Frontline Ltd.: Capital Adjustments


OSLO, Norway, July 13, 2001 (PRIMEZONE) — Frontline (Nasdaq:FRONY) has, through market purchases executed July 12, 2001, bought back 60,000 of the Company’s common shares. The shares have been bought back at a price of NOK 170.71.

Total number of outstanding shares after this is 76,727,566. The shares acquired are done so in accordance with a Board authorization to buy back shares. Including the mentioned transaction 3,592,145 shares has been acquired within a total of 7,500,000 authorized.

CONTACT:  Frontline Ltd., Oslo
          Kate Blankenship
          +1 441 295 6935

          Tom E. Jebsen
          +47 23 11 40 00