Frontline Plc - Capital/Financing Update 2014

FRO - Announces Debt-for-Equity Exchange

Frontline Ltd. (NYSE:FRO) ("Frontline" or the "Company") today announced that it

has entered into a private agreement to exchange $22,500,000 of the outstanding

principal amount of the Company's 4.5% Convertible Bond Issue 2010/2015 (the

"Bonds") for an aggregate of 3,984,375 shares at an exchange price of $3.12 per

share, and a cash payment of $9,562,500 plus accrued interest. In addition,

under the exchange agreement, Frontline has agreed to issue, on December

23, 2014, up to an additional 760,377 shares to the holders of the Bonds based

on an agreed formula if the 5-day volume-weighted average price (VWAP) of the

Company's shares, for the period ending December 22, 2014, is lower than the

exchange price, subject to a minimum VWAP price of $2.62 per share.

The issuance of the common shares to the holders of the Bonds is expected to

close on December 19, 2014.

December 16, 2014

The Board of Directors

Frontline Ltd.

Hamilton, Bermuda

Questions should be directed to:

Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS

+47 23 11 40 00

Inger M. Klemp: Chief Financial Officer, Frontline Management AS

+47 23 11 40 00

FORWARD LOOKING STATEMENTS

This report contains forward-looking statements including but not limited to

statements regarding the Company's financing activities and other future

activities. These forward-looking statements are subject to risks and

uncertainties, and actual results may differ materially. Certain factors that

may affect actual results to differ materially include, without limitation, our

ability to complete and a delay in completing the debt-for-equity exchange

described above. Please refer to Frontline's SEC filings for more information

on the other factors that could cause actual results to differ materially from

expectations, specifically the sections titled "Risk Factors" and "Forward-

Looking Statements" in the Company's Annual Report on Form 20-F.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1880721]

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