FRO – Filing of Complaint


Frontline Ltd. (NYSE/OSE: FRO) yesterday demanded that the Board of DHT halt all efforts to enforce, give effect to or permit, the poison pill arrangements and allow shareholders of DHT the opportunity to consider and vote on Frontline’s April 25 proposed business combination.  DHT’s Board has not agreed to halt the restrictions imposed by the poison pill or to commence negotiations with Frontline on its proposed offer.

Accordingly, Frontline has today filed a complaint in the Marshall Islands (where DHT is incorporated) to immediately enjoin portions of the unfair transaction documents into which DHT has entered that would permit BW Group to establish 45% ownership of DHT (even as other shareholders cannot exceed 10%).  Frontline has also sought an injunction as to the poison pill and other related anti-takeover defenses DHT has erected.  (Frontline today dismissed a related action it brought in New York, where the court previously held it did not have jurisdiction over DHT or BW Group.)

We continue to urge the Board of DHT to negotiate in good faith with Frontline over its proposed offer, and not to contravene their duties to DHT’s shareholders.  In doing so, we are exercising our rights as shareholders in DHT.  We will continue to explore all courses of action available to us in order to ensure that all shareholders of DHT receive equitable treatment.

April 26, 2017
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda


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

Additional Information

This  communication does not constitute an offer  to sell or the solicitation of
an  offer to buy any securities or a  solicitation of any vote or approval. This
communication  relates to a  proposed business combination  transaction with DHT
proposed  by Frontline, which may become the subject of a registration statement
filed  with the Securities and Exchange Commission (the “SEC”). This material is
not  a substitute for the prospectus and/or proxy statement Frontline would file
with the SEC regarding the proposed transaction if such a negotiated transaction
with  DHT is reached or for any other document which Frontline may file with the
SEC  or send to  DHT or Frontline  stockholders in connection  with the proposed
THE  PROPOSED  TRANSACTION.  Such  documents  would  be available free of charge
through the web site maintained by the SEC at

Forward-Looking Statements

Matters   discussed   in   this  communication  may  constitute  forward-looking
statements.  The Private Securities Litigation  Reform Act of 1995 provides safe
harbor  protections  for  forward-looking  statements,  which 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  “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  communication are based upon various
assumptions.   Although we believe  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 our control, we cannot assure you that we will achieve or accomplish
these  expectations, beliefs  or projections.  The information  set forth herein
speaks  only as of the date hereof,  and we disclaim any intention or obligation
to  update any forward-looking statements as  a result of developments occurring
after the date of this communication. In addition to these important factors and
matters  discussed elsewhere herein, important factors  that, in our view, could
cause  actual results to differ materially  from those discussed in the forward-
looking  statements  include  DHT’s  failure  to accept Frontline’s proposal and
enter into a definitive agreement to effect the transaction, fluctuations in the
value  of  Frontline  common  shares  issued  in  connection  with  the proposed
acquisition,  the strength  of world  economies, fluctuations  in currencies and
interest  rates, general  market conditions,  including fluctuations  in charter
hire  rates and vessel values, changes in demand in the dry bulk market, changes
in  our operating  expenses, including  bunker prices,  drydocking and insurance
costs,  the market for our  vessels,  availability of financing and refinancing,
changes  in governmental  rules and  regulations or  actions taken by regulatory
authorities,  potential  liability  from  pending  or future litigation, general
domestic   and  international  political  conditions,  potential  disruption  of
shipping  routes due to  accidents, political events  or acts by terrorists, and
other  important factors described from time to time in the reports filed by the
Frontline with the Securities and Exchange Commission.

This  information is subject  to the disclosure  requirements of section 5-12 of
the Norwegian Securities Trading Act.