered office is at Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom. Our telephone number at this address is +44 203 713 4560. Our main commercial and
      technical activities are managed out of our office at Tuborg Havnevej 18, DK-2900 Hellerup, Denmark. Our telephone number at that address is +45 39 17 92 00. We also have offices located in Mumbai (India), New Delhi (India), Manila (the Philippines),
      Cebu (the Philippines), Singapore (Singapore) and Houston (Texas, USA). Our website is www.torm.com.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Recent and Other Developments</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In October 2018, TORM entered into an agreement to sell the MR vessel TORM Clara (built in 2000) and in the third
      quarter TORM entered into agreements to sell two other older vessels; the MR vessel TORM Neches (built in 2000) and the Handy vessel TORM Ohio (built in 2001).&#160; The three vessels were sold for a total consideration of approximately $20 million and
      with a portion of these proceeds TORM expects to repay approximately $12 million of indebtedness secured by these vessels.&#160; All three vessels have been delivered to the new owners.&#160; In December 2018, TORM entered into an agreement to sell the Handy
      vessel TORM Charente (built in 2001) and expects to deliver the vessel to the new owners the first quarter of 2019.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">7</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In November 2018, TORM announced the establishment of a joint venture with ME Production, a leading scrubber
      manufacturer, and Guangzhou Shipyard International (GSI), which is part of the China State Shipbuilding Corporation group. The joint venture, ME Production China, will manufacture and install scrubbers in China and deliver them to a range of maritime
      industry customers for both newbuildings and retrofitted vessels. TORM holds an ownership stake of 27.5% in the new joint venture. In connection with the establishment, TORM has ordered a total of 16 scrubbers with ME Production China and signed a
      letter of intent for an additional 18 scrubbers with the new joint venture.&#160; During the third quarter of 2018, TORM has successfully conducted its first retrofit scrubber installation on the MR ice-class vessel TORM Lene, and on 15 October 2018 TORM
      took delivery of the first newbuilding outfitted with a scrubber, the LR2 vessel TORM Hilde. These two vessels are expected to provide valuable operational insight in advance of the remaining scrubber installations planned for 2019 and the first half
      of 2020.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In the fourth quarter of 2018, Christian S&#248;gaard-Christensen resigned as Chief Financial Officer of TORM A/S and
      principal financial officer of TORM.&#160; Mr. Christensen will continue his normal duties as Chief Financial Officer for a period ending no later than November 2019.&#160; TORM plans to initiate a recruitment process for a new Chief Financial Officer.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">8</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">RISK FACTORS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">An investment in our securities involves a high degree of risk.&#160; Before making an investment in our securities, you
      should carefully consider all of the information included or incorporated by reference into this prospectus and in any prospectus supplement, including the risks described under the heading "Risk Factors" in <font style="FONT-SIZE: 10pt;
        FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">our Annual Report on Form 20-F for the year ended December 31, 2017, as amended, </font>filed with the SEC on March 8, 2018, <font style="FONT-SIZE: 10pt; FONT-FAMILY:
        'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">as updated by annual and other reports and documents we file with the SEC after the date of this prospectus and that are incorporated by reference herein</font>. <font style="FONT-SIZE:
        10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Please see the section of this prospectus entitled "Where You Can Find Additional Information."</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The occurrence of one or more of those risk factors could adversely impact our business, financial condition or
      results of operations. When we offer and sell any securities pursuant to a prospectus supplement, we may include additional risk factors relevant to such securities in the prospectus supplement.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Risks inherent in an investment in our securities</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">The market price of our securities after any offering may be volatile, and the value of an
      investment in our securities may decline.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The market price of our securities could be subject to significant fluctuations in response to any one or more of
      the risk factors discussed in our latest Annual Report on Form 20-F filed with the SEC and others beyond our control, including:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zc17139fef6aa4e1e85a94612f75eaaf9">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the market for similar securities;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z8f740abbc9814c81b6bc6484874162d5">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">actual or anticipated fluctuations in our quarterly and annual results and those of other public companies in our industry;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z7b16409018004650a9670546c0157105">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">mergers and strategic alliances in the tanker industry;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zb705e10b02be408cbe5265f65cc9d0a1">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">market conditions generally and in the tanker industry;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z74c3f5c052b146948c2b299d4db4eab2">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">prevailing global and regional economic and political conditions;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zaac8e13f1f5443478bbd659a6657ceed">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the effect of governmental regulations and maritime self-regulatory organization standards on the conduct of our business;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z8eae189a22874641b31be9165e40fa03">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">changes in the basis of taxation of our activities in various jurisdictions;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z57c3fd319b30463fa0c4143ab2f1aa41">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our ability to service and refinance our current and future indebtedness;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zf28f5411ed724e9691d198bde853ed60">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our ability to raise additional debt and equity to satisfy our capital needs;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zef3d6fb79bcf4294ba76124b121322e4">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the failure of securities analysts to publish research about us after this offering or shortfalls in our operating results from levels forecast by securities analysts;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z5d2bf0e6a4fb4be287f67c5647a13126">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">announcements concerning us or our competitors; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zb451e74457b047fa9ad3db4d70c199a3">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the general state of the securities markets.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The product
        tanker market is cyclical in nature, which leads to volatility in freight rates, vessel values and industry profitability and freight rates among different types of product tankers are highly volatile. </font>In addition, the securities markets in
      recent years have experienced substantial price and volume fluctuations that have affected and continue to affect the market prices of securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating
      performance of those companies. These broad market and industry fluctuations, as well as factors such as those listed above, may negatively impact the price of our securities. If the market price of our securities declines, you may not realize any
      return on your investment in our securities and may lose some or all of your investment. Also, you may not be able to sell the securities at prices equal to or greater than those paid by you in any offering. In the past, companies that have
      experienced volatility in the market price of their securities have been subject to securities class action litigation. Future securities litigation against us could result in substantial costs and divert management's attention from other business
      concerns, which could harm our business, results of operations and financial condition.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">9</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">We may issue additional securities without your approval, which could dilute your ownership interests and may
        depress the market price of our securities.</div>
      <div><br>
      </div>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We may issue additional securities of equal or senior rank to your securities, without shareholder approval, in a
      number of circumstances.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The issuance by us of additional securities of equal or senior rank to your securities may have the following
      effects:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zd71f14cce5f94742975c3f1e6a88ea2f">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our existing shareholders' proportionate ownership interest in us may decrease;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zca8e35404b3d4c44913ae07fccf2cb1d">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the amount of cash available for dividends or interest payments may decrease;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z8cec49e821a24ba7bb7d4a2647e0dc2e">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the relative voting strength of previously outstanding securities may be diminished; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z77127572f5984b93802126b4e16860f3">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the market price of our securities may decline.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Additional risks associated with the operation of our business</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic; TEXT-ALIGN: justify">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims
      against us.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We expect that our vessels will call on ports where smugglers may attempt to hide drugs and other contraband on
      vessels, with or without the knowledge of crew members. To the extent our vessels are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any of our crew, we may face governmental
      or other regulatory claims which could have an adverse effect on our business, results of operations and financial condition.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">10</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">RATIO OF EARNINGS TO FIXED CHARGE</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The following table sets forth our unaudited ratio of our consolidated earnings to our consolidated fixed charges
      for each of the last four years and as at September 30, 2018.</div>
    <table cellspacing="0" cellpadding="0" border="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="zfd8580814dc14129a53aa59855a546cc">

        <tr>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">(dollars in thousands)</font></div>
          </td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom">&#160;</td>
          <td valign="bottom" colspan="2" style="VERTICAL-ALIGN: bottom">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Nine months ended September 30,</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom">&#160;</td>
          <td valign="bottom" colspan="14" style="VERTICAL-ALIGN: bottom">
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          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
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          <td valign="bottom" style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px">&#160;</td>
          <td valign="bottom" colspan="2" style="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: center">2018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px">&#160;</td>
          <td valign="bottom" colspan="2" style="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: center">2017</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px">&#160;</td>
          <td valign="bottom" colspan="2" style="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: center">2016</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px">&#160;</td>
          <td valign="bottom" colspan="2" style="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: center">2015</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px">&#160;</td>
          <td valign="bottom" colspan="2" style="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: center">2014</div>
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          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px; TEXT-ALIGN: left">&#160;</td>
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        <tr>
          <td valign="bottom" style="VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Earnings:</div>
          </td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom">&#160;</td>
          <td valign="bottom" colspan="2" style="VERTICAL-ALIGN: top">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom">&#160;</td>
          <td valign="bottom" colspan="2" style="VERTICAL-ALIGN: top">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom">&#160;</td>
          <td valign="bottom" colspan="2" style="VERTICAL-ALIGN: top">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom">&#160;</td>
          <td valign="bottom" colspan="2" style="VERTICAL-ALIGN: top">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="VERTICAL-ALIGN: bottom">&#160;</td>
          <td valign="bottom" colspan="2" style="VERTICAL-ALIGN: top">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
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        <tr style="HEIGHT: 12px">
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Income before taxes</div>
          </td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-32,023</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,184</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-141,731</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">127,024</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">12,286</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
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        <tr>
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Share of profit from Joint Ventures</div>
          </td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-192</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-3</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-176</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-202</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
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        <tr>
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Dividends received from Joint Ventures</div>
          </td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">440</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">188</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">200</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Fixed charges (calculated below)</div>
          </td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">27,018</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">34,014</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">29,872</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15,011</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,546</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Total Earnings available for fixed charges</div>
          </td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-4,757</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">37,196</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-111,846</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">142,033</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15,832</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Fixed Charges:</div>
          </td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
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        <tr style="HEIGHT: 18px">
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
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          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">26,412</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">33,289</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">29,670</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">14,968</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,546</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Amortization and write-off of deferred finance fees</div>
          </td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">606</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">725</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">202</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">43</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Total Fixed Charges</div>
          </td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">27,018</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">34,014</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">29,872</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">15,011</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">3,546</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
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        <tr>
          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
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          <td valign="bottom" style="WIDTH: 40%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Ratio of earnings to Fixed Charges</div>
          </td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-0.18</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">1.09</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">-3.74</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">9.46</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">4.46</div>
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          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Our earnings were inadequate to cover fixed charges by USD 141.7 million for the year ended December 31, 2016, and
      USD 31.8 million for the nine months ended September 30, 2018. We have derived the deficiency of earnings to cover fixed charges from our historical financial statements.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">11</font></div>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">USE OF PROCEEDS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We intend to use the net proceeds from the sale of securities as set forth in the applicable prospectus supplement.
