NASDAQ notification of bid price non-compliance

23 December 2011

Announcement no. 1 / 4 January 2012 NASDAQ notification of bid price non-compliance

TORM has received a letter from the listing qualifications department staff of the NASDAQ Stock Market LLC (“NASDAQ”), notifying the Company that for 30 consecutive business days the bid price of the Company’s American Depository Shares (ADS) had closed below USD 1.00 per share, the minimum closing bid price required by the continued listing requirements of NASDAQ set forth in Listing Rule 5450(a)(1).

In accordance with Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until 26 June 2012, to regain compliance. The notification advises that such compliance can be achieved if, at any time before 26 June 2012, the bid price of the Company’s ADS closes at USD 1.00 or more per share for a minimum of 10 consecutive business days.

If TORM does not regain compliance within this period, it may be eligible for additional time to regain compliance by filing a listing application to transfer its ADS to the NASDAQ Capital Market and satisfying certain other requirements.

The notification letter has no effect at this time on the listing of the Company's ADS on NASDAQ. The Company's ADS will continue to trade on NASDAQ under the symbol "TRMD".

TORM will monitor the bid price for its ADS between now and 26 June 2012, and will consider the available options to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirement.

About TORM
TORM is one of the world’s leading carriers of refined oil products as well as a significant player in the dry bulk market. The Company runs a fleet of approximately 165 modern vessels in cooperation with other respected shipping companies sharing TORM’s commitment to safety, environmental responsibility and customer service.

TORM was founded in 1889. The Company conducts business worldwide and is headquartered in Copenhagen, Denmark. TORM’s shares are listed on NASDAQ OMX Copenhagen (ticker: TORM) and on NASDAQ in New York (ticker: TRMD). For further information, please visit www.torm.com.

TORM, press release