| [  ] | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------|------------------------------------------------------------------------------------------------|
|      |                                                                                           |
| OR        |
|      |                                                                                           |
| [X]       | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934           |
|      |                                                                                           |
|      | For the fiscal year ended December 31, 2017                                                    |
|      |                                                                                           |
| OR        |
|      |                                                                                           |
| [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934       |
|      |                                                                                           |
|      | For the transition period from _________________ to _________________                          |
|      |                                                                                           |
| OR        |
|      |                                                                                           |
| [ ]       | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    |
|      |                                                                                           |
|      | Date of event requiring this shell company report:                                             |

| TORM plc                                                                                                |
|---------------------------------------------------------------------------------------------------------|
| (Exact name of Registrant as specified in its charter)                                                  |
|                                                                                                    |
| (Translation of Registrant's name into English)                                                         |
|                                                                                                    |
| England and Wales                                                                                       |
| (Jurisdiction of incorporation or organization)                                                         |
|                                                                                                    |
| Birchin Court, 20 Birchin Lane, London, EC3V 9DU, United Kingdom                                        |
| (Address of principal executive offices)                                                                |
|                                                                                                    |
| Jacob Meldgaard, Chief Executive Officer, Tuborg Havnevej 18, DK-2900 Hellerup, Denmark,+45 39 17 92 00 |
|                                                                                                    |
| (Name, Telephone, E-mail and/or Facsimile, and address of Company Contact Person)                       |

| Title of each class                        |        | Name of each exchange on which registered |
|--------------------------------------------|-------------|-------------------------------------------|
| Class A common shares, par value $0.01 per |  share | Nasdaq Stock Market LLC                   |

| NONE                   |
|------------------------|
| (Title of class)  |

| NONE             |
|------------------|
| (Title of class) |

----

| Yes | ☐ |   | No | ☒ |
|-----|---------|--------|----|---------|

| Yes | ☐ |   | No | ☐ |
|-----|---------|--------|----|---------|

| Yes | ☒ |   | No | ☐ |
|-----|---------|--------|----|---------|

| Yes | ☐ |   | No | ☐ |
|-----|---------|--------|----|---------|

|   | Large accelerated filer ☐               |   | Accelerated filer  ☐ |   |   |
|--------|-----------------------------------------------|--------|---------------------------------|--------|--------|
|   |                                          |   |                            |   |   |
|   | Non-accelerated filer   ☒     |   | Emerging growth company ☒ |   |   |
|   | (Do not check if a smaller reporting company) |   |                            |   |   |

|  [  ] |   | U.S. GAAP                                                                                        |
|-----------------|--------|-------------------------------------------------------------------------------------------------------|
| [X]             |   | International Financial Reporting Standards as issued by the international Accounting Standards Board |
|            |   |                                                                                                  |
|  [  ] |   | Other                                                                                                 |

| Item 17 | ☐ |   |  Item 18 | ☐ |
|---------|---------|--------|---------------|---------|

| Yes | ☐ |   | No | ☒ |
|-----|---------|--------|----|---------|

----

| PART I    |                                                                         |   |
|-----------|------------------------------------------------------------------------------|--------|
| ITEM 1.   | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS                        | 1      |
| ITEM 2.   | OFFER STATISTICS AND EXPECTED TIMETABLE                                      | 1      |
| ITEM 3.   | KEY INFORMATION                                                              | 1      |
| ITEM 4.   | INFORMATION ON THE COMPANY                                                   | 34     |
| ITEM 4A.  | UNRESOLVED STAFF COMMENTS                                                    | 52     |
| ITEM 5.   | OPERATING AND FINANCIAL REVIEW AND PROSPECTS                                 | 53     |
| ITEM 6.   | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                                   | 74     |
| ITEM 7.   | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS                            | 79     |
| ITEM 8.   | FINANCIAL INFORMATION                                                        | 81     |
| ITEM 9.   | THE OFFER AND LISTING                                                        | 82     |
| ITEM 10.  | ADDITIONAL INFORMATION                                                       | 83     |
| ITEM 11.  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                   | 99     |
| ITEM 12.  | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       | 99     |
| PART II   |                                                                         |   |
| ITEM 13.  | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              | 99     |
| ITEM 14.  | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 99     |
| ITEM 15.  | CONTROLS AND PROCEDURES                                                      | 99     |
| ITEM 16.  | RESERVED                                                                     | 100    |
| ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT.                                            | 100    |
| ITEM 16B. | CODE OF ETHICS                                                               | 100    |
| ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       | 100    |
| ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                   | 100    |
| ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS       | 101    |
| ITEM 16F. | CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT                                 | 101    |
| ITEM 16G. | CORPORATE GOVERNANCE                                                         | 101    |
| ITEM 16H. | MINE SAFETY DISCLOSURE                                                       | 102    |
| PART III  |                                                                         |   |
| ITEM 17.  | FINANCIAL STATEMENTS                                                         | 102    |
| ITEM 18.  | FINANCIAL STATEMENTS                                                         | 102    |
| ITEM 19.  | EXHIBITS                                                                     | 102    |

----

|  | · | our future operating or financial results; |
|--|--------|--------------------------------------------|

|  | · | global and regional economic and political conditions, including piracy; |
|--|--------|--------------------------------------------------------------------------|

|  | · | our pending vessel acquisitions, our business strategy and expected capital spending or operating expenses, including dry-docking and insurance costs; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | statements about shipping market trends, including charter rates and factors affecting supply and demand; |
|--|--------|-----------------------------------------------------------------------------------------------------------|

|  | · | our financial condition and liquidity, including our ability to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate activities; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | our ability to enter into time charters after our current charters expire and our ability to earn income in the spot market; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | · | the price of our Class A common shares; and |
|--|--------|---------------------------------------------|

|  | · | our expectations of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels' useful lives. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|  | · | changes in governmental rules and regulations or actions taken by regulatory authorities; |
|--|--------|-------------------------------------------------------------------------------------------|

|  | · | changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers' abilities to perform under existing time charters; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | potential liability from future litigation and potential costs due to environmental damage and vessel collisions; |
|--|--------|-------------------------------------------------------------------------------------------------------------------|

|  | · | the length and number of off-hire periods and dependence on third-party managers; and |
|--|--------|---------------------------------------------------------------------------------------|

|  | · | other factors discussed in Item 3. "Key Information—A. Risk Factors" in this annual report. |
|--|--------|---------------------------------------------------------------------------------------------------|

----

----

----

| ITEM 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
|---------|-------------------------------------------------------|

| ITEM 2. | OFFER STATISTICS AND EXPECTED TIMETABLE |
|---------|-----------------------------------------|

| ITEM 3. | KEY INFORMATION |
|---------|-----------------|

|                                                |   | Year Ended December 31, |   |
|-----------------------------------------------------|--------|-------------------------|--------|
|                                                |   | 2017                    |   |   | 2016 |   |   | 2015 |   |   | 2014 |   |
| (USD million, except share data)                    |   |                    |   |   |   |   |   |   |   |   |   |   |
| Consolidated income statement data:                 |   |                    |   |   |   |   |   |   |   |   |   |   |
| Revenue                                             |   |                    | 657.0  |   |   |   | 680.1 |   |   |   | 540.4 |   |   |   | 179.9 |   |
| Port expenses, bunkers and commissions              |   |                    | (259.9 | ) |   |   | (221.9 | ) |   |   | (169.6 | ) |   |   | (81.2 | ) |
| Charter hire                                        |   |                    | (8.5   | ) |   |   | (21.5 | ) |   |   | (12.0 | ) |   |   | 0.0 |   |
| Operating expenses                                  |   |                    | (188.4 | ) |   |   | (195.2 | ) |   |   | (122.9 | ) |   |   | (50.3 | ) |
| Profit from sale of vessels                         |   |                    | 2.8    |   |   |   | 0.0 |   |   |   | 0.0 |   |   |   | 0.0 |   |
| Administrative expenses                             |   |                    | (45.0  | ) |   |   | (41.4 | ) |   |   | (19.5 | ) |   |   | (1.0 | ) |
| Other operating expenses                            |   |                    | (0.4   | ) |   |   | (0.3 | ) |   |   | (6.3 | ) |   |   | (6.5 | ) |
| Share of profit from joint ventures                 |   |                    | 0.0    |   |   |   | 0.2 |   |   |   | 0.2 |   |   |   | 0.0 |   |
| Impairment losses on tangible and intangible assets |   |                    | (3.6   | ) |   |   | (185.0 | ) |   |   | 0.0 |   |   |   | 0.0 |   |
| Depreciation                                        |   |                    | (114.5 | ) |   |   | (122.2 | ) |   |   | (67.3 | ) |   |   | (24.7 | ) |
| Operating profit/(loss)                             |   |                    | 39.5   |   |   |   | (107.2 | ) |   |   | 143.0 |   |   |   | 16.2 |   |
| Financial income                                    |   |                    | 4.3    |   |   |   | 2.8 |   |   |   | 0.9 |   |   |   | 0.0 |   |
| Financial expenses                                  |   |                    | (40.6  | ) |   |   | (37.3 | ) |   |   | (16.9 | ) |   |   | (3.6 | ) |
| Profit/(loss) before income tax                     |   |                    | 3.2    |   |   |   | (141.7 | ) |   |   | 127.0 |   |   |   | 12.6 |   |
| Tax expenses                                        |   |                    | (0.8   | ) |   |   | (0.8 | ) |   |   | (1.0 | ) |   |   | 0.0 |   |
| Net profit/(loss) for the year                      |   |                    | 2.4    |   |   |   | (142.5 | ) |   |   | 126.0 |   |   |   | 12.6 |   |
|                                                |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other financial data:                               |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Basic earnings/(loss) per share, EPS (USD)          |   |                    | 0.0    |   |   |   | (2.3 | ) |   |   | 2.4 |   |   |   | 0.4 |   |
| Diluted earnings/(loss) per share, EPS (USD)        |   |                    | 0.0    |   |   |   | (2.3 | ) |   |   | 2.4 |   |   |   | 0.4 |   |
| Dividends per share (USD)                           |   |                    | 0.02   |   |   |   | 0.40 |   |   |   | 0.00 |   |   |   | 0.00 |   |

