ANNUAL REPORT AND FINANCIAL STATEMENTS 2024

FRONTLINE PLC

CONTENTS

BOARD OF DIRECTORS AND OTHER OFFICERS 3

STATEMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OTHER RESPONSIBLE

PERSONS OF THE COMPANY FOR THE FINANCIAL STATEMENTS 5

CORPORATE GOVERNANCE REPORT 6

REMUNERATION REPORT 14

MANAGEMENT REPORT 19

PARENT COMPANY FINANCIAL STATEMENTS AND NOTES 95

INDEPENDENT AUDITOR’S REPORT 113

Throughout this annual report, the “Company,” “we," “us” and “our” all refer to Frontline plc and its subsidiaries. We use

the term deadweight ton (“dwt”) in describing the size of vessels. Dwt, expressed in metric tons, which is equivalent to 1,000

kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. The Company operates oil tankers of

two sizes: very large crude carriers (“VLCCs”) which are between 200,000 and 320,000 dwt, and Suezmax tankers, which are

vessels between 120,000 and 170,000 dwt. The Company also operates LR2/Aframax tankers, which are clean product tankers

and range in size from 110,000 to 115,000 dwt. The Company defines an ECO vessel as a vessel with certain specifications that

improve fuel consumption performance as compared to the previous generation of vessels. Typically built from 2015 onwards,

ECO vessels have improved hull and engine designs to maximize operational performance according to today’s operational

BOARD OF DIRECTORS AND OTHER OFFICERS

2024

The following table sets forth information regarding our executive officers and directors and certain key officers of our wholly

owned subsidiary, Frontline Management AS, who are responsible for overseeing our management.

Name Age

Position

Ola Lorentzon 75 Chairman and Non-Executive Director

John Fredriksen 80 Non-Executive Director

James O’Shaughnessy 61 Non-Executive Director and Audit and Risk Committee Chairman

Steen Jakobsen 60 Non-Executive Director

Cato Stonex 61 Non-Executive Director

Management AS, a subsidiary of the Company, from April 2000 until September 2003. Mr. Lorentzon has served as a director

of Flex LNG Ltd. since June 2017. Mr. Lorentzon was also a director and Chairman of Golden Ocean until March 2025. Mr

Lorentzon was appointed Chairman of the Company in May 2021.

John Fredriksen has been a Director of the Company since November 3, 1997. Mr. Fredriksen was a director of Frontline

2012 at the date of the merger between the Company and Frontline 2012 Ltd. Mr. Fredriksen was also a director of Golden

Ocean until March 2025.

James O’Shaughnessy has been a Director and member of the Audit and Risk Committee of the Company since September

2018. Mr. O’Shaughnessy served as an Executive Vice President, Chief Accounting Officer and Corporate Controller of Axis

Capital Holdings Limited up to March 26, 2012. Prior to that Mr. O’Shaughnessy has among others served as Chief Financial

Officer of Flagstone Reinsurance Holdings and as Chief Accounting Officer and Senior Vice President of Scottish Re Group

since March 2021. Mr. Jakobsen joined Saxo Bank in 2000 and serves as Chief Investment Officer. Mr. Jakobsen was the

founder of then Saxo Bank’s renowned Outrageous Predictions. Prior to joining Saxo Bank, he worked with Swiss Bank Corp,

Citibank, Chase Manhattan, UBS and served as Global Head of Trading, FX and Options at Christiania (now Nordea). Mr.

Jakobsen graduated from the University of Copenhagen in 1989 with a MSc in Economics.