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">CAPITALIZATION</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Each prospectus supplement will include information on our consolidated capitalization.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">13</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PRICE RANGE OF COMMON SHARES</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Our Class A common shares currently trade on Nasdaq Copenhagen A/S under the symbol "TRMD A" and on Nasdaq New York
      under the symbol "TRMD". The B share, C share and warrants are not listed for trading on an exchange.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The following tables set forth: (i) the high and low prices for TORM A/S' Danish A (before April 19, 2016) and TORM
      plc's Class A (after April 19, 2016) shares as reported on Nasdaq Copenhagen for the periods listed below. Share prices are presented in Danish Kroner per Danish A/Class A share. The information below reflects the issuance of (a) 655.2 million Danish
      A shares, par value DKK 0.01 per share, in November 2012 on November 5, 2012, and (b) 95,026,374,554 Danish A shares, par value DKK 0.01 per share, in July 2015 in connection with the 2015 Restructuring, and gives effect to the 1,500:1 reverse stock
      split that TORM A/S implemented with effect as of September 24, 2015, and (ii) the high and low prices for TORM plc's Class A shares as reported on Nasdaq New York for the periods listed below. Share prices are presented in USD per Class A common
      share.</div>
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          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom">&#160;</td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Nasdaq Copenhagen</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom">&#160;</td>
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          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom">&#160;</td>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Fiscal year ended December 31, 2013</div>
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Fiscal year ended December 31, 2014</div>
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2,833.50</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">453.90</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Fiscal year ended December 31, 2015</div>
          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">2,053.50</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">92.75</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Fiscal year ended December 31, 2016</div>
          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">99.40</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">52.00</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Fiscal year ended December 31, 2017</div>
          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">72.50</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">51.00</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td colspan="6" style="WIDTH: 21.5%; VERTICAL-ALIGN: bottom">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Nasdaq Copenhagen</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td colspan="6" style="WIDTH: 22.22%; VERTICAL-ALIGN: bottom">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Nasdaq New York</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td colspan="2" style="WIDTH: 9.82%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">High</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td colspan="2" style="WIDTH: 9.84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Low</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td colspan="2" style="WIDTH: 9.84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">High</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td colspan="2" style="WIDTH: 9.84%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
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          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
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          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
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          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">99.40</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">61.50</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">62.00</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">69.50</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64.00</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">51.00</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">-</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">First Quarter 2018</div>
          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">42.85</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">8.10</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.40</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
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          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">52.40</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">8.20</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.10</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Third Quarter 2018</div>
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom">&#160;</td>
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          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
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          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom">&#160;</td>
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          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
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          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td colspan="2" style="WIDTH: 9.84%; VERTICAL-ALIGN: bottom">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">High</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom">&#160;</td>
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          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom">&#160;</td>
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          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
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          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">52.40</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">48.80</div>
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">8.05</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.25</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
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          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
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          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
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        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
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          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">49.75</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">41.00</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.85</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">6.52</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
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          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
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          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.09</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">5.94</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
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          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">41.75</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">37.70</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">6.60</div>
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          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">5.57</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
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          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">47.65</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">40.25</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.28</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">5.87</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 51.91%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">December 2018 (through and including December 10, 2018)</div>
          </td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.91%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">48.15</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">44.60</div>
          </td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.31</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">7.15</div>
          </td>
          <td style="WIDTH: 1.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>

    </table>
    <div style="MARGIN-BOTTOM: 12pt; MARGIN-TOP: 6pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z458a044644e440bbaef61f593d3dcca3">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(1)</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">The Class A common shares commenced trading on Nasdaq New York on December 11, 2017, however, the limited volume of trading on Nasdaq New York precluded an established
                trading market for the Class A common shares. Accordingly, per share high and low prices for the Class A common shares are not available for the periods indicated.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">14</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PLAN OF DISTRIBUTION</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We may sell or distribute the securities included in this prospectus and the Selling Shareholder may sell our common
      shares through underwriters, through agents, to dealers, in private transactions, at market prices prevailing at the time of sale, at prices related to the prevailing market prices, or at negotiated prices.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">In addition,
        we may sell some or all of our securities, and the Selling Shareholder may sell our common shares included in this prospectus through:</font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z7950f11e7ff54ab194bcfba72c31d756">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">a block trade in which a broker-dealer may resell a portion of the block, as principal, in order to facilitate the</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zcc5d9394e68d4a3bae283f147e1f9846">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zf3952b918f0041aeb917b73cbc00098e">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">ordinary brokerage transactions and transactions in which a broker solicits purchasers; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z09a3a759a9b64ae5ac3f21c4e1f63d3f">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">trading plans entered into by us or the Selling Shareholder pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, that
                are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of our securities on the basis of parameters described in such trading plans.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">In addition,
        we or the Selling Shareholder may enter into options or other types of transactions that require us or them to deliver our securities to a broker-dealer, who will then resell or transfer the securities under this prospectus. We or any Selling
        Shareholder may enter into hedging transactions with respect to our securities. For example, we or any Selling Shareholder may </font>enter into transactions involving short sales of our common shares by broker-dealers;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z2649fed5f8c8455fbe87a9fc93e71732">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">sell common shares short and deliver the shares to close out short positions;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z07452c4bf038444fa01f476d78df43e9">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">enter into option or other types of transactions that require us or the Selling Shareholder to deliver common shares to a broker-dealer, who will then resell or
                transfer the common shares under this prospectus; or</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zb814b64dc9da4c02a26cdabb94723e4e">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">loan or pledge the common shares to a broker-dealer, who may sell the loaned shares or, in the event of default, sell the pledged shares.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">We or any
        Selling Shareholder may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement indicates, in connection
        with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or any Selling
        Shareholder or borrowed from us, any Selling Shareholder or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us or any Selling Shareholder in settlement of those derivatives to
        close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be identified in the applicable prospectus supplement (or a post-effective amendment).
        In addition, we or any Selling Shareholder may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the securities short using this prospectus. Such financial institution or other third party may
        transfer its economic short position to investors in our securities or in connection with a concurrent offering of other securities.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The Selling Shareholder and any broker-dealers or other persons acting on our behalf that participate with us in the
      distribution of the securities may be deemed to be underwriters and any commissions received or profit realized by them on the resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act. As of the
      date of this prospectus, we are not a party to any agreement, arrangement or understanding between any broker or dealer and us with respect to the offer or sale of the securities pursuant to this prospectus.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">15</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">At the time that any particular offering of securities is made, to the extent required by the Securities Act, a
      prospectus supplement will be distributed, setting forth the terms of the offering, including the aggregate number of securities being offered, the purchase price of the securities, the initial offering price of the securities, the names of any
      underwriters, dealers or agents, any discounts, commissions and other items constituting compensation from us and any discounts, commissions or concessions allowed or reallowed or paid to dealers. Furthermore, we, our executive officers, our
      directors and the Selling Shareholder may agree, subject to certain exemptions, that for a certain period from the date of the prospectus supplement under which the securities are offered, we and they will not, without the prior written consent of an
      underwriter, offer, sell, contract to sell, pledge or otherwise dispose of any of our common shares or any securities convertible into or exchangeable for common shares. However, an underwriter, in its sole discretion, may release any of the
      securities subject to these lock-up agreements at any time without notice. We expect an underwriter to exclude from these lock-up agreements securities exercised and/or sold pursuant to trading plans entered into by us or the Selling Shareholder
      pursuant to Rule 10b5-1 under the Exchange Act, that are in place at the time of an offering pursuant to this prospectus and any applicable prospectus supplement hereto that provide for periodic sales of our securities on the basis of parameters
      described in such trading plans.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Underwriters or agents could make sales in privately negotiated transactions and/or any other method permitted by
      law, including sales deemed to be an at-the-market offering as defined in Rule 415 promulgated under the Securities Act, which includes sales made directly on or through the Nasdaq Capital Market, the existing trading market for our shares of common
      stock, or sales made to or through a market maker other than on an exchange.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We will bear costs relating to all of the securities offered and sold by us under this registration statement.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">If more than five percent (5%) of the net proceeds of any offering of common shares made under this prospectus will
      be received by a Financial Industry Regulatory Authority, or FINRA, member participating in the offering or affiliates or associated persons of such a FINRA member, the offering will be conducted in accordance with FINRA Rule 5121.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">16</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SELLING SHAREHOLDER</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Based solely upon information furnished to us by the Selling Shareholder, the following table sets forth information with respect to
      the beneficial ownership of our Class A common shares held as of the date of this prospectus by the Selling Shareholder. The Selling Shareholder is offering an aggregate of up to 47,600,172 of our Class A common shares, which were acquired in private
      transactions. The Selling Shareholder may sell some, all or none of its shares covered by this prospectus.</div>
    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="zbc4f99379ec34123a4d29ad189c52da2">

        <tr>
          <td style="WIDTH: 51.77%; VERTICAL-ALIGN: bottom">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Selling Shareholder</div>
          </td>
          <td colspan="3" style="WIDTH: 11.18%; 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: center">Common Shares Owned Prior to the Offering</div>
          </td>
          <td style="WIDTH: 0.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
          <td colspan="3" style="WIDTH: 10.35%; 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: center">Percentage of Class Prior to the Offering <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
          </td>
          <td style="WIDTH: 1.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
          <td colspan="3" style="WIDTH: 11.2%; 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: center">Total Common Shares Offered Hereby</div>
          </td>
          <td style="WIDTH: 0.79%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
          <td colspan="3" style="WIDTH: 10.36%; 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: center">Percentage of the Class Following the Offering <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
          </td>
          <td style="WIDTH: 1.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">&#160;</td>
        </tr>
        <tr>
          <td style="WIDTH: 51.77%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Njord Luxco<sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">(3) (4)</sup></div>
          </td>
          <td style="WIDTH: 0.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">47,600,172</div>
          </td>
          <td style="WIDTH: 0.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.51%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">64.4</div>
          </td>
          <td style="WIDTH: 1.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">%</div>
          </td>
          <td style="WIDTH: 0.79%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.79%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 9.62%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">47,600,172</div>
          </td>
          <td style="WIDTH: 0.79%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 0.92%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td style="WIDTH: 8.53%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: right">0</div>
          </td>
          <td style="WIDTH: 1.78%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">%</div>
          </td>
        </tr>

    </table>
    <div style="TEXT-ALIGN: justify"><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="za5db52564d5440ffa5e0f29d083d4a7e">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(1)</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Based on 73,905,975 Class A common shares </font>outstanding<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff"> as of the date of this prospectus (excluding treasury shares).</font></div>
            </td>
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      </table>
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    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z57854856f49b4634822e94249fae6e56">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(2)</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Assumes that the Selling Shareholder sells all of the common
                  shares offered hereby.</font></div>
            </td>
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      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zb9ba5e7795464d0eb1a4e5e0cd35a2b7">

          <tr>
            <td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">(3)</td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The business address of Njord Luxco is OCM Njord Holdings S.a
                  r.l, 26A, Boulevard Royal L-2449, Luxembourg, Luxembourg. </font>The majority shareholder of Njord Holdings is OCM Luxembourg OPPS IX Sarl.&#160; The majority shareholder of OCM Luxembourg OPPS IX Sarl is Oaktree Opportunities Fund IX, L.P.&#160;
                The general partner of Oaktree Opportunities Fund IX, L.P. is Oaktree Opportunities Fund IX GP, L.P.&#160; The general partner of Oaktree Opportunities Fund IX GP, L.P. is Oaktree Opportunities Fund IX GP, Ltd.&#160; The sole director of Oaktree
                Opportunities Fund IX GP, Ltd. is Oaktree Capital Management, L.P.&#160; The general partner of Oaktree Capital Management, L.P. is Oaktree Holdings, Inc.&#160; The sole shareholder of Oaktree Holdings, Inc. is Oaktree Capital Group, LLC.&#160; The duly
                appointed manager of Oaktree Capital Group LLC is Oaktree Capital Group Holdings GP, LLC. The members of Oaktree Capital Group Holdings GP, LLC are Howard S. Marks, Bruce A. Karsh, Jay S. Wintrob, John B. Frank and Sheldon M. Stone who, by
                virtue of their membership interests in Oaktree Capital Group Holdings GP, LLC, may be deemed to share voting and dispositive power with respect to the shares of TORM plc held by Njord Holdings.&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY:
