<p data-path-to-node="2" id="p-rc_223de22a007a8af1-232" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><b data-path-to-node="2" data-index-in-node="0" style="line-height: 1.15 !important;">TORONTO / COPENHAGEN</b><span class="citation-363" style="line-height: 1.15 !important;"> — Canadian global investment giant </span><b data-path-to-node="2" data-index-in-node="56" style="line-height: 1.15 !important;">Brookfield Corporation</b><span class="citation-363" style="line-height: 1.15 !important;"> has officially taken indirect control of a substantial </span><b data-path-to-node="2" data-index-in-node="134" style="line-height: 1.15 !important;">19.86% equity stake</b><span class="citation-363" style="line-height: 1.15 !important;"> in Danish product tanker owner </span><b data-path-to-node="2" data-index-in-node="185" style="line-height: 1.15 !important;">Torm plc</b><span class="citation-363" style="line-height: 1.15 !important;">, following the completion of Brookfield’s multi-billion-dollar full acquisition of credit manager </span><b data-path-to-node="2" data-index-in-node="292" style="line-height: 1.15 !important;">Oaktree Capital</b><span class="citation-363 citation-end-363" style="line-height: 1.15 !important;">.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="3" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2510184733="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c2510184733="" _nghost-ng-c615924515="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><h3 data-path-to-node="3" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;"><b>Corporate Restructuring at the Top</b></h3><p data-path-to-node="4" id="p-rc_223de22a007a8af1-233" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-362 citation-end-362" style="line-height: 1.15 !important;">According to regulatory disclosures issued by Torm, Oaktree Capital no longer holds any indirect shares or voting rights in the shipping company as of July 31, 2026.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="4" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-361" style="line-height: 1.15 !important;">Instead, Brookfield Corporation has stepped in as the ultimate controlling shareholder of </span><b data-path-to-node="4" data-index-in-node="256" style="line-height: 1.15 !important;">OCM Njord Holdings S.à r.l.</b><span class="citation-361 citation-end-361" style="line-height: 1.15 !important;"> (Njord Luxco), the Luxembourg-registered holding vehicle through which the equity is managed.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="5" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2510184733="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c2510184733="" _nghost-ng-c615924515="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="5" id="p-rc_223de22a007a8af1-234" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-360" style="line-height: 1.15 !important;">Njord Luxco's direct holdings remain unchanged at </span><b data-path-to-node="5" data-index-in-node="50" style="line-height: 1.15 !important;">20,329,874 Class A shares</b><span class="citation-360 citation-end-360" style="line-height: 1.15 !important;">, representing exactly 19.86% of Torm’s total share capital and voting rights.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="6" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-359 citation-end-359" style="line-height: 1.15 !important;">Because the change of control occurred higher up the corporate ladder via Brookfield's acquisition of the remaining 26% of Oaktree that it did not already own (a transaction valued at approximately $3 billion), no direct open-market share purchase of Torm stock was required.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="7" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-358 citation-end-358" style="line-height: 1.15 !important;">Brookfield previously acquired a controlling 62% interest in Oaktree back in 2019.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="8" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2510184733="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c2510184733="" _nghost-ng-c615924515="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><h3 data-path-to-node="6" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;"><b>Shifting Shareholder Dynamics</b></h3><p data-path-to-node="7" id="p-rc_223de22a007a8af1-235" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-357 citation-end-357" style="line-height: 1.15 !important;">The ownership transition concludes a period in which Oaktree had steadily trimmed its historically dominant position in the Copenhagen- and New York-listed tanker company.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="9" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-356 citation-end-356" style="line-height: 1.15 !important;">Earlier in the year, Oaktree's stake reductions—including a notable block sale to rival tanker owner Hafnia—dropped its ownership below the one-third threshold, successfully dissolving specialized governance provisions such as Torm’s legacy B-director seat.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="10" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2510184733="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c2510184733="" _nghost-ng-c615924515="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="8" id="p-rc_223de22a007a8af1-236" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-355 citation-end-355" style="line-height: 1.15 !important;">Despite the shifts at the top, Torm continues to push forward with aggressive fleet expansion strategies.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="11" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-354 citation-end-354" style="line-height: 1.15 !important;">The company has lined up a series of secondhand and resale product tankers, bringing its total active and incoming fleet to 103 vessels, alongside active links to major newbuilding orders at Chinese shipyards.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c717954970="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c717954970="" class="superscript" data-turn-source-index="12" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> Market analysts are closely watching to see how Brookfield’s ultimate control over the significant 19.86% block will influence Torm's long-term strategic direction amid a strengthening global product tanker market.</p>