----

| (USD million)                                                         |   | As of December 31, |    |
|-----------------------------------------------------------------------|--------|--------------------|---------|
| Consolidated balance sheet data:                                      |   | 2017               |    |   | 2016 |   |   | 2015 |   |   | 2014 |   |
| Total assets                                                          |   |               | 1,646.6 |   |   |   | 1,571.3 |   |   |   | 1,867.4 |   |   |   | 625.9 |   |
| Total non-current assets                                              |   |               | 1,385.1 |   |   |   | 1,390.0 |   |   |   | 1,578.8 |   |   |   | 536.9 |   |
| Total liabilities                                                     |   |               | 855.5   |   |   |   | 790.7 |   |   |   | 891.4 |   |   |   | 156.4 |   |
| Total non-current liabilities                                         |   |               | 699.4   |   |   |   | 638.9 |   |   |   | 775.6 |   |   |   | 125.3 |   |
| Equity/net assets                                                     |   |               | 791.0   |   |   |   | 780.6 |   |   |   | 976.0 |   |   |   | 469.5 |   |
| Share capital                                                         |   |               | 0.6     |   |   |   | 0.6 |   |   |   | 0.6 |   |   |   |   |   |
| Cash and cash equivalents                                             |   |               | 134.2   |   |   |   | 76.0 |   |   |   | 168.3 |   |   |   | 38.0 |   |
| Number of shares (excluding treasury shares), end of period (million) |   |               | 62.0    |   |   |   | 62.0 |   |   |   | 63.8 |   |   |   | 39.6 |   |
| Number of shares (excluding treasury shares), average (million)       |   |               | 62.0    |   |   |   | 62.9 |   |   |   | 51.7 |   |   |   | 32.5 |   |

|                                        |   | Year Ended December 31, |   |
|---------------------------------------------|--------|-------------------------|--------|
| Consolidated cash flow data                 |   | 2017                    |   |   | 2016 |   |   | 2015 |   |   | 2014 |   |
| (USD million)                               |   |                    |   |   |   |   |   |   |   |   |   |   |
| From operating activities                   |   |                    | 109.8  |   |   |   | 171.1 |   |   |   | 214.0 |   |   |   | 17.3 |   |
| Used in investing activities                |   |                    | (113.7 | ) |   |   | (119.4 | ) |   |   | (158.8 | ) |   |   | (377.9 | ) |
| Thereof investment in tangible fixed assets |   |                    | (145.1 | ) |   |   | (119.4 | ) |   |   | (254.0 | ) |   |   | (377.9 | ) |
| (Used in)/from financing activities         |   |                    | 62.1   |   |   |   | (144.0 | ) |   |   | 75.0 |   |   |   | 397.1 |   |
| Total net cash flow                         |   |                    | 58.2   |   |   |   | (92.3 | ) |   |   | 130.2 |   |   |   | 36.5 |   |

----

|  | · | the number of newbuildings on order and being delivered; |
|--|--------|----------------------------------------------------------|

|  | · | the number of vessels used for floating storage; |
|--|--------|--------------------------------------------------|

|  | · | the number of vessels in lay-up; |
|--|--------|----------------------------------|

|  | · | the number of vessels scrapped for obsolescence or subject to casualties; |
|--|--------|---------------------------------------------------------------------------|

|  | · | prevailing and expected future freight and charter hire rates; |
|--|--------|----------------------------------------------------------------|

|  | · | the number of product tankers trading with crude or "dirty" oil products; |
|--|--------|---------------------------------------------------------------------------|

|  | · | costs of bunkers and fuel oil and their impact on vessel speed; |
|--|--------|-----------------------------------------------------------------|

|  | · | the efficiency and age of the world product tanker fleet; |
|--|--------|-----------------------------------------------------------|

|  | · | shipyard capacity; |
|--|--------|--------------------|

|  | · | availability of financing; |
|--|--------|----------------------------|

|  | · | port congestion and canal congestion; |
|--|--------|---------------------------------------|

|  | · | technological developments, which affect the efficiency of vessels; |
|--|--------|---------------------------------------------------------------------|

|  | · | government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | crew availability. |
|--|--------|--------------------|

|  | · | world and regional economic conditions; |
|--|--------|-----------------------------------------|

|  | · | demand for oil and other petroleum products; |
|--|--------|----------------------------------------------|

|  | · | product imbalances across regions (affecting the level of trading activity); |
|--|--------|------------------------------------------------------------------------------|

|  | · | the regulatory environment; |
|--|--------|-----------------------------|

|  | · | environmental issues and concerns; |
|--|--------|------------------------------------|

|  | · | developments in international trade including refinery additions and closures; |
|--|--------|--------------------------------------------------------------------------------|

|  | · | climate; |
|--|--------|----------|

|  | · | competition from alternative energy sources; |
|--|--------|----------------------------------------------|

----

|  | · | political developments; |
|--|--------|-------------------------|

|  | · | embargoes; |
|--|--------|------------|

|  | · | armed conflicts; and |
|--|--------|----------------------|

|  | · | availability of financing and changes in interest rates. |
|--|--------|----------------------------------------------------------|

----

----

----

|  | · | International requirements such as those from the International Maritime Organization, or IMO, like the International Convention for the Safety of Life at Sea of 1974, or SOLAS, the International Ship and Port Facility Security Code, or the ISPS Code, and the International Convention for the Prevention of Pollution from Ships of 1973, as from time to time amended, or MARPOL, as well as those from the Maritime Labor Convention 2006, or the MLC 2006, adopted by the International Labour Organization, or ILO. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | United States, or U.S., requirements such as the U.S. Oil Pollution Act of 1990, or OPA, the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, and those enforced by the U.S. Environmental Protection Agency, or the EPA, and the U.S. Coast Guard, or the USCG. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | European Union, or EU, regulations regarding greenhouse gas emissions. |
|--|--------|------------------------------------------------------------------------|

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|  | · | the effect of the enforcement judgment is not manifestly incompatible with English public policy or natural justice; |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

|  | · | the judgment was not obtained on the basis of fraud; |
|--|--------|------------------------------------------------------|

|  | · | the judgment did not violate the human rights of the defendant; |
|--|--------|-----------------------------------------------------------------|

|  | · | the judgment is final and conclusive; |
|--|--------|---------------------------------------|

|  | · | the judgment is not incompatible with a judgment rendered in England or with a subsequent judgment rendered abroad that might be enforced in England; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | a claim was not filed outside England after the same claim was filed in England, while the claim filed in England is still pending; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the English courts did not have exclusive jurisdiction to rule on the matter; and |
|--|--------|-----------------------------------------------------------------------------------|

|  | · | the judgment submitted to the English court is authentic. |
|--|--------|-----------------------------------------------------------|

----

----

----

----

| ITEM 4. | INFORMATION ON THE COMPANY |
|---------|----------------------------|

----

----

| Vessel Name                        | Type   | DWT     | Year Built | Shipyard(1)    |
|------------------------------------|--------|---------|------------|----------------|
| Owned On-the-Water Product Tankers |   |    |       |           |
| TORM Kristina                      | LR2    | 99,999  | 1999       | Halla          |
| TORM Gudrun                        | LR2    | 99,965  | 2000       | Hyundai        |
| TORM Ingeborg                      | LR2    | 99,999  | 2003       | Samho          |
| TORM Valborg                       | LR2    | 99,999  | 2003       | Samho          |
| TORM Marina                        | LR2    | 109,672 | 2007       | Dalian New     |
| TORM Maren                         | LR2    | 109,672 | 2008       | Dalian New     |
| TORM Mathilde                      | LR2    | 109,672 | 2008       | Dalian New     |
| TORM Herdis                        | LR2    | 114,000 | 2018       | GSI            |
| TORM Hermia                        | LR2    | 114,000 | 2018       | GSI            |
| TORM Sara                          | LR1    | 72,718  | 2003       | Samsung        |
| TORM Estrid                        | LR1    | 74,999  | 2004       | Hyundai        |
| TORM Emilie                        | LR1    | 74,999  | 2004       | Hyundai        |
| TORM Ismini                        | LR1    | 74,999  | 2004       | Hyundai        |
| TORM Signe                         | LR1    | 72,718  | 2005       | Samsung        |
| TORM Sofia                         | LR1    | 72,660  | 2005       | Samsung        |
| TORM Venture                       | LR1    | 73,700  | 2007       | New Century    |
| TORM Gunhild                       | MR     | 44,999  | 1999       | Halla          |
| TORM Neches                        | MR     | 47,052  | 2000       | Onomichi       |
| TORM Clara                         | MR     | 44,999  | 2000       | Daedong        |
| TORM Cecilie                       | MR     | 44,999  | 2001       | STX            |
| TORM Amazon(2)                     | MR     | 47,275  | 2002       | Onomichi       |
| TORM San Jacinto                   | MR     | 47,038  | 2002       | Onomichi       |
| TORM Gertrud                       | MR     | 45,990  | 2002       | STX            |
| TORM Gerd                          | MR     | 45,960  | 2002       | STX            |
| TORM Caroline                      | MR     | 44,999  | 2002       | STX            |
| TORM Moselle                       | MR     | 47,024  | 2003       | Onomichi       |
| TORM Rosetta                       | MR     | 47,015  | 2003       | Onomichi       |
| TORM Carina                        | MR     | 46,219  | 2003       | STX            |
| TORM Freya                         | MR     | 45,990  | 2003       | STX            |
| TORM Thyra                         | MR     | 45,950  | 2003       | STX            |
| TORM Camilla                       | MR     | 44,990  | 2003       | STX            |
| TORM Horizon                       | MR     | 46,955  | 2004       | Hyundai Mipo   |
| TORM Resilience                    | MR     | 49,999  | 2005       | STX            |
| TORM Thames                        | MR     | 47,036  | 2005       | Hyundai Mipo   |
| TORM Helvig                        | MR     | 46,187  | 2005       | STX            |
| TORM Ragnhild                      | MR     | 46,187  | 2005       | STX            |
| TORM Eric                          | MR     | 51,266  | 2006       | STX            |
| TORM Platte                        | MR     | 46,959  | 2006       | Hyundai Mipo   |
| TORM Kansas                        | MR     | 46,955  | 2006       | Hyundai Mipo   |
| TORM Republican                    | MR     | 46,955  | 2006       | Hyundai Mipo   |
| TORM Loke                          | MR     | 51,372  | 2007       | SLS            |
| TORM Hardrada                      | MR     | 45,983  | 2007       | Shin Kurushima |
| TORM Lene                          | MR     | 49,999  | 2008       | GSI            |
| TORM Laura                         | MR     | 49,999  | 2008       | GSI            |
| TORM Lotte                         | MR     | 49,999  | 2009       | GSI            |
| TORM Louise                        | MR     | 49,999  | 2009       | GSI            |
| TORM Lilly                         | MR     | 49,999  | 2009       | GSI            |

