Capital adjustments / Mandatory notification

27.04.2001

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