Frontline Plc - Major Shareholding Notification 2014

SUBSTANTIAL SHAREHOLDING DISCLOSURE

Aristeia Capital, L.L.C. ("Aristeia") is acting as

discretionary investment manager for Aristeia Master,

L.P. ("AMLP"), Windermere Ireland Fund plc ("WIF"),

Compass TSMA L.P. ("CMP") and Compass ESMA L.P.

("CMPE"), collectively, the "Funds". On November 3,

2014, Aristeia sold on behalf of the Funds 0.01

million shares in Frontline Ltd. ("Frontline").

Following the sale, the Funds hold in aggregate 4.54

million shares in Frontline, equalling 4.25% of the

shares and votes in the Company. In addition, the

Funds hold convertible notes in Frontline 4.50%

Senior Convertible Notes due 4/14/15

(the "Convertible Notes") equalling 0.74% of the

shares and votes in the company, for an aggregate

holding (including shares held outright and shares

underlying the Convertible Notes) equalling 4.99%.

The allocation of holdings between the Funds with

respect to shares and is split 86.9% held by AMLP,

6.6% held by WIF, 3.4% held by CMP and 3.0% held by

CMPE. The allocation of holdings between the Funds

with respect to Convertible Bonds is split 87.2% held

by AMLP, 6.2% held by WIF, 3.8% held by CMP and 2.8%

held by CMPE.

As part of the debt-for equity exchange notified on

October 28, 2014, the Funds may be entitled to

receive from Frontline up to an additional 0.82

million shares in Frontline, the exact number to be

determined based on a 5 day price averaging period

ending on November 3, 2013. A separate disclosure

will be made if the Funds' holding reaches an

applicable disclosure threshold upon receipt of any

such additional shares.

The above calculations are based on a total number of

outstanding shares in Frontline of 106.78 million

shares.

This disclosure is made pursuant to section 4-3 of

the Norwegian Securities Trading Act.

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