Capital adjustments


Ola Lorentzon, Managing Director in Frontline Management AS has exercised options to acquire a total of 25,000 shares in Frontline. All shares have been acquired at a strike price of NOK 28.26 per share. Total proceeds were NOK 706,500.
Total number of outstanding shares after this is 73,503,232.
Mr. Lorentzon subsequently sold 25,000 shares at NOK 114.35. Holding after this is 53,000 options.
Oscar Spieler, Technical Director of Frontline Management AS, has sold 14,000 shares at NOK 114.35 on August 12. Holding after this is 24,000 options.
Hamilton, Bermuda
12 August, 2003