The document discusses Frontline's Q1 2013 results and provides an outlook for the tanker market. Key points include: - Frontline reported a net loss of $18.8 million for Q1 2013 compared to a net loss of $0.8 million in Q1 2012. - Spot earnings for VLCCs and Suezmax tankers were well below previous quarters due to weak oil demand and high fleet growth. - Frontline sold one vessel and terminated two charter contracts in Q1, recognizing a net gain. - The tanker orderbook remains high which could continue to pressure day rates if deliveries exceed demand growth in 2013.

1. 1
Q1 2013 Results
May 30, 2013

2. 2
MATTERS DISCUSSED IN THIS DOCUMENT MAY CONSTITUTE FORWARD-LOOKING STATEMENTS. THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995 PROVIDES SAFE HARBOR PROTECTIONS FOR FORWARD-LOOKING STATEMENTS IN ORDER TO ENCOURAGE COMPANIES TO PROVIDE
PROSPECTIVE INFORMATION ABOUT THEIR BUSINESS. FORWARD-LOOKING STATEMENTS INCLUDE STATEMENTS CONCERNING PLANS,
OBJECTIVES, GOALS, STRATEGIES, FUTURE EVENTS OR PERFORMANCE, AND UNDERLYING ASSUMPTIONS AND OTHER STATEMENTS, WHICH ARE
OTHER THAN STATEMENTS OF HISTORICAL FACTS.
FRONTLINE DESIRES TO TAKE ADVANTAGE OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
AND IS INCLUDING THIS CAUTIONARY STATEMENT IN CONNECTION WITH THIS SAFE HARBOR LEGISLATION. THE WORDS “BELIEVE,”
“ANTICIPATE,” “INTENDS,” “ESTIMATE,” “FORECAST,” “PROJECT,” “PLAN,” “POTENTIAL,” “WILL,” “MAY,” “SHOULD,” “EXPECT” “PENDING” AND
SIMILAR EXPRESSIONS IDENTIFY FORWARD-LOOKING STATEMENTS.
THE FORWARD-LOOKING STATEMENTS IN THIS DOCUMENT ARE BASED UPON VARIOUS ASSUMPTIONS, MANY OF WHICH ARE BASED, IN TURN,
UPON FURTHER ASSUMPTIONS, INCLUDING WITHOUT LIMITATION, MANAGEMENT'S EXAMINATION OF HISTORICAL OPERATING TRENDS, DATA
CONTAINED IN FRONTLINE’S RECORDS AND OTHER DATA AVAILABLE FROM THIRD PARTIES. ALTHOUGH FRONTLINE BELIEVES THAT THESE
ASSUMPTIONS WERE REASONABLE WHEN MADE, BECAUSE THESE ASSUMPTIONS ARE INHERENTLY SUBJECT TO SIGNIFICANT UNCERTAINTIES
AND CONTINGENCIES WHICH ARE DIFFICULT OR IMPOSSIBLE TO PREDICT AND ARE BEYOND FRONTLINE’S CONTROL, YOU CANNOT BE ASSURED
THAT FRONTLINE WILL ACHIEVE OR ACCOMPLISH THESE EXPECTATIONS, BELIEFS OR PROJECTIONS. FRONTLINE UNDERTAKES NO DUTY TO
UPDATE ANY FORWARD-LOOKING STATEMENT TO CONFORM THE STATEMENT TO ACTUAL RESULTS OR CHANGES IN EXPECTATIONS.
IMPORTANT FACTORS THAT, IN FRONTLINE’S VIEW, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DISCUSSED IN THE
FORWARD-LOOKING STATEMENTS INCLUDE, WITHOUT LIMITATION: THE STRENGTH OF WORLD ECONOMIES AND CURRENCIES, GENERAL MARKET
CONDITIONS, INCLUDING FLUCTUATIONS IN CHARTERHIRE RATES AND VESSEL VALUES, CHANGES IN DEMAND IN THE TANKER MARKET,
INCLUDING BUT NOT LIMITED TO CHANGES IN OPEC'S PETROLEUM PRODUCTION LEVELS AND WORLD WIDE OIL CONSUMPTION AND STORAGE,
CHANGES IN FRONTLINE’S OPERATING EXPENSES, INCLUDING BUNKER PRICES, DRYDOCKING AND INSURANCE COSTS, THE MARKET FOR
FRONTLINE’S VESSELS, AVAILABILITY OF FINANCING AND REFINANCING, ABILITY TO COMPLY WITH COVENANTS IN SUCH FINANCING
ARRANGEMENTS, FAILURE OF COUNTERPARTIES TO FULLY PERFORM THEIR CONTRACTS WITH US, CHANGES IN GOVERNMENTAL RULES AND
REGULATIONS OR ACTIONS TAKEN BY REGULATORY AUTHORITIES, POTENTIAL LIABILITY FROM PENDING OR FUTURE LITIGATION, GENERAL
DOMESTIC AND INTERNATIONAL POLITICAL CONDITIONS, POTENTIAL DISRUPTION OF SHIPPING ROUTES DUE TO ACCIDENTS OR POLITICAL
EVENTS, VESSEL BREAKDOWNS, INSTANCES OF OFF-HIRE AND OTHER IMPORTANT FACTORS. FOR A MORE COMPLETE DISCUSSION OF THESE
AND OTHER RISKS AND UNCERTAINTIES ASSOCIATED WITH FRONTLINE’S BUSINESS, PLEASE REFER TO FRONTLINE’S FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION, INCLUDING, BUT NOT LIMITED TO, ITS ANNUAL REPORT ON FORM 20-F.
THIS PRESENTATION IS NOT AN OFFER TO PURCHASE OR SELL, OR A SOLICITATION OF AN OFFER TO PURCHASE OR SELL, ANY SECURITIES OF
FRONTLINE.
Forward looking statements

