Frontline Ltd. (“Frontline” or the “Company”) hereby announces that 1,170,000 share options have been awarded to employees and board members in accordance with the terms of the Company’s Share Option Scheme. The share options will have a five-year term and will vest equally one third over a three-year vesting period. The exercise price is USD 8.00. The exercise price will be adjusted for any distribution of dividends made before the relevant options are exercised.
The following primary insiders have been allocated options according to the above and they have the following number of shares and options in the Company:
| Primary insider | New share options | Total share options | Shareholding |
| Robert Hvide Macleod (CEO) | 798,000 | 798,000 | 220,000 |
| Inger Marie Klemp (CFO) | 120,000 | 120,000 | 180,000 |
| John Fredriksen (Chairman) | 198,000 | 198,000 | 0*) |
| Kate Alexandra Blankenship (director) | 21,000 | 21,000 | 2,343 |
| Ola Lorentzon (director) | 21,000 | 21,000 | 3,000 |
| Georgina Souza (director) | 12,000 | 12,000 | 0 |
*) Hemen Holding Limited is a Cyprus holding company, which is indirectly controlled by trusts established by Mr. Fredriksen, for the benefit of his immediate family. Mr. Fredriksen disclaims beneficial ownership of the 80,803,422 ordinary shares held by Hemen, except to the extent of his voting and dispositive interest in such shares of common stock. Mr. Fredriksen has no pecuniary interest in the shares held by Hemen.
July 5, 2016
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda