<SEC-DOCUMENT>0000919574-17-004616.txt : 20170531
<SEC-HEADER>0000919574-17-004616.hdr.sgml : 20170531
<ACCEPTANCE-DATETIME>20170531080537
ACCESSION NUMBER:		0000919574-17-004616
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170531
FILED AS OF DATE:		20170531
DATE AS OF CHANGE:		20170531

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRONTLINE LTD /
		CENTRAL INDEX KEY:			0000913290
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				980135919
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16601
		FILM NUMBER:		17879533

	BUSINESS ADDRESS:	
		STREET 1:		PAR-LA-VILLE PLACE
		STREET 2:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000
		BUSINESS PHONE:		(1) 441-295-6935

	MAIL ADDRESS:	
		STREET 1:		PAR-LA-VILLE PLACE
		STREET 2:		14 PAR-LA-VILLE ROAD
		CITY:			HAMILTON, HM 08
		STATE:			D0
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LONDON & OVERSEAS FREIGHTERS LTD
		DATE OF NAME CHANGE:	19931012
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Washington, D.C. 20549</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 6-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">RULE 13A-16 OR 15D-16 UNDER THE SECURITIES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">EXCHANGE ACT OF 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">For the month of May 2017</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Commission File Number:&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>001-16601</u></font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">FRONTLINE LTD.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, HM 08, Bermuda</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Form 20-F [ X ]&#160; &#160;&#160; Form 40-F [&#160;&#160; ]</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ________.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Note</font>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ________.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">Note</font>: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">INFORMATION CONTAINED IN THIS FORM 6-K REPORT</div>

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<div>Attached hereto as Exhibit 1 is a copy of the press release issued by Frontline Ltd. (the "Company") on May 30, 2017, reporting results for the first quarter and three months ended March 31, 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">FRONTLINE LTD.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">(registrant)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dated: May 31, 2017</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">&#160;/s/ Inger M. Klemp</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">FRONTLINE LTD. REPORTS RESULTS FOR THE FIRST QUARTER <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">ENDED MARCH 31, 2017</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Frontline Ltd. (the "Company" or "Frontline"), today reported unaudited results for the three months ended March 31, 2017:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Achieved net income attributable to the Company of $27.0 million, or $0.16 per share, for the first quarter of 2017.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Achieved net income attributable to the Company adjusted for certain non-cash items of $27.9 million, or $0.16 per share, for the first quarter of 2017.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Announces a cash dividend of $0.15 per share for the first quarter of 2017.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Acquired two VLCC resales delivering&#160;September and October 2017 from DSME, Korea at $77.5 million net per vessel.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Ordered two VLCC newbuildings scheduled to be delivered during December 2018 and April 2019 and obtained options for two additional sister vessels scheduled to be delivered during August and November 2019 from HHI, Korea at $79.8 million per vessel.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Signed a senior secured term loan facility in an amount of up to $321.6 million provided by China Exim Bank and insured by <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">China Export and Credit Insurance Corporation </font>to partially finance eight newbuildings<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">.</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Obtained further financing commitment for two senior secured term loan facilities in an aggregate amount of up to $221.0 million from Credit Suisse and ING to partially finance four recent VLCC resales and newbuilding contracts.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Robert <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Hvide Macleod, Chief Executive Officer of Frontline Management AS commented:</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">"Notwithstanding near-term pressure on crude tanker rates, we believe the market will ultimately return to balance as demand for crude oil continues to increase and vessel scrapping will begin to offset the negative effect of newbuilding deliveries. The recent market weakness and other factors have contributed to a historically low asset price environment that has presented us with opportunities to acquire modern tonnage at attractive prices.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">We are pleased that we continue to grow our fleet while also divesting of older vessels, as we recently did with the charter termination of four VLCC's and two Suezmax tankers, vessels which have put pressure on our earnings lately and particularly in the first quarter.&#160; As we have stated before, older vessels are increasingly difficult to trade, a fact that is amplified in a softer rate environment.&#160; In the last 12 months, we have taken steps to both grow and modernize our fleet through six resale purchases and newbuilding contracts.&#160; We will continue to strive to create value for our shareholders by expanding our fleet through accretive transactions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Notwithstanding any potential outcome related to our proposal to effect a business combination with DHT, there are many opportunities to continue our strategy of fleet growth and renewal, and we are confident in our ability to execute on this strategy."&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Inger M. Klemp, Chief Financial Officer of Frontline Management AS<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">, added</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #525252">:</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">"</font>Frontline's continued ability to access attractively priced capital is indicative of the financial strength of our platform as well as our deep relationships within the lending community. We are very pleased to have secured financing for the newly acquired four VLCC resales and newbuilding contracts in an amount of up to $221.0 million.&#160;The financing carries an interest rate of LIBOR plus a margin of 190 basis points and has an <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">amortization profile of 18 years, </font>which supports Frontline's low cash break-even levels."&#160; &#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The average daily time charter equivalents ("TCE") earned by Frontline in the quarter ended March 31, 2017 and the prior quarter are shown below, along with the estimated average daily break-even ("BE") rates:</div>

