Frontline Ltd.'s (Frontline) 3Q 09 results trailed market expectations due to a steep decline in sea borne trade activity. However, we expect to raise our estimates and target price to incorporate improvement in shipping rates since our last update and hence upgrade our common stock rating from a SELL to a HOLD. We will reassess our NYSE common stock rating for Frontline in our next update report. We continue to anticipate a significant negative currency impact on the Norwegian stock over our 6-12 month investment horizon. Hence we reiterate the Norwegian stock a SELL. We will reassess our Norwegian stock rating for Frontline in our next update report.

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