Capital adjustments


Frontline has through market purchases executed 18 July 2001 bought back 75,000 of the Company’s common shares. The shares have been bought back at a price of NOK 148.58.

Total number of outstanding shares after this is 76,577,566. The shares acquired are done so in accordance with a Board authorization to buy back shares. Including the mentioned transaction 3,742,145 shares has been acquired within a total of 7,500,000 authorized.

Hamilton, Bermuda

18 July 2001