1. 1
Q2 2013 Results
August 28, 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
■ Second Quarter 2013 Highlights and
Transactions
■ Financial Review
■ Newbuildings
■ Market Update
■ Outlook
■ Q & A

4. 4
Highlights and Transactions
Second Quarter 2013
■ Frontline records a vessel impairment loss of
$81.3 million.
■ Redelivered the chartered-in VLCC DHT
EAGLE in May.
■ 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.
■ Announced an at-the-market (ATM) offering
in June
■ Issued 985,054 new ordinary shares in June
and July under the ATM program.

5. 5
Financial Highlights
Q2 - 2013 results
■ Net loss : $120.3m, equivalent to loss per share of
$1.54
■ Impairment loss of $81.3m
■ Net loss (ex impairment loss): $39m, equivalent to
loss per share of $0.50
1H - 2013 results
■ Net loss : $139m, equivalent to loss per share of
$1.79
■ Net loss (ex impairment loss): $57.7m, equivalent to
loss per share of $0.74
No dividend declared in Q2-2013
Share price NYSE August 27, 2013: $2.96
– Market cap: $233m
Second Quarter 2013
-1.54
-0.24
-1.06
-0.21
-0.63
-0.31
0.09
-1.80
-1.60
-1.40
-1.20
-1.00
-0.80
-0.60
-0.40
-0.20
0.00
0.20
Q2 Q1 FY Q4 Q3 Q2 Q1
2013 2012
EPS ($)
EPS ($)
-120.3
-18.8
-82.8
-16.6
-49.0
-24.3
7.2
-140
-120
-100
-80
-60
-40
-20
0
20
40
60
Q2 Q1 FY Q4 Q3 Q2 Q1
2013 2012
Net Income/loss ex sales ($million) Sales profit/loss ($million)

6. 6
Income Statement
Financial Review
2012 2013 CONDENSED CONSOLIDATED INCOME STATEMENTS 2013 2012
Apr-Jun Apr-Jun (in thousands of $) Jan-Jun Jan-Jun
163,728 121,222 Total operating revenues 247,125 312,981
5,135 521 Gain on sale of assets and amortization of deferred gains 9,732 16,085
66,263 74,236 Voyage expenses and commission 144,386 123,816
31,576 32,787 Ship operating expenses 59,664 57,304
14,839 (304) Contingent rental (income) expense (606) 26,845
10,102 203 Charter hire expenses 4,176 22,219
8,039 7,325 Administrative expenses 15,756 16,363
- 81,324 Impairment loss on vessels 81,324 -
26,679 26,227 Depreciation 52,339 53,564
157,498 221,798 Total operating expenses 357,039 300,111
11,365 (100,055) Net operating (loss) income (100,182) 28,955
30 36 Interest income 69 50
(23,688) (22,908) Interest expense (45,526) (47,713)
422 2,298 Share of results from associated companies 6,979 259
(38) (55) Foreign currency exchange (loss) gain (110) 21
(2,164) - Mark to market loss on derivatives (585) (1,206)
- - Gain on redemption of debt - 4,600
301 324 Other non-operating items 606 582
(13,772) (120,360) Net loss before tax and noncontrolling interest (138,749) (14,452)
(77) (94) Taxes (191) (162)
(13,849) (120,454) Net loss from continuing operations (138,940) (14,614)
(10,553) (481) Net loss from discontinued operations (1,030) (2,985)
(24,402) (120,935) Net loss (139,970) (17,599)
56 658 Net loss attributable to noncontrolling interest 938 428
(24,346) (120,277) Net loss attributable to Frontline Ltd. (139,032) (17,171)
$(0.31) $(1.54) Basic loss per share attributable to Frontline Ltd. $(1.79) $(0.22)

7. 7
Income on time charter basis
Financial Review
0
20 000
40 000
60 000
80 000
100 000
120 000
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
TCE VLCC ($/day) TCE SUEZMAX ($/day)
$/day YTD Q2 Q1 FY Q4 Q3 Q2 Q1
VLCC Spot DH 12 900 11 200 14 600 22 400 18 500 13 300 31 500 25 400
VLCC w hole fleet 15 600 14 100 17 000 22 200 19 300 12 300 31 000 25 600
Suezmax Spot DH 14 100 13 800 14 500 15 200 14 000 10 500 16 200 19 500
OBO 13 300 - 13 300 33 600 35 100 33 700 28 100 37 800
2013 2012