3. 3
Agenda
■ First Quarter 2013 Highlights and
Transactions
■ Financial Review
■ Newbuildings
■ Market Update
■ Outlook
■ Q & A

4. 4
Highlights and Transactions
First Quarter 2013
■ Terminated the charter party for the single hull
Titan Aries and recognized a gain of $7.6m in
January
■ In January, the Company paid $6m for 1,143,000
shares in a private placement by Frontline 2012
Ltd.
■ In February, terminated the charter party for the
Suezmax tanker Front Pride with SFL which
simultaneously sold the vessel. The transaction
resulted in a compensation to SFL of $2.1m.
■ At a Special General Meeting in May, our
shareholders approved a decrease in the par value
of our ordinary shares from $2.50 to $1.00
effective May 14, 2013.

5. 5
Financial Highlights
Q1 - 2013 results
■ Net loss: $18.8m
■ Net loss per share: $0.24
No dividend declared in Q1-2013
Share price NYSE May 29, 2013: $2.15
– Market cap: $167m
-18.8
-82.8
-16.6
-49.0
-24.3
7.2
-140
-120
-100
-80
-60
-40
-20
0
20
40
60
Q1 FY Q4 Q3 Q2 Q1
2013 2012
Net Income/loss ex sales ($million) Sales profit/loss ($million)
First Quarter 2013
-0.24
-1.06
-0.21
-0.63
-0.31
0.09
-1.20
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
Q1 FY Q4 Q3 Q2 Q1
2013 2012
EPS ($) Dividend per share reported ($)

