The Board of Frontline Ltd. has approved a grant of 145,000 share options under the terms of the existing Share Option Scheme. The purpose of the Share Option Scheme is to promote long-term employment and align the long-term interest of shareholders and senior employees. The share options will have a five-year term and will vest equally one third each year over a three-year vesting period. The strike price for the options has been set to NOK 131.10 per share. Out of the total number of options 60,000 have been awarded to Primary Insiders.
The following Primary Insiders have received share options:
| Jens Martin Jensen | 20,000 |
| Inger M. Klemp | 20,000 |
| Graham Baker | 20,000 |
New total holdings for the same Primary Insiders are:
| Shares | Share options | |
| Jens Martin Jensen | 0 | 70,000 |
| Inger M. Klemp | 16,000 | 70,000 |
| Graham Baker | 0 | 50,000 |
April 8, 2011
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Jens Martin Jensen: Chief Executive Officer, Frontline Management AS
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 00