                  'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The address for all of the entities and individuals identified above is c/o Oaktree Capital Management, L.P., 333 S. Grand Avenue, 28th Floor, Los Angeles, California 90071.</font></div>
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      </table>
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    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z1186c0fff39746368c15645cbb23b8a8">

          <tr>
            <td style="WIDTH: 18pt; VERTICAL-ALIGN: top; align: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">(4)</font></td>
            <td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Mr. Christopher Boehringer, the Chairman of our Board of
                  Directors, is Managing Director and Co-Head of Distressed Debt Europe of Oaktree Capital Management (Intl) Limited.</font></div>
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      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">&#160;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">&#160;</div>
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      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">17</font></div>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">DESCRIPTION OF SHARE CAPITAL</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The following
        is a summary of the description of our share capital.&#160; Because the following is a summary, it does not contain all information that you may find useful. For more complete information, you should read our Memorandum and Articles of Association,
        which were filed as Exhibit 1.1 to our Annual Report on Form 20-F for the year ended December 31, 2017, initially filed with the SEC on March 8, 2018 and thereafter amended. Please see the section of this prospectus entitled "Where You Can Find
        Additional Information."</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Share Capital</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Issued and Authorized Capitalization</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">As of the
        date of this prospectus, our share capital consists of 74,218,846 Class A common shares, par value $0.01 per share, including 312,871 treasury shares, one Class B share, par value $0.01 per share and one Class C share, par value $0.01 per share.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">At the
        Company's 2016 Annual General Meeting of Shareholders, the Board of Directors was granted certain authorizations to increase our issued share capital, both with and without pre-emption rights to the existing shareholders. These share authorities
        expire on March 14, 2021. The Board of Directors did not seek new authorities at the Company's 2017 Annual General Meeting or 2018 Annual General Meeting.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Our Board of
        Directors may issue shares or rights relating to shares for cash free from pre-emption up to an aggregate nominal amount of $5,493,160 comprising:</font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">(a)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block;
        TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">up to an aggregate
          nominal amount of $686,142 in connection with the Exchange Offer (of which $622,988.48 nominal value was issued (62,298,846 Class A common shares, one B share and one C share) during the period ended December 31, 2016. As the Exchange Offer has
          been completed, no further shares will be issued under this authority;</font></font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">(b)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block;
        TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">up to an aggregate
          nominal amount of $1,372,283 and which can be offered in connection with any proposed initial public offering of equity securities on certain United States stock exchanges (of which none were issued as of the date hereof, leaving a current
          authority to issue up to 137,228,300 Class A common shares);</font></font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">(c)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block;
        TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">up to an aggregate
          nominal amount of $2,596,226 in general equity issues including warrants, convertible debt and general equity with the issue being at fair value as determined by the Board of Directors (of which $119,200 nominal value was used as of the date
          hereof, leaving a current authority to issue up to 247,702,600 Class A common shares); and</font></font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">(d)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block;
        TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">up to an aggregate
          nominal amount of $838,509 to directors, officers or employees of the Company or any of its subsidiaries. As of the date here, we have current authority to issue up to 79,273,997 Class A common shares.</font></font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Our Board of
        Directors was also authorized at the 2016 Annual General Meeting of Shareholders to make market purchases up to a maximum of 6,861,413 Class A common shares within a certain pricing range. As of the date hereof, we have authority to purchase up to
        6,548,542 Class A common shares or approximately 9% of our share capital excluding treasury shares.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Our Shares</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Class A common
        shares. </font>Each outstanding Class A common share, par value $0.01 per share, has, (i) on a poll, one (1) vote on all matters at the general meeting (other than the election or removal of the Deputy Chairman), (ii) pre-emption rights upon any
      new issue of equity securities (including Class A common shares) for cash (unless otherwise provided by the UK Companies Act 2006, or the UK Companies Act, or our Articles of Association or as disapplied by the relevant shareholders' resolution) and
      (iii) the right to receive dividends, as well as liquidation proceeds and other distributions, that we may declare from time to time. The Class A common shares are not redeemable, either in full or in part.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">18</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Class</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">B share. </font>The one outstanding Class B share, par value $0.01, is held by a trustee on behalf of our minority shareholders (the Class A common
      shareholders other than Njord Luxco or its affiliates) pursuant to the terms of a minority trust deed. The Class B share has (i) one vote at our general meetings, (ii) no pre-emptive subscription rights in relation to any issue of new shares of other
      classes and (iii) effectively carries no right to receive dividends, liquidation proceeds or other distributions from us. The holder of the Class B share has the right to elect one member to our Board of Directors (the Deputy Chairman) as well as
      appoint one Board Observer. David Weinstein serves as the Class B share elected director and Jeffrey Stein is the appointed Board Observer. The Class B share may not be transferred or pledged, except for a transfer to a replacement trustee or a
      redemption by us. The Class B share is required to be redeemed when the Class C share is redeemed. The trustee is required to exercise its rights as holder of the Class B share at the direction of such minority shareholders. Such minority
      shareholders are able to direct the trustee as the holder of the Class B share by responding to a directions request distributed to such minority shareholders in accordance with the terms of the minority trust deed.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Class C share. </font>The


      one outstanding Class C share, par value $0.01, is held by Njord Luxco. The holder of the Class C share has 350,000,000 votes at our general meetings on specified matters, described below. Based on Njord Luxco's share ownership as of the date of this
      prospectus of 47,600,172 Class A common shares and the C share, Njord Luxco has 397,600,172 votes.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The Class C share votes may only be cast on resolutions in respect of the appointment or removal of directors
      (excluding the Deputy Chairman) and certain amendments to the Articles of Association proposed by the Board of Directors. The Class C share votes may not be cast on resolutions in respect of any amendments to certain reserved matters, as specified in
      our Articles of Association, (unless those reserved matters also constitute changes to our Articles of Association on which the Class C share is entitled to vote), pre-emptive rights of shareholders, rights attached to the Class B share and other
      minority protection rights provisions contained in our Articles of Association.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The Class C share has no pre-emption rights in relation to any issue of new shares of other classes and effectively
      carries no right to receive dividends, liquidation proceeds or other distributions from us. The Class C share may not be transferred or pledged, except to an affiliate of Njord Luxco or pursuant to redemption by us. The Class C will be automatically
      redeemed when Njord Luxco and its affiliates cease to beneficially own at least one third of our issued Class A common shares. The voting rights attached to the Class C share have the practical effect of allowing Njord Luxco to control the Board of
      Directors of TORM plc and to make amendments to the Articles of Association proposed by the Board of Directors, other than amendments to the minority protections, even when Njord Luxco holds only a third of the issued Class A common shares, the votes
      cast by Njord Luxco would represent approximately 90% of the votes that may be cast on resolutions on which the Class C share may vote.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The reserved matters set forth in our Articles of Association require either the approval of a majority of our Board
      including our Chairman and Deputy Chairman or the approval of a resolution approved by at least 70% or 86% of the votes capable of being cast. Please see&#160; "Memorandum and Articles of Association," below.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Our Share History</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Set forth below is our share history of TORM A/S from the 2015 Restructuring through and including the date of this
      prospectus.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In connection with the completion of the 2015 Restructuring, 2015, TORM A/S' share capital was increased to DKK
      957,543,745.56, consisting of 95,754,374,554 Danish A shares, one B share with special administrative rights and one C share with special voting rights, each with par value DKK 0.01 per share. A total of 95,754,374,555 votes were attached to the
      Danish A shares and the B share, and the C share had 525,000,000,000 votes at the general meeting in respect of certain specified matters.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">19</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">With effect as of September 24, 2015, TORM A/S' share capital was consolidated by consolidating every 1,500 Danish A
      shares into one new Danish A share with a par value of DKK 15 per share.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">On January 13, 2016, 9,810 Danish A shares of DKK 15 and 1,054 fractional Danish A shares of DKK 0.01 each, which we
      acquired through the redemption process carried out as part of the implementation of the 1,500:1 share consolidation implemented with effect as of September 24, 2015, were cancelled.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">At the closing of the Exchange Offer 62,298,846 TORM A/S A shares were tendered for exchange for one TORM plc Class
      A common share, par value $0.01 per share, and the TORM A/S B share and C share were each exchanged for a TORM plc Class B share and Class C share, respectively. TORM plc purchased the remaining 1,523,139 TORM A/S shares. Upon the completion of the
      Exchange Offer, our share capital consisted of 62,298,846 Class A common shares, par value $0.01 per share, one B share, par value $0.01, one C share, par value $0.01, and 50,000 redeemable shares of GBP 1.00 each.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In September 2016, we redeemed the 50,000 redeemable shares of GBP 1.00 each.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">On January
        26, 2018, we completed our Private Placement of 11,920,000 Class A common shares for gross proceeds of approximately $100 million. Njord Luxco purchased approximately $70 million of our Class A common shares in the Private Placement. Following the
        Private Placement and as of the date of this prospectus, Njord Luxco owns approximately 64.4% of our outstanding Class A Common Shares, excluding treasury shares.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">As of the
        date of this prospectus, we have 73,905,975 Class A common shares issued and outstanding (excluding treasury shares), one Class B share and one Class C share.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Warrants</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">As part of the 2015 Restructuring, TORM A/S' issued 7,181,578,089 warrants to certain of our pre-2015 Restructuring
      lenders in partial consideration of the debt-write down, or the Consideration Warrants, each entitling the holder thereof to subscribe for one new Danish A share, par value DKK 0.01, without pre-emption rights for TORM A/S' existing shareholders.
      Those Consideration Warrants were consolidated on a 1,500 for one basis with effect as of September 24, 2015. On closing of the Exchange Offer, each Consideration Warrant that was assented to the Exchange Offer was exchanged for an equivalent warrant
      in TORM plc.&#160; Exchanged Consideration Warrants in TORM A/S were cancelled. As a part of the Exchange Offer, the Consideration Warrants could be exchanged on a one-for-one basis for an equivalent TORM plc warrant or, if unexercised during the four
      weeks following the closing of the Exchange Offer, the Consideration Warrants lapsed automatically without compensation.&#160; Each TORM plc warrant currently outstanding is convertible into one Class A common shares, par value $0.01 per share, against
      payment of a subscription price of DKK 95.2. The warrants can be exercised until July 13, 2020. As of September 30, 2018, there were 4,711,953 warrants outstanding.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Restricted Share Units</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In accordance with our remuneration policy adopted at our General Meeting in April 2018, our Board of Directors,
      pursuant to a long-term incentive program, which we refer to as the LTIP, may periodically grant certain employees Restricted Share Units, or RSUs in the form of restricted stock options. Each RSU granted under the LTIP entitles its holder to acquire
      one Class A common share, subject to vesting. The RSUs are subject to a minimum of a three-year vesting period, with one third of the grant amount vesting at each anniversary date beginning on January 1, 2019. The exercise price of each vested RSU is
      DKK 53.7, which corresponds to the daily average closing price on Nasdaq Copenhagen across the 90-calendar day period before the date of the General Meeting on April 12, 2018 plus a premium of 15%. Vested RSUs may be exercised for a period of 360
      days months after each vesting date. In 2016 and 2017 our Board of Directors agreed to grant RSU's on similar terms, except that, the exercise price for RSU's granted in 2016 and 2017 was DKK 96.3 and DKK 93.6, respectively. For employee grantees
      including members of the Senior Management Team other than the Executive Director, the exercise period was 180 days for the 2016 and 2017 grants compared to 360 days for the 2018 grants. For the Executive Director, Jacob Meldgaard, the 2016 grant was
      subject to a five-year vesting period compared to a three-year period for the 2018 grant.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">20</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In 2018, the Board agreed to grant a total of 944,468 RSUs to LTIP participants and an additional 766,035 RSUs to
      our Executive Director Jacob Meldgaard. This grant to Mr. Meldgaard represented the unvested portion, or approximately 60%, of the RSUs that he was granted in 2016, which were subject to a five-year vesting period, which Mr. Meldgaard has agreed not
      to exercise.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Holders of RSUs do not, and will not, have rights as a shareholder with respect to such RSUs until such time as the
      RSUs vest and are exercised and the Class A common shares are issued. The RSU allocation is subject to the laws of England and Wales and includes certain adjustment and acceleration provisions, exercise conditions and other customary terms.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">As of September 30, 2018, there were 2,704,864 RSUs outstanding (comprised of RSUs granted in 2018 and RSUs
      previously granted in 2016 and 2017 other than those granted to Mr. Meldgaard, which he agreed not to exercise), which have been granted to our Executive Director, the other members of the senior management team and certain employees pursuant to the
      LTIP, of which 255,345 RSUs were exercisable. Zero RSUs under the 2016, 2017 or 2018 program have been exercised.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Transfer Agent</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The transfer
        agent for our Class A common shares is Computershare Trust Company, N.A.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Listing</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Our Class A
        common shares are listed on Nasdaq Copenhagen under the symbol "TRMD A" and on Nasdaq New York under the symbol "TRMD".</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Memorandum and Articles of Association</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The description of our <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif;
        BACKGROUND-COLOR: #ffffff">Memorandum and Articles of Association is incorporated herein by reference to our Annual Report on Form 20-F for the year ended December 31, 2017, initially filed with the SEC on March 8, 2018 and thereafter amended, as
        updated by annual and other reports and documents we file with the SEC after the date of this prospectus and that are incorporated by reference herein, together with our Memorandum and Articles of Association, a copy of which were filed as Exhibit
        1.1 thereto.&#160; Please see the section of this prospectus entitled "Where You Can Find Additional Information."</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">21</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">DESCRIPTION OF DEBT SECURITIES</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We may offer and issue debt securities from time to time in one or more series, under one or more indentures, each
      dated as of a date on or prior to the issuance of the debt securities to which it relates, and pursuant to an applicable prospectus supplement.&#160; We may issue senior debt securities and subordinated debt securities pursuant to separate indentures, a
      senior indenture and a subordinated indenture, respectively, in each case between us and the trustee named in the indenture.&#160; We have filed forms of these documents as exhibits to the registration statement, of which this prospectus forms a part.&#160;
      The senior indenture and the subordinated indenture, as amended or supplemented from time to time, are sometimes referred to individually as an "indenture" and collectively as the "indentures." Each indenture will be subject to and governed by the
      Trust Indenture Act and will be construed in accordance with and governed by the laws of the State of New York, without giving effect to any principles thereof relating to conflicts of law that would result in the application of the laws of any other
      jurisdiction, unless otherwise stated in the applicable prospectus supplement and indenture (or post-effective amendment hereto).&#160; The aggregate principal amount of debt securities which may be issued under each indenture will contain the specific
      terms of any series of debt securities or provide that those terms must be set forth in or determined pursuant to, an authorizing resolution, as defined in the applicable prospectus supplement, and/or a supplemental indenture, if any, relating to
      such series.&#160; Our debt securities may be convertible or exchangeable into any of our equity or other debt securities.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The following description sets forth certain general terms and provisions of the debt securities. The particular
      terms and provisions of the debt securities offered by any prospectus supplement, and the extent to which the general terms and provisions described below may apply to the offered debt securities, will be described in the applicable subsequent
      filings.&#160; We refer to any applicable prospectus supplement, amendment to the registration statement of which this prospectus forms a part, and reports we file with the Commission under the Exchange Act as "subsequent filings."&#160; The statements below
      are not complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of the applicable indenture. The specific terms of any debt securities that we may offer, including any modifications of, or additions to,
      the general terms described below as well as any applicable material U.S. federal income tax considerations concerning the ownership of such debt securities will be described in the applicable prospectus supplement and indenture and, as applicable,
      supplemental indenture. Accordingly, for a complete description of the terms of a particular issue of debt securities, the general description of the debt securities set forth below should be read in conjunction with the applicable prospectus
      supplement and indenture, as amended or supplemented from time to time.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">General</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We expect that neither indenture will limit the amount of debt securities which may be issued.&#160; The debt securities
