Directed new share issue in Frontline Ltd. (BM) — NOK 1.1 billion

Carnegie acted as lead manager in the directed new share issue of 3 million shares at a price of NOK 357 per share. Frontline Ltd. is a major, Bermuda based, tanker company. As a result of the acquisitions of vessels and companies since 1996, Frontline Ltd. has established itself as the world leader in the international seaborne transportation of crude oil, with one of the world’s largest fleets of VLCC and Suezmax tankers, and Suezmax OBO carriers.June, 2008.