Capital adjustments

Employees of Frontline have exercised options to acquire a total of 8,500 shares in Frontline. All shares have been acquired at a strike price of NOK 27.58 per share. Total proceeds were NOK 234,430.
 
Total number of outstanding shares after this is 76,530,066.
 
 
Hamilton, Bermuda
20 May, 2003 


Contact persons:

Ola Lorentzon, +47 23 11 40 00



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