      may be issued in one or more series.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">You should read the applicable indenture and subsequent filings relating to the particular series of debt securities
      for the following terms of the offered debt securities:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z635864222bd84c3fafe20a62b5f60a21">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the designation, aggregate principal amount and authorized denominations;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zbedb4db39c08463fbc7e29a175619d9f">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the issue price, expressed as a percentage of the aggregate principal amount;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z165e585ad9ad43bd8e5f895f615113cf">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the maturity date;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zea82b4316f8744dbb870508040e1903c">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the interest rate per annum, if any;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z3237d0c1019a4c9b8d363f9135da81ca">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if the debt securities provide for interest payments, the date from which interest will accrue, the dates on which interest will be payable, the date on which payment
                of interest will commence and the regular record dates for interest payment dates;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zd96c3fb71f664bdeaa8afb90cc79980d">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any optional or mandatory sinking fund provisions or exchangeability provisions;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">22</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="za58a59a5318c40bfa852ea2365ea17f1">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the terms and conditions upon which conversion of any convertible debt securities may be effected, including the conversion price, the conversion period and other
                conversion provisions;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z757c0a803bef4cd8a6eca85bf99a826a">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">whether the debt securities will be our senior or subordinated securities;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zffaea15b7c2e40c5adee77d01868a07d">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">whether the debt securities will be our secured or unsecured obligations;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z14b584431387407785c76b6da5003821">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the applicability and terms of any guarantees;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zb56ded3eccde48989c436ce42e95e225">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the date, if any, after which and the price or prices at which the debt securities may be optionally redeemed or must be mandatorily redeemed and any other terms and
                provisions of optional or mandatory redemptions;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z0842760f7e0f4f3ab5cef5fc1c2e57b6">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the debt securities of the series will be issuable;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z5530251b75dc4f85ab64050644cce592">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if other than the full principal amount, the portion of the principal amount of the debt securities of the series which will be payable upon acceleration or provable
                in bankruptcy;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zd31fc175fae5447badd28dc4fb0d874f">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any events of default not set forth in this prospectus;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z38c90eac3a5b4fd1afcf7d3088aa1ed7">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the currency or currencies, including composite currencies, in which principal, premium and interest will be payable, if other than the currency of the United States
                of America;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z0c67749473834a688368e4912a1d4f32">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if principal, premium or interest is payable, at our election or at the election of any holder, in a currency other than that in which the debt securities of the
                series are stated to be payable, the period or periods within which, and the terms and conditions upon which, the election may be made;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zf46f4b7eb2a14ab6ba6cc681824655c3">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">whether interest will be payable in cash or additional securities at our or the holder's option and the terms and conditions upon which the election may be made;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="za2f80952b4a84e33b8fd9747dcc74177">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if denominated in a currency or currencies other than the currency of the United States of America, the equivalent price in the currency of the United States of
                America for purposes of determining the voting rights of holders of those debt securities under the applicable indenture;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z1fefc7461ef041e991e750c03bb2ac8a">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if the amount of payments of principal, premium or interest may be determined with reference to an index, formula or other method based on a coin or currency other
                than that in which the debt securities of the series are stated to be payable, the manner in which the amounts will be determined;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z56b0076d9fb74f26b775be5e0da9c180">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any restrictive covenants or other material terms relating to the debt securities;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z3d3189e193dd45c39684790525de3f23">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">whether the debt securities will be issued in the form of global securities or certificates in registered form;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z5e21b410d225412a822e0596d4926f95">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any listing on any securities exchange or quotation system;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z09f91cd42a88409380e78eda920300a3">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">additional provisions, if any, related to defeasance and discharge of the debt securities; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zd2e24b42987248c8934b494c205b6c3f">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any other special features of the debt securities.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Subsequent filings may include additional terms not listed above.&#160; Unless otherwise indicated in subsequent filings
      with the Commission relating to the indenture, principal, premium and interest will be payable and the debt securities will be transferable at the corporate trust office of the applicable trustee.&#160; Unless other arrangements are made or set forth in
      subsequent filings or a supplemental indenture, principal, premium and interest will be paid by checks mailed to the registered holders at their registered addresses.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">23</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Unless otherwise indicated in subsequent filings with the Commission, the debt securities will be issued only in
      fully registered form without coupons, in denominations of $1,000 or any integral multiple thereof.&#160; No service charge will be made for any transfer or exchange of the debt securities, but we may require payment of a sum sufficient to cover any tax
      or other governmental charge payable in connection with these debt securities.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Some or all of the debt securities may be issued as discounted debt securities, bearing no interest or interest at a
      rate which at the time of issuance is below market rates, to be sold at a substantial discount below the stated principal amount.&#160; United States federal income tax consequences and other special considerations applicable to any discounted securities
      will be described in subsequent filings with the Commission relating to those securities.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Senior Debt</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We may issue senior debt securities, which may be secured or unsecured, under the senior debt indenture. The senior
      debt securities will rank on an equal basis with all our other senior debt except subordinated debt.&#160; The senior debt securities will be effectively subordinated, however, to all of our secured debt to the extent of the value of the collateral
      securing such debt. We will disclose the amount of our debt in the prospectus supplement.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Subordinated Debt</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We may issue subordinated debt securities under a subordinated debt indenture.&#160; Subordinated debt would rank
      subordinate and junior in right of payment, to the extent set forth in the subordinated debt indenture, to all our senior debt.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Covenants</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Any series of debt securities may have covenants in addition to or differing from those included in the applicable
      indenture which will be described in subsequent filings prepared in connection with the offering of such securities, limiting or restricting, among other things:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zffe806a994f34677be12fffbbc105b30">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our ability to incur either secured or unsecured debt, or both;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z61ca42832e1a43ac98d897aa8c653988">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our ability to make certain payments, dividends, redemptions or repurchases;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zdcf13082f3a7412c9d78c635c72dff63">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our ability to create dividend and other payment restrictions affecting our subsidiaries;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zceaa656372374efd922b7eb0809550f5">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our ability to make investments;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z5e18af484a0f4dc4a1e48c6e47332b40">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">mergers and consolidations by us or our subsidiaries;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zf777794fc2b841c98286329c1b1a175d">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">sales of assets by us;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="ze69426f05d96417b8765b5dc22df6752">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our ability to enter into transactions with affiliates;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zc6e0850ba6604875842f567c9ab72601">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our ability to incur liens; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z411e75203f7a4d8abc183d679a2939fe">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">sale and leaseback transactions.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Modification of the Indentures</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We expect that each indenture and the rights of the respective holders may be modified by us only with the consent
      of holders of not less than a majority in aggregate principal amount of the outstanding debt securities of all series under the respective indenture affected by the modification, taken together as a class.&#160; But we expect that no modification that:</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">24</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(1)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">changes the amount of securities whose holders must consent to an amendment, supplement or waiver;</font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(2)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">reduces the rate of or changes the interest payment time on any security or alters its redemption provisions (other than any alteration to any
        such section which would not materially adversely affect the legal rights of any holder under the indenture) or the price at which we are required to offer to purchase the securities;</font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(3)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">reduces the principal or changes the maturity of any security or reduces the amount of, or postpones the date fixed for, the payment of any
        sinking fund or analogous obligation;</font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(4)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">waives a default or event of default in the payment of the principal of or interest, if any, on any security (except a rescission of
        acceleration of the securities of any series by the holders of at least a majority in principal amount of the outstanding securities of that series and a waiver of the payment default that resulted from such acceleration);</font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(5)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">makes the principal of or interest, if any, on any security payable in any currency other than that stated in the security;</font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(6)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">makes any change with respect to holders' rights to receive principal and interest, the terms pursuant to which defaults can be waived,
        certain modifications affecting shareholders or certain currency-related issues; or</font></div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">(7)</font><font style="FONT-SIZE: 1px; WIDTH: 36pt; DISPLAY: inline-block; TEXT-INDENT: 0px" id="TRGRRTFtoHTMLTab">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">waives a redemption payment with respect to any security or changes any of the provisions with respect to the redemption of any securities;</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">will be effective against any holder without his consent.&#160; Other terms as specified in subsequent filings may be modified without the
      consent of the holders.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Events of Default</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We expect that each indenture will define an event of default for the debt securities of any series as being any one
      of the following events:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zabf0bf836cde43149a25760a706f33cb">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">default in any payment of interest when due which continues for 30 days;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zda0782afe8744449adf52577abcd7085">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">default in any payment of principal or premium at maturity;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zd074ede9a180489491130f1b7a6cd0fa">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">default in the deposit of any sinking fund payment when due;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zd276a4fa7e684118a90c4a3ba8d586d0">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">default in the performance of any covenant in the debt securities or the applicable indenture which</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z2bb60a03d2144f24819b71bce9766c87">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">continues for 60 days after we receive notice of the default;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zf5a8e8a4b0bb4e1da4fc90a3cd0d050b">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">default under a bond, debenture, note or other evidence of indebtedness for borrowed money by us or our subsidiaries (to the extent we are directly responsible or
                liable therefor) having a principal amount in excess of a minimum amount set forth in the applicable subsequent filings, whether such indebtedness now exists or is hereafter created, which default shall have resulted in such indebtedness
                becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such acceleration having been rescinded or annulled or cured within 30 days after we receive notice of the
                default; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z7641f613acf64774accf49fa5d5844c7">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">events of bankruptcy, insolvency or reorganization.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">25</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">An event of default of one series of debt securities will not necessarily constitute an event of default with
      respect to any other series of debt securities.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">There may be such other or different events of default as described in an applicable subsequent filing with respect
      to any class or series of debt securities.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We expect that under each indenture, in case an event of default occurs and continues for the debt securities of any
      series, the applicable trustee or the holders of not less than 25% in aggregate principal amount of the debt securities then outstanding of that series may declare the principal and accrued but unpaid interest of the debt securities of that series to
      be due and payable.&#160; Further, any event of default for the debt securities of any series which has been cured is expected to be permitted to be waived by the holders of a majority in aggregate principal amount of the debt securities of that series
      then outstanding.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We expect that each indenture will require us to file annually after debt securities are issued under that indenture
      with the applicable trustee a written statement signed by two of our officers as to the absence of material defaults under the terms of that indenture.&#160; We also expect that each indenture will provide that the applicable trustee may withhold notice
      to the holders of any default if it considers it in the interest of the holders to do so, except notice of a default in payment of principal, premium or interest.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Subject to the duties of the trustee in case an event of default occurs and continues, we expect that each indenture
      will provide that the trustee is under no obligation to exercise any of its rights or powers under that indenture at the request, order or direction of holders unless the holders have offered to the trustee reasonable indemnity.&#160; Subject to these
      provisions for indemnification and the rights of the trustee, each indenture is expected to provide that the holders of a majority in principal amount of the debt securities of any series then outstanding have the right to direct the time, method and
      place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee as long as the exercise of that right does not conflict with any law or the indenture.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Defeasance and Discharge</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The terms of each indenture are expected to provide us with the option to be discharged from any and all obligations
      in respect of the debt securities issued thereunder upon the deposit with the trustee, in trust, of money or U.S. government obligations, or both, which through the payment of interest and principal in accordance with their terms will provide money
      in an amount sufficient to pay any installment of principal, premium and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of the payments in accordance with the terms of the debt
      securities and the indenture governing the debt securities.&#160; We expect that this right may only be exercised if, among other things, we have received from, or there has been published by, the United States Internal Revenue Service a ruling to the
      effect that such a discharge will not be deemed, or result in, a taxable event with respect to holders.&#160; This discharge would not apply to our obligations to register the transfer or exchange of debt securities, to replace stolen, lost or mutilated
      debt securities, to maintain paying agencies and hold moneys for payment in trust.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Defeasance of Certain Covenants</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We expect that the terms of the debt securities provide us with the right not to comply with specified covenants and
      that specified events of default described in a subsequent filing will not apply provided we deposit with the trustee money or U.S. government obligations, or both, which through the payment of interest and principal will provide money in an amount
      sufficient to pay any installment of principal, premium, and interest on, and any mandatory sinking fund payments in respect of, the debt securities on the stated maturity of such payments in accordance with the terms of the debt securities and the
      indenture governing such debt securities. We expect that to exercise this right, we will also be required to deliver to the trustee an opinion of counsel to the effect that the deposit and related covenant defeasance should not cause the holders of
      such series to recognize income, gain or loss for federal income tax purposes.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">26</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We refer you to applicable subsequent filings with respect to any deletions or additions or modifications from the
      description contained in this prospectus.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Form of Debt Securities</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Each debt security will be represented either by a certificate issued in definitive form to a particular investor or
      by one or more global securities representing the entire issuance of securities. Both certificated securities in definitive form and global securities may be issued either in registered form, where our obligation runs to the holder of the security
