Capital adjustments

21.03.2001

Holders of Frontline warrants have exercised 1,635,130 warrants. Frontline has in exchange for proceeds equal to USD 2,601,492 issued 163,513 shares.

Total number of outstanding shares after this is 77,138,816, and total number of outstanding warrants is 24,281,764.

Hamilton, Bermuda

20

March, 2001