Capital adjustments / Mandatory notification


Holders of Frontline warrants have exercised 24,448 warrants. Frontline Ltd has in exchange for proceeds equal to USD 38,836 issued 2,441 shares.

Frontline has acquired 248,233 warrants at a price of NOK 4.38 per warrant.

Total number of outstanding shares after this is 76,926,934, and total number of outstanding warrants is 23,094,271.

Hamilton, Bermuda

27 April, 2001