      named on the face of the security, or in bearer form, where our obligation runs to the bearer of the security.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Definitive securities name you or your nominee as the owner of the security, other than definitive bearer
      securities, which name the bearer as owner, and in order to transfer or exchange these securities or to receive payments other than interest or other interim payments, you or your nominee must physically deliver the securities to the trustee,
      registrar, paying agent or other agent, as applicable.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Global securities name a depositary or its nominee as the owner of the debt securities represented by these global
      securities, other than global bearer securities, which name the bearer as owner. The depositary maintains a computerized system that will reflect each investor's beneficial ownership of the securities through an account maintained by the investor
      with its broker/dealer, bank, trust company or other representative, as we explain more fully below.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Global Securities</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We may issue the debt securities in the form of one or more fully registered global securities that will be
      deposited with a depositary or its nominee identified in the applicable prospectus supplement and registered in the name of that depositary or nominee. In those cases, one or more registered global securities will be issued in a denomination or
      aggregate denominations equal to the portion of the aggregate principal or face amount of the securities to be represented by registered global securities. Unless and until it is exchanged in whole for securities in definitive registered form, a
      registered global security may not be transferred except as a whole by and among the depositary for the registered global security, the nominees of the depositary or any successors of the depositary or those nominees. If not described below, any
      specific terms of the depositary arrangement with respect to any debt securities to be represented by a registered global security will be described in the prospectus supplement relating to those debt securities. We anticipate that the following
      provisions will apply to all depositary arrangements:</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Ownership of beneficial interests in a registered global security will be limited to persons, called participants,
      that have accounts with the depositary or persons that may hold interests through participants. Upon the issuance of a registered global security, the depositary will credit, on its book-entry registration and transfer system, the participants'
      accounts with the respective principal or face amounts of the securities beneficially owned by the participants. Any dealers, underwriters or selling agents participating in the distribution of the securities will designate the accounts to be
      credited. Ownership of beneficial interests in a registered global security will be shown on, and the transfer of ownership interests will be effected only through, records maintained by the depositary, with respect to interests of participants, and
      on the records of participants, with respect to interests of persons holding through participants. The laws of some jurisdictions may require that some purchasers of securities take physical delivery of these securities in definitive form. These laws
      may impair your ability to own, transfer or pledge beneficial interests in registered global securities. So long as the depositary, or its nominee, is the registered owner of a registered global security, that depositary or its nominee, as the case
      may be, will be considered the sole owner or holder of the securities represented by the registered global security for all purposes under the indenture.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Except as described below, owners of beneficial interests in a registered global security will not be entitled to
      have the securities represented by the registered global security registered in their names, will not receive or be entitled to receive physical delivery of the securities in definitive form and will not be considered the owners or holders of the
      securities under the indenture. Accordingly, each person owning a beneficial interest in a registered global security must rely on the procedures of the depositary for that registered global security and, if that person is not a participant, on the
      procedures of the participant through which the person owns its interest in that registered global security, to exercise any rights of a holder under the indenture. We understand that under existing industry practices, if we request any action of
      holders of a registered global security or if an owner of a beneficial interest in a registered global security desires to give or take any action that a holder is entitled to give or take under the indenture, the depositary for the registered global
      security would authorize the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize beneficial owners owning through them to give or take that action or would otherwise act upon the
      instructions of beneficial owners holding through them.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">27</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Principal, premium, if any, and interest payments on debt securities represented by a registered global security
      registered in the name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the registered global security. None of us, the trustee or any other agent of us or agent of the
      trustee will have any responsibility or liability to owners of beneficial interests for any aspect of the records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining, supervising
      or reviewing any records relating to those beneficial ownership interests. We expect that the depositary for any of the securities represented by a registered global security, upon receipt of any payment of principal, premium, interest or other
      distribution of underlying securities or other property to holders on that registered global security, will immediately credit participants' accounts in amounts proportionate to their respective beneficial interests in that registered global security
      as shown on the records of the depositary. We also expect that payments by participants to owners of beneficial interests in a registered global security held through participants will be governed by standing customer instructions and customary
      practices, as is now the case with the securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of those participants.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We expect that the indenture will provide that if the depositary for any of these securities represented by a
      registered global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing agency registered under the Exchange Act, and a successor depositary registered as a clearing agency under the Exchange Act is not
      appointed by us within 90 days, we will be required to issue securities in definitive form in exchange for the registered global security that had been held by the depositary. In addition, the indenture is expected to allow us to decide, at any time
      and in our sole discretion, to not have any of the securities represented by one or more registered global securities. If we make that decision, we will issue securities in definitive form in exchange for all of the registered global security or
      securities representing those securities. Any securities issued in definitive form in exchange for a registered global security will be registered in the name or names that the depositary gives to the relevant trustee or other relevant agent of ours
      or theirs. It is expected that the depositary's instructions will be based upon directions received by the depositary from participants with respect to ownership of beneficial interests in the registered global security that had been held by the
      depositary.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">If we issue registered global securities, we expect that the Depository Trust Company, or DTC, will act as
      depository and the securities will be registered in the name of Cede &amp; Co., as DTC's nominee.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">28</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">DESCRIPTION OF WARRANTS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We may issue warrants to purchase any of our debt or equity securities. Warrants may be issued independently or
      together with any other securities and may be attached to, or separate from, such securities. Each series of warrants will be issued under a separate warrant agreement to be entered into between us and a warrant agent. The terms of any warrants to be
      issued and a description of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus supplement. We expect that such terms will include, among others:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zc639c07a7f374c938c717d5855538a8e">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the title of such warrants;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zd32a4a6c424446dc9701bf92c11afd23">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the aggregate number of such warrants;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z01be5f837eff4eee810f3e20720b670d">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the price or prices at which such warrants will be issued;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z677bc43570fb402db1ec818ee14221d8">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the number and type of our securities purchaseable upon exercise of such warrants;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z62bdc248ea7c45a08bef2981a4715132">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the price at which, and the currency or currencies in which, the securities or other rights purchasable upon exercise of such warrants may be purchased;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z0bec5f13cbec46db93d763f6065e6bd7">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the date on which the right to exercise such warrants shall commence and the date on which such right shall expire;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z880f7ee2469b474494a6405540b94c9e">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zb65a89eef57144d1ba002916f37a7d08">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="za47685dd9ef049848480ddf33801cbe0">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if applicable, the date on and after which such warrants and the related securities will be separately transferable;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z0f6281208e5c4d289c8cb6ab7b9594ab">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">information with respect to book-entry procedures, if any;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z66da47fc7193490987cdc19c81aaf5fa">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if applicable, a discussion of any material U.S. federal income tax considerations; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zeca5e9ebef60479587ce0695cb3ba288">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">29</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">DESCRIPTION OF PURCHASE CONTRACTS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We may issue purchase contracts for the purchase or sale of any of our debt or equity securities issued by us.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Each purchase contract will entitle the holder thereof to purchase or sell, and obligate us to sell or purchase, on
      specified dates, such securities or currencies at a specified purchase price, which may be based on a formula, all as set forth in the applicable prospectus supplement. We may, however, satisfy our obligations, if any, with respect to any purchase
      contract by delivering the cash value of such purchase contract or the cash value of the property otherwise deliverable or, in the case of purchase contracts on underlying currencies, by delivering the underlying currencies, as set forth in the
      applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell such securities or currencies and any acceleration, cancellation or termination provisions, provisions
      relating to U.S. federal income tax considerations, if any, or other provisions relating to the settlement of a purchase contract.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The purchase contracts may require us to make periodic payments to the holders thereof or vice versa, which payments
      may be deferred to the extent set forth in the applicable prospectus supplement, and those payments may be unsecured or pre-funded on some basis. The purchase contracts may require the holders thereof to secure their obligations in a specified manner
      to be described in the applicable prospectus supplement. Alternatively, purchase contracts may require holders to satisfy their obligations thereunder when the purchase contracts are issued. Our obligation to settle such pre-paid purchase contracts
      on the relevant settlement date may constitute indebtedness. Accordingly, pre-paid purchase contracts will be issued under either a senior indenture or subordinated indenture.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">30</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">DESCRIPTION OF RIGHTS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We may issue rights to purchase our equity securities. These rights may be issued independently or together with any
      other security offered by this prospectus and may or may not be transferable by the stockholder receiving the rights in the rights offering. In connection with any rights offering, we may enter into a standby underwriting agreement with one or more
      underwriters pursuant to which the underwriter will purchase any securities that remain unsubscribed for upon completion of the rights offering.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The applicable prospectus supplement relating to any rights will describe the terms of the offered rights,
      including, where applicable, the following:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zc17d5497761e45a3893a1a075e361066">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the exercise price for the rights;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z347671b8d5d2473e90fda9a6ccebf9b2">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the number of rights issued to each stockholder;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z12202bd879034bcbaeb2a9df092b2d40">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the extent to which the rights are transferable;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="ze773b4cb1a8b49c683599d6c1e30585f">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">any other terms of the rights, including terms, procedures and limitations relating to the exchange and exercise of the rights;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z98e483c4b3ac45e8ba492f47be31db07">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the date on which the right to exercise the rights will commence and the date on which the right will expire;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="za811cce1fc5b4ebda6dad34e9e5483b9">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the amount of rights outstanding;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zd6d79ac92d3042c4b7964fb00c5ce749">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the extent to which the rights include an over-subscription privilege with respect to unsubscribed securities; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z2e8dfd4ba6514e8fbc048901fe5a73f8">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the material terms of any standby underwriting arrangement entered into by us in connection with the rights offering.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The description in the applicable prospectus supplement of any rights we offer will not necessarily be complete and
      will be qualified in its entirety by reference to the applicable rights certificate or rights agreement, which will be filed with the SEC if we offer rights. For more information on how you can obtain copies of any rights certificate or rights
      agreement if we offer rights, see "Where You Can Find Additional Information" of this prospectus. We urge you to read the applicable rights certificate, the applicable rights agreement and any applicable prospectus supplement in their entirety.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">31</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">DESCRIPTION OF UNITS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">As specified in the applicable prospectus supplement, we may issue units consisting of one or more of our rights,
      purchase contracts, warrants, debt securities, preferred shares, common shares or any combination of such securities. The applicable prospectus supplement will describe the terms of the offered units.&#160; We expect that such terms will include, among
      others:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zc4516f7344374600977e8df979f1054e">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">the terms of the units and of the rights, purchase contracts, warrants, debt securities, preferred shares and common shares comprising the units, including whether and
                under what circumstances the securities comprising the units may be traded separately;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z82de0f6d2e9d468ea3f3ece4a3b519c1">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">a description of the terms of any unit agreement governing the units;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zf5f79c10fac64d7ca3dad95c0b2df102">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">if applicable, a discussion of any material U.S. federal income tax considerations; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z473de0367df340cca2568723b48bf9db">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">a description of the provisions for the payment, settlement, transfer or exchange or the units.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">&#160;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">&#160;</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">&#160;</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">32</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">TAX CONSIDERATIONS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">United States Federal Income Tax Considerations</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The following is a discussion of the material United States federal income tax considerations that may be relevant
      to prospective investors in the securities offered hereunder and, unless otherwise noted in the discussion, is the opinion of Seward &amp; Kissel, LLP, our United States counsel, insofar as it contains legal conclusions with respect to matters of
      United States federal income tax law.&#160; The opinion of our counsel is dependent on the accuracy of factual representations made by us to them, including descriptions of our operations contained herein.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">This discussion does not purport to deal with the tax consequences of owning the securities offered under this
      prospectus relevant to all categories of investors, some of which, such as banks, insurance companies, real estate investment trusts, regulated investment companies, grantor trusts, tax-exempt organizations, dealers in securities or currencies,
      traders in securities that elect the mark-to-market method of accounting for their securities, investors whose functional currency is not the U.S. dollar, investors that are or own the offered securities through partnerships or other pass-through
      entities, investors that own, actually or under applicable constructive ownership rules, 10% or more of our equity, persons that will hold the offered securities as part of a hedging transaction, "straddle" or "conversion transaction," persons who
      are deemed to sell the offered securities under constructive sale rules, persons required to recognize income for U.S. federal income tax purposes no later than the taxable year in which such income is included on an "applicable financial statement"
      and persons who are liable for the alternative minimum tax may be subject to special rules. The following discussion of United States federal income tax matters is based on the U.S. Internal Revenue Code of 1986, as amended, or the Code, judicial
      decisions, administrative pronouncements, and existing and proposed regulations issued by the United States Department of the Treasury, or the Treasury Regulations, all as in effect or in existence on the date of this prospectus, and all of which are
      subject to change, possibly with retroactive effect. This discussion does not address any aspect of state, local, or any U.S. federal tax considerations other than income taxation, such as estate or gift taxation or unearned income Medicare
      contribution taxation. This discussion deals only with holders who purchase securities in connection with this offering and hold such securities as a capital asset. The discussion below is based, in part, on the description of our business as
      described in this prospectus and assumes that we conduct our business as described in this prospectus. Unless otherwise noted, references in the following discussion to the "Company," "we," "our," and "us" are to TORM plc and its subsidiaries on a
      consolidated basis.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">United States Federal Income Taxation of the Company</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">Taxation of Operating Income: In General<br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We anticipate that substantially all of our gross income will be derived from the use and operation of vessels in
      international commerce, and that this income will principally consist of freights from the transportation of cargoes, hire or lease income from voyage or time charters and the performance of services directly related thereto, which we refer to as
      "shipping income". Unless exempt from U.S. federal income taxation under Section 883 of the Code, under Article 8 of the U.S.-United Kingdom Income Tax Treaty or under Article 8 of the U.S.-Denmark Income Tax Treaty, we will be subject to U.S.
