Capital adjustments


In connection with the expiry on 11 May 2001 of the warrants issued by Frontline, 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.

Hamilton, Bermuda

23 May 2001