<div>&#160;</div>

<div>
<table id="z70cfbbd46a1743269f6adcce2dc8878c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 90%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">($ per day)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Spot and time<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> charter</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; TEXT-INDENT: 12pt">Spot</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Spot</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Guidance</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">%</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">covered</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Estimated</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">average daily</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">BE rates</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Q1 2017</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 12.25%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Q4 2016</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; TEXT-INDENT: 12pt">Q1 2017</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 12.25%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; TEXT-INDENT: 12pt">Q4 2016</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">Q2 2017</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">2017</div>
</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">VLCC</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">34&#160; 400</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12.25%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">32&#160; 900</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">34&#160; 700</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12.25%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">32&#160; 200</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">25&#160; 000</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">64&#160; %</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">22&#160; 300</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: middle; TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">SMAX</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">23&#160; 400</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12.25%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">23&#160; 500</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">22&#160; 200</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12.25%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">21&#160; 700</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">16&#160; 000</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">61&#160; %</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">17&#160; 300</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">LR2</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">22&#160; 400</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12.25%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">22&#160; 700</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">19&#160; 000</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12.25%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">18&#160; 800</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">14 000</div>
</td>
<td style="WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">67&#160; %</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 12%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">15&#160; 500</div>
</td>
</tr>
</table>

<div id="DSPFPageFooter"></div>

<br>
</div>
</div>

<div style="BACKGROUND-COLOR: #ffffff">
<div>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The estimated average daily break-even rates are the daily TCE rates the vessels must earn in order to cover operating expenses, finance costs and general and administrative expenses.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">The Fleet</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As of March 31, 2017, the Company's fleet consisted of 55 vessels, with an aggregate capacity of approximately 11 million dwt. The Company's fleet consists of:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z46839ffbc07f49b083270ce5089b85df" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">33 vessels owned by the Company (eight VLCCs, 12 Suezmax tankers, 13 LR2 tankers);</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zd57a19d02bfa4b279096fca91c7dbe5a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">12 vessels that are under capital leases (10 VLCCs and two Suezmax tankers);</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc665ef84999344fa9ca80547dbad6dbc" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">one VLCC that is recorded as an investment in finance lease;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za70a07f9c3ff413fa208a01bd5d6b04c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">one VLCC&#160; chartered-in for a period of 12 months including an extension option, which will be redelivered during the second quarter of 2017;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z888b16df60bf4e308605e001b22994fe" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">two VLCCs where the cost/revenue is split 50/50 with a third party;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z719c0ad43b1c46878ac92e06910d02ce" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">one MR product tanker that is chartered-in on a short term time charter with a remaining duration of less than six months;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9a8b719e84654031b7acd0e4cd1dcb12" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(vii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">five vessels that are under the Company's commercial management (two Suezmax tankers and three Aframax oil tankers)</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Furthermore the Company has 13 newbuildings under construction, comprised of four VLCCs, four Suezmax tankers and five LR2 tankers.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">As of March 31, 2017, the Company had entered into the following time charter-out contracts for 10 vessels:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify">
<table id="ze338811853c14498afc502b64b98294a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(i)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">one Suezmax built in 2009 at a rate of $27,500 per day, expiry Q2 2017;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc927fa0942fd41e89c1ea87181db2ed2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">(ii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">one Suezmax built in 2010 at a rate of $33,500 per day, expiry Q4 2017;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z813cad3f18d249ed9e9137c49a7406fb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(iii)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">five LR2 tankers at an average rate of $27,600, expiry Q1 2018;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z2d96334a9595496c9ced42e120b07d50" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(iv)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">one Suezmax tanker built in 2010 with a base rate of $30,000 per day for the first year and $27,000 per day for the second year with a profit share arrangement, expiry Q1 2018. The agreement is index-linked;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="za8d2c0d30bd745678893cb9bb81a832e" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(v)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">one VLCC built in 2009 at $28,750 per day, expiry Q2 2017; and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z39f7cf6ea6684c8ab72cae4043b23427" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 36pt; VERTICAL-ALIGN: top; COLOR: #000000; align: right">(vi)</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">one VLCC built in 2004 at $28,000 per day, expiry Q3 2017</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In November 2016, the Company agreed with Ship Finance to terminate the long term charter for the 1998 built VLCC Front Century upon the sale and delivery of the vessel by Ship Finance to an unrelated third party. The Company has recognized an impairment loss of $27.3 million in the fourth quarter and a gain on the termination of the long term charter with Ship Finance of $20.6 million in the first quarter of 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In May 2017, the Company agreed with Ship Finance to terminate the long term charters for the 2000 built VLCC Front Scilla and the 1998 built Suezmax tanker Front Brabant upon the sale and delivery of the vessels by Ship Finance to unrelated third parties. The Company expects the vessels to cease operating as conventional tankers, and the charters with Ship Finance are expected to terminate in the second quarter of 2017. Frontline has agreed compensation payments to Ship Finance of approximately $6.5 million and $3.6 million, respectively, for the termination of the current charters. The Company expects to record an impairment loss, including these termination payments, of approximately $12.3 million in the second quarter.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center"><img src="image00001.jpg"></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Newbuilding Program</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As of March 31, 2017, the Company's newbuilding program was comprised of four VLCCs, four Suezmax tankers and five LR2 tankers. As of March 31, 2017, total instalments of $256.1 million had been paid or accrued and the remaining commitments amounted to $567.5 million all of which are payable in 2017. All newbuildings are expected to be delivered in 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In January 2017, the Company took delivery of the Suezmax newbuilding Front Classic and the LR2 newbuildings Front Antares and Front Vega. In February 2017, the Company took delivery of the VLCC newbuilding Front Duchess. In March 2017, the Company took delivery of the Suezmax newbuilding Front Clipper.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In February 2017, the Company acquired two VLCC resales under construction at Daewoo Shipbuilding &amp; Marine Engineering ("DSME") at a net purchase price of $77.5 million per vessel. The vessels are due for delivery in September and October 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In April 2017, the Company ordered two VLCC newbuildings to be constructed at Hyundai Heavy Industries ("HHI") at a purchase price of $79.8 million per vessel. The vessels are due for delivery in December 2018 and April 2019. The Company has also secured options for two additional sister vessels with deliveries in August and November 2019 at the same purchase price for each vessel.</div>

