Company Independent Tankers Corporation Limited

Independent Tankers Corporation Ltd is a Bermuda-based holding company, which through Independent Tankers Corporation owns three holding companies, each of which owns or leases tanker vessels. Through Winsdor Petroleum Holding Group it owns four very large crude carriers (VLCC's), namely Pioneer, British Pride, British Purpose and British Progress. Through Golden State Holdings Group it owns two VLCC's, namely Ulriken and Phoenix Voyager. Through California Petroleum Holdings Group it owns three Suezmax tankers, namely Cygnus Voyager, Altair Voyager and Sirius Voyager. The Company's customers are oil companies. The Company is managed by Frontline Ltd., which is the Company's majority shareholder (82.47%).