Capital adjustments / Mandatory notification


Holders of Frontline warrants have exercised 18,747 warrants. Frontline has in exchange for proceeds equal to USD 29,704 issued 1,867 shares.

Frontline has acquired 1,248,061 warrants at a price of NOK 3.57 per warrant.

Total number of outstanding shares after this is 76,928,801, and total number of outstanding warrants is 21,846,210.

Hamilton, Bermuda

3 May, 2001