FRO - Reminder of Contemplated Closing of Merger with Frontline 2012; Key dates

HAMILTON, BERMUDA - November 27, 2015

Reference is made to the announcement dated July 2, 2015, that Frontline Ltd. (NYSE/OSE: FRO) ("Frontline") and Frontline 2012 Ltd. (NOTC: FRNT) ("Frontline 2012") have entered into an agreement and plan of merger, pursuant to which the two companies have agreed to enter into a merger transaction, with Frontline as the surviving legal entity and Frontline 2012 becoming a wholly-owned subsidiary of Frontline.

As previously announced, Frontline 2012 and Frontline will hold special general meetings of shareholders to approve the merger on November 30, 2015. Subject to the approval by the companies' special general meetings, it is contemplated to close the merger on November 30, 2015, following close of trade on the Oslo Stock Exchange and close of the NOTC.

Pending the consummation of the merger, which remains subject to shareholder approval, the following indicative timetable contains important dates relating to the merger and the commencement of trading of the new shares of Frontline issued as merger consideration to former Frontline 2012 shareholders (the "Merger Shares") on the Oslo Stock Exchange (subject to change):

November 30, 2015

• Special General Meetings of Frontline and Frontline 2012 to approve the merger.
• Last day of trading in Frontline 2012 shares inclusive of right to receive Merger Shares. Last day of listing of Frontline 2012 on the Norwegian over-the-counter list (NOTC).
• Registration of the completion of the merger with the Registrar of Companies in Bermuda (after close of trading on the Oslo Stock Exchange and close of the NOTC).

December 1, 2015

• First day of trading on the Oslo Stock Exchange in the Merger Shares.

December 2, 2015

• Record date for shareholders in Frontline 2012 with right to Merger Shares.

December 3, 2015

• Delivery of Merger Shares to eligible Frontline 2012 shareholders' accounts at the Norwegian Central Securities Depository (VPS). Trades during the period until delivery of the Merger Shares to eligible Frontline 2012 shareholders' VPS accounts will be settled on a T+2 basis. No account-to-account transactions and no transactions with settlement prior to December 3, 2015 will be allowed in the Merger Shares in this period.

Shareholders of Frontline 2012 as of the expiry of November 30, 2015 (cut-off date) as they will appear in Frontline 2012's shareholders register with the VPS as of expiry of December 2, 2015 (record date), will receive 2.55 Merger Shares in Frontline for each share they own in Frontline 2012 as of expiry of the cut-off date as recorded with the VPS on the record date, rounded down to the nearest whole common share. Frontline will not issue any fractional shares and each holder of a fractional share interest will be paid an amount in cash (without interest).