Frontline: Capital Adjustments/Mandatory Notification of Trade


OSLO, Norway, May 21, 2001 (PRIMEZONE) — Frontline (Nasdaq:FRONY) has, through market purchases executed May 18, 2001, bought back 100,000 of the Company’s common shares. The shares have been bought back at a price of NOK 195.113.

In connection with the expiry on May 11, 2001 of the warrants issued by Frontline, 2,402,388 warrants were exercised. In exchange for proceeds equal to USD 3,822,199 Frontline issued 240,210 shares.

1,969,110 warrants were not exercised and have therefore expired.

Employees of Frontline have exercised options to acquire a total of 28,500 shares in Frontline. All shares have been acquired at a strike price of NOK 44.50 per share. Total proceeds were NOK 1,268,250.

Total number of outstanding shares after this is 76,997,511. The shares acquired are done so in accordance with a Board authorization to buy back shares. Including the mentioned transaction 3,307,145 shares has been acquired within a total of 7,500,000 authorized.

CONTACT:  Frontline, Norway
          Kate Blankenship
          +1 441 295 6935

          Tom E. Jebsen, CFO
          +47 23 11 40 00