<div>&#160;</div>

<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Financing Update</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In February 2017, the Company <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">signed </font>a senior secured term loan facility in an amount of up to $321.6 million. The facility will be provided by China Exim Bank and will be insured by <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">China Export and Credit Insurance Corporation. </font>The facility matures in 2033, carries an interest rate of LIBOR plus a margin in line with Frontline's existing loan facilities and has an amortization profile of 15 years. This facility will be used to partially finance eight of our newbuildings and will be secured by four Suezmax tankers and four LR2 tankers.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">In March 2017, the Company obtained a financing commitment for a senior secured term loan facility in an amount of up to $110.5 million with Credit Suisse. The facility matures in 2023, carries an interest rate of LIBOR plus a margin of 190 basis points and has an amortization profile of 18 years. The facility will be used to partially finance two of our recent VLCC resales and newbuilding contracts. </font>The facility is subject to final documentation.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">In April 2017, the Company obtained a financing commitment for a senior secured term loan facility in an amount of up to $110.5 million with ING. The facility matures in 2023, carries an interest rate of LIBOR plus a margin of 190 basis points and has an amortization profile of 18 years. The facility will be used to partially finance two of our recent VLCC resales and newbuilding contracts.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">&#160;</font>The facility is subject to final documentation.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Frontline has committed bank financing in place to <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">partially finance all of the Company's 15 resales and newbuilding contracts.</font></div>

<div><br>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Corporate Update<br>
</div>

<div style="TEXT-ALIGN: justify"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">On May 17, 2017, Frontline participated in a hearing before the Marshall Islands Court seeking a preliminary injunction against DHT Holdings ("DHT").&#160; Frontline seeks an order requiring DHT to set aside its poison pill and other improper takeover defenses DHT has erected to entrench itself and its management against offers by Frontline and other third-party bidders aside from the BW Group.&#160; Frontline withdrew a related action it brought in New York, where the court previously held it did not have jurisdiction over DHT or BW Group.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">While Frontline has again requested the Board of DHT to negotiate in good faith with Frontline over its proposed offer or redeem the poison pill and permit Frontline to take its offer directly to DHT's shareholders, there are various opportunities available to the Company to continue to grow and modernize its fleet, and the Company is confident in its strategy irrespective of the outcome with DHT.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company announces a cash dividend for the first quarter of 2017 of $0.15 per share versus an earnings per share and an adjusted earnings for certain non-cash items of $0.16 per share.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The record date for the dividend is June 12, 2017. The ex-dividend date is June 8, 2017 for shares listed on the New York Stock Exchange and June 9, 2017 for shares listed on the Oslo Stock Exchange, respectively and the dividend will be paid on or about June 21, 2017.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">169,809,324 ordinary shares were outstanding as of March 31, 2017, and the weighted average number of shares outstanding for the quarter was 169,809,324.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">First Quarter 2017 Results</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company generated net income attributable to the Company of $27.0 million, or $0.16 per share in the first quarter compared with net income attributable to the Company of $18.3 million, or $0.12 per share, in the previous quarter.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> Net income attributable to the Company adjusted for certain non-cash items was $27.9 million, or $0.16 per share, for the first quarter of 2017. These non-cash items consisted of a gain on </font>the termination of the long term charter of Front Century with Ship Finance of $20.6 million, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">a vessel impairment loss of $21.2 million relating to four vessels leased from Ship Finance and a loss on derivatives of $0.2 million. Net income attributable to the Company in the fourth quarter 2016 included a vessel impairment loss of $27.3 million, a provision for uncollectible receivables of $4.0 million, and a gain on derivatives of $15.1 million.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Total ship operating expenses of $30.6 million in the first quarter were $3.9 million higher than in the previous quarter due to the dry docking of one vessel (no vessels were dry docked in the fourth quarter) and delivery of five new vessels in the first quarter.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Contingent rental income in the first quarter relates to the charter party contracts with Ship Finance and is due to the fact that the actual profit share in the first quarter of $5.6 million was $3.8 million less than the amount accrued in the lease obligations payable when the leases were recorded at fair value at the time of the merger with Frontline 2012.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As of May 2017, the Company estimates that the average daily cash breakeven rates for the remainder of 2017 will be approximately $22,300, $17,300 and $15,500 for its owned and leased VLCCs, Suezmax tankers and LR2 tankers, respectively.&#160; The Company believes these rates are highly competitive.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">A reconciliation of net income attributable to the Company to net income attributable to the Company adjusted for certain non-cash items for the quarter ended March 31, 2017 and the quarter and year ended December 31, 2016 is as follows:</div>

