Frontline Plc — M&A Activity 2022

Jun 10, 2022

FRO - Private acquisitions of Euronav shares in exchange for Frontline shares completed

FRO - Private acquisitions of Euronav shares in exchange for Frontline shares completed

Frontline Ltd. ("Frontline" or the "Company") (NYSE: FRO - OSE: FRO) announces

that it has agreed to acquire in privately negotiated transactions with certain

shareholders of Euronav N.V. (NYSE: EURN & Euronext: EURN) ("Euronav") a total

of 7,708,908 shares in Euronav, representing 3.82% of the outstanding shares in

Euronav, in exchange for a total of 10,753,924 shares in Frontline, which is

equivalent to 1.395 Frontline shares for every one share of Euronav.

Settlement is expected to take place on or about 14 June 2022 by delivery of

existing Frontline shares through a share lending arrangement with Frontline's

main shareholder Hemen Holding Ltd. ("Hemen"). Under the share lending

agreement, Frontline will issue a total of 10,753,924 new shares to Hemen as a

result of these transactions.

Following completion of the issue of the new Frontline shares, Frontline will

have a total of 222,622,889 shares issued and outstanding.

For further information, please contact:

Lars H. Barstad: Chief Executive Officer, Frontline Management AS

+47 23 11 40 37

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

+47 23 11 40 76

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act. This announcement contains

information which is considered by the Company to constitute inside information

pursuant to EU Market Abuse Regulation. This announcement was published by

Frontline Ltd. on 10 June 2022 at 07:45 CEST.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking

statements. The Private Securities Litigation Reform Act of 1995 (the "Reform

Act") provides safe harbor protections for forward- looking statements within

the meaning of the Reform Act. 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. Frontline desires to take advantage of the safe harbor

provisions of the Reform Act and is including this cautionary statement in

connection with this safe harbor legislation. The words "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,

including without limitation, Frontline's management's examination of historical

operating trends, data contained in company records and other data available

from third parties. Although Frontline's management believe 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 companies' control, there can be no

assurance that Frontline will accomplish these expectations, beliefs or

projections.

You are cautioned not to place undue reliance on Frontline's forward-looking

statements. These forward-looking statements are and will be based upon

Frontline management's then-current views and assumptions regarding future

events and operating performance, and are applicable only as of the dates of

such statements. Frontline assumes no duty to update or revise forward-looking

statements, whether as a result of new information, future events or otherwise,

as of any future date.