With a dual listing of shares on both Nasdaq Copenhagen and NASDAQ in New York, TORM expands its potential shareholder base within the US capital market, and increases the visibility of the TORM share to a larger pool of equity analysts. Currently, the TORM share is covered by six equity research entities.

Over time, increased international visibility is expected to increase the trading volume and diminish the bid-ask spread of the traded share on both exchanges. This will benefit TORM’s current and potential shareholders.

The US shares are identified by CUSIP G89479102. These shares are reflected in the US component of TORM’s share register that is maintained by DTC and are tradable on NASDAQ in New York.

The Danish shares are identified by ISIN GB00BZ3CNK81. These shares are reflected in the Danish component of TORM’s share register maintained by VP Securities and are tradable on Nasdaq Copenhagen.

Both US shares and Danish shares are entitled to identical dividends and voting rights. The only difference is that the US shares are denominated in USD and are eligible to receive dividends in USD, while the Danish shares are denominated in DKK and are eligible to receive dividends in DKK.

All TORM shares are listed on both NASDAQ in New York and on Nasdaq Copenhagen. Only the US shares registered by DTC can be traded on NASDAQ in New York, and only the Danish shares registered by VP Securities can be traded on Nasdaq Copenhagen, unless otherwise restricted.

Holders of TORM shares can transfer their shares from one share register to the other after completing a transferring procedure.

To transfer shares from one exchange to the other, shareholders must instruct their financial intermediary (bank or broker) to contact VP Securities (TORM’s Danish transfer and clearing agent) or Computershare (TORM’s US transfer and clearing agent).

The procedure for transferring shares (from Denmark to the US or vice versa) by the assistance of the shareholders’ financial intermediary should be completed within three trading days.

Based on this timing, and the expected timing for settlement in the case of a sale, current shareholders may be able to sell their shares on either Nasdaq Copenhagen or NASDAQ in New York without delay. In the framework of corporate events (including the payment of dividends or shareholders’ meetings), TORM may suspend the transfer of shares for a specific period of time. In such case, TORM will inform its shareholders about such event on its website.

To transfer TORM shares from Nasdaq Copenhagen to NASDAQ in New York, shareholders must be able to take delivery of their shares in the US. This requires a US securities account. Please contact your financial intermediary to assist with these arrangements.

To reposition TORM shares from NASDAQ in New York to Nasdaq Copenhagen, shareholders must be able to take delivery of their shares in Denmark. This requires a Danish securities account. Please contact your financial intermediary to assist with these arrangements.

Please contact your financial intermediary about handling fees for the transfer of shares and costs associated with holding and trading of US shares through a US securities account or holding Danish shares through a Danish securities account.

The transfer of Danish shares into US shares, or vice versa, is not expected to have any US or Danish income tax consequences.

Shareholders should consult their tax advisor regarding any potential tax treatment of the shareholder’s investment in TORM shares before transferring their shares.

The US shares may be traded and sold on Nasdaq Copenhagen after completing the procedure for transferring shares from the US to Denmark.

The Danish shares may be traded and sold on NASDAQ in New York after completing the procedure for repositioning shares from Denmark to the US.