Capital issue

The Board of Frontline has as of Friday, September 15, 2000 issued 51,029 shares to The Bank of Nova Scotia. The latter held warrants that expired on December 31, 2003. These warrants gave The Bank of Nova Scotia the right to acquire 51,029 ordinary shares in Frontline at a price of GBP 4.00 per share, for a total consideration of GBP 204,116.



Following this exercise of warrants, there remains no outstanding warrants, with expiry December 31, 2003 and strike price GBP 4.00. The total number of shares outstanding in Frontline after the issue mentioned above is 78,962,618.