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Capital adjustments

One employee of Frontline has exercised options to acquire a total of 2,500 shares in Frontline. All shares have been acquired at a strike price of NOK 13.76 per share. Total proceeds were NOK 34,400.
 
Total number of outstanding shares after this is 73,475,566.
 
 
Hamilton, Bermuda
8 August, 2003


Contact persons:

Ola Lorentzon, +47 23 11 40 00



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