<div><br>
</div>

<div><br>
</div>

<table id="zf7da36bd9c1f4f1e8bdfd11e9346a160" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse; LINE-HEIGHT: 1.2" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 57.15%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">(in millions of $)</div>
</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">Q1 2017</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">Q4 2016</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">Full year 2016</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 57.15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net income attributable to the Company</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">27.0</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">18.3</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">117.0</div>
</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Add back:</div>
</td>
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<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Loss on the cancellation and sale of newbuildings and vessels</div>
</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2.7</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vessel impairment loss</div>
</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">21.2</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">27.3</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">61.7</div>
</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Impairment loss on shares</div>
</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">7.2</div>
</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Provision for uncollectible receivables</div>
</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4.0</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Loss on derivatives</div>
</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.2</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="WIDTH: 57.15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 57.15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Less:</div>
</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 57.15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Gain on derivatives</div>
</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(15.1)</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(3.7)</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="WIDTH: 57.15%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Gain on termination of lease</div>
</td>
<td style="WIDTH: 14.34%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(20.6)</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="WIDTH: 14.26%; VERTICAL-ALIGN: top; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 57.15%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net income attributable to the Company adjusted for certain non-cash items</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">27.9</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">34.5</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">188.9</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 57.15%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">(<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">in thousands)</font></div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 57.15%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Weighted average number of ordinary shares</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">169,809</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">158,721</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">156,973</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 57.15%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">(<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">in $)</font></div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Basic earnings per share adjusted for certain non-cash charges</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.16</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.22</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; WIDTH: 14.26%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1.20</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">The calculation of net income attributable to the Company adjusted for certain non-cash items per share in each period has been calculated using the same number of shares as used in the GAAP earnings per share calculations.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">This press release describes net income attributable to the Company adjusted for certain non-cash items <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">and </font>related per share amounts, which are not measures prepared in accordance with US GAAP ("non-GAAP"). We believe the non-GAAP financial measures presented in this press release provides investors with a means of evaluating and understanding how the Company's management evaluates the Company's operating performance. These non-GAAP financial measures should not be considered in isolation from, as substitutes for, nor superior to financial measures prepared in accordance with GAAP.</div>

<div>&#160;</div>

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<div>&#160;</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Strategy and Market Outlook</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Despite current market weakness that is forecast to continue in the near-term, the Company believes that it is very well positioned to opportunistically grow its fleet in a historically low price environment.&#160; During 2016, the Company significantly strengthened its investment capacity, including raising $100 million in equity, selling its fleet of six MR product tankers and cancelling four VLCC newbuildings and receiving </font>refunds.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> In addition the Board has used its discretion to reserve a portion of the adjusted earnings per share for growth. In the meantime, we have experienced a sharp decline in asset values, and the Company has used this opportunity to acquire four VLCC resales and order two VLCC newbuildings at attractive prices. The Company continues to believe there are attractive growth opportunities in the current markets. These opportunities include buying vessels on the water, newbuildings/resales as well as buying shares and companies.</font></div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Since the start of 2016, Frontline has grown its fleet on water by approx. 1.3 million DWT and in the process lowered the DWT weighted average age from 10.0 to 7.8 years, or by 22%, including our older leased vessels. This has also had the effect of reducing our average daily vessel operating expenses, which we expect will continue to decrease with further deliveries of newbuildings and resales. On a fully delivered basis our 59 vessel fleet, assuming no further changes, will be comprised of 49 owned vessels with an average age of 5.0 years and 10 leased vessels.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company believes that the market will begin to improve in 2018 as the pace of deliveries of newbuilding vessels slows and vessels are retired from the global fleet. We expect vessel scrapping to begin to pick up as we progress through 2017, particularly in light of the implementation of the ballast water treatment convention later this year and given the amount of older vintage tonnage. Some vessels may also be dry docked ahead of the implementation date of the convention in order to defer the cost of compliance.&#160; This may have the effect of temporarily removing supply from the market.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Following the implementation of OPEC and non-OPEC production caps, which have largely been complied with, we have seen trade routes evolve.&#160; In particular, there have been increased long-haul voyages from the Atlantic Basin to Asia driven in part by increasing U.S. production and a shift in U.S. exports towards long-haul voyages.&#160; Crude oil demand, particularly from China and India, continues to grow, and crude oil is being imported from non-traditional sources due to OPEC production cuts and the desire to diversify supply.&#160; The effect on ton-mile demand is positive, and we expect this trend to continue.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">All factors considered, the Company maintains a cautious near-term view on the tanker market and believes the market will begin to balance as vessels are absorbed into the global fleet and older vessels retire from trading. In the meantime, the Company expects that periods of market weakness will inevitably create attractive opportunities to acquire assets at historically low prices. The Company believes it is in a unique position to further grow and modernize its operating fleet and continue to generate substantial returns to its shareholders in a strong tanker market and healthy returns in a more muted market. The Company has a long track record of doing so, and it seeks to carry on that tradition as it increases its leadership role in the market.</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">Conference Call and Webcast</div>

