takeover of UK-listed tanker operator London & Overseas. Frontline would like to close the deal soon and it would enhance the group's market share while is moves forward with a separate $403 million deal for Swedish shipping company ICB. ---- Page 36 RECORD EARNINGS FOR EXEL LTD.

BUC Record earnings for EXEL Ltd.

Driven by solid underwriting and investment results and successful diversification, there were record earnings for Bermuda-based insurer, EXEL Ltd., with net income rising to unprecedented heights in both the third quarter to August 31 and cumulatively for the first nine months of the financial year. ---- Page 37