Capital adjustments

11.09.2003

Employees of Frontline have exercised options to acquire a total of 10,000 shares in Frontline. All shares have been acquired at a strike price of USD 8.60 per share. Total proceeds were USD 86,000.00.
 
Total number of outstanding shares after this is 73,522,897.
 
 
Hamilton, Bermuda
10 September, 2003