Capital adjustments / Mandatory notification


Holders of Frontline warrants have exercised 18,816 warrants. Frontline has in exchange for proceeds equal to USD 29,936 issued 1,829 shares.

Frontline has acquired 66,000 warrants at a price of NOK 1.662 per warrant.

Total number of outstanding shares after this is 76,920,695, and total number of outstanding warrants is 24,196,948.

Hamilton, Bermuda

3 April, 2001