Golden Ocean Group

Share Issue/Capital Change • Dec 6, 2017

Notification Golden Ocean for Hemen Holding

Notification Golden Ocean for Hemen Holding

Hemen Holding Limited, which is indirectly controlled by

trusts established by John Fredriksen for the benefit

of his immediate family, has settled a TRS agreement

(Total Return Swap) underlying 4,500,000 shares in Golden Ocean Group Limited ("Golden Ocean")expiring December 6th 2017. Hemen Holding Limited has subsequently entered into a new TRS agreement with exposure to the same number of underlying shares. New expiry date is March 6th, 2018, and the new TRS price is NOK 67.2814 per share. Hemen Holding Limited's affiliated ownership in Golden Ocean Group Limited is after this unchanged 47,326,353 shares, equal to 33.3% of issued shares and votes in the company. In addition, Hemen Holding holds TRS agreements with underlying exposure to 4,500,000 shares in Golden Ocean Ltd. Further, Hemen Holding holds in aggregate USD 124.4 million in the Golden Ocean 14/19 3.07% USD 200m Convertible Bond, convertible into 1,411,230 shares in the Company, equaling approximately 1.0% of the shares and votes in the Company.