Capital issue

The Board of Frontline has as of Friday, September 1, 2000 issued 73,529 shares to The Royal Bank of Scotland. The latter held warrants that expired on December 31, 2003. These warrants gave The Royal Bank of Scotland the right to acquire 73,529 ordinary shares in Frontline at a price of GBP 4.00 per share, for a total consideration of GBP 294,116.

Following this exercise of warrants, there remains outstanding warrants, with expiry December 31, 2003 and strike price GBP 4.00, to acquire 51,029 ordinary shares. The total number of shares outstanding in Frontline after the issue mentioned above is 78,911,529.

Hamilton, Bermuda
6 September 2000