Capital adjustments

22.08.2003

Employees of Frontline have exercised options to acquire a total of 3,999 shares in Frontline. All shares have been acquired at a strike price of USD 9.70 per share. Total proceeds were USD 38,790.30.
 
Total number of outstanding shares after this is 73,508,898.
 
 
Hamilton, Bermuda
21 August, 2003