FRO - Sale-and-leaseback agreement in an amount up to $544 Million

Frontline Ltd. (the "Company” or "Frontline”) today announced that it has signed a sale-and-leaseback agreement in an amount up to $544 million (the "Lease Financing”) with ICBC Financial Leasing Co., Ltd. ("ICBCL”).

The Lease Financing has a tenor of seven years, carries a rate of LIBOR plus a margin of 230 bps, has an amortization profile of 17.8 years and includes purchase options for Frontline throughout the term with a purchase obligation at the end of the term.

The proceeds of the Lease Financing will be used to finance the cash amount payable upon closing of the acquisition of 10 Suezmax tankers built in 2019 under the sale and purchase agreement with a wholly-owned subsidiary of Trafigura Pte Ltd. targeted to take place March 16, 2020.

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

"We are very pleased to have signed the Lease Financing with ICBCL, which marks an important transaction between ICBCL and Frontline. This transaction extends our capital sources at a very attractive capital cost, maintains our industry leading cash breakeven rates and maximizes potential cash flow per share after debt service.”

The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
March 6, 2020

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 to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.