Capital adjustments / Mandatory notification


Holders of Frontline warrants have exercised 37,985 warrants. Frontline has in exchange for proceeds equal to USD 60,426 issued 3,798 shares.

Frontline has acquired 73,791 warrants at a price of NOK 1.57 per warrant.

Total number of outstanding warrants after this is 23,780,516.

Hamilton, Bermuda

17 April, 2001