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| ARTICLES OF ASSOCIATION |
| of |
| TORM A/S |
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| Article 1 |
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| 1.1. The Company's name is TORM A/S. |
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| 1.2. The Company also carries out business under the secondary names |
| Aktieselskabet af 3. November 1986 (TORM A/S), BWT 3 ApS (TORM A/S) and |
| Aktieselskabet Dampskibsselskabet TORM (TORM A/S). |
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| 1.3. The Company's registered office is situated in the Municipality of |
| Gentofte. |
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| 1.4. The objects for which the Company has been established are to carry out |
| business within shipping, chartering and other transport services, to make |
| investments, including in real property, and to carry on such other business |
| as the Board of Directors may deem incidental to the attainment of the said |
| objects. The objects may be attained by ownership in whole or in part, |
| including as shareholder, partner or otherwise of any other business which |
| has one or more of the objects set out above. |
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| Article 2 |
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| 2.1. The Company's share capital is DKK 364,000,000.00 divided into shares |
| of DKK 5.00 each or any multiple thereof. |
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| 2.2. The share capital has been fully paid up. |
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| 2.3. In the period until 1 April 2013, the Company's share capital may at |
| the discretion of the Board of Directors be increased in one or more issues |
| of new shares by up to DKK 182m. The increase may be made by cash |
| contribution or as consideration for the acquisition of all or part of an |
| existing business or specific assets, including shares. |
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| 2.4. By virtue of Article 2(3), the Board of Directors may offer the shares |
| for subscription at market price without the existing shareholders having |
| any preferential subscription rights. |
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| 2.5. The new shares, which shall be negotiable instruments, shall be issued |
| to bearer. |
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| 2.6 Until 1 April 2010 the Board of Directors shall be authorised to |
| increase the share capital in one or more transactions by up nominally DKK |
| 10,000,000 in total, corresponding to 2,000,000 shares, by cash payment of |
| not less than DKK 5.25 per share of DKK 5 by subscription among the |
| employees of the Company and/or of its subsidiaries, without the |
| shareholders of the Company having any pre-emption rights. The other terms |
| and conditions for the subscription will be determined by the Board of |
| Directors. The new shares shall carry the same rights as the existing shares |
| as set out in the Articles of Association of the Company, including that |
| they shall be negotiable instruments, that they shall be issued to the |
| holder but may be recorded in the Company's register of shareholders in the |
| name of the holder, that they shall not be subject to redemption, that there |
| shall be no restrictions to the transferability of the new shares, and that |
| the new shares shall not confer any special rights on their holders. The |
| shares shall be subject to the applicable rules on taxation of employee |
| shares. |
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| Article 3 |
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| 3.1. The Company's shares shall be negotiable instruments, and the |
| transferability of the shares shall not be subject to any restrictions. |
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| 3.2. The shares shall be issued through VP SECURITIES A/S and/or under an |
| American Depositary Receipt Program (ADR Program). |
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| 3.3. The shares shall be issued to bearer, but may be entered in the |
| Company's register of shareholders in the name of the holder. The Company |
| has appointed VP Investor Services A/S (VP Services A/S), Weidekampsgade 14, |
| DK-2300 København S, keeper of the Company's Register of Shareholders for |
| all shares issued by the Company. |
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| 3.4. No share shall confer special rights upon its holder. |
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| 3.5. No shareholder shall be obliged to have his shares redeemed. |
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| 3.6. When the audited annual report has been adopted by the Company in |
| general meeting, the declared dividend shall be distributed by transfer to |
| the accounts designated by the shareholders in accordance with the rules on |
| VP SECURITIES A/S in force from time to time. |
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| 3.7. Any dividend payable to a shareholder which remains unclaimed for five |
| years after the due date shall accrue to the Company. |
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| 3.8. The Board of Directors has been authorised by the general meeting to |
| resolve to distribute interim dividend |
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| Article 4 |
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| 4.1. If previously issued shares have been lost and no application for |
| registration of the shares has been filed with VP SECURITIES A/S, such |
| shares and appurtenant coupon sheets, talons and interim certificates may on |
| the Company's initiative and at the expense of the applicant be cancelled |
| without judgment in accordance with the statutory rules on this in force |
| from time to time. |
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| Article 5 |
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| 5.1. The general meetings of the Company shall be held in Region Greater |
| Copenhagen. |
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| 5.2. Annual general meetings shall be held every year before the end of |
| April. |
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| 5.3. Proposals made by shareholders shall be submitted in writing to the |
| Board of Directors not later than 15 February in order to be considered at |
| the annual general meeting. |
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| 5.4. Extraordinary general meetings shall be held when the Board of |
| Directors or the auditors think fit. Extraordinary general meetings shall be |
| convened within 14 days if requisitioned in writing by shareholders holding |
| one-tenth of the share capital for the purpose of considering specific |
| business. |
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| 5.5. General meetings shall be convened four weeks before the general |
| meeting at the earliest. Annual general meetings shall be convened not later |