Cato Stonex has been a Director of the Company since December 2023. Mr. Stonex has had a long career in Fund

management, initially with J Rothschild Investment Management. He was then a founder partner of Taube Hodson Stonex

(THS) for 20 years, which managed institutional portfolios of Global Equity mandates. THS was sold to GAM in 2016, since

when he has established Partners Investment Company, which has focused on stock picking in small and mid cap equities,

largely in Europe. In 2021 Partners Investment Company became Stonex Capital Partners Ltd and that same year Mr. Stonex

also funded WMC Capital Ltd, an investment company focused on the recovery of the global shipping industry. He has also

Governor. He has chaired its Development Committee, and is now an advisor to the Endowment Investment Committee. He is

closely involved with LSE Ideas, a leading academic think tank. Mr. Stonex was also a director of Golden Ocean until March

2025.

Maria Papakokkinou has been a Director of the Company since December 2024. Dr. Papakokkinou holds the position of

Chief Operation Officer and is a member of the board of directors of IXI Fund Managers Ltd, Cyprus and is also a non-

executive director in the board of directors of National Bank of Greece (Cyprus) Ltd. She has previously worked as Group

Portfolio Manager in IKOS CIF Ltd, Cyprus, as Vice President of the Commodity Derivatives Desk in Citigroup London and as

an associate at the FX and Commodities Trading Desk in JP Morgan Chase, London. She has an honors degree in Mathematics

from Imperial College London, an MPhil in Financial Engineering from Sidney Sussex College UK and a PhD in Mathematical

Finance from Imperial College, London.

Ørjan Svanevik has been a Director of the Company since December 2024. Mr. Svanevik holds the position of investment

director in Seatankers Management Norway. He has broad operational experience, including serving as CEO of Arendals

director of Imarex Pte Ltd (now Marex) in Singapore. He joined Glencore Ltd in 2007, working in London as head of FFA

trading. In 2012 he moved to Noble Group Ltd, heading up their freight derivatives desk in London with a cross commodities

mandate. Mr. Barstad holds a BSc in Financial Economics from BI Norwegian Business School.

Inger M. Klemp has served as Chief Financial Officer of Frontline Management AS since June 1, 2006 and served as principal

financial officer of Frontline 2012 at the date of the merger between the Company and Frontline 2012 Ltd. Mrs. Klemp has

served as a director of Independent Tankers Corporation Limited since February 2008 and has served as Chief Financial Officer

of Golden Ocean from September 2007 to March 2015. Mrs. Klemp served as Vice President Finance from August 2001 until

she was promoted in May 2006. Mrs. Klemp graduated as MSc in Business and Economics from the Norwegian School of

Management (BI) in 1986. Prior to joining the Company, Mrs. Klemp was Assistant Director Finance in Color Group ASA and

Group Financial Manager in Color Line ASA, an OSE listed company and before that was Assistant Vice President in Nordea

IRIS House, Office 740B,

3106 Limassol, Cyprus

STATEMENT OF THE MEMBERS OF THE BOARD OF DIRECTORS AND OTHER RESPONSIBLE

PERSONS OF THE COMPANY FOR THE FINANCIAL STATEMENTS

2024

In accordance with Article 9 sections (3c) and (7) of the Transparency Requirements (Securities for Trading on Regulated

Markets) Law of 2007 of Cyprus (“Law”) we, the members of the Board of Directors (“the Board”) and other responsible

persons for the consolidated financial statements and the parent company financial statements of Frontline Plc (“the

Company”), for the year ended December 31, 2024 confirm that, to the best of our knowledge:

a) the consolidated financial statements and the parent company financial statements of the Company for the year ended

December 31, 2024 which are presented on pages 46 to 112.

(i) were prepared in accordance with IFRS® Accounting Standards, as adopted by the European Union in accordance with

b) the Management Report includes a fair review of the development and performance of the business and the position of

Limassol, April 7, 2025

CORPORATE GOVERNANCE REPORT

2024

Introduction

The Company was registered and is validly existing and in good standing as a Cyprus public company limited by shares, under

registration number 442213 as from December 30, 2022 following its redomiciliation from Bermuda to Cyprus pursuant to the

provisions of sections 354 B-H of the Cyprus Companies’ Law Cap. 113 (the “Law”).