      federal income taxation, in the manner discussed below, to the extent our shipping income is considered for U.S. federal income tax purposes to be derived from sources within the United States.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in
      the United States will be considered for U.S. federal income tax purposes to be 50% derived from sources within the United States. Shipping income attributable to transportation that both begins and ends in the United States will be considered to be
      100% derived from sources within the United States. We are not permitted by law to engage in transportation that gives rise to 100% U.S. source shipping income.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100%
      derived from sources outside the United States. Shipping income derived from sources outside the United States will not be subject to any U.S. federal income tax.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">33</font></div>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We do not believe that we or our subsidiaries will qualify for exemption from tax under Section 883, although we and
      our subsidiaries may qualify in the future if there is a change in our capital structure. See below for a discussion of the requirements for qualification under Section 883.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We and/or one or more of our subsidiaries (collectively referred to as "we" for purposes of this paragraph) may
      qualify for exemption from tax under the terms of the U.S.-UK Income Tax Treaty or U.S.-Denmark Income Tax Treaty. Whether we so qualify depends, among other things, on whether we satisfy the Limitation on Benefits article of the applicable U.S.
      income tax treaty. In particular, we would generally satisfy the Limitation on Benefits article if we can establish that we are engaged in the active conduct of a trade or business in the UK or Denmark, whichever is applicable, our U.S. source
      shipping income is derived in connection with, or is incidental to, such trade or business, and such trade or business activity in the applicable treaty jurisdiction is substantial in relation to our trade or business activity in the United States.
      Additionally, we may also be able to satisfy the Limitation on Benefits article of the U.S.-Denmark Income Tax Treaty if we can establish that our principal class of shares is regularly traded on a recognized stock exchange, such as Nasdaq
      Copenhagen. For this purpose, our Class A Common Shares would generally be considered our primary class of shares if the Class A Common Shares represents more than 50% of the voting power and value of the company. Additionally for this purpose, our
      Class A Common Shares would be treated as regularly traded if the Class A Common Shares are traded in more than de minimis quantities each quarter and the aggregate number of Class A Common Shares traded during the prior taxable year are at least 6%
      of the average number of Class A Common Shares during such prior taxable year. Given the legal and factual uncertainties in making the foregoing determination, there can be no assurance that we will qualify for exemption from tax under a U.S. income
      tax treaty, or that the IRS or a court of law will agree with our determination in this regard.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">Exemption Under Section 883 of the Code<br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Under Section 883 of the Code and the Treasury Regulations promulgated thereunder, or "Section 883," we and each of
      our subsidiaries that derives U.S. source shipping income will qualify for exemption from U.S. federal income tax under Section 883 in respect of such shipping income if, in relevant part:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">we and each such subsidiary is organized in a "qualified foreign country" which, as defined, is a foreign country that grants an equivalent exemption from tax to
                corporations organized in the United States in respect of the shipping income for which exemption is being claimed under Section 883, which we refer to as the "country of organization requirement"; and either</div>
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    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z57f795456546479abb358fd1a36beb7e">

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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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">more than 50% of the value of our stock is owned actually or constructively under specified attribution rules, by "qualified shareholders" (which as defined includes,
                among other things, individuals who are "residents" of qualified foreign countries and corporations that are organized in qualified foreign countries and meet the Publicly-Traded Test discussed immediately below), which we refer to as the
                "50% Ownership Test," or</div>
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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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">our stock is "primarily" and "regularly" traded on an "established securities market" in our country of organization, in another country that grants an "equivalent
                exemption" to U.S. corporations, or in the United States, which we refer to as the "Publicly-Traded Test".</div>
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    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Since the IRS has recognized the United Kingdom, our country of incorporation, and each of the countries of
      incorporation of our subsidiaries, including Denmark, as a qualified foreign country in respect of the shipping income for which exemption is being claimed under Section 883, we and each of our subsidiaries satisfy the country of organization
      requirement. Therefore, we and each of our subsidiaries will be exempt from U.S. federal income tax with respect to our U.S. source shipping income if we and each of our subsidiaries satisfy either the "50% Ownership Test" or the "Publicly-Traded
      Test" and certain substantiation and reporting requirements are met. We do not anticipate satisfying the 50% Ownership Test. Our ability to satisfy the Publicly-Traded Test is discussed below.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The Treasury Regulations provide, in pertinent part, that a class of stock of a foreign corporation will be
      considered to be "primarily traded" on an established securities market in a country (such as Nasdaq Copenhagen) if the exchange is designated under a Limitations on Benefits article in a United States income tax treaty and if the number of shares of
      such class of stock that are traded during any taxable year on all established securities markets in that country exceeds the number of shares of such class that are traded during that taxable year on established securities markets in any other
      single country. Currently, our shares are primarily traded on the Nasdaq Copenhagen for purposes of the "primarily traded" test, although this may change in future years.</div>
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      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">34</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The Treasury Regulations provide further that stock of a foreign corporation will be considered to be "regularly
      traded" on an established securities market only if: (i) one or more classes of stock of the corporation that, in the aggregate, represents more than 50% of the stock of the corporation, by voting power and value, is listed on such established
      securities market, (ii) each such class of stock is traded on such established securities market, other than in de minimis quantities, on at least 60 days during the taxable year, and (iii) the aggregate number of shares of such stock traded on such
      established securities market is at least 10% of the average number of shares of such stock outstanding during such taxable year. Even if this were not the case, the Treasury Regulations provide that the trading frequency and trading volume tests
      will be deemed satisfied with respect to a class of stock that is traded on an established securities market in the United States if such stock is regularly quoted by dealers making a market in such stock. We have a single class of stock that is
      listed on the Nasdaq New York, an established securities market in the United States. Although&#160; we do not anticipate satisfying the requirement that our stock be "regularly traded" on an established securities market under the quantitative testing
      rules, our common stock is deemed to be "regularly traded" on an established securities market for purposes of satisfying the Publicly-Traded Test.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The Treasury Regulations provide, in pertinent part, that a class of stock of a foreign corporation will not be
      considered to be "regularly traded" on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class of stock are owned, within the meaning of the Treasury Regulations, on
      more than half the days during such taxable year by persons who each own 5% or more of the vote and value of the outstanding shares of such class of stock, which persons we refer to as "5% shareholders" and rule as the "5% override rule".</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">For purposes of identifying our 5% shareholders, we are permitted to rely on Schedule 13G and Schedule 13D filings
      with the SEC.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">In the event the 5% override rule were triggered with respect to any class of stock for any taxable year, the
      Treasury Regulations provide that the 5% override rule will nevertheless not apply to such class of stock for such taxable year if the foreign corporation can establish that among the closely-held group of 5% shareholders, which we refer to as the
      "5% closely-held group," there are sufficient 5% shareholders that are considered to be qualified shareholders (for purposes of Section 883) to preclude non-qualified 5% shareholders in the 5% closely-held group from owning 50% or more of the total
      value of the shares of such class for more than half the number of days during such taxable year. In order to establish this, a sufficient number of 5% shareholders that are qualified shareholders would have to comply with certain documentation and
      certification requirements designed to substantiate their identity as qualified shareholders. These requirements are onerous and there is no assurance that we would be able to satisfy them. Currently, OCM Njord Holdings S.a.r.l. through its
      wholly-owned subsidiary, Njord Luxco, owns approximately 64.4% of our outstanding Class A Common Shares. As such, we expect the 5% override rule to be triggered and that we would not be able to rely on Section 883 for exemption from United States
      federal income taxation on our U.S. source shipping income. Therefore, if we cannot qualify for benefits under an applicable U.S. income tax treaty, we would be subject to United States taxation on our U.S. source shipping income.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">U.S. Federal Income Taxation in the Absence of Section 883 or Treaty Exemption<br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">4% Gross Basis Tax
        Regime.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>To the extent the benefits of Section 883 or an applicable U.S. income tax treaty are unavailable, our U.S.
      source shipping income which is not considered to be "effectively connected" with the conduct of a U.S. trade or business, as discussed below, would be subject to a 4% U.S. federal income tax imposed by Section 887 of the Code on a gross basis,
      without the benefit of deductions, which we refer to as the "4% gross basis tax regime". Since under the sourcing rules described above, no more than 50% of our shipping income would be treated as derived from U.S. sources, the maximum effective rate
      of U.S. federal income tax on our shipping income should never exceed 2% under the 4% gross basis tax regime.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Net Basis and Branch
        Tax Regimes. </font>To the extent the benefits of Section 883 or an applicable U.S. income tax treaty are unavailable and our U.S. source shipping income is considered to be "effectively connected" with the conduct of a U.S. trade or business, as
      discussed below, any such "effectively connected" U.S. source shipping income, net of applicable deductions, would be subject to the U.S. federal income tax currently imposed at the corporate rate of 21%. In addition, we may be subject to the U.S.