----

| TORM Alice                   | MR        | 49,999  | 2010      | GSI          |
|------------------------------|-----------|---------|-----------|--------------|
| TORM Alexandra               | MR        | 49,999  | 2010      | GSI          |
| TORM Aslaug                  | MR        | 49,999  | 2010      | GSI          |
| TORM Agnete                  | MR        | 49,999  | 2010      | GSI          |
| TORM Almena                  | MR        | 49,999  | 2010      | GSI          |
| TORM Atlantic                | MR        | 49,999  | 2010      | GSI          |
| TORM Agnes                   | MR        | 49,999  | 2011      | GSI          |
| TORM Amalie                  | MR        | 49,999  | 2011      | GSI          |
| TORM Arawa                   | MR        | 49,999  | 2012      | GSI          |
| TORM Anabel                  | MR        | 49,999  | 2012      | GSI          |
| TORM Astrid                  | MR        | 49,999  | 2012      | GSI          |
| TORM Thor                    | MR        | 49,842  | 2015      | Sungdong     |
| TORM Timothy                 | MR        | 49,842  | 2015      | Sungdong     |
| TORM Thunder                 | MR        | 49,842  | 2015      | Sungdong     |
| TORM Titan                   | MR        | 49,842  | 2016      | Sungdong     |
| TORM Torino                  | MR        | 49,842  | 2016      | Sungdong     |
| TORM Troilus                 | MR        | 49,842  | 2016      | Sungdong     |
| TORM Sovereign               | MR        | 50,000  | 2017      | Hyundai Mipo |
| TORM Supreme                 | MR        | 50,000  | 2017      | Hyundai Mipo |
| TORM Ohio                    | Handysize | 37,278  | 2001      | Hyundai Mipo |
| TORM Charente                | Handysize | 35,751  | 2001      | Daedong      |
| TORM Garonne                 | Handysize | 37,178  | 2004      | Hyundai Mipo |
| TORM Loire                   | Handysize | 37,106  | 2004      | Hyundai Mipo |
| TORM Saone                   | Handysize | 36,986  | 2004      | Hyundai Mipo |
| TORM Tevere                  | Handysize | 37,383  | 2005      | Hyundai Mipo |
| TORM Gyda                    | Handysize | 36,207  | 2009      | Hyundai Mipo |
|                         |      |    |      |         |
| Chartered-in Product Tankers |      |    |      |         |
| TORM Helene(4)               | LR2       | 99,999  | 1997      | Hyundai      |
| TORM Margrethe(3)            | LR2       | 109,672 | 2006      | Dalian New   |
| TORM Marie(3)                | LR2       | 109,647 | 2006      | Dalian New   |
| TORM Vita(4)                 | MR        | 45,990  | 2002      | STX          |
| TORM Mary(4)                 | MR        | 44,990  | 2002      | STX          |
|                         |      |    |      |         |
| Newbuildings                 |      |    |      |         |
| TORM Hellerup                | LR2       | 114,000 | Exp. 2018 | GSI          |
| TORM Hilde                   | LR2       | 114,000 | Exp. 2018 | GSI          |
| Hull no. 15121140            | LR1       | 75,000  | Exp. 2019 | GSI          |
| Hull no. 15121141            | LR1       | 75,000  | Exp. 2019 | GSI          |
| Hull no. 15121034            | MR        | 49,999  | Exp. 2019 | GSI          |
| Hull no. 15121035            | MR        | 49,999  | Exp. 2019 | GSI          |
| Hull no. 15121036            | MR        | 49,999  | Exp. 2019 | GSI          |
| Hull no. 15121037            | MR        | 49,999  | Exp. 2019 | GSI          |
|                         |      |    |      |         |

----

----

----

----

----

----

----

|  | · | injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs; |
|--|--------|-------------------------------------------------------------------------------------------------------|

|  | · | injury to, or economic losses resulting from, the destruction of real and personal property; |
|--|--------|----------------------------------------------------------------------------------------------|

|  | · | net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | loss of subsistence use of natural resources that are injured, destroyed or lost; |
|--|--------|-----------------------------------------------------------------------------------|

|  | · | lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|  | · | onboard installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship's identity, position, course, speed and navigational status; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | onboard installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------|

|  | · | the development of vessel security plans; |
|--|--------|-------------------------------------------|

|  | · | ship identification number to be permanently marked on a vessel's hull; |
|--|--------|-------------------------------------------------------------------------|

|  | · | a continuous synopsis record kept onboard showing a vessel's history, including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship's identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | compliance with flag state security certification requirements. |
|--|--------|-----------------------------------------------------------------|

----

|  | · | Annual Surveys. For seagoing ships, annual surveys are conducted for the hull and the machinery, including the electrical plant, and where applicable for special equipment classed, within three months before or after each anniversary date of the date of commencement of the class period indicated in the certificate. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Intermediate Surveys. Extended annual surveys are referred to as intermediate surveys and are to be carried out either at or between the second and third Annual Surveys after Special Periodical Survey No. 1 and subsequent Special Periodical Surveys. Those items which are additional to the requirements of the Annual Surveys may be surveyed either at or between the second and third Annual Surveys. After the completion of the No.3 Special Periodical Survey, the following Intermediate Surveys are of the same scope as the previous Special Periodical Survey. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Special Periodical Surveys (or Class Renewal Surveys). Class renewal surveys, also known as Special Periodical Surveys, are carried out for the ship's hull, machinery, including the electrical plant, and for any special equipment classed, and should be completed within five years after the date of build or after the crediting date of the previous Special Periodical Survey. At the special survey, the vessel is thoroughly examined, including ultrasonic-gauging to determine the thickness of the steel structures. Should the thickness be found to be less than the minimum class requirements, the classification society would prescribe steel renewals. A Special Periodical Survey may be commenced at the fourth Annual Survey and be continued with completion by the fifth anniversary date. Substantial amounts of money may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive wear and tear. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|  | · | London, United Kingdom, located at Birchin Court 20, Birchin Lane, EC3V 9DU with 1 employee at this location; |
|--|--------|---------------------------------------------------------------------------------------------------------------|

|  | · | Hellerup, Denmark, located at Tuborg Havnevej 18, with approximately 126 employees at this location; |
|--|--------|------------------------------------------------------------------------------------------------------|

|  | · | Singapore, Singapore, located at 6 Battery Road #27-02, with approximately 14 employees at this location; |
|--|--------|-----------------------------------------------------------------------------------------------------------|

|  | · | Houston, Texas, USA, located at Suite 710, 2500 City West Boulevard, with approximately 5 employees at this location; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------|

|  | · | Manila, the Philippines, located at 7th Floor Salcedo Towers, 169 HV dela Costa Street, with approximately 35 employees at this location; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Cebu, the Philippines, located at 5th Floor Park Centrale Bld, Jose Maria del Mar St., Corner Abad St., with 2 employees at this location; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Mumbai, India, located at 2nd Floor, Leela Business Park, Andheri-Kurla Road, with approximately 109 employees at this location; and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------|

|  | · | New Delhi, India, located at 5th Floor, Caddle Commercial Tower, Aerocity, with 1 employee at this location. |
|--|--------|--------------------------------------------------------------------------------------------------------------|

| ITEM 4A. | UNRESOLVED STAFF COMMENTS |
|----------|---------------------------|

----

| ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS |
|---------|----------------------------------------------|

|                                                          | Year endedDecember 31, |   |
|---------------------------------------------------------------|------------------------|--------|
|                                                          | 2017                   |   | 2016 |   | 2015 |   |
| Non-IFRS Financial Measures                                   |                   |   |   |   |   |   |
| (USD million)                                                 |                   |   |   |   |   |   |
| Time charter equivalent (TCE) earnings                        |                   |   | 397.1 |   |   |   | 458.2 |   |   |   | 370.8 |   |
| Adjusted gross profit (Net earnings from shipping activities) |                   |   | 200.2 |   |   |   | 241.5 |   |   |   | 235.9 |   |
| Adjusted EBITDA                                               |                   |   | 157.6 |   |   |   | 200.0 |   |   |   | 210.3 |   |
| Net interest-bearing debt                                     |                   |   | 619.7 |   |   |   | 609.2 |   |   |   | 612.5 |   |
| Loan-to-value (LTV)                                           |                   |   | 55.8 | % |   |   | 52.4 | % |   |   | 42.9 | % |

