Frontline Plc — Director's Dealing 2020

Sep 24, 2020

NOTIFICATION OF TRADE

NOTIFICATION OF TRADE

Robert Hvide Macleod, CEO of Frontline Management AS, has today purchased call options in the open market to acquire up to 500,000 shares in Frontline Ltd. (“Frontline”) at a strike price of NOK 65.00 per share and with an option premium of NOK 4.26 per share. The options are exercisable at any time up to and including 18 December 2020.

In addition, Macleod has today placed 1,050,000 shares in Frontline on a Total Return Swap (“TRS”) contract by selling 1,050,000 shares at a price of NOK 59,30 per share and entering into a TRS agreement with exposure to the same number of shares with expiry date 4 December 2020 and TRS price NOK 59,535 per underlying share. Following these trades, Macleod holds no shares in Frontline but his financial exposure remains unchanged at 1,050,000 shares underlying the TRS agreement, in addition to the 500,000 call options described above. Macleod does not hold other rights to shares in Frontline.

This disclosure is made pursuant to section 4-2 of the Norwegian Securities Trading Act.