Mandatory notification


Frontline’s Warrant program established in connection with the merger between Frontline and London Overseas Freighters expired 11 May, 2001.

Frontline stated in a press release dated April 19, that it based on the Company’s strong financial position would seek to eliminate the warrant program through buy-back of the outstanding warrants at a price no higher than the implicit pricing reflected by the underlying share price. In line with this strategy the Company on 11 May bought back 17,455,965 of the outstanding warrants for an average price of NOK 5.10.

The following insiders had warrants and participated thereby in this sale. Hemen Holding (affiliated party of Chairman John Fredriksen) 13,054,471 warrants, Tor Olav Trøim 346,660 warrants, and Tom E. Jebsen 111,112 warrants. Their warrants were sold at NOK 5.15 based on the closing buyers quotation at Oslo Stock Exchange on 11 May, 2001. The three insiders have not changed their share position (Hemen and affiliates 34,579,054, Tor Olav Trøim 74,895 and Tom E. Jebsen 1,557).

The final results from any subscription under the warrant program resulting in an increased number of outstanding shares will be known later this week. Based on the above, 4,371,498 warrants are outstanding before the final subscription round has been counted.

Hamilton, Bermuda

14 May, 2001