6. 6
Income Statement
Financial Review
CONDENSED CONSOLIDATED INCOME STATEMENTS 2013 2012 2012
(in thousands of $) Jan-Mar Jan-Mar Jan-Dec
Total operating revenues 125,903 149,253 578,361
Gain on sale of assets and amortization of deferred gains 9,211 10,950 34,759
Voyage expenses and commission 70,150 57,553 269,845
Ship operating expenses 26,877 25,728 118,381
Contingent rental (income) expense (302) 12,006 22,456
Charter hire expenses 3,973 12,117 37,465
Administrative expenses 8,431 8,324 33,877
Impairment loss on vessels - - 4,726
Depreciation 26,112 26,885 107,437
Total operating expenses 135,241 142,613 594,187
Net operating (loss) income (127) 17,590 18,933
Interest income 33 20 130
Interest expense (22,618) (24,025) (94,089)
Share of income (losses) from associated companies 4,681 (163) (4)
Foreign currency exchange (loss) gain (55) 59 84
Mark to market (loss) gain on derivatives (585) 958 (1,725)
Gain on redemption of debt - 4,600 4,600
Other non-operating income 282 281 1,244
Net loss before tax and noncontolling interest (18,389) (680) (70,827)
Taxes (97) (85) (379)
Net loss from continuing operations (18,486) (765) (71,206)
Net (loss) income from discontinued operations (549) 372 1,021
Net (loss) income (19.035) (393) (70,185)
Net loss attributable to noncontrolling interest 280 7,568 (12,569)
Net (loss) income attributable to Frontline Ltd. (18,755) 7,175 (82,754)
Basic (loss) earnings per share attributable to Frontline Ltd. $(0.24) $0.09 $(1.06)

7. 7
Income on time charter basis
Financial Review
0
20 000
40 000
60 000
80 000
100 000
120 000
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
Q3
Q1
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
TCE VLCC ($/day) TCE SUEZMAX ($/day)
2013
$/day Q1 FY Q4 Q3 Q2 Q1
VLCC Spot DH 14 600 22 400 18 500 13 300 31 500 25 400
VLCC w hole fleet 17 000 22 200 19 300 12 300 31 000 25 600
Suezmax Spot DH 14 500 15 200 14 000 10 500 16 200 19 500
OBO 13 300 33 600 35 100 33 700 28 100 37 800
2012

8. 8
Ship operating expenses/Off-hire
Financial Review
 Tentative drydock schedule/no. of vessels
– Q2-2013: 2 VLCCs and 1 Suezmax
9 900
10 400
9 700
11 800
11 100
9 000
6 000
7 000
8 000
9 000
10 000
11 000
12 000
13 000
Q1 FY Q4 Q3 Q2 Q1
2013 2012
Total fleet opex ($/day)
1
10
1
4
5
0
2
4
6
8
10
12
Q1 FY Q4 Q3 Q2 Q1
2013 2012
Number of vessels drydocked
157
368
42
144 141
41
0
50
100
150
200
250
300
350
400
Q1 FY Q4 Q3 Q2 Q1
2013 2012
Off hire (days)

9. 9
Balance Sheet
Financial Review
Balance sheet
(in $ million) 2013 2012 2012
Mar 31 Dec 31 Mar 31
Cash 109 138 170
Restricted cash 71 88 87
Other Current assets 126 167 174
Long term assets:
Vessels 1 147 1 176 1 294
Newbuildings 28 27 13
Other long term assets 103 93 82
Total assets 1 584 1 688 1 819
Current liabilities 124 187 173
Long term liabilities 1 347 1 370 1 425
Noncontrolling interest 11 11 12
Frontline Ltd. stockholders' equity 101 120 209
Total liabilities and stockholders' equity 1 584 1 688 1 819

10. 10
Cash Cost Breakeven
Comments to B/E rates:
– Included in cash B/E rates are: BB hire, opex , interest and admin. expenses
– B/E rates exclude vessels on short term TC-in, capex. and ITCL vessels
Estimated Cash cost breakeven rates
for the remainder of 2013 ($/day)
VLCC 25,500
Suezmax 18,500
Financial Review

11. 11
Newbuilding Overview
■ Total newbuilding program as of March 31, 2013:
– Two Suezmax tankers
– Remaining installments to be paid approx. $87.9m
Newbuilding

12. 12
Frontline Fleet
Incl. vessels on commercial management & ITCL, excl. newbuildings
Total: 48
As per 29 May DH: Double Hull
Corporate Overview
VLCC DH 32
Suezmax DH 16

