Frontline reported financial results for Q3 2012 with a net loss of $49 million. Key highlights included the termination of long term charters with SFL for two OBO carriers and agreeing to remove Frontline's Suezmax vessels from the Orion Pool. Operationally, ship operating expenses remained flat from the previous quarter at $9,900 per day while administrative expenses decreased. The average spot rates for VLCCs and Suezmax tankers declined significantly from the prior quarter due to reduced oil imports and increased fleet supply. Frontline expects continued weakness in the tanker market for the remainder of 2012.

1. Q3 2012 Results
November 29, 1
2012

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

4. Third Quarter 2012
Highlights and Transactions
■ Termination of long term charter party
with SFL for OBO carriers
■ Front Climber terminated in October
■ Agreed to terminate Front Driver in
November
■ Agreed with NAT that Frontline’s nine
Suezmax vessels will leave the Orion Pool
■ Subsequently sold Frontline’s 50%
ownership of Orion to NAT
4

5. Third Quarter 2012
Financial Highlights
50 15
-24 7
-50 Q3 Q2 Q1 FY Q3 Q2 Q1
-35
Q3 - 2012 results -49 2012 2011
-150
■ Net loss: $49m -166
■ Net loss per share: $0.63 -250
-350
Nine months 2012 results
■ Net loss: $66.2m -450
■ Net loss per share: $0.85 -530
-550
Net Income/loss ex sales ($million) Sales profit/loss ($million)
1.00
No dividend declared in Q3-2012 -0.31 0.09 0.02 0.20 0.10
0.00
Q3 Q2 Q1 FY Q3 Q2 Q1
-1.00 -0.63 -0.45
Share price NYSE November 28 2012: $3.43 2012 2011
-2.00
– Market cap: $267m -2.13
-3.00
-4.00
-5.00
-6.00
-6.80
-7.00
EPS ($) Dividend per share reported ($)
5

6. Financial Review
Income Statement
2011 2012 CONDENSED CONSOLIDATED INCOME STATEMENTS 2012 2011
Jul-Sept Jul-Sept (in thousands of $) Jan-Sept Jan-Sept
173,914 126,809 Total operating revenues 470,671 628,121
3,787 3,288 Gain on sale of assets and amortization of deferred gains 19,373 4,984
72,061 64,049 Voyage expenses and commission 189,525 228,114
(1,581) - Profit share expense (income) - 829
- 9,904 Contingent rental expense 42,631 -
45,378 36,600 Ship operating expenses 101,511 147,912
16,740 8,880 Charter hire expenses 31,099 50,843
9,871 8,338 Administrative expenses 24,701 26,489
121,443 - Impairment loss on vessels 13,141 121,443
49,603 28,301 Depreciation 86,892 151,540
313,515 156,072 Total operating expenses 489,500 727,170
(135,814) (25,975) Net operating gain (loss) 544 (94,065)
251 40 Interest income 90 3,929
(32,522) (23,551) Interest expense (71,813) (104,309)
(111) (92) Share of results from associated companies 167 (411)
21 79 Foreign currency exchange gain 100 171
1,707 341 Other non-operating items 4,317 9,969
(166,468) (49,158) Net loss before taxes and noncontrolling interest (66,595) (184,716)
(76) (95) Taxes (257) (183)
388 236 Net loss (income) attributable to noncontrolling interest 664 (1,036)
(166,156) (49,017) Net loss attributable to Frontline Ltd. (66,188) (185,935)
$(2.13) $(0.63) Basic loss per share ($) $(0.85) $(2.39)
6

7. Financial Review
Income on time charter basis
2012 2011
$/day YTD Q3 Q2 Q1 FY Q3 Q2 Q1
VLCC Spot DH 23 700 13 300 31 500 25 400 20 200 12 600 23 900 27 400
VLCC w hole fleet 23 200 12 300 31 000 25 600 22 800 17 000 26 100 28 600
Suezm ax Spot DH 15 500 10 500 16 200 19 500 12 600 7 800 14 500 16 000
Suezmax w hole fleet 15 500 10 500 16 200 19 500 14 100 9 500 15 800 17 300
Orion Suezmax pool 15 300 11 100 17 400 19 200 13 600 7 600 16 200 17 700
OBO 33 300 33 700 28 100 37 800 36 700 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 10
9
11 800 9
12 000
11 100
8
11 000 10 800 7
10 200
9 900 6
10 000 5
9 200 9 300 5
9 000 4
9 000
4
3 3
8 000 3
2
7 000
2
1
1
6 000 0
Q3 Q2 Q1 FY Q4 Q3 Q2 Q1
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
– Q4-2012: 1 500
400
300
211 221
200 144 141 159
86
100 41
0
Q3 Q2 Q1 FY Q4 Q3 Q2 Q1
2012 2011
8

9. Financial Review
Balance Sheet
Balance sheet
(in $ million) 2012 2012 2011
Sept 30 June 30 Dec 31
Cash 165 177 161
Restricted cash 76 89 101
Other Current assets 149 176 149
Long term assets:
Vessels 1 222 1 252 1 334
Newbuildings 20 14 13
Other long term assets 94 95 83
Total assets 1 726 1 803 1 841
Current liabilities 191 194 167
Long term liabilities 1 387 1 412 1 460
Noncontrolling interest 12 12 12
Frontline Ltd. stockholders' equity 136 185 201
Total liabilities and stockholders' equity 1 726 1 803 1 841
9

