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Q1 2013 Results

May 30, 2013

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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

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Agenda

■ First Quarter 2013 Highlights and Transactions

■ Financial Review

■ Newbuildings

■ Market Update

■ Outlook

■ Q & A

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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.

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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 ($) Dividend per share reported ($)

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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)

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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

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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

45

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)

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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

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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

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Newbuilding Overview

■ Total newbuilding program as of March 31, 2013:

– Two Suezmax tankers

– Remaining installments to be paid approx. $87.9m

Newbuilding

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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

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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)

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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

$ / d

ay

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

$ / d

ay

SUEZMAX

Q1 2013 2012 Ave 2009 - 2013

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VLCC Fleet

Market Update

Source: Fearnleys May 2013

Delivery Schedule Fleet

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

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Suezmax Fleet

Market Update

Source: Fearnleys May 2013

Delivery Schedule Fleet

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

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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

Ma

y-0

6

Se

p-0

6

Jan

-07

Ma

y-0

7

Se

p-0

7

Jan

-08

Ma

y-0

8

Se

p-0

8

Jan

-09

Ma

y-0

9

Se

p-0

9

Jan

-10

Ma

y-1

0

Se

p-1

0

Jan

-11

Ma

y-1

1

Se

p-1

1

Jan

-12

Ma

y-1

2

Se

p-1

2

Jan

-13

Ma

y-1

3

$ / D

AY

3Y TC VLCC 3Y TC SUEZMAX

50

60

70

80

90

100

110

120

130

140

150

160

170

180

20

06-0

5

20

06-0

9

20

07-0

1

20

07-0

5

20

07-0

9

20

08-0

1

20

08-0

5

20

08-0

9

20

09-0

1

20

09-0

5

20

09-0

9

20

10-0

1

20

10-0

5

20

10-0

9

20

11-0

1

20

11-0

5

20

11-0

9

20

12-0

1

20

12-0

5

20

12-0

9

20

13-0

1

20

13-0

5

M U

SD

VLCC NB SMAX NB

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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

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Questions?