Frontine: Capital Adjustments


OSLO, Norway, June 21, 2001 (PRIMEZONE) — Frontline Ltd. (Nasdaq:FRONY) has, through market purchases executed on June 21, 2001, bought back 50,000 of the Company’s common shares. The shares have been bought back at a price of NOK 169.09.

Total number of outstanding shares after this is 76,962,566. The shares acquired are done so in accordance with a Board authorization to buy back shares. Including the mentioned transaction, 3,357,145 shares have been acquired within a total of 7.5 million authorized.

CONTACT: Frontline Ltd.
         Kate Blankenship
         +1 441 295 6935
         Tom E. Jebsen
         +47 23 11 40 00