The document provides Frontline's Q4 2012 results and outlook. It discusses several transactions in Q4 including terminating some vessels and early termination of TC contracts on two OBO carriers. It reported a net loss of $16.9 million for Q4 2012 and $82.8 million for full year 2012. Frontline also provides an overview of its fleet size and average time charter rates and coverage for 2013-2014. The company estimates its cash cost breakeven rates for VLCCs and Suezmax tankers for the remainder of 2013.

1. Q4 2012 Results
February 22, 1
2013

2. Forward looking statements
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.
2

3. Agenda
■ Fourth Quarter 2012 Highlights and
Transactions
■ Financial Review
■ Newbuildings
■ Market Update
■ Outlook
■ Q & A
3

4. Fourth Quarter 2012
Highlights and Transactions
■ The company terminated a number of vessels in
the recent period:
■ The OBO carriers Front Climber and Front Driver in
October and November
■ The VLCC Ticen Ocean in November, 2012.
Recognized a gain of $11.2m
■ The VLCC Titan Aries in January, 2013. Expects to
recognize a gain of $7.5m in Q1-13.
■ The Suezmax Front Pride in February, 2013.
Recorded an impairment loss of $4.7m in Q4-12.
■ Agreed to an early termination of the TC-out
contracts on the OBO carriers Front Viewer and
Front Guider in December.
■ Received compensation for loss of hire of $35m
■ Paid $23.5m in compensation to SFL as the long term
charter parties on the vessels were terminated.
■ Re-delivered the chartered-in VLCC Gulf Eyadah in
December
4

5. Fourth Quarter 2012
Financial Highlights
-16.6 -49.0 7.2 -35.2 15.5
0
-100
Q4 - 2012 results -82.8
-24.3
-200 -166.2
■ Net loss: $16.9m
■ Net loss per share: $0.21 -300
-343.7
-400
Preliminary full year 2012 results -500
-529.6
■ Net loss: $82.8m -600
FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1
■ Net loss per share: $1.06
2012 2011
Net Income/loss ex sales ($million) Sales profit/loss ($million)
No dividend declared in Q4-2012
1.00 0.20
-0.21 -0.31 0.09 0.12 0.02 0.10
0.00
-1.00 -0.63
Share price NYSE February 21, 2013: $2.90 -1.06 -0.45
-2.00
-2.13
– Market cap: $226m -3.00
-4.00
-4.41
-5.00
-6.00
-7.00 -6.80
-8.00
FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1
2012 2011
EPS ($) Dividend per share reported ($)
5

6. Financial Review
Income Statement
2011 2012 CONDENSED CONSOLIDATED INCOME STATEMENTS 2012 2011
Oct-Dec Oct-Dec (in thousands of $) Jan-Dec Jan-Dec
181,981 197,436 Total operating revenues 668,107 810,102
(312,878) (2,560) Gain (loss) on sale of assets and amortization of deferred gains 16,813 (307,894)
67,673 84,607 Voyage expenses and commission 274,132 295,787
(347) - Profit share expense (income) - 482
- 11,981 Contingent rental expense 54,612 -
39,098 29,174 Ship operating expenses 130,685 187,010
14,758 6,362 Charter hire expenses 37,461 65,601
9,397 9,205 Administrative expenses 33,906 35,886
- 18,901 Impairment loss on vessels 32,042 121,443
44,057 27,953 Depreciation 114,845 195,597
174,636 188,183 Total operating expenses 677,683 901,806
(305,533) 6,693 Net operating gain (loss) 7,723 (399,598)
29 40 Interest income 130 3,958
(37,188) (23,149) Interest expense (94,962) (141,497)
(189) (171) Share of results from associated companies (4) (600)
(65) (16) Foreign currency exchange gain (loss) 84 106
(816) (198) Other non-operating items 4,119 9,153
(343,762) (16,801) Net loss before taxes and non controlling interest (83,396) (528,478)
(349) (122) Taxes (379) (532)
445 357 Net loss (income) attributable to non controlling interest 1,021 (591)
(343,666) (16,566) Net loss attributable to Frontline Ltd. (82,754) (529,601)
(4.41) (0.21) Basic loss per share attributable to Frontline Ltd. ($) (1.06) (6.8)
6