<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">On May 30, 2017 at 9:00 A.M. ET (3:00 P.M. CET), the Company's management will host a conference call to discuss the results.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Participants should dial into the call 10 minutes before the scheduled time using the following numbers:</div>

<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Norway</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;+47 2350 0486</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Norway toll free</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">800 56054<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> International Dial-In/UK&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;+44(0)20 3427 1905</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">UK Toll Free&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 0800 279 4992<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">USA</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">+1646 254 3362</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">USA Toll Free&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1877 280 1254</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Conference ID&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6041861</div>

<div><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">Presentation materials and a webcast of the conference call may be accessed on the Company's website, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal; BACKGROUND-COLOR: #ffffff"><u>www.frontline.bm</u></font>, under the 'Webcast' link.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">A replay of the conference call will be available for seven days following the live call. The following numbers may be used to access the telephonic replay:</div>

<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> International Dial-In/UK Local&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;+44 (0)20 3427 0598</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">UK Toll Free&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;0800 358 7735</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font> Norway Dial-In&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;+47 2100 0498</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">USA Toll Free&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1866 932 5017</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">USA Local&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">+1 347 366 9565</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Replay Access Number&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6041861&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Participant information required: Full name &amp; company</div>

<div><br>
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<div>&#160;</div>

<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">Forward-Looking Statements</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Matters discussed in this press release may constitute forward-looking statements. 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. Words, such as, but not limited to "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. 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 the control of Frontline, Frontline cannot assure you that they will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and Frontline disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.</div>

<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Board of Directors</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Frontline Ltd.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Hamilton, Bermuda</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">May 29, 2017</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Questions should be directed to:</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">Robert Hvide Macleod: Chief Executive Officer</font>, Frontline Management AS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">+47 23 11 40 84</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Inger M. Klemp: Chief Financial Officer, Frontline Management AS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">+47 23 11 40 76</div>

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<div>&#160;</div>

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<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">FRONTLINE LTD.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CONDENSED CONSOLIDATED INCOME STATEMENT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">(in thousands of $)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Dec</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total operating revenues</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">177,127</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">227,103</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">754,306</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">(Loss) gain on cancellation and sale of newbuilding contracts and vessels</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">20,565</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">(2,683)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Voyage expenses and commission</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">55,184</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">35,525</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">161,641</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Contingent rental income</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(3,769)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(3,386)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(18,621)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Ship operating expenses</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">30,624</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">29,458</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">119,515</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Charter hire expenses</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">9,773</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">14,052</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">67,846</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Impairment loss on vessels and vessels under capital lease</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">21,247</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">61,692</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Provision for uncollectible receivable</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4,000</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Administrative expenses</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">8,568</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">10,773</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">37,026</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Depreciation</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">35,280</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">37,907</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">141,043</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total operating expenses</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">156,907</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">124,329</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">574,142</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net operating income</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">40,785</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">102,774</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">177,481</div>
</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest income</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">126</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">87</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">367</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Interest expense</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(15,024)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(13,944)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(56,687)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Impairment loss on shares</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(2,351)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(7,233)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Gain on sale of shares</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">771</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Foreign currency exchange gain (loss)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">77</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">338</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">9</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">(Loss) gain on derivatives</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(178)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(8,050)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3,718</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other non-operating items</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">554</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">174</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">204</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net income before income taxes and non-controlling interest</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">27,111</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">79,028</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">117,859</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Income tax expense</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(30)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(50)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(345)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net income from continuing operations</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">27,081</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">78,978</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">117,514</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net loss from discontinued operations</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net income</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">27,081</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">78,978</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">117,514</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net (income) loss attributable to non-controlling interest</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(61)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(72)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(504)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net income attributable to the Company</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">27,020</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">78,906</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">117,010</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Basic earnings per share attributable to the Company ($)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.16</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.50</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">0.75</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>
</table>

<div id="DSPFPageFooter">&#160;</div>

<div>&#160;</div>
</div>
</div>
</div>

<div>
<table id="z55f47a02701842a586f26d60a1e55f77" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">(in thousands of $)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Dec</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net income</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">27,081</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">78,978</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">117,514</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Unrealized (loss) gain from marketable securities</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">6,010</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(3,047)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(5,425)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Unrealized loss from marketable securities reclassified to statement of operations</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">7,233</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Foreign exchange loss</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">59</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(131)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(686)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other comprehensive income (loss)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">6,069</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(3,178)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,122</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Comprehensive income</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">33,150</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">75,800</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">118,636</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Comprehensive income (loss) attributable to non-controlling interest</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">61</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">72</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">504</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Comprehensive income attributable to the Company</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">33,089</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">75,728</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">118,132</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Comprehensive income</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">33,150</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.33%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">75,800</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">118,636</div>
</td>
</tr>
</table>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
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<div style="TEXT-ALIGN: center"><img src="image00001.jpg"></div>

<div>&#160;</div>

<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">FRONTLINE LTD.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