| than 14 days before the meeting and extraordinary general meetings shall be |
| convened not later than eight days before the meeting. |
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| 5.6. General meetings shall be convened by a notice inserted in the national |
| Danish newspapers Berlingske Tidende and Børsen and in such manner and in |
| such form as may at any time be required by the stock exchanges on which the |
| Company's shares or ADR receipts (American Depositary Receipts) are listed. |
| Written notice of the meeting shall, however, be given to all shareholders |
| entered in the Company's register of shareholders and/or to all ADR holders |
| who have registered their holdings with the Company on request. |
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| 5.7. The notice convening the general meeting shall specify the business to |
| be transacted at the meeting. If proposals for amendments to the Articles of |
| Association are to be considered, the essential aspects of the proposal |
| shall be stated in the notice. |
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| Article 6 |
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| 6.1. On 22 April 2009, the Annual General Meeting resolved to authorise the |
| Board of Directors to i) fix the date for introduction of communication by |
| electronic means pursuant to Articles 6(3) - 6(6) below and at the same time |
| to ii) make all necessary amendments to the Articles of Association. |
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| 6.2. The Board of Directors shall notify the Company's shareholders about |
| the date of introduction of communication by electronic means. |
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| 6.3. The Company shall be entitled to give any notices to the Company's |
| shareholders under the Danish Public Companies Act or these Articles of |
| Association by electronic mail, and documents may be made available or |
| forwarded in electronic form. The annual report and any other notices |
| required to be given to the shareholders by law must, however, always be |
| available in paper version and forwarded to any shareholders having so |
| requested. |
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| 6.4. The Management Board will ask all shareholders recorded in the |
| Company's register of shareholders to provide their current email addresses |
| to which notices etc., cf. Article 6(1) above, may be given. It is the |
| responsibility of the shareholder to provide the Company with a correct and |
| current email address. |
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| 6.5. At the discretion of the Board of Directors, the above form of |
| communication may also be used for communication between the Company and the |
| members of the Board of Directors. |
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| 6.6. Information on system requirements and the use of electronic |
| communication shall be provided directly to the shareholders by the |
| Company's Management Board or be published on the Company's website. |
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| Article 7 |
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| 7.1. The agenda for the annual general meeting shall be as follows: |
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| 1. Director's report on the activities of the Company in the past year. |
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| 2. Presentation for adoption of the annual report. |
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| 3. The Board of Director's proposal for the appropriation of profits or |
| provision for losses in accordance with the adopted annual report. |
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| 4. Election of members to the Board of Directors. |
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| 5. Appointment of auditor/auditors. |
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| 6. Any other business and notices. |
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| Article 8 |
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| 8.1 Any shareholder and any ADR holder shall be entitled to attend the |
| general meeting provided he has, no later than four days before the meeting, |
| obtained an admission card for the meeting from the office of the Company on |
| presentation of due evidence of authority or by referring to registration of |
| shares or ADR's. |
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| 8.2. The issue of an admission card requires documentation for the title to |
| shares or ADR's not registered in the name of a holder in the form of a |
| deposit receipt issued within the last ten business days by VP SECURITIES |
| A/S or the depositary bank and a written declaration showing that the shares |
| or ADR's have not or will not be transferred until, at the earliest, the day |
| after the general meeting for which the admission card is required. |
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| 8.3. Each share of DKK 5.00 shall give its holder the right to one vote. |
| Shares acquired by transfer shall not carry any voting rights unless the |
| shareholder has registered his shares or has given notice of or provided |
| documentation for his acquisition at the latest on the day before the |
| general meeting is advertised in the Danish national newspapers, Berlingske |
| Tidende and Børsen. |
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| 8.4. The shareholder and the ADR holder shall be entitled to attend the |
| general meeting by proxy. |
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| 8.5. The proxy shall produce a written and dated instrument appointing him |
| as proxy which cannot be given for a period exceeding one year. |
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| Article 9 |
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| 9.1. The Board of Directors shall appoint a chairman to preside the general |
| meeting and decide all matters relating to the transaction of business and |
| the voting, always provided that any voting shareholder may demand that the |
| resolutions put to the vote of the meeting should be decided by poll. |
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| Article 10 |
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| 10.1. General meetings can only form a quorum provided that at least 1/3 of |
| the share capital is represented. |
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| 10.2. At general meetings, all resolutions shall be passed with simple |
| majority. |
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| 10.3. Any adoption of resolutions for amendment of the Articles of |
| Association, the dissolution or merger of the Company with another company |
| or firm, the use of the Company's foundation, rejection of the annual report |
| and/or the Directors' proposal for appropriation of profits, appointment of |
| member(s) of the Company's Board of Directors requires that at least 3/5 of |