7. Financial Review
Income on time charter basis
2012 2011
$/day FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1
VLCC Spot DH 22 400 18 500 13 300 31 500 25 400 20 200 16 800 12 600 23 900 27 400
VLCC w hole fleet 22 200 19 300 12 300 31 000 25 600 22 800 19 100 17 000 26 100 28 600
Suezm ax Spot DH 15 200 14 000 10 500 16 200 19 500 12 600 12 400 7 800 14 500 16 000
Orion Suezmax pool 15 500 9 000 11 100 17 400 19 200 13 600 12 000 7 600 16 200 17 700
OBO 33 600 35 100 33 700 28 100 37 800 36 700 41 600 38 200 31 300 36 300
7

8. Financial Review
Ship operating expenses/Off-hire
Total fleet opex ($/day) Number of vessels drydocked
13 000 12
11 800 10
12 000 10 9
11 100
11 000 10 400 10 800
10 200 8
9 700 9 900
10 000
9 000 9 2009 300 6 5
9 000 4
4 3 3
8 000
2
2 1 1
7 000
6 000 0
FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1
2012 2011 2012 2011
Off hire (days)
800
700 677
 Tentative drydock schedule/no. of vessels 600
500
– Q1-2013: 3 VLCCs 368
400
300
211 221
200 144 141 159
86
100 42 41
0
FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1
2012 2011
8

9. Financial Review
Balance Sheet
Balance sheet
(in $ million) 2012 2012 2011
Dec 31 Sept 30 Dec 31
Cash 138 165 161
Restricted cash 88 76 101
Other Current assets 167 149 149
Long term assets:
Vessels 1 176 1 222 1 334
Newbuildings 27 20 13
Other long term assets 93 94 83
Total assets 1 688 1 726 1 841
Current liabilities 187 191 167
Long term liabilities 1 370 1 387 1 460
Noncontrolling interest 11 12 12
Frontline Ltd. stockholders' equity 120 136 201
Total liabilities and stockholders' equity 1 688 1 726 1 841
9

10. Financial Review
Cash Cost Breakeven
Estimated Cash cost breakeven rates
for the remainder of 2013 ($/day)
VLCC 24,200
Suezmax 18,800
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, vessels on BB-out, capex. and ITCL vessels
10

11. Newbuilding
Newbuilding Overview
■ Total newbuilding program as of December 31, 2012:
– Two Suezmax tankers
– Remaining installments to be paid approx. $87.9m
11

12. Corporate Overview
Frontline Fleet
Incl. vessels on commercial management & ITCL, excl. newbuildings
Suezmax DH 14
VLCC DH 34
Total: 48
As per 21 February DH: Double Hull 12

13. Corporate Overview
Frontline Fleet
2013 2014
Av. Net Av. TC Av. Net
No. of Av. TC No. of
TC/BB Rate Coverage TC/BB Rate
vessels Coverage vessels
($/day) (whole year) ($/day)
VLCC DH 20 8% 39 800 20 5% 40 400
DH 7 9
Suezmax
Newbuildings 2
VLCC DH 6 53 % 6 53 %
ITCL
Suezmax DH 3 100 % 3 100 %
VLCC DH 8 8
Com Mgt
Suezmax DH 4 4
Total Fleet (ex. Newbuildings) 48 50
Total Fleet (ex. Newbuildings, ITCL, Com Mgt) 27 6% 39 800 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
13

