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Capital adjustments

Employees of Frontline have exercised options to acquire a total of 1,999 shares in Frontline. All shares have been acquired at a strike price of USD 8.60 per share. Total proceeds were USD 17,191.40.
 
Total number of outstanding shares after this is 73,512,897.
 
 
Hamilton, Bermuda
8 September, 2003               


Contact persons:

Ola Lorentzon, +47 23 11 40 00



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