<div><br>
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<table id="zeb6813aa29924868b57739024b6c099b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CONDENSED CONSOLIDATED BALANCE SHEETS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">(in thousands of $)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Mar 31</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2017</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Mar 31</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Dec 31</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">ASSETS</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Short term</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Cash and cash equivalents</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">127,534</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">271,632</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">202,402</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Restricted cash</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">606</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">694</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">677</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Marketable securities</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">53,418</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">8,453</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">8,428</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other current assets</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">166,379</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">165,173</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">172,119</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Long term</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Newbuildings</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">279,208</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">242,583</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">308,324</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vessels and equipment, net</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,768,609</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,358,587</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,477,395</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Vessels under capital lease, net</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">495,730</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">668,822</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">536,433</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Investment in finance lease</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">28,438</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">38,297</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">30,908</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Goodwill</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">225,272</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">225,272</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">225,273</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other long-term assets</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4,496</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4,358</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total assets</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">3,149,690</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2,979,513</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2,966,317</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">LIABILITIES AND EQUITY</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Short term liabilities</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Short term debt</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">78,071</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">64,120</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">67,365</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Current portion of obligations under capital lease</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">51,455</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">70,464</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">56,505</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other current liabilities</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">100,983</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">91,921</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">58,879</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Long term liabilities</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Long term debt</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,075,309</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">851,605</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">914,592</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Obligations under capital lease</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">332,974</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">431,296</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">366,095</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Other long-term liabilities</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3,154</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2,911</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">3,112</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Commitments and contingencies</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Equity</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Frontline Ltd. equity</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,507,902</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,467,063</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,499,601</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Non-controlling interest</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(158)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">133</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">168</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Total equity</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,507,744</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,467,196</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,499,769</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Total liabilities and equity</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.05%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">3,149,690</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2,979,513</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13.06%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2,966,317</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageFooter"></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="TEXT-ALIGN: center"><img src="image00001.jpg"></div>

<div>&#160;</div>

<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">FRONTLINE LTD.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

<div>&#160;</div>

<div id="DSPFPageFooter">
<table id="zfe2b2682d07342c2ad6c306ca5748150" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">(in thousands of $)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Dec</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">OPERATING ACTIVITIES</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net income</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">27,081</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">78,978</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">117,514</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;Depreciation and amortization of deferred charges</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">35,688</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">38,060</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">143,070</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">&#160;Loss (gain) on cancellation and sale of newbuilding contracts and vessel</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(20,565)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2,683</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;Amortization of time charter contract value</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(3,824)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(6,799)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;Contingent rental income</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(3,769)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(3,386)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(18,621)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;Impairment loss on vessels and vessels under capital lease</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">21,247</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">61,692</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;Provision for uncollectible receivables</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4,000</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;Impairment loss on shares</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2,351</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">7,233</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;(Gain) on sale of shares</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(771)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;(Gain) loss on derivatives</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(139)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">6,485</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(8,017)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;Other, net</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">770</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(1,304)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(1,232)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Change in operating assets and liabilities</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">20,242</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">4,108</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(15,508)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net cash provided by operating activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">79,784</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">121,468</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">286,015</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">INVESTING ACTIVITIES</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Refund of newbuilding installments and interest</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">43,497</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Additions to newbuildings, vessels and equipment</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(246,755)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(161,353)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(622,460)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Change in restricted cash</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">71</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(326)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(309)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Finance lease payments received</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2,356</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2,280</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">9,333</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Proceeds from sale of vessels and equipment</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">173,187</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Purchase of DHT shares</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(46,100)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Proceeds from sale of shares</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">7,104</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net cash (used in) provided by investing activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">(283,324)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">(159,399)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">(396,752)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">FINANCING ACTIVITIES</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net proceeds from issuance of shares</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">98,200</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Proceeds from long-term debt</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">189,475</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">130,900</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">356,066</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Repayment of long-term debt</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(16,840)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(14,393)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(169,883)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Repayment of capital leases</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(16,460)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(12,317)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(61,677)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Debt fees paid</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(1,620)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(4,204)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(9,523)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Dividends paid</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(25,883)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(54,930)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(164,551)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Payment of fractional shares on reverse share split</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(17)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(17)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net cash provided by (used in) financing activities</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">128,672</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">45,039</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">48,615</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Net change in cash and cash equivalents</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">(74,868)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">7,108</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">(62,122)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Cash and cash equivalents at start of period</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">202,402</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">264,524</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">264,524</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Cash and cash equivalents at end of period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">127,534</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">271,632</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">202,402</div>
</td>
</tr>
</table>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
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<div style="TEXT-ALIGN: center"><img src="image00001.jpg"></div>

<div>&#160;</div>

<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">FRONTLINE LTD.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">&#160;</div>

