FRO - Announces Debt-for-Equity Exchange

HAMILTON, Bermuda, Oct. 11, 2013 (GLOBE NEWSWIRE) --
Frontline Ltd. (NYSE:FRO) ("Frontline" or the "Company") today announced that ithas  entered into a private agreement to exchange $25 million of the outstandingprincipal  amount of  the Company's  4.5% Convertible Bond  Issue 2010/2015 (the"Bonds")  for an  aggregate of  approximately 5.8 million  shares at an exchangeprice  of $2.41 per share, the closing price  of the Company's shares on the NewYork  Stock Exchange on October 10, 2013, and  a cash payment of $2,250,000.  Inaddition,  under  the  exchange  agreement,  Frontline  has  agreed to issue, onOctober  18, 2013, up to an additional 1.2 million  shares to the holders of theBonds  based on  an agreed  formula if  the 5-day  volume-weighted average price(VWAP) of the Company's shares, for the period ending October 17, 2013, is lowerthan the exchange price, subject to a minimum VWAP price of $2.00 per share.The  issuance of the  common shares to  the holders of  the Bonds is expected toclose on October 16, 2013.October 11, 2013The Board of DirectorsFrontline Ltd.Hamilton, BermudaQuestions should be directed to:Jens Martin Jensen: Chief Executive Officer, Frontline Management AS+47 23 11 40 00Inger M. Klemp: Chief Financial Officer, Frontline Management AS+47 23 11 40 00FORWARD LOOKING STATEMENTSThis  report contains  forward-looking statements  including but  not limited tostatements  regarding  the  Company's  financing  activities  and  other  futureactivities.   These   forward-looking   statements  are  subject  to  risks  anduncertainties,  and actual results  may differ materially.  Certain factors thatmay  affect actual results to differ materially include, without limitation, ourability  to  complete  and  a  delay  in completing the debt-for-equity exchangedescribed above. Please refer to Frontline's SEC filings for more information onthe  other factors  that could  cause actual  results to  differ materially fromexpectations,  specifically  the  sections  titled  "Risk Factors" and "Forward-Looking Statements" in the Company's Annual Report on Form 20-F.This information is subject of the disclosure requirements pursuant to section5-12 of the Norwegian Securities Trading Act.[HUG#1735058]