Capital adjustments

19.09.2003

One employee of Frontline has exercised options to acquire a total of 1,333 shares in Frontline. All shares have been acquired at a strike price of USD 8.60 per share. Total proceeds were USD 11,463.00.
 
Total number of outstanding shares after this is 73,526,730.
 
 
Hamilton, Bermuda
18 September, 2003