Frontline Ltd. announces the successful completion
of its USD 225 million convertible bond offering

Press release from Frontline Ltd. 26-03-2010

NOT FOR DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY IN OR INTO THE UNITED STATES OF AMERICA (OR TO U.S. PERSONS), AUSTRALIA, CANADA OR JAPAN, OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW

Frontline Ltd. ("Frontline" or the "Company") announces the pricing of its USD 225 million convertible bond offering, including the full exercise of the increase option of USD 25 million. The proceeds from the Bonds will be used for general corporate purposes, financing of the remaining equity investments in the Company's newbuilding program and will improve the Company's ability to react to attractive market opportunities.

The senior unsecured convertible bonds will have an annual coupon of 4.50%, payable quarterly in arrear on the specified payment dates and a conversion price of USD 39.00. The reference price has been set at USD 29.7784 (NOK 180.0045). The applicable USD: NOK exchange rate has been set at 6.0448

The Bonds will be issued and redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature on April 14, 2015.

The Bonds are expected to be settled on or around April 14, 2010. Frontline may decide to list the Bonds on an exchange at a later stage.

ABG Sundal Collier, Arctic Securities and Deutsche Bank are acting as Joint-Lead Managers and ABG Sundal Collier and Deutsche Bank are acting as Joint Boookrunners in relation to the offering. First Securities AS and Nordea Bank Norge ASA are acting as Co-Managers.

Frontline Ltd.