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 $23.0 million of the

outstanding principal amount of the Company's 4.5% Convertible Bond Issue

2010/2015 (the "Bonds") for an aggregate of approximately 7.4 million shares at

an exchange price of $1.61 per share, the closing price of the Company's shares

on the New York Stock Exchange on October 24, 2014, and a cash payment of $10.0

million plus accrued interest. In addition, under the exchange agreement,

Frontline has agreed to issue, on November 4, 2014, up to an additional 0.8

million 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 November 3, 2014, is lower than the exchange price, subject to a minimum

VWAP price of $1.45 per share.

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

close on October 31, 2014.

October 28, 2014

The Board of Directors

Frontline Ltd.

Hamilton, Bermuda

Questions should be directed to:

Jens Martin Jensen: 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 acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1866332]

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