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Golden Ocean Group

Capital/Financing Update • Jun 8, 2020

6243_dirs_2020-06-08_c5f66ce5-b135-43c8-b756-6492768adcf5.html

Capital/Financing Update

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NOTIFICATION

Hemen Holding Limited, which is indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family, has settled TRS agreements (Total Return Swap) underlying 4,905,000 shares in Golden Ocean Group Limited ("Golden Ocean") expiring June 8th 2020. Hemen Holding Limited has subsequently entered into a new TRS agreement with exposure to the same number of underlying shares. New expiry date is September 7th, 2020, and the new TRS price is NOK 36.7302 per share. Hemen Holding Limited's affiliated ownership in Golden Ocean Group Limited is after this unchanged 50,451,353 shares, equal to 34.97% of issued shares and votes in the company. In addition, Hemen Holding holds TRS agreements with underlying exposure to 4,905,000 shares in Golden Ocean Ltd.