<table id="z2aa49a11216240f9b65b11c2c293932c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">(in thousands of $ except number of shares)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">Jan-Dec</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">NUMBER OF SHARES OUTSTANDING</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Balance at beginning of period</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">169,809,324</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">781,937,649</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">781,937,649</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Effect of reverse share split</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(625,551,143)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(625,551,143)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Shares issued</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">13,422,818</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance at end of period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">169,809,324</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">156,386,506</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">169,809,324</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">SHARE CAPITAL</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Balance at beginning of period</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">169,809</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">781,938</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">781,938</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Effect of reverse share split</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(625,551)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(625,551)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Shares issued</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">13,422</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance at end of period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">169,809</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">156,387</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">169,809</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">ADDITIONAL PAID IN CAPITAL</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Balance at end of period</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">195,304</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">109,386</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">109,386</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Stock compensation expense</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">709</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,418</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Payment for fractional shares on reverse share split</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(17)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(17)</div>
</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Shares issued</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">84,517</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance at end of period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">196,013</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">109,369</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">195,304</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">CONTRIBUTED CAPITAL SURPLUS</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Balance at beginning of period</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,099,680</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">474,129</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">474,129</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Effect of reverse share split</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">625,551</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">625,551</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance at beginning and end of period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,099,680</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,099,680</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,099,680</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">OTHER COMPREHENSIVE INCOME (LOSS)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Balance at beginning of period</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">739</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(383)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(383)</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Other comprehensive income (loss)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">6,069</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(3,178)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">1,122</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance at end of period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">6,808</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">(3,561)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">739</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">RETAINED EARNINGS</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Balance at beginning of period</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">34,069</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">81,212</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">81,212</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net income attributable to the Company</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">27,020</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">78,906</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">117,010</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Cash dividends</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(25,497)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(54,930)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(164,153)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance at end of period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">35,592</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">105,188</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">34,069</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">EQUITY ATTRIBUTABLE TO THE COMPANY</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,507,902</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,467,063</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,499,601</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">NON-CONTROLLING INTEREST</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Balance at beginning of period</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">168</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">61</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">61</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net income (loss) attributable to non-controlling interest</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">61</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">72</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">504</div>
</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Dividend paid to non-controlling interest</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(387)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">-</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">(397)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Balance at end of period</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">(158)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">133</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">168</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">TOTAL EQUITY</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,507,744</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,467,196</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right">1,499,769</div>
</td>
</tr>
</table>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
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<div style="TEXT-ALIGN: center"><img src="image00001.jpg"><br>
</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">FRONTLINE LTD.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">SELECTED NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">STATEMENTS&#160; </font></div>

<div><br>
 &#160;</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">1.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">GENERAL</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-RIGHT: 0.25pt">Frontline Ltd. (the "Company" or "Frontline") is a Bermuda based shipping company engaged primarily in the ownership and operation of oil and product tankers. The Company's ordinary shares are listed on the New York Stock Exchange and the Oslo Stock Exchange.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">2.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">ACCOUNTING POLICIES</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Basis of accounting</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; MARGIN-RIGHT: 0.25pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">The condensed consolidated financial statements are stated in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements do not include all of the disclosures required in the annual and interim consolidated financial statements, and should be read in conjunction with the Company's annual financial statements included in the Company's Annual Report on Form 20-F</font>&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">for the year ended December 31, 2016, which was filed with the Securities and Exchange Commission on March 16, 2017.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Significant accounting policies</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The accounting policies adopted in the preparation of the condensed consolidated financial statements are consistent with those followed in the preparation of the Company's annual financial statements for the year ended December 31, 2016<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">EARNINGS PER SHARE</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The components of the numerator and the denominator in the calculation of basic earnings per share are as follows:</div>

<div><br>
</div>

<table id="zeac7bccbf0c049729244f011419a42d7" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">(in thousands of $)</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2017</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">Jan-Mar</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">Jan-Dec</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Net income attributable to the Company</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">27,020</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">78,906</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">117,010</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">&#160;</td>
</tr>

<tr>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 60%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">(in thousands)</div>
</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
<td style="BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #ffffff">&#160;</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">Weighted average number of ordinary shares</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">169,809</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">156,387</div>
</td>
<td style="BORDER-TOP: #000000 2px solid; BORDER-RIGHT: #000000 2px solid; WIDTH: 13%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 2px solid; BORDER-LEFT: #000000 2px solid; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: right">156,973</div>
</td>
</tr>
</table>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The weighted average numbers of shares outstanding have been adjusted for the reverse business acquisition of the Company by Frontline 2012 and the 1-for-5 reverse share split that was effected in February 2016.</div>

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<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">4.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">IMPAIRMENT LOSS ON VESSELS AND VESSELS UNDER CAPITAL LEASE</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In the three months ended March 31, 2017 the Company recorded an impairment loss of $21.2 million in respect of four vessels leased in from Ship Finance.</div>

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<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">5.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">GAIN ON TERMINATION OF LEASE</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">In March 2017, the lease with Ship Finance for the 1998-built VLCC Front Century was terminated upon the sale and delivery of the vessel to a third party. The Company record</font>ed<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> a gain on</font> this lease termination of $20.6<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> million in the first quarter of 2017.</font></div>

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<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">6.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">NEWBUILDINGS</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In the first quarter of 2017, the Company took delivery of the VLCC newbuilding, Front Duchess, the two Suezmax newbuildings, Front Classic and Front Clipper and the two LR2/Aframax tanker newbuildings, Front Antares and Front Vega.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In February 2017, the Company acquired two VLCC newbuildings under construction at Daewoo Shipbuilding &amp; Marine Engineering at a net purchase price of $77.5 million each. The vessels are due for delivery in September and October 2017.</div>

