Capital adjustments

Press release from Frontline Ltd. 18.08.2003

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

Frontline Management AS | Phone: +47 23 11 40 00 | Fax: +47 23 11 40 40
Frontline Ltd | Phone: +1 441 295 6935 | Fax: +1 441 295 3494

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