| the share capital is represented at the general meeting and that the |
| resolution is adopted by at least 2/3 of all votes cast unless any such |
| resolution is proposed by the Company's Board of Directors. Any resolution |
| for the amendment of the Company's Articles of Association is further |
| subject to the conditions set out in Sections 78-79 of the Danish Companies |
| Act. |
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| 10.4. In the event that shareholders have at the annual general meeting |
| decided by simple majority not to adopt the Company's annual report, the |
| general meeting may, notwithstanding the above, decide by simple majority to |
| submit the annual report for a new audit. |
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| 10.5. In the event that a general meeting has been convened for the purpose |
| of adopting a resolution requiring qualified majority and if an insufficient |
| number of shares are represented at such meeting, the Board of Directors |
| shall as soon as possible convene a new general meeting at which the |
| proposal, irrespective of the number of shares represented, may be adopted |
| by 5/6 of all votes unless 1/3 of the votes represented is against the |
| proposal at the first general meeting. Instruments appointing a proxy for |
| the first general meeting shall, unless expressly revoked, be valid also for |
| the second general meeting. |
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| 10.6. If a resolution is passed by simple majority in accordance with the |
| second paragraph of this Article, the following shall apply: |
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| In case of equality of votes in connection with the election of members to |
| the Board of Directors, auditor/auditors or liquidators, the matter shall be |
| decided by lot between the relevant persons. A proposal shall otherwise be |
| deemed rejected if an equal number of votes has been cast for and against |
| the proposal. |
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| Article 11 |
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| 11.1. The proceedings of the general meeting shall be briefly recorded in a |
| minute book authorized by the Board of Directors for this purpose, and the |
| minutes shall be signed by the chairman of the meeting and the members of |
| the Board of Directors present at the meeting. |
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| Article 12 |
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| 12.1. The Company shall be managed by a Board of Directors made up of a |
| minimum of three and a maximum of eight members elected from among the |
| shareholders by the Company in general meeting. If employee directors have |
| been elected in accordance with the provisions of the Danish Companies Act, |
| such employee directors shall join the Board of Directors in accordance with |
| the rules in force from time to time. |
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| 12.2. The members of the Board of Directors elected by the Company in |
| general meeting shall hold office for a term of four years so that they |
| resign at the fourth annual general meeting after the general meeting at |
| which they were elected. Any employee directors shall retire in accordance |
| with the provisions of the Danish Companies Act. |
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| 12.3. Retiring members of the Board of Directors shall be eligible for |
| re-election. |
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| 12.4. If, at a general meeting, a shareholder wants to propose a person |
| other than a retiring member of the Board of Directors or if a new member |
| has been proposed by the Board of Directors, notice stating the name of the |
| candidate shall be submitted to the Board of Directors not later than eight |
| days before the general meeting in question. |
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| Article 13 |
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| 13.1. The Board of Directors shall appoint a managing director to be in |
| charge of the day-to-day management of the Company, and possibly one or more |
| managers. |
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| 13.2. The Board of Directors shall be entitled to buy, sell and mortgage |
| real property and ships. |
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| 13.3. The Board of Directors shall appoint from among its members a chairman |
| and a deputy chairman to substitute the chairman in his absence. |
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| 13.4. The Board of Directors may grant individual or joint power of |
| procuration. |
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| 13.5. The Board of Directors shall lay down rules of procedure for the |
| performance of its duties. The Board of Directors shall make its decisions |
| by a simple majority of votes. In case of equality of votes, the chairman |
| shall have the casting vote. |
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| 13.6. The members of the Board of Directors shall receive a fixed emolument. |
| The total proposed emolument shall be included in a special note in the |
| annual report and be presented for adoption together with the annual report. |
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| 13.7. At the Company's Annual General Meeting held on 22 April 2009, the |
| shareholders adopted the overall guidelines for the Company's incentive plan |
| to members of the Management Board and the Board of Directors, cf. s. 69b of |
| the Danish Companies Act. The guidelines are available at the Company's |
| website www.torm.com. |
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| Article 14 |
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| 14.1. The Company shall be bound by the joint signatures of three members of |
| the Board of Directors, one of whom shall be the chairman or the deputy |
| chairman, or by the joint signatures of two members of the Board of |
| Directors, one of whom shall be the chairman or the deputy chairman, and the |
| Managing Director. |
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| Article 15 |
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| 15.1. The annual reports of the Company shall be audited by one or two |
| auditors, at least one of whom shall be a state-authorised public |
| accountant. The auditor/auditors shall be appointed by the Company in |
| general meeting for a term of one year. |
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| Article 16 |
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| 16.1. The Company's accounting year shall be the calendar year. |
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| As adopted at the Annual General Meeting held on 22 April 2009. |
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Note: These Articles of Association are prepared in both a Danish and an
English version. In the event of a conflict between them, the Danish version
shall prevail.Jan Erlund, Chairman of Meeting
