Capital adjustments

04.09.2003

One employee of Frontline has exercised options to acquire a total of 2,000 shares in Frontline. All shares have been acquired at a strike price of USD 8.60 per share. Total proceeds were USD 17,200.00.
 
Total number of outstanding shares after this is 73,510,898.
 
 
Hamilton, Bermuda
3 September, 2003