Frontline Capital Adjustments


HAMILTON, Bermuda, May 23, 2003 (PRIMEZONE) — One employee of Frontline (NYSE:FRO) has exercised options to acquire a total of 13.000 shares in Frontline. All shares have been acquired at a strike price of NOK 27.58 per share. Total proceeds were NOK 358.540.

Total number of outstanding shares after this is 76,543,066.

CONTACT: Frontline 
         Ola Lorentzon
         +47 23 11 40 00