HELLERUP, Denmark, April 22 /PRNewswire-FirstCall/ -- At the Annual General Meeting the following took place: - Annual Report 2007 was approved. - A dividend of DKK 4.50 per DKK 5 share as proposed by the Board of Directors was approved. - Mr. Bo Jagd and Mr. Michael Steimler were elected to the Board of Directors for a period of four years. - Deloitte Statsautoriseret Revisionsaktieselskab was re-elected. - Authorization to increase the share capital with up to DKK 182,000,000 was renewed until 1 April 2013. The overall guidelines for the incentive scheme to members of the Board of Directors and the Management Board proposed by the Board of Directors was adopted. Authorization to purchase the Company's own shares was renewed. The expectations for the 2008 result before tax of USD 210-230 million were maintained. In addition comes any gains from sale of vessels. At the Board of Directors meeting immediately following the Annual General Meeting, the Board of Directors appointed Mr. N. E. Nielsen as Chairman and Mr. Christian Frigast as Deputy Chairman. Accordingly, the Board of Directors is composed as follows: N. E. Nielsen (Chairman), Christian Frigast (Deputy Chairman), Bo Jagd, Gabriel Panayotides, Michael Steimler, Nicos Zouvelos, Peter Abildgaard (elected by the employees), Lennart Arnold, Johan Arrias (elected by the employees), Margrethe Bligaard (elected by the employees). About TORM TORM is one of the world's leading carriers of refined oil products as well as being a significant participant in the dry bulk market. The Company operates a combined fleet of 128 modern vessels, principally through a pooling cooperation with other respected shipping companies who share 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 the Copenhagen Stock Exchange (ticker TORM) as well as on the NASDAQ (ticker TRMD). For further information, please visit http://www.torm.com/. Safe Harbor Forward Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Management's examination of historical operating trends, data contained in our records and other data available from third parties. Although TORM believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TORM cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward looking statements include the strength of world economies and currencies, changes in charter hire rates and vessel values, changes in demand for "tonne miles" of oil carried by oil tankers, the effect of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM's operating expenses, including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by TORM with the US Securities and Exchange Commission, including the TORM Annual Report on Form 20-F and its reports on Form 6-K. Forward looking statements are based on management's current evaluation, and TORM is only under obligation to update and change the listed expectations to the extent required by law. DATASOURCE: A/S Dampskibsselskabet TORM CONTACT: Contact: A/S Dampskibsselskabet TORM, Tuborg Havnevej 18, DK-2900, Hellerup, Denmark; Telephone: +45-72-27-00-00, N. E. Nielsen, Chairman of the Board

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