10. Financial Review
Cash Cost Breakeven
Estimated Cash cost breakeven rates
for the remainder of 2012 ($/day)
VLCC 23,400
Suezmax 16,200
OBO 12,400
Comments to B/E rates:
– Included in cash B/E rates are: BB hire, opex , interest expense and admin. costs.
– 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 November 28:
– Two Suezmax tankers
– Remaining installments to be paid approx. $94.2m
11

12. Corporate Overview
Frontline Fleet
Incl. vessels on commercial management & ITCL, excl. newbuildings
OBO 3 VLCC SH 2
Suezmax DH 15
VLCC DH 35
Total: 55
As per end Q3-12 DH: Double Hull, SH: Single Hull 12

13. Corporate Overview
Frontline Fleet
Q4 2012 2013
No. of
Av. Net Av. TC Av. Net
No. of Av. TC vessels
TC/BB Rate Coverage TC/BB Rate
vessels Coverage (per end
($/day) (whole year) ($/day)
2013)
DH 22 9% 39 700 20 8% 39 900
VLCC
SH 2
DH 8 10
Suezmax OBO 3 74 % 64 400 2 91 % 63 900
Newbuildings 2
VLCC DH 6 67 % 6 53 %
ITCL
Suezmax DH 3 100 % 3 100 %
VLCC DH 7 8
Com Mgt
Suezmax DH 4 4
Total Fleet (ex. Newbuildings) 55 53
Total Fleet (ex. Newbuildings, ITCL, SH BB coverage, Com Mgt) 33 12 % 52 100 32 11 % 52 500
Total Fleet (ex. Newbuildings, ITCL incl. SH BB coverage, Com Mgt) 46 9% 44 8%
- 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
Q3 – Average Market earnings / Marex
100 000
VLCC ■ VLCC : -$3,750/day (Q2: $22,750/day)
■ Suezmax : $9,500/day (Q2: 18,000/day)
80 000
60 000 The Market:
$ / day
■ Reduced crude oil imports to China
40 000 ■ VLCC fleet increased by seven vessels and Suezmax fleet
increased by four vessels during the quarter
20 000 ■ Negative sentiment in the market
■ Lack of westbound VLCC cargoes
0
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec ■ IEA expected Q4 global oil demand has been reduced to
Q3 2011 2012 Ave 2008 - 2012
90.1 mb/d, reflecting persistent weakness in Europe
100 000
SUEZMAX
■ OPEC crude exports fell to a nine month low at the end of
90 000
Q3.
80 000 ■ Global refinery throughputs averaged 75.9 mb/d in Q3, as
recovering Chinese runs and strong OECD margins, notably
70 000
in Europe offset US hurricane outages. A seasonal dip is
60 000 expected to leave refinery runs at an average of 75.5 mb/d
$ / day
50 000 in Q4
40 000
30 000
20 000
10 000
0
Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec
Q3 2011 2012 Ave 2008 - 2012
14
Source: MAREX, IEA, Clarksons

15. Market Update
VLCC Fleet
Fleet Slippage
11 vessels ytd
Current Fleet 622 Orderbook 88
DH Fleet 600 Delivered 2012 43
SH (DS, DB, SS) Fleet 22 Estimated deliveries 2012 58
Current fleet & Orderbook Delivery Schedule
15
Source: Fearnleys November 2012

16. Market Update
Suezmax Fleet
Fleet Slippage
Current Fleet 466 Orderbook 63 14 vessels ytd
DH Fleet 457 Delivered 2012 44
SH (DS, DB, SS) Fleet 9 Estimated deliveries 2012 50
Current fleet & Orderbook Delivery Schedule
16
Source: Fearnleys November 2012

17. M USD
50
60
70
80
90
100
110
120
130
140
150
160
170
180
2006-02
2006-07
2006-12
VLCC NB
2007-05
Rates
Market Update
2007-10
2008-03
2008-08
2009-01
SMAX NB
2009-06
2009-11
2010-04
2010-09
NEWBUILDING
2011-02
2011-07
2011-12
2012-05
2012-10
$ / DAY
30 000
40 000
50 000
80 000
10 000
20 000
60 000
70 000
0
Apr-05
Sep-05
Feb-06
Source: Clarksons
Jul-06
Dec-06
May-07
3Y TC VLCC Oct-07
Mar-08
Aug-08
Jan-09
Jun-09
Nov-09
TC MARKET
Apr-10
Sep-10
3Y TC SUEZMAX
Feb-11
Jul-11
Dec-11
May-12
17
Oct-12

18. Market Update
Outlook
General Frontline
■ Increase in tonnage miles as Motiva have restarted ■ Restructuring of the fleet continues, older non-core vessels
their Port Arthur refinery importing from AG to Caribs sold and one TC vessel will be redelivered in December
■ 10 second hand VLCC sold to non regular trading ■ Continued outperformance of peers in the VLCC segment
buyers (why not let us run your VLCCs!) –suezmax segment was
disappointing
■ Vessels still slow speeding reducing available tonnage
■ Frontline will continue to remain cautious and focus its
■ Big owners controlling the available tonnage in tight
resources on the present activities until a clearer sign of
windows
recovery can be seen in the tanker market
■ Consensus is that the recent rate spike could be short
lived and that recovery in the crude tanker market
could take some time
18
Source: Various

19. Q uestions?
19