Board of Directors’ report at TORM A/S’ annual general meeting on 23 April 2012

News Release TORM A/S April 23, 2012

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In connection with TORM A/S’ annual general meeting to be held
today, the Board of Directors’
report on the Company’s activities for the past year is hereby
made public.
The report from the Board of Directors mentions that the banks and
the time charter partners in
exchange for the concessions made as part of the conditional
agreement in principle as described
in the company announcement no. 14 dated 4 April 2012 will achieve
a substantial majority of the
share capital in the Company in connection with definitive
implementation of the agreement in
principle. Under the conditional agreement in principle, existing
shareholders will achieve in
aggregate 7.5% of the future share capital in the Company.
It is also reported that Gabriel Panayotides, Angelos Papoulias
and Stefanos-Niko Zouvelos have
notified the Company that they will not stand for re-election at
the annual general meeting (see
agenda item 4).</DIV></BODY></HTML>