Frontline Ltd. (the “Company”) advises that the 2009 Annual General Meeting of the Company was held on September 25, 2009 at 10:00 a.m. at the Elbow Beach Hotel, 60 South Shore Road, Paget PG04, Bermuda. The following resolutions were passed:
1) To set the maximum number of Directors to be not more than eight.
2) That vacancies in the number of Directors be designated casual vacancies and that the Board of Directors be authorized to fill such casual vacancies as and when it deems fit.
3) To re-elect John Fredriksen as a Director of the Company.
4) To re-elect Kate Blankenship as a Director of the Company.
5) To re-elect Frixos Savvides as a Director of the Company.
6) To re-elect Kathrine Fredriksen as a Director of the Company.
7) To approve a share option plan (the “Share Option Plan”), the rules of which allow the Company to offer eligible persons the right (but not obligation) to subscribe for shares in the Company (an “Option”) at a price fixed at the date of granting the Option although the Option could be exercised at some date in the future in accordance with the terms of the Share Option Plan and the specific terms applied at the date of grant.
8) To appoint PricewaterhouseCoopers AS of Oslo, Norway as auditors and to authorise the Directors to determine their remuneration
9) That the remuneration payable to the Company’s Board of Directors of a total amount of fees not to exceed US$400,000.00 be approved for the year ended December 31, 2009.
In addition, the audited consolidated financial statements for Frontline Ltd. for the year ended December 31, 2008 were presented to the Meeting.
September 25, 2009