Capital Adjustments

Frontline has through market purchases executed 1 December 2000 bought back 185,800 of the Company’s common shares. The shares have been bought back at a price of NOK 133.75.

Further, holders of Frontline warrants have exercised 7,829 warrants. Frontline has in exchange for proceeds equal to USD 12,410 issued 780 shares.

Total number of outstanding shares after this is 79,600,545 and total outstanding warrants is 25,920,458.

Hamilton, Bermuda
4 December, 2000