Capital adjustments - Correction*

Employees of Frontline have exercised options to acquire a total of 37,500 shares in Frontline. All shares have been acquired at a strike price of NOK 27.58 per share. Total proceeds were NOK 1,034,250.

 

Total number of outstanding shares after this is 76,517,566*.

 

 

Hamilton, Bermuda

11 May, 2003