Capital adjustments


Employees of Frontline have exercised options to acquire a total of 73,750 ordinary shares in Frontline. 70,000 shares have been acquired at a strike price of NOK 44.50 per share and 3,750 shares were acquired at a strike price of NOK 58 per share. Total proceeds were NOK 3,332,500.

Further, holders of Frontline warrants have exercised 285 warrants. Frontline has in exchange for proceeds equal to USD 445 issued 28 shares.

Total number of outstanding shares after this is 76,975,303, and total number of outstanding warrants is 25,916,894.

Hamilton, Bermuda

13 March, 2001