Capital adjustments

11.08.2003

Employees of Frontline have exercised options to acquire a total of 2,666 shares in Frontline. All shares have been acquired at a strike price of USD 9.70 per share. Total proceeds were USD 25,860.20.
 
Total number of outstanding shares after this is 73,478,232.
 
 
Hamilton, Bermuda
8 August, 2003