      branch profits tax, at a rate of 30% or such lower rate as may be provided by an applicable U.S. income tax treaty, on earnings "effectively connected" with the conduct of such U.S. trade or business, as determined after allowance for certain
      adjustments, and on certain interest paid or deemed paid attributable to the conduct of their U.S. trade or business.</div>
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      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">35</font></div>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Our U.S. source shipping income will be considered "effectively connected" with the conduct of a U.S. trade or
      business only if:</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">we have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and</div>
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    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">substantially all of our U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published
                schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States.</div>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We do not intend to have, or permit circumstances that would result in having, substantially all of our U.S. source
      shipping income be attributable to regularly scheduled transportation. Based on the foregoing and on the expected mode of our shipping operations, we believe that none of our U.S. source shipping income will be "effectively connected" with the
      conduct of a U.S. trade or business.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">U.S. Taxation of Gain on Sale of Vessels.<br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Regardless of whether we qualify for exemption under Section 883 of the Code or the applicable U.S. income tax
      treaty, we do not expect to be subject to U.S. federal income taxation with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general, a
      sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel
      by us will be considered to occur outside of the United States.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Taxation of Holders of Securities Offered Hereunder</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The material U.S. federal income tax considerations to investors that are beneficial owners of any of the offered
      securities that are either (a) United States persons within the meaning of section 7701(a)(30) of the Code or (b) not United States persons within the meaning of section 7701(a)(30) of the Code of purchasing, acquiring, owning, holding, exercising,
      exchanging, selling or otherwise disposing of the offered securities will be described in a supplement to this prospectus.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">If a partnership holds our common shares, the U.S. federal income tax treatment of a partner will generally depend
      upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding our common shares, you are encouraged to consult your own tax advisor.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Danish Tax Considerations</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The following is a summary of certain Danish tax considerations relating to an investment in TORM plc, based upon
      the opinion of Bech-Bruun, our counsel as to matters of Danish tax law.&#160; The summary describes the Danish tax implications pertaining to dividends paid from TORM A/S to TORM plc, the 2015 Restructuring, and a sale of Class A common shares by TORM
      plc.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The summary does not purport to constitute exhaustive tax or legal advice. It is specifically to be noted that the
      summary does not address all possible tax consequences relating to an investment in the shares of TORM plc. The summary is based solely upon the tax laws of Denmark in effect on the date of this annual report. Danish tax laws may be subject to
      changes, possibly with retroactive effect.</div>
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    </div>
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      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Sale of Class A common shares by TORM plc</div>
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Shareholders not resident in Denmark will normally not be subject to Danish tax on gains realized on the sale of
        shares, irrespective of the ownership period and equity interest. However, Danish anti-avoidance rules should be observed as these rules may, if certain conditions are met, result in a requalification of tax-exempt capital gains into dividends,
        which could trigger Danish withholding taxes. These rules could apply in a number of situations, such as in connection with a related party sale of shares against cash and in unrelated third party transactions in connection with the transfer of
        shares to a new holding company (controlled by a third party) against shares and cash. For example, this could be the case, if dividends from TORM A/S cannot be received tax exempt by TORM plc. The rules should only apply to intra-group
        transactions as well as situations where TORM plc receives an ownership share in the group acquiring the shares in TORM A/S.</div>
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Dividends distributed to the holders of Class A common shares of TORM A/S to TORM plc</div>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Under Danish tax law, dividends paid on shares in a Danish company to a foreign company are normally subject to
      dividend withholding tax of 27%.&#160; However, the foreign company receiving the dividends will as a main rule be subject to a final Danish withholding tax of 22% provided the recipient reclaims the excess tax from the Danish tax authorities.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Dividends paid on shares in a Danish company are as a starting point exempt from Danish withholding tax when the
      foreign receiving company owns at least 10% of the Danish distributing company, the foreign receiving company is tax resident within the EU or a state which has a tax treaty with Denmark, and the Danish taxation should be reduced or eliminated in
      accordance with the EU Parent/Subsidiary Directive (2011/96/EU) or in accordance with a tax treaty between Denmark and the state in which the receiving company is domiciled.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">When considering whether the EU Parent/Subsidiary Directive (2011/96/EU) or a tax treaty can be applied (thereby
      enabling exemption from Danish withholding taxes on dividend distributions), the Danish tax authorities do consider a number of other criteria, including whether the foreign receiving company is the beneficial owner, and whether the structure can be
      challenged based on general anti-avoidance rules introduced in 2015.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">If these conditions for exemption are not fulfilled, Danish withholding tax of 27% (potentially reduced to 22%) will
      be triggered on such dividend distributions.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Share transfer tax and stamp duties</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">No Danish share transfer tax or stamp duties are payable on direct or indirect transfer of the shares of TORM A/S.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Danish Tax Risks</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Tax consequences related to the 2015 Restructuring could increase our tax burden and could have a material adverse
      effect on our financial position.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The debt write-down and conversion of debt that occurred as part of the 2015 Restructuring is considered a debt
      forgiveness for Danish tax purposes. The debt forgiveness will not result in taxes being payable by us provided that the debt forgiveness can be classified as a comprehensive agreement between us and our creditors, and provided that the debt
      forgiveness takes place on normal market terms as applied between unrelated parties.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">If the debt forgiveness is classified as a comprehensive agreement, the gain on the debt forgiveness realized by us
      will not be taxable. If the debt forgiveness is classified as singular debt forgiveness, however, the gain on the debt forgiveness will be taxable to us. This classification determination is based on a number of factors, including the percentage of
      the creditors of the unsecured debt who participated in the debt forgiveness. Because the 2015 Restructuring was a complex transaction, the evaluation of whether it was entered into on normal market terms consequently requires judgment.</div>
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      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">37</font></div>
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    </div>
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    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Management expects that the debt forgiveness will be classified as a comprehensive agreement between us and our
      creditors, and that it is entered into on normal market terms. In the event that this is not the case, it could increase our overall tax burden and could have a material adverse effect on our future performance, results of operations, cash flows and
      financial position.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">The Danish Tax Authorities may challenge whether TORM plc is entitled to Danish withholding tax exemption on
      dividends from TORM A/S.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">TORM plc is a tax resident of the United Kingdom and owns 100% of the shares of TORM A/S and should as a starting
      point be entitled to the benefits under the EU Parent/Subsidiary Directive (2011/96/EU) provided TORM plc is the beneficial owner of the dividends and is not subject to the Danish anti-abuse rules.&#160; It is, however, not currently clear whether similar
      provisions would continue to apply following the United Kingdom's intended departure from the European Union.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">However, TORM plc should be entitled to the benefit of the double tax treaty entered into between Denmark and the
      United Kingdom. The double tax treaty reduces dividend withholding tax to nil for wholly-owned subsidiaries (where the relevant conditions are satisfied), and its protection would, in principle, be available regardless of the United Kingdom's
      departure from the European Union. In order for the double tax treaty to apply, TORM plc must be considered the beneficial owner of the dividends and must not be subject to Danish anti-abuse rules. We believe that the group structure, the level of
      business activity carried out in the United Kingdom by TORM plc, the economic risk of TORM plc and TORM plc's right to dispose of dividends received justify that TORM plc is the beneficial owner of dividends received from TORM A/S, that TORM plc is
      not a conduit entity and that Danish anti-abuse rules should not apply.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Consequently, we believe that dividends distributed from TORM A/S to TORM plc should be exempt from Danish dividend
      withholding tax according to either the application of the EU Parent/Subsidiary Directive (2011/96/EU) or the double tax treaty entered into between Denmark and the United Kingdom (so long as a claim is made and the treaty relief is granted). If the
      provisions of the EU Parent/Subsidiary Directive (2011/96/EU) did not apply and not all of the applicable conditions in the double tax treaty between the United Kingdom and Denmark are fulfilled, Danish withholding taxes of 27% (potentially reduced
      to 22%) will be triggered on such dividend distributions.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">United Kingdom Tax Considerations</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The following discussion is based upon the opinion of Watson Farley &amp; Williams LLP, our counsel as to matters of
      the taxation laws of the United Kingdom.&#160; The following statements do not constitute tax advice and are intended only as a general guide to current United Kingdom law and HM Revenue and Customs ("HMRC") published practice, which may not be binding on
      HMRC, as at the date of this document (which are both subject to change at any time, possibly with retrospective effect).</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">They relate only to certain limited aspects of the United Kingdom tax treatment of the beneficial owners of the
      Class A common shares. They are intended to apply only to shareholders who are resident only in the United Kingdom for United Kingdom tax purposes (unless the context requires otherwise) and, if individuals, who are domiciled in the United Kingdom
      and to whom split-year treatment does not apply. The statements below only relate to persons who are and will be the absolute beneficial owners of the Class A common shares and who hold, and will hold, the Class A common shares through the Depository
      Trust Company as investments (and not as securities to be realized in the course of a trade).</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The statements below are not exhaustive and may not apply to certain shareholders, such as dealers in securities,
      broker dealers, insurance companies and collective investment schemes, shareholders who are exempt from taxation, shareholders who hold their shares through an Individual Savings Account or a Self-Invested Personal Pension and shareholders who have
      (or are deemed to have) acquired the Class A common shares by virtue of an office or employment. Such persons may be subject to special rules. This summary does not address any inheritance tax considerations.</div>
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      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">38</font></div>
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    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Prospective purchasers of the Class A common shares who are in any doubt as to their tax position should consult an
      appropriate professional adviser.</div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Taxation of Dividends</div>
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">General<br>
      </div>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">TORM plc is not required to make any withholding or deduction for or on account of United Kingdom tax in respect of
      dividends on the Class A common shares, irrespective of whether the shareholder receiving the dividend is resident in or outside the United Kingdom.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Individual Shareholders<br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">United Kingdom resident individual shareholders may be subject to income tax on dividends they receive from the
      Company.&#160; The first &#163;2,000 of dividend income that the United Kingdom resident individuals receive in each tax year is taxed at a rate of 0% (the "nil rate amount").</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Dividend income that is within the nil rate amount counts towards an individual's basic or higher rate limits &#8211; and
      will therefore affect the taxation of other income received and any capital gains realized by the individual in the tax year.&#160; It may also affect the level of savings allowance to which they are entitled (as this is different for basic and higher
      rate taxpayers).&#160; In calculating into which tax band any dividend income over the nil rate amount falls, dividend income is treated as the "top slice" of an individual's income.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Any dividend income received by a UK resident individual shareholder in excess of the nil rate amount will be
      subject to income tax at a rate of 7.5%, to the extent that it is within the basic rate band, 32.5% to the extent that it is within the higher rate band and 38.1%, to the extent that it is within the additional rate band.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Corporate Shareholders</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Shareholders within the charge to United Kingdom corporation tax which are "small companies" (for the purposes of
      United Kingdom taxation of dividends) will not generally expect to be subject to tax on dividends from the Company.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Other shareholders within the charge to United Kingdom corporation tax will not be subject to tax on dividends from
      the Company so long as the dividends fall within an exempt class and certain conditions are met. For example: dividends paid to companies holding less than 10% of the issued share capital of the payer (or any class of that share capital) are
      generally dividends that fall within an exemption in respect of "portfolio holdings" (subject to the application of relevant anti-avoidance rules). Other exemptions may also apply.</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Shareholders Resident outside the United Kingdom</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Where a shareholder resident for tax purposes outside the United Kingdom carries on a trade, profession or vocation
      in the United Kingdom and the dividends are a receipt of that trade or, in the case of corporation tax, the Class A common shares are held by or for a United Kingdom permanent establishment through which a trade is carried on, the shareholder may be
      liable to United Kingdom tax on dividends paid by the Company.</div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Taxation of Chargeable Gains</div>
      <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Individual Shareholders<br>
      </div>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">A disposal of the Class A common shares may give rise to a chargeable gain (or allowable loss) for the purposes of
      United Kingdom capital gains tax, depending on the circumstances and subject to any available exemption or relief. The rate of capital gains tax in respect of shareholdings is 10% for individuals who are subject to income tax at the basic rate and
      20% to the extent that an individual's chargeable gains, when aggregated with his or her income chargeable to income tax, exceed the basic rate band for income tax purposes. An individual shareholder is entitled to realize an exempt amount of gains
      (&#163;11,700 in the 2018/19 tax year) in each tax year without being liable to tax.</div>
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      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">39</font></div>
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    </div>
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    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">A shareholder who is an individual and who has ceased to be resident in the United Kingdom for taxation purposes (or
      has become treated as resident outside the United Kingdom for the purposes of a double tax treaty ("treaty non-resident") for a period of five years or less and who disposes of the Class A common shares during that period may in some circumstances
      also be liable, on his or her return to the United Kingdom, to United Kingdom capital gains tax on that gain, subject to any available exemptions or reliefs.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Corporate Shareholders<br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Where a shareholder is within the charge to United Kingdom corporation tax, including cases where it is not resident
      (for tax purposes) in the United Kingdom, a disposal of the Class A common shares may give rise to a chargeable gain (or allowable loss) for the purposes of United Kingdom corporation tax, depending on the circumstances and subject to any available