The Amended and Restated Memorandum and Articles of Association of the Company were approved by a special resolution of

the shareholders of the Company dated December 20, 2022 and were rendered effective by operation of law on December 30,

2022, the date on which the Company was officially redomiciled to Cyprus.

Part A

the OSE and with Norway as its host state, we may prepare our corporate governance report in accordance with a code of

practice equivalent to the Norwegian Code of Practice for Corporate Governance that is applicable in the state where we are

registered or in our primary market. We do not use the code of practice applicable in our primary market as pursuant to an

exception under the NYSE listing standards available to foreign private issuers, we are not required to comply with all of the

corporate governance practices followed by U.S. companies under the NYSE listing standards. As such, we have prepared this

corporate governance report in accordance with the Cyprus Stock Exchange Corporate Governance Code 6th revised edition -

April 2024 (“CSE Code”) which is publicly available on the Cyprus Stock Exchange's website at www.cse.com.cy.

The Company is not required to comply with the CSE Code, the Norwegian Code of Practice for Corporate Governance, or the

corporate governance practices followed by U.S. companies under the NYSE listing standards. The Company has reported the

extent to which its current corporate governance practices align with the principles and underlying applicable provisions of the

Part B

The Company's current corporate governance practices align with the principles and underlying applicable provisions of the

• A.2.2 - The Board is comprised of non-executive directors only who are responsible for overseeing our management

led by our Chief Executive Officer. The Board considers this to be an appropriate governance and management

• C.3.10 - The Company's internal audit function does not follow the International Standards for the Professional

practice of Internal Auditing, of the International Institute of Internal Auditors. Instead, the Company's internal audit

function follows the relevant standards to support Management's annual report on internal control over financial

reporting as described in the report.

Corporate Governance Report 2024

The Board of Directors believes that sound corporate governance constitutes a fundamental factor in achieving the Company's

business strategy for the long-term benefit of its shareholders and all other stakeholders. The Board of Directors acknowledges

that there is an on-going process of formulating corporate governance practices based on both international and local

conditions. In light of the above, the following confirmations and reports are made:

Pursuant to the Company’s Articles of Association and the Law the minimum number of Directors shall be not less than two

and pursuant to the Company’s Articles of Association the maximum number shall be limited to seven. The minimum and

maximum number of directors can be increased or decreased by ordinary resolution of the General Meeting. Save if the

majority of the Directors are residents of Cyprus the majority of Directors may not be resident of the same jurisdiction.

Directors are elected or re-elected by an ordinary resolution of the shareholders in General Meeting. In the premises, a person

holding a majority of voting shares of the Company will be able to elect all of the Directors and to prevent the election of any

person whom such shareholder does not wish to be elected. There are no provisions for cumulative voting in the Law or the

Articles of Association of the Company and the Company’s Articles of Association do not contain any super-majority voting

requirements.

Pursuant to the Company’s Articles of Association, Directors hold office for a period of one year from the date of their

i. becomes bankrupt or makes any arrangement or composition with his creditors generally;

iv. resigns by notice in writing to the Company; or

v. shall for more than six months have been absent without permission of the Directors from at least three consecutive

duly convened meetings of the Directors.

losses, damages and expenses which they or any of them shall or may incur by reason of any contract entered into or any act

done, concurred in or omitted in or about the execution of their duties except such (if any) as they shall incur or sustain by or

through their own willful act, neglect or default.

The Law and the Company’s Articles of Association do not prohibit a director from being a party to or otherwise having an

interest in any transaction or arrangement with the Company or in which the Company is otherwise interested. However a

Director who is in any way, whether directly or indirectly interested in a contract or proposed contract with the Company shall

declare the nature of his interest at a meeting of the Directors in accordance with the procedure specified by the Law.

