Golden Ocean Group

Capital/Financing Update • Mar 7, 2017

Notification

Notification

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 39.129

shares in Golden Ocean Group Limited ("Golden Ocean")

expiring March 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 June 7th, 2017, and the new TRS

price is NOK 59,0535 per share. Hemen Holding

Limited's affiliated ownership in Golden Ocean Group

Limited is after this 46.487.224 shares, equal to

43,87% of issued shares and votes in the company. In

addition, Hemen Holding holds TRS agreements with

underlying exposure to 39.129 shares in Golden ocean

LTD. Franklin Enterprises Inc , a company indirectly

controlled by trusts Affiliated with John Fredriksen

and his family, has a holding of usd 93,6 million In

the Golden Ocean Group LTD 3,07% 2019 convertible bond

(GOGL 02).