FRONTLINE PLC REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024 Frontline plc (the "Company" or "Frontline"), today reported unaudited results for the three months ended March 31, 2024: Highlights Profit of $180.8 million, or $0.81 per share for the first quarter of 2024. Adjusted profit of $137.9 million, or $0.62 per share for the first quarter of 2024. Declared a cash dividend of $0.62 per share for the first quarter of 2024. Reported revenues of $578.4 million for the first quarter of 2024. Took delivery of the remaining 13 VLCCs from Euronav NV ("Euronav") as part of the acquisition of 24 VLCCs (the "Acquisition"). Achieved average daily spot VLCC time charter equivalent earnings ("TCEs")1 of $48,100 per day , comprised of $54,200 per day for the Company's existing VLCC fleet prior to the Acquisition and $42,300 for the VLCCs delivered as a result of the Acquisition. The TCEs for the VLCCs delivered were primarily impacted by positioning and $4,900 per day due to ballast days. Entered into agreements to sell its five oldest VLCCs, built in 2009 and 2010, and two of its oldest Suezmax tankers, built in 2010, for an aggregate net sales price of $382.0 million. After repayment of existing debt on the vessels the transactions are expected to generate net cash proceeds of approximately $275.0 million. Refinanced eight LR2 tankers, generating net cash proceeds of approximately $139.0 million. Entered into a senior secured term loan facility in an amount of up to $606.7 million to refinance eight Suezmax tankers and eight LR2 tankers, which is expected to generate net cash proceeds of approximately $278.0 million. The net cash proceeds of approximately $692.0 million expected to be generated from the sales and refinancing of vessels enabled us in April 2024 to repay the $100.0 million drawn under the $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen and will enable us to repay the $295.0 million drawn under the Hemen shareholder loan in relation to the Acquisition. Entered into a fixed rate time charter-out contract in March 2024 for one VLCC to a third party on a three-year time charter at a daily base rate of $51,500. Entered into a time charter-out contract in April 2024 for one Suezmax tanker to a third party on a three-year time charter at a daily base rate of $32,950 plus 50% profit share. Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented: "During the first quarter of 2024, Frontline took delivery of the remaining 13 of the 24 VLCCs acquired from Euronav last year.  Our scalable business model has proven efficient as the vessels entered the Frontline fleet smoothly, growing our vessel day exposure by approximately one-third. Our first quarter earnings were solid, as markets remained firm throughout the quarter, and LR2 rates offered proper volatility as returns reached six digits in January 2024. The asset classes we deploy have gradually offered better returns as we progress in 2024."   Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added: "The net cash proceeds of approximately $692.0 million expected to be generated from the sales and refinancing of vessels enabled us in April 2024 to repay the $100.0 million drawn under the $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen and will enable us to repay the $295.0 million drawn under the Hemen shareholder loan in relation to the Acquisition. This completes our strategy of freeing up capital through re-leveraging part of the existing fleet and the sale of older non eco vessels to finance the Acquisition." Average daily TCEs and estimated cash breakeven rates ($ per day) Spot TCE Spot TCE estimates % Covered Estimated average daily cash breakeven rates   Q1 2024