FRO - Increase in share capital

Reference is made to the announcement by Frontline Ltd. ("Frontline" or the "Company") of the Company's entry into a debt for equity exchange agreement October 28, 2014.

Frontline has on November 4, 2014 issued 820,047 new ordinary shares. Following such issuance, Frontline has an issued share capital of USD 107,598,237 divided into 107,598,237 ordinary shares. The agreement is now closed and no more shares will be issued under this agreement.

November 4, 2014
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda

Questions should be directed to:

Robert Hvide Macleod: 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