Frontline Plc — Earnings Release 2016

May 31, 2016

FRONTLINE LTD. REPORTS RESULTS FOR THE FIRST QUARTER 2016

FRONTLINE LTD. REPORTS RESULTS FOR THE FIRST QUARTER 2016

Frontline Ltd. (the "Company" or "Frontline"), today reported unaudited results

for the three months ended March 31, 2016:

Highlights

* Achieved net income attributable to the Company of $78.9 million, or $0.50

per share, for the first quarter of 2016.

* Announces a cash dividend of $0.40 per share for the first quarter of 2016.

* Obtained commitments for up to $603.4 million of new financing in May 2016

comprising of $328.4 million in bank financing for eight newbuilding

contracts and a senior unsecured facility of up to 275.0 million from a

company affiliated with our largest shareholder, Hemen Holding Ltd.

* Took delivery of four LR2 tanker newbuildings in the first quarter and one

LR2 tanker newbuilding in May 2016.

Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS

commented:

"We are very pleased to report yet another strong quarter with net

income attributable to the Company of $78.9 million or $0.50 per share.

Significantly, this was Frontline's first full quarter following its merger with

Frontline 2012 Ltd. Our performance, particularly in the VLCC segment was

strong, despite some market weakness in February and March.

The average daily time charter equivalents ("TCE") earned by Frontline in the

first quarter were strong across all segment classes, as shown below:

Average daily time charter equivalents ("TCEs")

-------------------------------------------------------------------------------

Estimated

average

($ per Spot and time Spot daily BE

day) charter Spot Guidance % covered   rates

+-------+-----------------+---------------+---------------------+--------------

|  |Q1 2016 Q4 2015 |Q1 2016 Q4 2015| Q2 2016 |  2016

+-------+-----------------+---------------+---------------------+--------------

VLCC |65 400 57 700 |70 200 62 700 | 52 000 83 % |  22 500

| | | |

SMAX |32 000 38 400 |33 400 42 000 | 27 000 90 % |  17 900

| | | |

LR2 |24 700 25 500 |24 800 37 600 | 24 000 77 % |  15 300

| | | |

MR |19 800 19 300 |20 300 19 700 | 16 200 82 % |  14 000

--------+-----------------+---------------+---------------------+--------------

We are also encouraged that our newbuilding program is proceeding according to

schedule. Five LR2 tankers from our newbuilding fleet have been delivered thus

far in 2016.  An additional six newbuilding deliveries are expected in 2016, and

the final 17 newbuilding vessels are expected to be delivered in 2017.  Notably,

our newbuilding program includes nine LR2 tankers, excluding the five that were

already delivered in 2016.  These vessels have the capability to transport both

crude and refined products, and while our primary focus has always been on the

transportation of crude oil, our increasingly diversified fleet also provides us

leverage to create value in refined product trades and helps to maximize our

chartering strategy."

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

"We are very pleased to have secured a commitment for up to $275 million in

additional debt financing from a company affiliated with Hemen Holding Ltd. The

loan will be used to part finance the Company's current newbuilding program and

potential acquisitions. In addition, we have received a commitment for up to

$328 million from China Exim Bank to finance eight newbuilding contracts, as

well as a term sheet for up to $325 million to finance further eight newbuilding

contracts. Based on cash on hand, committed and assumed debt financing we are

confident that the current newbuilding program will be fully funded, as well as

leaving flexibility for further growth."

The full report can be found in the link below.

Questions should be directed to:

Robert Hvide Macleod: Chief Executive Officer, Frontline Management AS

+47 23 11 40 84

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

+47 23 11 40 76

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking

statements. Forward-looking statements 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. Words, such as, but not limited to "believe," "anticipate," "intends,"

"estimate," "forecast," "project," "plan," "potential," "may," "should,"

"expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various

assumptions, many of which are based, in turn, upon further assumptions.

Although Frontline 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

the control of Frontline, Frontline cannot assure you that they will achieve or

accomplish these expectations, beliefs or projections. The information set forth

herein speaks only as of the date hereof, and Frontline disclaims any intention

or obligation to update any forward-looking statements as a result of

developments occurring after the date of this communication.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#2016648]