General meeting of Frontline Ltd.

At the general meeting of Frontline on 12 December, Folketrygdfondet will vote against the following items:

Items 11 and 12.

The proposal to waive shareholders’ preferential rights is not sufficiently justified. The authorisation is for approximately 170% of the existing share capital and can potentially lead to a significant dilution of existing shareholders. Without a good explanation of the specific purposes of this, Folketrygdfondet cannot vote in favour of the proposal.

Items 13 and 14.

Folketrygdfondet votes against both the executive pay report and the executive pay policy as they are not in line with Folketrygdfondet’s expectations. We cannot see that a maximum ceiling has been set for variable remuneration, and allocations made under the arrangement are not transparent. In addition, options are issued to members of the Board of Directors, which is in violation of Chapter 11 of the Norwegian Code of Practice for Corporate Governance (NUES).

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