----

|                                   | Year endedDecember 31, |   |
|----------------------------------------|------------------------|--------|
|                                   | 2017                   |   | 2016 |   | 2015 |   |
| Reconciliation to revenue              |                   |   |   |   |   |   |
| (USD million)                          |                   |   |   |   |   |   |
| Revenue                                |                   |   | 657.0 |   |   |   | 680.1 |   |   |   | 540.4 |   |
| Port expenses, bunkers and commissions |                   |   | (259.9 | ) |   |   | (221.9 | ) |   |   | (169.6 | ) |
| Time charter equivalent (TCE) earnings |                   |   | 397.1 |   |   |   | 458.2 |   |   |   | 370.8 |   |

|                                                          |   | Year endedDecember 31, |   |
|---------------------------------------------------------------|--------|------------------------|--------|
|                                                          |   | 2017                   |   |   | 2016 |   |   | 2015 |   |
| Reconciliation to operating profit/(loss)                     |   |                   |   |   |   |   |   |   |   |
| (USD million)                                                 |   |                   |   |   |   |   |   |   |   |
| Operating profit/(loss)                                       |   |                   | 39.5   |   |   |   | (107.2 | ) |   |   | 143.0 |   |
| Depreciation                                                  |   |                   | 114.5  |   |   |   | 122.2 |   |   |   | 67.3 |   |
| Impairment losses on tangible and intangible assets           |   |                   | 3.6    |   |   |   | 185.0 |   |   |   | - |   |
| Share of profit from joint ventures                           |   |                   | 0.0    |   |   |   | (0.2 | ) |   |   | - |   |
| Other operating expenses                                      |   |                   | 0.4    |   |   |   | 0.3 |   |   |   | 6.53 |   |
| Administrative expenses                                       |   |                   | 45.0   |   |   |   | 41.4 |   |   |   | 19.5 |   |
| Profit from sale of vessels                                   |   |                   | (2.8   | ) |   |   | - |   |   |   | - |   |
|                                                          |   |                   |   |   |   |   |   |   |   |   |   |   |
| Adjusted gross profit (net earnings from shipping activities) |   |                   | 200.2  |   |   |   | 241.5 |   |   |   | 235.0 |   |

----

|                                                | Year endedDecember 31, |   |
|-----------------------------------------------------|------------------------|--------|
|                                                | 2017                   |   | 2016 |   | 2015 |   |
| Reconciliation to net profit/(loss)                 |                   |   |   |   |   |   |
| (USD million)                                       |                   |   |   |   |   |   |
| Net profit/(loss) for the year                      |                   |   | 2.4 |   |   |   | (142.5 | ) |   |   | 126.0 |   |
| Tax expense                                         |                   |   | 0.8 |   |   |   | 0.8 |   |   |   | 1.0 |   |
| Financial expenses                                  |                   |   | 40.6 |   |   |   | 37.3 |   |   |   | 16.9 |   |
| Financial income                                    |                   |   | (4.3 | ) |   |   | (2.8 | ) |   |   | (0.9 | ) |
| Depreciation                                        |                   |   | 114.5 |   |   |   | 122.2 |   |   |   | 67.3 |   |
| Impairment losses on tangible and intangible assets |                   |   | 3.6 |   |   |   | 185.0 |   |   |   | - |   |
| Adjusted EBITDA                                     |                   |   | 157.6 |   |   |   | 200.0 |   |   |   | 210.3 |   |

|                                                   | Year endedDecember 31, |   |
|--------------------------------------------------------|------------------------|--------|
|                                                   | 2017                   |   | 2016 |   | 2015 |   |
| Net interest-bearing debt                              |                   |   |   |   |   |   |
| (USD million)                                          |                   |   |   |   |   |   |
| Mortgage debt and bank loans (current and non-current) |                   |   | 720.9 |   |   |   | 669.6 |   |   |   | 766.2 |   |
| Finance lease liabilities (current and non-current)    |                   |   | 28.2 |   |   |   | 13.6 |   |   |   | 13.5 |   |
| Amortized bank fees                                    |                   |   | 4.8 |   |   |   | 2.0 |   |   |   | 1.0 |   |
| Cash and cash equivalents                              |                   |   | (134.2 | ) |   |   | (76.0 | ) |   |   | (168.3 | ) |
| Net interest-bearing debt                              |                   |   | 619.7 |   |   |   | 609.2 |   |   |   | 612.4 |   |

----

|                                                  | Year endedDecember 31, |   |
|-------------------------------------------------------|------------------------|--------|
|                                                  | 2017                   |   | 2016 |   | 2015 |   |
| Loan-to-value (LTV)                                   |                   |   |   |   |   |   |
| (USD million)                                         |                   |   |   |   |   |   |
| Vessel values, including newbuildings (broker values) |                   |   | 1,661.1 |   |   |   | 1,445.8 |   |   |   | 1,951.0 |   |
| Total (value)                                         |                   |   | 1,661.1 |   |   |   | 1,445.8 |   |   |   | 1,951.0 |   |
| Outstanding debt                                      |                   |   | 753.9 |   |   |   | 685.2 |   |   |   | 780.8 |   |
| Committed CAPEX on newbuildings                       |                   |   | 306.9 |   |   |   | 148.8 |   |   |   | 223.9 |   |
| Cash and cash equivalents                             |                   |   | (134.2 | ) |   |   | (76.0 | ) |   |   | (168.3 | ) |
| Total (loan)                                          |                   |   | 926.6 |   |   |   | 758.0 |   |   |   | 836.4 |   |
| Loan-to-value (LTV) ratio                             |                   |   | 55.8 | % |   |   | 52.4 | % |   |   | 42.9 | % |

|  | · | Voyage expenses. Voyage expenses are all expenses related to a particular voyage, including any bunker fuel expenses, port expenses, cargo loading and unloading expenses, canal tolls and agency fees. These expenses are subtracted from shipping revenues to calculate Time Charter Equivalent Rates. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Vessel operating costs. Vessel operating costs include crewing, repairs and maintenance (excluding capitalized dry-docking), insurance, consumable stores, lube oils, communication expenses and technical management fees. The largest components of our vessel operating costs are generally crewing and repairs & maintenance. Expenses for repairs & maintenance tend to fluctuate from period to period because most repairs & maintenance typically occur during periodic dry-dockings. We expect these expenses to increase as our fleet matures and to the extent that it expands. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Charter hire. Charter hire consists of (i) money paid to the vessel owner by a charterer for the use of a vessel under a time charter or bareboat charter and (ii) amortization of the fair value of time charter contracts acquired. Such payments to vessel owners are usually made during the course of the charter every 30 days in advance or in arrears by multiplying the daily charter rate by the number of days and, under a time charter only, subtracting any time the vessel was deemed to be off-hire. Under a bareboat charter such payments are usually made monthly and are calculated on a 360 or 365-day calendar year basis. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Dry-docking. We must periodically dry-dock each of our vessels for inspection and any modifications to comply with industry certification or regulatory requirements. Generally, each vessel is dry-docked every 30-60 months. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Depreciation. Depreciation expenses typically consist of charges related to the depreciation of the historical cost of our fleet (less an estimated residual value and any impairment losses recognized) over the estimated useful lives of the vessels and charges related to the depreciation of upgrades to vessels which are depreciated over the shorter of the vessel's remaining useful life or the life of the renewal or upgrade. Dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                                          |   | Year endedDecember 31, |   |
|---------------------------------------------------------------|--------|------------------------|--------|
|                                                          |   | 2017                   |   |   | 2016 |   |   | 2015 |   |
| (USD million)                                                 |   |                   |   |   |   |   |   |   |   |
| Revenue                                                       |   |                   | 657.0  |   |   |   | 680.1 |   |   |   | 540.4 |   |
| Port expenses, bunkers and commissions                        |   |                   | (259.9 | ) |   |   | (221.9 | ) |   |   | (169.6 | ) |
| TCE earnings                                                  |   |                   | 397.1  |   |   |   | 458.2 |   |   |   | 370.8 |   |
| Adjusted gross profit (net earnings from shipping activities) |   |                   | 200.2  |   |   |   | 241.5 |   |   |   | 235.9 |   |
| Adjusted EBITDA                                               |   |                   | 157.6  |   |   |   | 200.0 |   |   |   | 210.3 |   |
| Operating profit/(loss)                                       |   |                   | 39.5   |   |   |   | (107.2 | ) |   |   | 143.0 |   |
| Profit/(loss) before tax                                      |   |                   | 3.2    |   |   |   | (141.7 | ) |   |   | 127.0 |   |
| Net profit/(loss) for the year                                |   |                   | 2.4    |   |   |   | (142.5 | ) |   |   | 126.0 |   |