      exemption or relief. Indexation allowance may reduce the amount of chargeable gain that is subject to corporation tax, but may not create or increase any allowable loss.&#160; For disposals on or after 1 January 2018, indexation allowance covers only the
      movement in the retail prices index from the date of acquisition to 31 December 2017.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Shareholders Resident outside the United Kingdom<br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">A shareholder that is not resident in the United Kingdom (and, in the case of an individual, is not temporarily
      non-resident) for United Kingdom tax purposes and whose Class A common shares are not held in connection with carrying on a trade, profession or vocation in the United Kingdom generally will not be subject to United Kingdom tax on chargeable gains on
      the disposal of the Class A common shares.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff; TEXT-INDENT: 36pt">Stamp Duty and Stamp Duty Reserve Tax ("SDRT")<br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The comments in this section relating to stamp duty and SDRT apply whether or not a shareholder is resident or
      domiciled in the United Kingdom.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Special rules may apply to shareholders such as market makers, brokers, dealers and intermediaries.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Following the European Court of Justice decision in HSBC Holdings Plc and Vidacos Nominees Ltd v The Commissioners
      for Her Majesty's Revenue &amp; Customs (C-569/07) and the First-tier Tax Tribunal decision in HSBC Holdings Plc and The Bank of New York Mellon Corporation v The Commissioners for Her Majesty's Revenue &amp; Customs (TC/2009/16584), HMRC has
      confirmed that 1.5% SDRT is no longer payable when new shares are issued to a clearance service or depositary receipt system. In the 2017 Budget, the government of the United Kingdom confirmed that this will remain the case after the United Kingdom's
      intended departure from the European Union.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">No stamp duty should be payable on the acquisition or transfer of the beneficial ownership of the Class A common
      shares held by a nominee for a person whose business is or includes the provision of clearance services where that acquisition or transfer is settled within the clearance service and there is no physical instrument of transfer.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">An agreement for the transfer of such Class A common shares will also not give rise to a SDRT liability, provided
      that no election has been made under section 97A of the United Kingdom Finance Act 1986 which is applicable to such Class A common shares. We understand that no such election has been made by the Depository Trust Company as respects the Class A
      common shares.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Any instrument of transfer of the Class A common shares that are not held by a nominee for a person whose business
      is or includes the provision of clearance services will generally attract stamp duty at a rate of 0.5% of the amount or value of the consideration for the transfer (rounded up, if necessary, to the next multiple of &#163;5). No stamp duty is chargeable on
      an instrument transferring shares where the amount or value of the consideration is &#163;1,000 or less and it is certified on the instrument that the transaction effected by the instrument does not form part of a larger transaction or series of
      transactions for which the aggregate consideration exceeds &#163;1,000. An unconditional agreement for such transfer, or a conditional agreement which subsequently becomes unconditional, will also generally be liable to SDRT at the rate of 0.5% of the
      amount or value of the consideration for the transfer; but such liability will be cancelled if the agreement is completed by a duly stamped instrument of transfer within six years of the date of the agreement, or if the agreement was conditional, the
      date the agreement became unconditional. Where stamp duty is paid, any SDRT previously paid should be repaid on the making of an appropriate claim generally with interest.</div>
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      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">40</font></div>
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    </div>
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    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Therefore, a transfer of title in the Class A common shares or an agreement to transfer such shares from within the
      Depository Trust Company system out of the Depository Trust Company system, and any subsequent transfers or agreements to transfer outside the Depository Trust Company system, will generally attract a charge to United Kingdom stamp duty and/or United
      Kingdom SDRT at a rate of 0.5% of any consideration.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">Shareholders should note in particular that a redeposit of the Class A common shares into the Depository Trust
      Company system, including by means of a transfer into a depositary receipt system, will generally attract United Kingdom stamp duty and/or United Kingdom SDRT at the higher rate of 1.5%.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">ENFORCEABILITY OF CIVIL LIABILITIES</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We are an English company and our executive offices are located outside of the United States. Our officers and the
      majority of our directors and some of the experts named in this document reside outside of the United States. In addition, substantially all of our assets and the assets of our officers, directors and experts are located outside of the United States.
      As a result, you may have difficulty serving legal process within the United States upon us or any of these persons or enforcing any judgments obtained in U.S. courts to the extent assets located in the United States are insufficient to satisfy the
      judgments. In addition, original actions or actions for the enforcement of judgments of U.S. courts with respect to civil liabilities solely under the federal securities laws of the United States may not be enforceable in England.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">LEGAL MATTERS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The validity of the securities offered by this prospectus will be passed upon for us by Seward &amp; Kissel LLP, New
      York, New York with respect to matters of United States and New York law. T<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">he validity of securities offered by this prospectus will be passed upon
        for us by </font>Watson Farley &amp; Williams LLP <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">with respect to matters of English law.</font> Certain matters relating to Danish tax law
      will be <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">passed upon for us by Bech-Bruun.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EXPERTS</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">The financial
        statements incorporated in this prospectus by reference from the Company's Annual Report on Form 20-F have been audited by Deloitte Statsautoriseret Revisionspartnerselskab, an independent registered public accounting firm, as stated in their
        report, which is incorporated herein by reference. Such financial statements have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and auditing. The offices of Deloitte
        Statsautoriseret Revisionspartnerselskab are located at Weidekampsgade 6, 2300 Copenhagen, Denmark.</font></div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">WHERE YOU CAN FIND ADDITIONAL INFORMATION</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">As required by the Securities Act of 1933, we filed a registration statement relating to the securities offered by
      this prospectus with the SEC. This prospectus is a part of that registration statement, which includes additional information.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Government Filings</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We file annual and special reports with the SEC. You may read and copy any document that we file and obtain copies
      at prescribed rates from the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling 1 (800) SEC-0330. The SEC maintains a website
      (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC.&#160; Further information about our company is available on our website at www.torm.com. The
      information on our website does not constitute a part of this prospectus.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">41</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">INFORMATION INCORPORATED BY REFERENCE</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The SEC allows us to "incorporate by reference" information that we file with it.&#160; This means that we can disclose
      important information to you by referring you to those filed documents.&#160; The information incorporated by reference is considered to be a part of this prospectus, and information that we file later with the SEC prior to the termination of this
      offering will also be considered to be part of this prospectus and will automatically update and supersede previously filed information, including information contained in this document.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We incorporate by reference the documents listed below and any future filings made with the SEC under Section 13(a),
      13(c), 14 or 15(d) of the Exchange Act:</div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z907a1b83278843798b2d4f1cfd22d15b">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Our Annual Report on Form 20-F for the fiscal year ended December 31, 2017, filed with the SEC on March 8, 2018, and our Annual Report on Form 20-F/A filed with the
                SEC on April 9, 2018.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="z21b240494df64d24b7efb5af6a767824">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Our Current Report on Form 6-K, filed with the SEC on November 15, 2018, containing our interim results for the nine months ended September 30, 2018.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
      <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" class="DSPFListTable" id="zfc50c5f9ebd74a5e998cd87659e572a9">

          <tr>
            <td style="WIDTH: 36pt"></td>
            <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: justify">
              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Our Report on Form 6-K, filed with the SEC on December 17, 2018, containing information regarding the resignation of our Chief Financial Officer, Christian
                S&#248;gaard-Christensen.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We are also incorporating by reference all subsequent annual reports on Form 20-F that we file with the SEC and
      certain reports on Form 6-K that we furnish to the SEC after the date of this prospectus (if they state that they are incorporated by reference into this prospectus) until we file a post-effective amendment indicating that the offering of the
      securities made by this prospectus has been terminated. In all cases, you should rely on the later information over different information included in this prospectus or the prospectus supplement.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">You should rely only on the information contained or incorporated by reference in this prospectus and any
      accompanying prospectus supplement. We have not, and any underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We
      are not, and the underwriters are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus and any accompanying prospectus
      supplement as well as the information we previously filed with the SEC and incorporated by reference, is accurate as of the dates on the front cover of those documents only. Our business, financial condition and results of operations and prospects
      may have changed since those dates.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">You may request a free copy of the above mentioned filing or any subsequent filing we incorporated by reference to
      this prospectus by writing or telephoning us at the following address:</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">TORM plc</div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Tuborg Havnevej 18</font></div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">DK-2900 Hellerup</font></div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">Denmark</font></div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">+45 39 17 92 00</font></div>
    <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">&#160;</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">These reports may also be obtained on our website at www.torm.com. None of the information on our website is a part
      of this prospectus.</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Information Provided by the Company</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">We will furnish holders of our common shares with annual reports containing audited financial statements and a
      report by our independent registered public accounting firm. The audited financial statements will be prepared in accordance with <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; BACKGROUND-COLOR: #ffffff">International
        Financial Reporting Standards (IFRS) as issued by the IASB</font>. As a "foreign private issuer", we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders. While we furnish proxy
      statements to shareholders in accordance with the rules of any stock exchange on which our common shares may be listed in the future, those proxy statements do not conform to Schedule 14A of the proxy rules promulgated under the Securities Exchange
      Act. In addition, as a "foreign private issuer", our officers and directors are exempt from the rules under the Securities Exchange Act relating to short swing profit reporting and liability.</div>
    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
      <div style="TEXT-ALIGN: center" id="DSPFPageNumberArea"><font style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; FONT-STYLE: normal" id="DSPFPageNumber">42</font></div>
      <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
        <hr noshade="noshade" 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"> </div>
    </div>
    <div style="MARGIN-BOTTOM: 12pt"><br>
    </div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EXPENSES</div>
    <div style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The following are the estimated expenses of the issuance and distribution of the securities being registered under
      the registration statement of which this prospectus forms a part, all of which will be paid by us.</div>
    <table cellspacing="0" cellpadding="0" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" id="zc42228aefe37470c827d317e4b9bbf9b">

        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">SEC registration fee</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 6.7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">65,376.38</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">FINRA filing fee</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 6.7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">81,411.36</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Nasdaq listing fee</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 6.7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Legal fees and expenses</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 6.7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Accounting fees and expenses</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 6.7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Printing and engraving expenses</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 6.7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Transfer agent and registrar fees</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 6.7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Indenture trustee fees and expenses</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 6.7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Blue sky fees and expenses</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
          </td>
          <td valign="bottom" style="WIDTH: 6.7%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="WIDTH: 88%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Miscellaneous</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #ffffff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff">
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt">Total</div>
          </td>
          <td valign="bottom" style="WIDTH: 2.23%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff">&#160;</td>
          <td valign="bottom" style="WIDTH: 1.74%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff">
            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">$</div>
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            <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">*</div>
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              <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">To be provided by a prospectus supplement or as an exhibit to Report on Form 6-K that is incorporated by reference into this registration statement.</div>
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          </tr>

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    <div style="MARGIN-BOTTOM: 10pt; MARGIN-TOP: 10pt; CLEAR: both" id="DSPFPageBreakArea">
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    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="BACKGROUND-COLOR: #ffffff"><br>
    </div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="TEXT-ALIGN: center"><img src="image1.jpg" style="HEIGHT: 90px; WIDTH: 122px"></div>
      <div style="FONT-SIZE: 24pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">TORM PLC</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Common Shares</div>
    </div>
    <div style="BACKGROUND-COLOR: #ffffff"><br>
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    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Preferred Shares</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Debt Securities</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Warrants</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Purchase Contracts</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Rights</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Units</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">and</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">47,600,172 Class A Common Shares</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">offered by the Selling Shareholder</div>
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    <div style="TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff"><br>
    </div>
    <div style="TEXT-ALIGN: center; BACKGROUND-COLOR: #ffffff"><br>
    </div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div><br>
      </div>
      <div><br>
        &#160;</div>
    </div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">
        <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000;
          MARGIN-RIGHT: auto"> </div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">PROSPECTUS</div>
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">&#160;</div>
      <div>
        <hr noshade="noshade" align="center" style="BORDER-TOP: medium none; HEIGHT: 2px; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000;
          MARGIN-RIGHT: auto"> <br>
      </div>
    </div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div><br>
      </div>
      <div><br>
      </div>
    </div>
    <div style="BACKGROUND-COLOR: #ffffff">
      <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">February 12, 2019</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div><br>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
