Frontline Ltd.: Capital Adjustments


OSLO, Norway, May 23, 2001 (PRIMEZONE) — In connection with the expiry on May 11, 2001 of the warrants issued by Frontline (Nasdaq:FRONY), a final amount of 2,805 shares have been issued in exchange for proceeds equal to USD 36,418.

An employee of Frontline has exercised options to acquire a total of 3,750 shares in Frontline. All shares have been acquired at a strike price of NOK 58 per share. Total proceeds were NOK 217,500.

Total number of outstanding shares after this is 77,004,066.

CONTACT:  Frontline Ltd., Oslo
          Tom E. Jebsen, CFO
          +47 23 11 40 00

          Kate Blankenship
          +1 441 295 6935