----

|                                                                              |   | LR2    |   |   | LR1    |   |   | MR     |   |   | Handy  |   |   | Not Allocated |   |   | Total  |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------------|--------|--------|--------|--------|
| Year-end 2016                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |          |   |   |   |   |
| Available TCE earning days                                                        |   |   | 3,490  |   |   |   | 2,557  |   |   |   | 18,659 |   |   |          | 3,850  |   |   |   | - |   |   |   | 28,556 |   |
| TCE earnings per earning day, USD                                                 |   |   | 21,106 |   |   |   | 18,800 |   |   |   | 15,462 |   |   |          | 12,490 |   |   |   | - |   |   |   | 16,049 |   |
| TCE earnings, USD million                                                         |   |   | 73.6   |   |   |   | 48.0   |   |   |   | 288.4  |   |   |          | 48.0   |   |   |   | 0.3 |   |   |   | 458.3 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Year-end 2017                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Available TCE earning days                                                        |   |   | 3,419  |   |   |   | 2,483  |   |   |   | 17,995 |   |   |          | 3,263  |   |   |   | - |   |   |   | 27,160 |   |
| Change                                                                            |   |   | (2     | %)     |   |   | (3     | %)     |   |   | (4     | %)     |   |          | (15    | %)     |   |   | - |   |   |   | (5 | %) |
| TCE earnings per earning day, USD                                                 |   |   | 16,304 |   |   |   | 13,771 |   |   |   | 14,850 |   |   |          | 12,239 |   |   |   | - |   |   |   | 14,621 |   |
| Change                                                                            |   |   | (23    | %)     |   |   | (27    | %)     |   |   | (4     | %)     |   |          | (2     | %)     |   |   | - |   |   |   | (9 | %) |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |          |   |   |   |   |   |   |   |   |   |   |
| Effect on TCE earnings from change in the available TCE earning days, USD million |   |   | (1.5   | )      |   |   | (1.4   | )      |   |   | (10.3  | )      |   |          | (7.3   | )      |   |   | - |   |   |   | (20.5 | ) |
| Effect on TCE earnings from change in TCE earnings per earning day, USD million   |   |   | (16.4  | )      |   |   | (12.5  | )      |   |   | (11.0  | )      |   |          | (0.8   | )      |   |   | - |   |   |   | (40.7 | ) |
| Effect on TCE earnings from other                                                 |   |   | 0.1    |   |   |   | 0.1    |   |   |   | 0.1    |   |   |          | -      |   |   |   | -0.3 |   |   |   | - |   |
| TCE earnings, USD million                                                         |   |   | 55.8   |   |   |   | 34.2   |   |   |   | 267.2  |   |   |          | 39.9   |   |   |   | - |   |   |   | 397.1 |   |

----

|                                                                              |   | LR2    |   |   | LR1    |   |   | MR     |   |   | Handy  |   |   | Bulk   |   |   | Not Allocated |   |   | Total  |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|---------------|--------|--------|--------|--------|
| Year-end 2015                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |          |   |   |   |   |
| Available TCE earning days                                                        |   |   | 2,207  |   |   |   | 1,134  |   |   |   | 11,562 |   |   |   | 1,775  |   |          |   | 298    |   |   |   | - |   |   |   | 16,974 |   |
| TCE earnings per earning day, USD                                                 |   |   | 28,674 |   |   |   | 24,646 |   |   |   | 20,938 |   |   |   | 20,287 |   |          |   | 4,306  |   |   |   | - |   |   |   | 21,844 |   |
| TCE earnings, USD million                                                         |   |   | 63.3   |   |   |   | 27.9   |   |   |   | 242.1  |   |   |   | 36.0   |   |          |   | 1.3    |   |   |   | 0.2 |   |   |   | 370.8 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Year-end 2016                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Available TCE earning days                                                        |   |   | 3,490  |   |   |   | 2,557  |   |   |   | 18,659 |   |   |   | 3,850  |   |          |   | -      |   |   |   | - |   |   |   | 28,556 |   |
| Change                                                                            |   |   | 58     | %      |   |   | 126    | %      |   |   | 61     | %      |   |   | 117    | %      |          |   | (100   | %)     |   |   | - |   |   |   | 68 | % |
| TCE earnings per earning day, USD                                                 |   |   | 21,106 |   |   |   | 18,800 |   |   |   | 15,462 |   |   |   | 12,490 |   |          |   | -      |   |   |   | - |   |   |   | 16,049 |   |
| Change                                                                            |   |   | (26    | %)     |   |   | (24    | %)     |   |   | (26    | %)     |   |   | (38    | %)     |          |   | (100   | %)     |   |   | - |   |   |   | (27 | %) |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Effect on TCE earnings from change in the available TCE earning days, USD million |   |   | 36.7   |   |   |   | 35.0   |   |   |   | 148.5  |   |   |   | 42.0   |   |          |   | (1.3   | )      |   |   | - |   |   |   | 261.0 |   |
| Effect on TCE earnings from change in TCE earnings per earning day, USD million   |   |   | (26.4  | )      |   |   | (14.9  | )      |   |   | (102.2 | )      |   |   | (30.0  | )      |          |   | -      |   |   |   | 0.0 |   |   |   | (173.4 | ) |
| TCE earnings, USD million                                                         |   |   | 73.6   |   |   |   | 48.0   |   |   |   | 288.4  |   |   |   | 48.0   |   |          |   | -      |   |   |   | 0.2 |   |   |   | 458.2 |   |

----

|                                                          |   | Year ended December 31, 2017 |   |   | Year ended December 31, 2016 |   |   | Year ended December 31, 2015 |   |
|---------------------------------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| (USD million)                                                 |   |                         |   |   |                         |   |   |                         |   |
| TCE earnings                                                  |   |                         | 397.1  |   |                         |   | 458.2  |                         |   |   | 370.8 |   |
| Charter hire                                                  |   |                         | (8.5   | )      |                         |   | (21.5  | )                            |   |   | (12,0 | ) |
| Operating expenses                                            |   |                         | (188.4 | )      |                         |   | (195.2 | )                            |   |   | (122,9 | ) |
| Adjusted gross profit (net earnings from shipping activities) |   |                         | 200.2  |   |                         |   | 241.5  |                         |   |   | 235.9 |   |

----

|                                                          |   | Year ended December 31, 2017 |   |   | Year ended December 31, 2016 |   |   | Year ended December 31, 2015 |   |
|---------------------------------------------------------------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| (USD million)                                                 |   |                         |   |   |                         |   |   |                         |   |
| Adjusted gross profit (net earnings from shipping activities) |   |                         | 200.2  |   |                         |   | 241.5  |                         |   |   | 235.9 |   |
| Administrative expenses                                       |   |                         | (45.0  | )      |                         |   | (41.4  | )                            |   |   | (19.5 | ) |
| Other operating expenses                                      |   |                         | (0.4   | )      |                         |   | (0.3   | )                            |   |   | (6.3 | ) |
| Profit from sale of vessels                                   |   |                         | 2.8    |   |                         |   | -      |                         |   |   | - |   |
| Share of profit from joint ventures                           |   |                         | 0.0    |   |                         |   | 0.2    |                         |   |   | 0.2 |   |
| Adjusted EBITDA                                          |   |                         | 157.6  |   |                         |   | 200.0  |                         |   |   | 210.3 |   |

----

|                    |   | Year ended December 31, 2017 |   |   | Year ended December 31, 2016 |   |   | Year ended December 31, 2015 |   |
|-------------------------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| (USD million)           |   |                         |   |   |                         |   |   |                         |   |
| Adjusted EBITDA    |   |                         | 157.6  |   |                         |   | 200.0  |                         |   |   | 210.3 |   |
| Impairment charges      |   |                         | (3.6   | )      |                         |   | (185.0 | )                            |   |   | - |   |
| Depreciation            |   |                         | (114.5 | )      |                         |   | (122.2 | )                            |   |   | (67.3 | ) |
| Operating profit/(loss) |   |                         | 39.5   |   |                         |   | (107.2 | )                            |   |   | 143.0 |   |

|                     |   | Year ended December 31, 2017 |   |   | Year ended December 31, 2016 |   |   | Year ended December 31, 2015 |   |
|--------------------------|--------|------------------------------|--------|--------|------------------------------|--------|--------|------------------------------|--------|
| (USD million)            |   |                         |   |   |                         |   |   |                         |   |
| Operating profit/(loss)  |   |                         | 39.5   |   |                         |   | (107.2 | )                            |   |   | 143.0 |   |
| Financial income         |   |                         | 4.3    |   |                         |   | 2.8    |                         |   |   | 0.9 |   |
| Financial expenses       |   |                         | (40.6  | )      |                         |   | (37.3  | )                            |   |   | (16.9 | ) |
| Profit/(loss) before tax |   |                         | 3.2    |   |                         |   | (141.7 | )                            |   |   | 127.0 |   |