8. 8
Ship operating expenses/Off-hire
Financial Review
 Tentative drydock schedule/no. of vessels
– Q3-2013: Two Suezmax tankers
 The increase in OPEX from Q1 refers
mainly to more drydockings.
* Includes one overlapping vessel from Q1
12 500
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
Q2 Q1 FY Q4 Q3 Q2 Q1
2013 2012
Total fleet opex ($/day)
4
1
10
1
4
5
0
0
2
4
6
8
10
12
Q2 Q1 FY Q4 Q3 Q2 Q1
2013 2012
Number of vessels drydocked
208
157
368
42
144 141
41
0
50
100
150
200
250
300
350
400
Q2 Q1 FY Q4 Q3 Q2 Q1
2013 2012
Off hire (days)
*

9. 9
Balance Sheet
Financial Review
Balance sheet
(in $ million) 2013 2013 2012
Jun 30 Mar 31 Dec 31
Cash 84 109 138
Restricted cash 76 71 88
Other Current assets 137 126 167
Long term assets:
Vessels 1 039 1 147 1 176
Newbuildings 28 28 27
Other long term assets 105 103 93
Total assets 1 468 1 584 1 688
Current liabilities 130 124 187
Long term liabilities 1 346 1 347 1 370
Noncontrolling interest 11 11 11
Frontline Ltd. stockholders' equity -19 101 120
Total liabilities and stockholders' equity 1 468 1 584 1 688

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 capex. and ITCL vessels
Estimated Cash cost breakeven rates
for the remainder of 2013 ($/day)
VLCC 25,000
Suezmax 19,000
Financial Review

11. 11
Newbuilding Overview
■ Total newbuilding program as of June 30, 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 xx August DH: Double Hull
Corporate Overview
VLCC DH 32
Suezmax DH 16

13. 13
Frontline Fleet
Corporate Overview
DH 20 7 % 40 000 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 5 % 40 000 29 3 % 40 400
Total Fleet (ex. Newbuildings, ITCL incl. Com Mgt) 39 3 % 41 2 %
- The average TC coverage percentage is based on estimated total trading days
2014
No. of
vessels
Av. TC
Coverage
Av. Net TC
($/day)
No. of
vessels
Av. TC
Coverage
(whole year)
Av. Net TC
($/day)
VLCC
ITCL
2013
Com Mgt
Suezmax

14. 14
Earnings & Market Factors
Q2 – Average Market earnings / Marex
■ VLCC (TD3) : $ 8,000/day (Q1-13: $1,250/day)
■ Suezmax (TD5) : $11,500/day (Q1-13: $12,500/day)
The Market:
■ Global refinery throughput remained low until April due to
spring maintenance and seasonally low demand before
increasing
■ According to IEA demand increased by 0.5 mb/d in Q2
compared to Q1
■ Global refinery crude demand surged by 3.1 mb/d in June,
its highest monthly increase on record
■ IEA expects oil demand to accelerate by 1.1 mb/d y/y in
2014 to compared to 0.9mb/d y/y increase in 2013
■ Ten VLCC newbuilding and six Suezmax were delivered
during the quarter
■ Five VLCC and no Suezmaxes were removed during the
quarter
■ Increased AG activity supported VLCC freight rates during
the second half of the quarter
■ Increased activity at west Africa and narrowing WTI/Brent
spread supported Suezmax rates
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
Q2 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 August 2013
Delivery Schedule
Fleet
Current fleet & Orderbook
Current Fleet 639 57
DH Fleet 624 25
SH (DS, DB, SS) Fleet 15 Estimated deliveries 2013 16
Delivered 2013
Orderbook

16. 16
Suezmax Fleet
Market Update
Source: Fearnleys August 2013
Delivery Schedule
Fleet
Current fleet & Orderbook
Current Fleet 448 Orderbook 39
DH Fleet 443 Delivered 2013 18
SH (DS, DB, SS) Fleet 5 Estimated deliveries 2013 14

17. 17
Rates
TC MARKET
Source: Clarksons
Market Update
NEWBUILDING

18. 18
Outlook
General
■ Periods of increased volatility but not lasting long
enough to sufficiently increase earnings
■ Western VLCC demand remains disappointing making
triangulation trade challenging
■ Last year with extensive newbuilding deliveries
■ No scrapping despite a low market
■ 1999 was the first year with a substantial newbuilding
deliveries which means many vessels will turn 15 years
in 2014 and less preferable by larger charterers
– 29 VLCCS built in 1999, total 85 ships before 1999 or 13%
Market Update
Frontline
■ Fleet reduced to core fleet (long term leased in tonnage)
■ Will seriously consider the investment we have to make in
vessels which are more than 15 years old in order to take
the vessels through special survey
■ Frontline has two vessels coming up for special survey in
the second part of this year
■ Continued cost cutting
- Focus on speed and consumption
- Keep slim management
■ Monitoring the situation and looking for opportunities to
restructure the balance sheet and improve the Company’s
financial position

19. 19
Questions?