Furthermore pursuant to Article 93 of the Company’s Articles of Association any Director or any company or partnership

which or of which any Director is a shareholder, partner or director may transact with the Company and share in the profits of

any contract or arrangement with the Company as if he were not a Director and to personally gain any profit or benefit that may

result as a consequence of such contract or arrangement. A Director shall not vote on any subject in respect of such contract or

arrangement and if he does so vote his vote shall not be counted and shall also not be counted for the purposes of determining

whether a quorum is present at the meeting of the Directors.

any debt, loss or obligation of the Company or any third party and managing the day to day business affairs of the Company.

the ability of such member to effectively serve on the Board or the Audit and Risk Committee. Under Cyprus law, we are

required to have an audit committee with a majority of independent members. The Audit and Risk Committee Charter, which is

available on the Company's website, has been adopted by the Board of Directors and governs the operation of the Audit and

as of the evaluation date.

i. Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and

dispositions of the assets of the Company;

ii. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements

in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made

only in accordance with the authorizations of Company’s management and directors; and

iii. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition

of our assets that could have a material effect on the financial statements.

this annual report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control

over financial reporting.

sufficient to fund our requirements for, at least, the twelve months from the date of this annual report.

Ola Lorentzon Chairman and Non-Executive Director not applicable not applicable

John Fredriksen Non-Executive Director not applicable not applicable

James O’Shaughnessy Non-Executive Director and Audit and Risk Committee

Chairman

not applicable not applicable

Ole B. Hjertaker

Non-Executive Director not applicable December 12, 2024

Steen Jakobsen Non-Executive Director not applicable not applicable

Marios Demetriades Non-Executive Director and Audit Committee not applicable September 4, 2024

Cato Stonex Non-Executive Director not applicable not applicable

Maria Papakokkinou Non-Executive Director December 12, 2024 not applicable

expense

(in thousands of $)

Fees

Ola Lorentzon

— 150 944 — 1,094 14 % 86 %

John Fredriksen

— 60 472 — 532 11 % 89 %

James O’Shaughnessy

Cato Stonex

— 60 — — 60 100 % — %

Maria Papakokkinou

— 3 — — 3 100 % — %

Ørjan Svanevik

— 3 — — 3 100 % — %

Lars H. Barstad

372 — 2,741 28 3,141 13 % 87 %

Total

372 511 4,629 28 5,540 16 % 84 %

price of the underlying shares on the vesting date, which as a result of the fulfilment of predetermined performance

criteria, were granted or offered in previous years but that vested during the reported financial year.

Pension expense includes the contributions that took place in the reported financial year to a defined contribution pension

scheme.

In December 2021, the Board approved the grant of 1,280,000 synthetic options to employees and board members according to

the rules of the Company’s synthetic option scheme approved on December 7, 2021. The synthetic options have a five-year

term expiring in December 2026. The vesting period is 12 months for the first 27.5% of options, 24 months for the next 27.5%

of December 7, 2023, and December 7, 2024, and will further be adjusted for any distribution of dividends made before the

relevant synthetic options are exercised. The synthetic options will be settled in cash based on the difference between the

market price of the Company’s shares and the exercise price on the date of exercise. The synthetic options are not subject to a

retention period.

The below tables detail the activity during the reported financial year:

Opening balance Closing balance

Name Vesting date

Options held at

the beginning of

the year

Options exercised

Options held at

the end of the

Ola Lorentzon

John Fredriksen

James O’Shaughnessy

James O’Shaughnessy

James O’Shaughnessy

Lars H. Barstad

MANAGEMENT REPORT

2024

NYSE and OSE and commenced trading under the new name Frontline plc and the new CUSIP number M46528101 and the

new ISIN CY0200352116 on the NYSE on January 3, 2023 and on the OSE on January 13, 2023. Frontline plc’s Legal Entity

Identifier number was not affected by the Redomiciliation and remains the same.

of nominal value $1.00 each ranking pari passu with the existing ordinary shares of the Company at a subscription price which

shall be determined by the board of directors not lower than $1.00 per share; and (ii) a maximum of 377,377,111 debentures or