----

----

|  | · | exemption from the auditor attestation requirement of management's assessment of the effectiveness of the emerging growth company's internal controls over financial reporting pursuant to Section 404(b) of Sarbanes-Oxley; and |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | exemption from compliance with any new requirements adopted by the Public Company Accounting Oversight Board, or the PCAOB, requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and financial statements. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Facility(1)                                             | Lenders                                                        | Maturity                |   | Total Outstanding Debtas of December 31,  2017 (USD millions) |   | Undrawn Amountas of December 31, 2017(USD millions) |   |
|---------------------------------------------------------|----------------------------------------------------------------|-------------------------|--------|-------------------------------------------------------------------------|--------|-----------------------------------------------------|--------|
| Term Facility 1                                         | Danske Bank 36.5%HSH Nordbank 33.1%SEB 13.9%DBS 9.7%HSBC 6.8%  | July 13, 2021           |   | 400.8                                                                   |   | N/A                                                 |   |
| Working Capital Facility                                | Danske Bank 46.2%HSH Nordbank 24.3%SEB 13.3%DBS 11.1%HSBC 5.1% | July 13, 2021           |   | 0.0                                                                     |   | 75.0                                                |   |
| CEXIM Facility                                          | CEXIM                                                          | November 30, 2030       |   | 0.0                                                                     |   | 115.2                                               |   |
| Term Facility 2                                         | Danske Bank 25.0%ABN Amro 25.0%ING 25.0%DVB 25.0%              | March 31, 2022          |   | 115.0                                                                   |   | N/A                                                 |   |
| DSF Facility                                            | DSF                                                            | December 12, 2022       |   | 157.5                                                                   |   | 80.6                                                |   |
| ING Facility                                            | ING                                                            | September 8,  2024 |   | 45.8                                                                    |   | N/A                                                 |   |
| Total debt under the Debt Agreements                    |                                                           |                    |   | 719.1                                                                   |   | 270.8                                               |   |
|                                                    |                                                           |                    |   |                                                                    |   |                                                |   |
| Finance lease - TORM Helene                             | Flora Co., Ltd.                                                | March 22, 2022          |   | 7.8                                                                     |   | N/A                                                 |   |
| Finance lease - TORM Mary                               | Grange Co., Ltd.                                               | March 22, 2022          |   | 10.1                                                                    |   | N/A                                                 |   |
| Finance lease - TORM Vita                               | Jellicoe Co., Ltd.                                             | April 26, 2022          |   | 10.2                                                                    |   | N/A                                                 |   |
| Total debt under the Debt Agreements and finance leases |                                                           |                    | 747.2  |                                                                    | 270.8  |                                                |

----

|  | · | first priority mortgages over the (i)  nine Njord Acquisition Vessels (four of the initial 13 have since been sold), (ii) three OCM Newbuildings, which were delivered to us between October and November 2015, (iii) TORM Loke and TORM Troilus, and (iv) the GSI MR Resale Newbuildings ((i)-(iv) together, the DSF Collateral Vessels); |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | a joint and several guarantee from the vessel-owning subsidiaries of the DSF Collateral Vessels and certain related parties; |
|--|--------|------------------------------------------------------------------------------------------------------------------------------|

|  | · | assignment of the insurances, earnings, charters and requisition compensation of the DSF Collateral Vessels; |
|--|--------|--------------------------------------------------------------------------------------------------------------|

|  | · | an account security agreement in respect of all amounts standing to the credit of the deposit accounts and reserve account opened in the name of the borrower ; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | charges of all the issued shares of the vessel-owning subsidiaries of the DSF Collateral Vessels; |
|--|--------|---------------------------------------------------------------------------------------------------|

|  | · | assignment and subordination of any inter-company indebtedness between the relevant obligors under the DSF Facility. |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

|  | · | Loan-to-value. If at any time the aggregate market value of the vessels and the value of any additional security is less than 133% of the loan amount less amounts on credit in the deposit accounts and reserve account and the value of any additional security, the borrower and guarantors shall, within 30 days of a written request, post additional security or prepay the loan to reduce the excess to zero. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Free Liquidity. Minimum unencumbered cash and cash equivalents and, for so long as the availability period under the Working Capital Facility ends at least six months after the calculation date, the undrawn commitments under the Working Capital Facility that are available for utilization, of the higher of $75 million and 5% of our total debt, of which $40 million is required to be unencumbered cash and cash equivalents. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Equity Ratio. The ratio of market value adjusted shareholders' equity to total market value adjusted assets shall be at least 25%. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Dividends. We are restricted from making any distributions, including payment of dividends and repayments of shareholders loans, except those distributions made after the first half of each of its financial years, of up to 75% of the borrower's net income (based on our June 30 or year-end financial statements, as the case may be) for that half year period, provided that, after giving effect to such distributions, the Company would not be in breach of its financial covenants contained in the DSF Facility agreement and would not cause an event of default otherwise under the facility agreement. The restrictions on dividends cease to apply at any time (i) the Group's loan-to-value ratio of the sum of the Group's borrowings less cash and cash equivalents to the aggregate market value of the Company's fleet is 50% or below. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | Mandatory Prepayment. The DSF Facility provides for mandatory prepayment following certain events including a change of control, TORM plc being delisted from Nasdaq Copenhagen or a sale or total loss of vessels. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Events of default. The DSF Facility contains certain events of default, including, among others (i) non-payment of principal and interest (subject to a three-business-day grace period) (ii) breach of financial covenants, certain insurance and security undertakings and certain mandatory prepayment provisions, (iii) breach of other obligations (subject to a 10 business-day grace period if the breach is deemed capable of remedy); (iv) default of the borrower, any guarantor or any other security party on any financial indebtedness (subject to a $10 million aggregate default threshold); (v) any expropriation, attachment, sequestration, distress or execution affects the assets of the borrower, any guarantor or any other security party with an aggregate value of $10 million; (vi) change in ownership or control of a guarantor; (vii) reduction of capital in a guarantor and (viii) material adverse change. After the occurrence of an event of default which is continuing, the agent under the DSF Facility may, and shall if so directed by 66 2/3% of the lenders by notice cancel the loan commitments, declare all amounts outstanding immediately due and payable and/or exercise its rights under the security documents. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | mortgages over 47 vessels in our fleet, or the security vessels; |
|--|--------|------------------------------------------------------------------|

|  | · | guarantees from each of the entities that own the vessels securing this facility and their holding companies, which we refer to collectively as the "NTF Guarantors"; |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | first priority charges of all the issued shares of the entities that own the vessels and certain Danish holding companies; |
|--|--------|----------------------------------------------------------------------------------------------------------------------------|

|  | · | first priority assignment of the insurances, earnings and requisition compensation relating to the security vessels. |
|--|--------|----------------------------------------------------------------------------------------------------------------------|

----

|  | · | Minimum liquidity requirement. Minimum liquidity of the higher of $50 million and, on and after six months following the Restructuring Completion Date, 5.0% of our total debt in available cash of which $20 million is required to be cash-on-hand; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Minimum leverage ratio. The ratio of market value adjusted shareholders' equity to total market value adjusted assets shall be at least 25%; and |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Minimum collateral maintenance requirements. The aggregate fair market value of the secured vessels shall be at least 125% of all outstanding debt under the Restructuring Financing Agreements. The borrower and guarantors shall, within 30 days of a written request, post additional security or prepay the loan to reduce the excess to zero. The fair market value of the secured vessels shall be determined to be the average of two recent appraisals from Approved Brokers based on an arm's length charter-free transaction between a willing and able buyer and a seller not under duress. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Mandatory prepayment. The Restructuring Financing Agreements provide for mandatory prepayment following certain events including a change of control, sale or total loss of vessels; |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Events of default. The agreed events of default, which we consider to be standard for facilities of this type and nature, include (i) non-payment, (ii) breach of covenant; (iii) cross-default (subject to a $10 million threshold); (iv) insolvency or bankruptcy; (v) arrest and detention of a mortgaged vessel for a period of more than 30 days; (vi) misrepresentation; (vii) breach of a material contract (viii) cessation of business and (ix) material adverse change. After the occurrence of an event of default which is continuing, the agents may, and shall if so directed by the 66.67% or more of the lenders cancel the loan commitments, declare all amounts outstanding immediately due and payable and/or exercise its rights under the security documents. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | Charter-in vessels. Our aggregate exposure for chartering-in vessels (including exposure under FFAs entered into for speculative purposes) for a remaining term that exceeds six months shall not exceed an amount equal to a charter-in day rate of $25,000 payable on 50% of all vessels owned by us for a period of 24 months (for example, if we time chartered-in vessels at an average rate of $25,000 per day over a 24-month period, we would be able to charter-in 38 vessels, including the MR Acquisition Vessels and the OCM Newbuildings); and |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | Equity Ratio. A ratio of equity to total assets of no less than 25%; and |
|--|--------|--------------------------------------------------------------------------|

|  | · | Minimum liquidity requirement. A minimum liquidity greater than or equal to the higher of $75 million and 5% of the Group's total debt, of which at least $20 million of such liquidity shall, at all times, consist of the Group's cash and cash equivalents. |
|--|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | Equity Ratio. A ratio of equity to total assets of no less than 25%; and |
|--|--------|--------------------------------------------------------------------------|

|  | · | Minimum liquidity requirement. A minimum liquidity greater than or equal to the higher of $75 million and 5% of our total debt, of which cash and cash equivalents shall make up the greater of $40 million or 5% of our total debt. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                               | Year ended December 31, |   |
|----------------------------------------------------|-------------------------|--------|
|                                               | 2017                    |   | 2016 |   | 2015 |   |
| Capital Expenditures                               |                    |   |   |   |   |   |
| (USD million)                                      |                    |   |   |   |   |   |
| Acquisition of vessels and capitalized dry-docking |                    |   | 103.1 |   |   |   | 40.8 |   |   |   | 112.0 |   |
| Prepayments on newbuildings                        |                    |   | 44.3 |   |   |   | 76.9 |   |   |   | 142.5 |   |
| Total                                              |                    |   | 147.4 |   |   |   | 117.7 |   |   |   | 254.5 |   |

