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Capital adjustments

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               


Contact persons:

Ola Lorentzon, +47 23 11 40 00



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