14. Market Update
Earnings & Market Factors
100 000
VLCC Q4 – Average Market earnings / Marex
■ VLCC (TD3) : $9,000/day (current: $5/day)
80 000
■ Suezmax (TD5) : $11,500/day (current: 10,750/day)
60 000
The Market:
$ / day
40 000 ■ IEA estimates world oil demand in the fourth quarter
averaged 91 mb/d in the fourth quarter, an increase of 0.8
mb/d compared to Q3. Parts of this increase might be
20 000
“borrowed” demand from Q1 because of Chinese refinery
startups.
0
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
■ High OPEC output through the first part of the quarter and
Chinese import with higher tonnage miles supported freight
rates
Q4 2011 2012 Ave 2008 - 2012
100 000
SUEZMAX
90 000
■ Global refinery throughputs averaged 75.9 mb/d in Q4 with
80 000
growth in activity concentrated in China, India and Russia.
70 000 Favorable refinery margins and cold snap in Asia supporting
60 000
throughputs.
11 VLCC newbuilding and 14 Suezmax were delivered
$ / day
50 000 ■
40 000
during the quarter
30 000 ■ 6 VLCC and 8 Suezmax were removed during the quarter
20 000
10 000
0
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
Q4 2011 2012 Ave 2008 - 2012
14
Source: MAREX, IEA. Graphs: Clarksons

15. Market Update
VLCC Fleet
Fleet
Current Fleet 622 Orderbook 81
DH Fleet 605 Delivered 2012 49
SH (DS, DB, SS) Fleet 17 Estimated deliveries 2013 50
Current fleet & Orderbook Delivery Schedule
15
Source: Fearnleys January 2013

16. Market Update
Suezmax Fleet
Fleet
Current Fleet 468 Orderbook 72
DH Fleet 463 Delivered 2012 47
SH (DS, DB, SS) Fleet 5 Estimated deliveries 2013 37
Current fleet & Orderbook Delivery Schedule
80
23
# of vsls %
20
17
14
55 11
46 47 8
38 35 12
24 27 25 26 25 5 5
20 22 23
15 17
7 8 8 8 11 14 2
0 1 -6 -6 -4 -6 -4 -6 -1
-12 -13 -9 -10 -12 -9
-15 -15 -15 -17 -18 -17
-20
-26 -29 -4
-7
-10
-13
-16
-19
1988
1990
1993
1995
2000
2005
2009
2010
2011
2012
2013
2014
2015
-22
-80 -25
FRO Assumptions on Phase Out / Deletions Suezmax Deletions
Orderbook Suezmax DH
16
Source: Fearnleys January 2013

17. M USD
50
60
70
80
90
100
110
120
130
140
150
160
170
180
2006-02
2006-06
2006-10
2007-02
VLCC NB
Rates
2007-06
Market Update
2007-10
2008-02
2008-06
2008-10
2009-02
SMAX NB
2009-06
2009-10
2010-02
2010-06
2010-10
NEWBUILDING
2011-02
2011-06
2011-10
2012-02
2012-06
2012-10
2013-02
$ / DAY
10 000
30 000
50 000
70 000
20 000
40 000
60 000
80 000
0
Feb-06
Jun-06
Oct-06
Feb-07
Source: Clarksons
Jun-07
Oct-07
Feb-08
3Y TC VLCC Jun-08
Oct-08
Feb-09
Jun-09
Oct-09
Feb-10
Jun-10
TC MARKET
Oct-10
Feb-11
3Y TC SUEZMAX
Jun-11
Oct-11
Feb-12
Jun-12
Oct-12
17
Feb-13

18. Market Update
Outlook
General Frontline
■ Market at rock bottom ■ Reducing fleet:
■ Increased technical issues on ships observed in market - Continue to redeliver older and non core chartered
– less maintenance of ships in tonnage
■ Last year with big newbuilding program ■ Outperformed our peers on VLCC’s and Suezmax earnings
■ Increased tonnage demand but not enough to offset ■ Frontline will continue to remain cautious and focus its
newbuilding program resources on the present activities until a clearer sign of
recovery can be seen in the tanker market
■ Some more interest in scrapping
18

19. Q uestions?
19