----

| ITEM 6. | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES |
|---------|--------------------------------------------|

|  Name                         |   | Age |   | Position                                                         |   | Date of expiry of current term(for Directors) |
|------------------------------------|--------|-----|--------|------------------------------------------------------------------|--------|-----------------------------------------------|
| Christopher Helmut Boehringer      |   | 47  |   | Chairman                                                         |   | 2018 Annual General Meeting                   |
| David Neil Weinstein               |   | 59  |   | Deputy Chairman (appointed by the holder of the B Share)         |   | Serves until removed by the B shareholder     |
| Torben Janholt                     |   | 71  |   | Board Member                                                     |   | 2018 Annual General Meeting                   |
| Pär Göran Trapp          |   | 56  |   | Board Member                                                     |   | 2018 Annual General Meeting                   |
| Rasmus Johannes Skaun Hoffman      |   | 40  |   | Board Observer (Employee Representative) (1)                     |   |                                          |
| Lars Bjørn Rasmussen          |   | 52  |   | Board Observer (Employee Representative) (1)                     |   |                                          |
| Jeffrey Scott Stein                |   | 48  |   | Minority B Share Board Observer(1)                               |   | Serves until removed by the B shareholder     |
| Jacob Balslev Meldgaard            |   | 49  |   | Executive Director and Chief Executive Officer of TORM A/S       |   |                                          |
| Christian Søgaard-Christensen |   | 39  |   | Chief Financial Officer of TORM A/S                              |   |                                          |
| Lars Christensen                   |   | 51  |   | Senior Vice President and Head of Projects of TORM A/S           |   |                                          |
| Jesper Søndergaard Jensen     |   | 48  |   | Senior Vice President and Head of Technical Division of TORM A/S |   |                                          |

----

----

----

----

----

| Director                                  |   | Class A Commonshares held |   |   | Unvested RSUs |   | Vested RSUs |   |
|-------------------------------------------|--------|---------------------------|--------|--------|---------------|--------|-------------|--------|
| Christopher H. Boehringer                 |   |                      | 7,566  |   |          |   | 0           |   |   |   |
| David Weinstein                           |   |                      | 0      |   |          |   | 0           |   |   |   |
| Göran Trapp                          |   |                      | 12,820 |   |          |   | 0           |   |   |   |
| Torben Janholt                            |   |                      | 26     |   |          |   | 0           |   |   |   |
| Jacob Meldgaard                           |   |                      | 66     |   |          |   | 766,035     |   |   |   | 255,345 |   |
| All other executive officers individually |   |                      | *      |   |          |   | 290,644     |   |   |   | 184,311 |   |

| ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS |
|---------|---------------------------------------------------|

|                   | Class A Common SharesBeneficially Owned |   |
|------------------------|-----------------------------------------|--------|
|  Name             | Number                                  |   | Percentage(1) |   |
| Njord Luxco(2)(4)(5)   |                                    |   | 47,600,172 |   |   |   | 64.4 | % |
| DW Partners, LP (3)(4) |                                    |   | 4,896,290 |   |   |   | 6.6 | % |

| (1) | Calculated based on 73,905,975 common shares (excluding treasury shares) outstanding as of March 7, 2018 (and assuming no Consideration Warrants or Restricted Share Units (RSUs) are exercised). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The business address of Njord Luxco is OCM Njord Holdings S.a r.l, 26A, Boulevard Royal L-2449, Luxembourg, Luxembourg. The majority shareholder of Njord Holdings is OCM Luxembourg OPPS IX Sarl.  The majority shareholder of OCM Luxembourg OPPS IX Sarl is Oaktree Opportunities Fund IX, L.P.  The general partner of Oaktree Opportunities Fund IX, L.P. is Oaktree Opportunities Fund IX GP, L.P.  The general partner of Oaktree Opportunities Fund IX GP, L.P. is Oaktree Opportunities Fund IX GP, Ltd.  The sole director of Oaktree Opportunities Fund IX GP, Ltd. is Oaktree Capital Management, L.P.  The general partner of Oaktree Capital Management, L.P. is Oaktree Holdings, Inc. The sole shareholder of Oaktree Holdings, Inc. is Oaktree Capital Group, LLC. 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. 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. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (3) | The business address of DW Partners, LP is 590 Madison Avenue, 9th Floor, New York, NY 10022. DW Partners, LP is the investment manager of DW Catalyst Master Fund, Ltd. and DW Value Master Fund, Ltd. According to Major Shareholder Announcement no. 4 dated April 15, 2016, pursuant to Section 29 of the Danish Securities Trading Act, DW Catalyst Master Fund, Ltd. holds 3,334,873 Class A common shares and DW Value Master Fund, Ltd. holds 1,561,417 Class A common shares. The voting rights attached to these shares are exercised by DW Partners, LP as investment manager. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | This information is derived from public sources. |
|-----|--------------------------------------------------|

| (5) | Njord Luxco is the holder of the sole outstanding Class C share. The Class C share has 350,000,000 votes at the general meeting in respect of specified matters, including election of members to our Board of Directors (other than the Deputy Chairman) and certain amendments to the Articles of Association. See Item 10. "Additional Information—A. Share Capital —Our Shares—Class C Share". |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 8. | FINANCIAL INFORMATION |
|---------|-----------------------|

----

| ITEM 9. | THE OFFER AND LISTING |
|---------|-----------------------|

|                                |   | Nasdaq Copenhagen |     |   | Nasdaq New York* |   |
|-------------------------------------|--------|-------------------|----------|--------|------------------|--------|
|                                |   | High              |     |   | Low              |   |   | High |   |   | Low |   |
| Fiscal year ended December 31, 2013 |   |              | 4,275.00 |   |             |   | 1,050.00 |   |   |   | - |   |   |   | - |   |
| Fiscal year ended December 31, 2014 |   |              | 2,833.50 |   |             |   | 453.90 |   |   |   | - |   |   |   | - |   |
| Fiscal year ended December 31, 2015 |   |              | 2,053.50 |   |             |   | 92.75 |   |   |   | - |   |   |   | - |   |
| Fiscal year ended December 31, 2016 |   |              | 99.40    |   |             |   | 52.00 |   |   |   | - |   |   |   | - |   |
| Fiscal year ended December 31, 2017 |   |              | 72.50    |   |             |   | 51.00 |   |   |   | - | (1)  |   |   | - | (1)  |

|                                                     |   | Nasdaq Copenhagen |   |   | Nasdaq New York* |   |
|----------------------------------------------------------|--------|-------------------|--------|--------|------------------|--------|
|                                                     |   | High              |   |   | Low              |   |   | High |   |   | Low |   |
| First quarter 2016                                       |   |              | 99.40  |   |             |   | 61.50 |   |   |   | - |   |   |   | - |   |
| Second quarter 2016                                      |   |              | 89.50  |   |             |   | 60.00 |   |   |   | - |   |   |   | - |   |
| Third quarter 2016                                       |   |              | 68.50  |   |             |   | 58.00 |   |   |   | - |   |   |   | - |   |
| Fourth quarter 2016                                      |   |              | 63.50  |   |             |   | 52.00 |   |   |   | - |   |   |   | - |   |
| First quarter 2017                                       |   |              | 72.50  |   |             |   | 62.00 |   |   |   | - |   |   |   | - |   |
| Second Quarter 2017                                      |   |              | 71.00  |   |             |   | 61.50 |   |   |   | - |   |   |   | - |   |
| Third Quarter 2017                                       |   |              | 69.50  |   |             |   | 62.00 |   |   |   | - |   |   |   | - |   |
| Fourth Quarter 2017                                      |   |              | 64.00  |   |             |   | 51.00 |   |   |   | - | (1)  |   |   | - | (1)  |
| First Quarter 2018 (through and including March 7, 2018) |   |              | 55.90  |   |             |   | 42.30 |   |   |   | 8.40 |   |   |   | 7.40 |   |

|                                             |   | Nasdaq Copenhagen |   |   | Nasdaq New York* |   |
|--------------------------------------------------|--------|-------------------|--------|--------|------------------|--------|
|                                             |   | High              |   |   | Low              |   |   | High |   |   | Low |   |
| September 2017                                   |   |              | 69.50  |   |             |   | 63.00 |   |   |   | - |   |   |   | - |   |
| October 2017                                     |   |              | 64.00  |   |             |   | 59.00 |   |   |   | - |   |   |   | - |   |
| November 2017                                    |   |              | 61.00  |   |             |   | 54.50 |   |   |   | - |   |   |   | - |   |
| December 2017                                    |   |              | 56.00  |   |             |   | 51.00 |   |   |   | - | (1)  |   |   | - | (1)  |
| January 2018                                     |   |              | 55.10  |   |             |   | 48.75 |   |   |   | - | (1)  |   |   | - | (1)  |
| February 2018                                    |   |              | 49.10  |   |             |   | 42.30 |   |   |   | 8.40 |   |   |   | 7.60 |   |
| March 2018 (through and including March 7, 2018) |   |              | 45.20  |   |             |   | 42.70 |   |   |   | 7.70 |   |   |   | 7.40 |   |

----

| ITEM 10. | ADDITIONAL INFORMATION |
|----------|------------------------|

----

----

----

----

----

|  | · | 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 |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 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 |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 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". |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  | · | we have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------|

|  | · | 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. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | at least 75% of the corporation's gross income for such taxable year consists of passive income (for example, dividends, interest, capital gains and rents derived other than in the active conduct of a rental business), or |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | at least 50% of the average value of the assets held by the corporation during such taxable year produce, or are held for the production of, passive income, which we refer to as "passive assets." |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  | · | the excess distribution or gain would be allocated ratably over the Non-Electing Holder's aggregate holding period for the common shares; |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the amount allocated to the current taxable year and any taxable year before we became a PFIC would be taxed as ordinary income and would not be entitled to the preferential U.S. federal income tax rates applicable to certain dividends discussed above; and |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | the amount allocated to each of the other taxable years would be subject to tax at the highest rate in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | · | fail to provide an accurate taxpayer identification number; |
|--|--------|-------------------------------------------------------------|

|  | · | are notified by the IRS that you have failed to report all interest or dividends required to be shown on your U.S. federal income tax returns; or |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|  | · | in certain circumstances, fail to comply with applicable certification requirements. |
|--|--------|--------------------------------------------------------------------------------------|

