Subdued seaborne trade activity led to deterioration in Frontline Ltd.’s (Frontline) financial performance in 4Q 09 and FY 2009. However, there have been signs of revival in the company’s economic prospects, visible from the sequential improvement in the company’s revenues and earnings. As our fundamental outlook remains unchanged, we maintain our 6-12 month HOLD rating for the Frontline NYSE common stock. We will reassess our NYSE common stock rating for Frontline in our next update report. We continue to anticipate a positive currency impact on the Norwegian stock over our 6-12 month investment horizon. As our target price now supports a BUY rating we upgrade the Norwegian stock rating from a HOLD to a BUY. We will reassess our Norwegian stock rating for Frontline in our next update report.

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