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<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">7.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">DEBT</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company drew down $54.6 million in the three months ended March 31, 2017 from its $109.2 million term loan facility with ING in connection with one VLCC delivered in the quarter.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company drew down $134.9 million in the three months ended March 31, 2017 from its $328.4 million term loan facility with China Exim Bank in connection with two Suezmax tankers and <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">two LR2/Aframax tanker</font> delivered in the quarter.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In February 2017, the Company signed a second&#160;senior secured term loan facility in an amount of up to $321.6 million. The facility will be provided by China Exim Bank and will be insured by China Export and Credit Insurance Corporation. The facility matures in 2033, carries an interest rate of LIBOR plus a margin in line with the Company's other credit facilities and has an amortization profile of 15 years. This facility will be used to part finance eight of our newbuildings and will be secured by four Suezmax tankers and four Aframax/LR2 tankers.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">In March 2017, the Company obtained financing commitment for a senior secured term loan facility in an amount of up to $110.5 million with Credit Suisse. The facility matures in 2023, carries an interest rate of LIBOR plus a margin of 190 basis points and has an amortization profile of 18 years. The facility will be used to part finance two of our recent VLCC resales and newbuilding contracts.</font> The facility is subject to final documentation.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">The Company has recorded debt issuance costs (i.e. deferred charges) of $11.9 million at March 31, 2017 as a direct deduction from the carrying amount of the related debt.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">8.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">MARKETABLE SECURITIES</font></div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In January the Company purchased 10.9 million shares in DHT for an aggregate cost of $46.1 million. In March the Company has sold 1.7 million shares for $7.9 million, recognizing a gain of $0.8 million in the first quarter. In April and May the Company sold a further 2.4 million shares in DHT for proceeds of $11.0 million and expects to record a gain of $0.6 million in the second quarter.</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">9.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">SHARE CAPITAL</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company had an issued share capital at March 31, 2017 of $169,809,324 divided into 169,809,324 ordinary shares (December 31, 2016: $169,809,324 divided into 169,809,324 ordinary shares).</div>

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<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">10.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">RELATED PARTY TRANSACTIONS</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company's most significant related party transactions are with Ship Finance International Limited ("Ship Finance"), a company under the significant influence of the Company's largest shareholder. The Company leased 12 of its vessels from Ship Finance at March 31, 2017 and pays Ship Finance profit share based on the earnings of these vessels. Profit share arising in the three months ended March 31, 2017 was $5.6 million, which was $3.8 million less than the amount accrued in the lease obligations payable when the leases were recorded at fair value at the time of the merger with Frontline 2012.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In March 2017, the lease with Ship Finance for the 1998-built VLCC Front Century was terminated. The Company recorded a gain on this lease termination of $20.6 million in the first quarter of 2017. A termination payment of $4.1 million is due to Ship Finance in connection with the lease termination.</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Amounts earned from other related parties comprise office rental income, technical and commercial management fees, newbuilding supervision fees, freights, corporate and administrative services income and interest income. Amounts paid to related parties comprise primarily rental for office space and guarantee fees.</div>

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<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">11.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">COMMITMENTS AND CONTINGENCIES</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">As of March 31, 2017, the Company's newbuilding program comprised four VLCCs, four Suezmax tankers and five LR2 tanker newbuildings. As of March 31, 2017, total instalments of $256.1 million had been paid or accrued and the remaining commitments amounted to $567.5 million all of which are payable in 2017. All newbuildings are expected to be delivered in 2017.</div>

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<div style="TEXT-ALIGN: justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">12.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold">SUBSEQUENT EVENTS</font></div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In April 2017, the Company ordered two VLCC newbuildings to be constructed at Hyundai Heavy Industries ("HHI") at a purchase price of $79.8 million each. The vessels are due for delivery in December 2018 and April 2019. The Company has also secured options for two additional sister vessels with delivery in August and November 2019 at same purchase price for each vessel.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000">In April 2017, the Company obtained financing commitment for a senior secured term loan facility in an amount of up to $110.5 million with ING. The facility matures in 2023, carries an interest rate of LIBOR plus a margin of 190 basis points and has an amortization profile of 18 years. The facility will be used to part finance two of our recent VLCC resales and newbuilding contracts.</font> The facility is subject to final documentation.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In June 2016, the Company<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000"> signed a senior unsecured loan facility of up to $275.0 million facility with an affiliate of Hemen Holding Ltd., the Company's largest shareholder. The loan will be used to partially finance the Company's current newbuilding program, partially finance potential acquisitions of newbuildings or vessels on the water and for general corporate purposes. The Company drew down $50.0 million in May 2017.</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In May 2017, the Company agreed with Ship Finance to terminate the long term charter for the 2000 built VLCC Front Scilla and the 1998 built Suezmax tanker Front Brabant upon the sale and delivery of the vessels by Ship Finance to unrelated third parties.&#160; The Company expects the vessels to cease operating as conventional tankers, and the charters with Ship Finance are expected to terminate in the second quarter of 2017. Frontline has agreed compensation payments to Ship Finance of approximately $6.5 million and $3.6 million, respectively, for the termination of the current charters. The Company expects to record an impairment loss, including these termination payments, of approximately $12.3 million in the second quarter.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify">In May 2017, the Company announced a cash dividend of $0.15 per share for the first quarter of 2017.</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
