Capital adjustments

18.08.2003

One employee of Frontline has exercised options to acquire a total of 1,667 shares in Frontline. All shares have been acquired at a strike price of USD 9.70 per share. Total proceeds were USD 16,169.90.
 
Total number of outstanding shares after this is 73,504,899.
 
 
Hamilton, Bermuda
18 August, 2003