Due to Frontlines strong balance sheet position and cash flow the Company will seek to continue to buy back shares and warrants as has been done since November 2000. As a consequence of this the Board has today issued an authorization to buy back as many warrants as possible. Currently there are 23,667,216 warrants outstanding. The warrants elapse on May 11, 2001. For ten warrants exercised at USD 1.591 each a warrant holder receives one Frontline common share.
Frontline will seek to buy back warrants at the implicit price basis the prevailing share price and foreign exchange rates at any given point in time. Frontline has appointed DnB Markets to handle the buy-back of warrants.