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U.S. Securities and Exchange Commisson (SEC) reports

Independent Tankers Corporation

Frontline Ltd owns 82.5% of the shares in Independent Tankers Corporation Limited ("ITCL"), a company that owns three holding companies, each of which owns modern tanker vessels which have been bareboat chartered to British Petroleum Plc or Chevron Transport Corporation. The mentioned structures are all financed through bond issues in the US capital markets. Due to the latter the holding companies or their subsidiaries file documents to SEC. Frontline also acts as manager for ITCL and its subsidiaries:

Golden State Holdings Group:

This holding group owns two separate shipowning companies: Golden State Petro (IOM 1-A) PLC and Golden State Petro (IOM 1-B) PLC. Each company will own a VLCC (308,500 dwt) fixed on an eight year bareboat charter to Chevron Texaco with 5 options to extend the charter for 2 years.

A third subsidiary, Golden State Petroleum Transport Corporation, which acts as agent for the two mentioned vessel owning companies, has placed two bonds in the US market: Original amount of US$ 127.1 million First Preferred Mortgage Notes due 2019 and US$ 51.7 million Serial First Preferred Mortgage Notes due 2000 to 2006.

California Petroleum Holdings Group:

This holding group owns four separate shipowning companies: CalPetro Tankers (Bahamas I) Ltd, CalPetro Tankers (Bahamas II) Ltd, CalPetro Tankers (Bahamas III) Ltd and CalPetro Tankers (IOM) Ltd. Each company owns a Suezmax (135,000 to 156,000 dwt) fixed on a 20 year bareboat charter to Chevron Texaco with options for Chevron Texaco to terminate on certain dates.

A third company, California Petroleum Transport Corporation which acts as agent for the four mentioned vessel owning companies, has placed two bonds in the US market: Original amount of US$ 117.9 million First Preferred Mortgage Notes due 2015 and US$ 167.5 million Serial First Preferred Mortgage Notes due 2000 to 2006.

Windsor Petroleum Holdings Group:

This holding group owns four separate shipowning companies: Buckingham Shipping Plc, Caernarfon Shipping Plc, Sandringham Shipping Plc, Holyrood Shipping Plc.

Each company owns a VLCC (307,000 dwt) each fixed on a 20 year bareboat charter to British Petroleum Plc with options for British Petroleum PLC to terminate on certain dates.

A third subsidiary, Windsor Petroleum Transport Corporation which acts as agent for the four mentioned vessel owning companies, has placed two bonds in the US market: Original amount of US$ 239.1 million First Preferred Mortgage Notes due 2021 and US$ 111.7 million Serial First Preferred Mortgage Notes due 2000 to 2009. These companies do not file documents to SEC.