13. 13
Frontline Fleet
Corporate Overview
DH 20 8 % 39 900 20 5 % 40 400
DH 7 9
Newbuildings 2
VLCC DH 6 50 % 6 20 %
Suezmax DH 3 100 % 3 100 %
VLCC DH 6 6
Suezmax DH 6 6
Total Fleet (ex. Newbuildings) 48 50
Total Fleet (ex. Newbuildings, ITCL, Com Mgt) 27 6 % 39 900 29 3 % 40 400
Total Fleet (ex. Newbuildings, ITCL incl. Com Mgt) 39 4 % 41 2 %
- The average TC coverage percentage is based on estimated total trading days
- TC-in vessels are assumed redelivered upon contract expiration
VLCC
ITCL
2013
Com Mgt
Suezmax
2014
No. of
vessels
Av. TC
Coverage
Av. Net TC
($/day)
No. of
vessels
Av. TC
Coverage
(whole year)
Av. Net TC
($/day)

14. 14
Earnings & Market Factors
Q1 – Average Market earnings / Marex
■ VLCC (TD3) : $ 1,250/day (Q4-12: $9,000/day)
■ Suezmax (TD5) : $12,500/day (Q4-12: 11,500/day)
The Market:
■ According to IEA oil demand decreased by 1.1mb/d in Q1
compared to Q4, mainly driven by a weak European market
■ Global refinery throughput fell through the Q1 to a low point
in April, 2.1mb/d lower than Q4 average.
■ IEA expects refinery runs to jump by an unusual steep
3.6mb/d to August thanks to new Saudi capacity and
recovering throughputs at Venezuelas Amuay plant.
■ 14 VLCC newbuilding and 14 Suezmax tankers were
delivered during the quarter
■ 2 VLCC and 2 Suezmax tankers were removed during the
quarter
■ As vessel position lists grew longer in AG owners appeared
to be panicking to get their ships fixed independently of
earnings
Market Update
Source: MAREX, IEA, Clarksons
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
55 000
60 000
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
$/day
VLCC
Q1 2012 2013 Ave 2009 - 2013
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
$/day
SUEZMAX
Q1 2013 2012 Ave 2009 - 2013

15. 15
VLCC Fleet
Market Update
Source: Fearnleys May 2013
Delivery ScheduleFleet
Current fleet & Orderbook
Current Fleet 634 81
DH Fleet 621 14
SH (DS, DB, SS) Fleet 15 Estimated deliveries 2013 49
Delivered Q1 2013
Orderbook

16. 16
Suezmax Fleet
Market Update
Source: Fearnleys May 2013
Delivery ScheduleFleet
Current fleet & Orderbook
Current Fleet 480 Orderbook 54
DH Fleet 475 Delivered Q1 2013 14
SH (DS, DB, SS) Fleet 5 Estimated deliveries 2013 38

17. 17
Rates
TC MARKET
Source: Clarksons
Market Update
NEWBUILDING
0
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
May-06
Sep-06
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
$/DAY
3Y TC VLCC 3Y TC SUEZMAX
50
60
70
80
90
100
110
120
130
140
150
160
170
180
2006-05
2006-09
2007-01
2007-05
2007-09
2008-01
2008-05
2008-09
2009-01
2009-05
2009-09
2010-01
2010-05
2010-09
2011-01
2011-05
2011-09
2012-01
2012-05
2012-09
2013-01
2013-05
MUSD
VLCC NB SMAX NB

18. 18
Outlook
General
■ Market continues at bottom
– Recently seen first signs of volatility in a while
– Increased AG activity clears up spot vessels but not enough to
improve rates to break even levels
■ Increased tonnage demand but not enough to offset
newbuilding program
■ Last year with big newbuilding program
■ Unnecessary panic by some owners in early January
eroded the market to sub opex levels not clearing financial
vetting)
Market Update
Frontline
■ Restructuring fleet
- Last year 7 ships sold/terminated and 2 ships redelivered
- Continue to sell older vessels
■ Satisfactory Suezmax earnings, VLCCs disappointing
■ Unless the market improves our cash position is
deteriorating

19. 19
Questions?