----

----

----

----

----

| ITEM 11. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
|----------|------------------------------------------------------------|

| ITEM 12. | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES |
|----------|--------------------------------------------------------|

| ITEM 13. | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES |
|----------|-------------------------------------------------|

| ITEM 14. | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |
|----------|------------------------------------------------------------------------------|

| ITEM 15. | CONTROLS AND PROCEDURES |
|----------|-------------------------|

|   | A. | Disclosure Controls and Procedures. |
|--------|----|-------------------------------------|

----

|   | B. | Management's Annual Report on Internal Control Over Financial Reporting. |
|--------|----|--------------------------------------------------------------------------|

|   | C. | Attestation Report of the Registered Public Accounting Firm. |
|--------|----|--------------------------------------------------------------|

|   | D. | Changes in Internal Control Over Financial Reporting. |
|--------|----|-------------------------------------------------------|

| ITEM 16. | RESERVED |
|----------|----------|

| ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT. |
|-----------|-----------------------------------|

| ITEM 16B. | CODE OF ETHICS |
|-----------|----------------|

| ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|-----------|----------------------------------------|

| ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES |
|-----------|------------------------------------------------------------|

----

| ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS |
|-----------|------------------------------------------------------------------------|

| Name                            | Period       | (a) Total Numberof Shares Purchased(1) |   | (b) Average PricePaid per Share |   | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans |   | (d) Maximum Number of Shares that May Yet Be Purchased under the Plan |   |
|---------------------------------|--------------|----------------------------------------|--------|---------------------------------|--------|--------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|--------|
| OCM Njord Holdings S.à r.l | January 2018 |                                   |   | 8,214,548                       |   |                                                                     | $      | 8.39                                                                  |   |   |   | N/A |   |   |   | N/A |   |

| ITEM 16F. | CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT |
|-----------|----------------------------------------------|

| ITEM 16G. | CORPORATE GOVERNANCE |
|-----------|----------------------|

----

| ITEM 16H. | MINE SAFETY DISCLOSURE |
|-----------|------------------------|

| ITEM 17. | FINANCIAL STATEMENTS |
|----------|----------------------|

| ITEM 18. | FINANCIAL STATEMENTS |
|----------|----------------------|

| ITEM 19. | EXHIBITS |
|----------|----------|

----

| Section                                                                                                                                                                                                                 |   | Page(s) in theAnnual Report 2017 |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|
|                                                                                                                                                                                                                    |   |                             |
| Key Figures                                                                                                                                                                                                             |   | 6                                |
|                                                                                                                                                                                                                    |   |                             |
| Highlights                                                                                                                                                                                                              |   | 8-10                             |
|                                                                                                                                                                                                                    |   |                             |
| Outlook 2018                                                                                                                                                                                                            |   | 11-13                            |
|                                                                                                                                                                                                                    |   |                             |
| Strategic Ambition and Business Model                                                                                                                                                                                   |   | 16-18                            |
|                                                                                                                                                                                                                    |   |                             |
| The TORM Fleet                                                                                                                                                                                                          |   | 19                               |
|                                                                                                                                                                                                                    |   |                             |
| Value Chain in Oil Transportation                                                                                                                                                                                       |   | 20                               |
|                                                                                                                                                                                                                    |   |                             |
| The Product Tanker Market                                                                                                                                                                                               |   | 21-25                            |
|                                                                                                                                                                                                                    |   |                             |
| U.S. Listing                                                                                                                                                                                                            |   | 27                               |
|                                                                                                                                                                                                                    |   |                             |
| Financial Review 2017—Liquidity and Cash Flow; Assessment of Impairment of Assets; Primary Factors Affecting Results of Operations                                                                                |   | 43; 47; 47-48                    |
|                                                                                                                                                                                                                    |   |                             |
| Corporate Governance—Board Committees                                                                                                                                                                             |   | 53                               |
|                                                                                                                                                                                                                    |   |                             |
| Board of Director Committee Reports                                                                                                                                                                                     |   | 58-76                            |
|                                                                                                                                                                                                                    |   |                             |
| Investor Information—Changes to the Share Capital; Distribution Policy                                                                                                                                            |   | 77                               |
|                                                                                                                                                                                                                    |   |                             |
| Remuneration Committee Report— Annual Report on Remuneration—Performance Bonus 2017; Long-Term Incentive Plan—Restricted Share Units Granted in 2016; 2017 Remuneration Table Non-Executive Directors |   | 71; 72; 73                       |
|                                                                                                                                                                                                                    |   |                             |
| Directors' Report—Share Capital                                                                                                                                                                                   |   | 80-82                            |
|                                                                                                                                                                                                                    |   |                             |
| Glossary                                                                                                                                                                                                                |   | 143                              |
|                                                                                                                                                                                                                    |   |                             |
| Alternative Performance Measures                                                                                                                                                                                        |   | 145-148                          |
|                                                                                                                                                                                                                    |   |                             |

| Section                                                                                              |   | Page(s) in theAnnual Report 2017 |
|------------------------------------------------------------------------------------------------------|--------|----------------------------------|
|                                                                                                 |   |                             |
| Consolidated Income Statement for the years ended December 31, 2017, 2016 and 2015                   |   | 87                               |
|                                                                                                 |   |                             |
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015 |   | 87                               |
|                                                                                                 |   |                             |
| Consolidated Balance Sheet as of December 31, 2017 and 2016                                          |   | 88                               |
|                                                                                                 |   |                             |
| Consolidated Statements of Changes in Equity as of December 31, 2017, 2016 and 2015                  |   | 89-90                            |
|                                                                                                 |   |                             |
| Consolidated Cash Flow Statement for the years ended December 31, 2017, 2016 and 2015                |   | 91                               |
|                                                                                                 |   |                             |
| Notes to the Consolidated Financial Statements                                                       |   | 92-127                           |

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| 1.1    | Memorandum and Articles of Association(1)                                                                                                                                                     |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                          |
| 2.1    | Form of Class A Common Share Certificate(1)                                                                                                                                                   |
|   |                                                                                                                                                                                          |
| 2.2    | B Share Minority Trust Deed, dated May 30, 2016(1)                                                                                                                                            |
|   |                                                                                                                                                                                          |
| 2.3    | Equity Warrant Instrument, dated March 15, 2016(1)                                                                                                                                            |
|   |                                                                                                                                                                                          |
| 4.1    | The Working Capital Facility, dated July 13, 2015(1)                                                                                                                                          |
|   |                                                                                                                                                                                          |
| 4.2    | Term Facility 1, dated July 13, 2015(1)                                                                                                                                                       |
|   |                                                                                                                                                                                          |
| 4.3    | DSF Facility, dated September 20, 2017(1)                                                                                                                                                     |
|   |                                                                                                                                                                                          |
| 4.4    | Registration Rights Agreement, dated April 14, 2016(1)                                                                                                                                        |
|   |                                                                                                                                                                                          |
| 4.5    | CEXIM Facility, dated July 8, 2016(1)                                                                                                                                                         |
|   |                                                                                                                                                                                          |
| 4.6    | Term Facility 2, dated January 6, 2017(1)                                                                                                                                                     |
|   |                                                                                                                                                                                          |
| 4.7    | TORM plc 2017 Management Long-Term Incentive Plan(1)                                                                                                                                          |
|   |                                                                                                                                                                                          |
| 4.8    | ING Facility, dated September 8, 2017(1)                                                                                                                                                      |
|   |                                                                                                                                                                                          |
| 4.9    | Amendment and Waiver Letter to Working Capital Facility and Term Facility 1, dated December 21, 2015(1)                                                                                       |
|   |                                                                                                                                                                                          |
| 4.10   | Amendment and Waiver Letter to Working Capital Facility and Term Facility 1, dated August 23, 2016(1)                                                                                         |
|   |                                                                                                                                                                                          |
| 4.11   | Term Sheet for ABN AMRO Facility, dated January 19, 2018                                                                                                                                      |
|   |                                                                                                                                                                                          |
| 8.1    | List of Subsidiaries                                                                                                                                                                          |
|   |                                                                                                                                                                                          |
| 11.1   | TORM's Business Principles                                                                                                                                                                    |
|   |                                                                                                                                                                                          |
| 12.1   | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer                                                                                                                         |
|   |                                                                                                                                                                                          |
| 12.2   | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer                                                                                                                         |
|   |                                                                                                                                                                                          |
| 13.1   | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                         |
|   |                                                                                                                                                                                          |
| 13.2   | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                         |
|   |                                                                                                                                                                                          |
| 101*   | The following financial information from the registrant's annual report on Form 20-F for the fiscal year ended December 31, 2017, formatted in Extensible Business Reporting Language (XBRL): |
|   |     (1) Consolidated Income Statements for the years ended December 31, 2017, 2016 and 2015                                                                               |
|   |     (2) Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, 2016 and 2015                                                              |
|   |     (3) Consolidated Balance Sheets as of December 31, 2016, 2017 and 2016                                                                                                |
|   |     (4) Consolidated Statements of Changes in Equity as of December 31, 2017, 2016 and 2015                                                                               |
|   |     (5) Consolidated Statements of Cash Flow for the years ended December 31, 2017, 2016 and 2015                                                                         |
|   |     (6) Notes to the Consolidated Financial Statements.                                                                                                                   |
|   |                                                                                                                                                                                          |

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|   | TORM PLC  |                                                      |
|--------|----------------|-----------------------------------------------------------|
|   | By:            |  /s/ Jacob Meldgaard                                 |   |
|   |           | Name: Jacob Meldgaard                                     |   |
|   |           | Title: Executive Director and Principal Executive Officer |   |