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06.10.2021 kl 12:21 3995

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Oslo (Infront TDN Direkt): Danske Bank Markets resumes coverage of Frontline with a buy
recommendation and a price target of NOK 105 per share.

Oslo (Infront TDN Direkt): Danske Bank Markets believes that the tanker market is approaching
a turning point and has taken up coverage of Frontline with a buy recommendation and a price
target of NOK 105 per share.

"Property prices have started to rise based on market expectations and increased newbuilding
prices, and we believe this reflects the start of an upturn cycle", the report states.

Given that oil inventories are back to pre-covid levels, Opec is stepping up production and with a
manageable supply side, the brokerage believes that Frontline is in a good position to take
advantage of the next cycle.

"With a modern fleet, new VLCC supplements financed on good terms and solid support from Hemen
Holding, Frontline will probably continue to trade at a premium to NAV, in our view,

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