Golden Ocean Group

Notice of Dividend Amount • Jun 16, 2015

SHAREHOLDING DISCLOSURE

SHAREHOLDING DISCLOSURE

Frontline 2012 Ltd. ("Frontline 2012") has resolved

to carry out a distribution of dividend in kind to

its shareholders, and has today determined (subject

to final adjustment for fractions) that the

distribution will consist of 77,499,043 shares in

Golden Ocean Group Limited (GOGL) ("Golden Ocean").

The distribution will be made on or about June 26,

2015. 2,113,159 of the shares being distributed are

attributable to Frontline 2012. Following completion

of the dividend distribution Frontline 2012 will

(subject to final adjustment for fractions) hold

2,114,116 shares in Golden Ocean, equalling

approximately 1.2 % of the shares and votes in the

company (based on 172.6 million outstanding shares in

Golden Ocean). Frontline 2012 does not hold other

rights to shares in the company.

This announcement is made pursuant to section 4-3 of

the Norwegian Securities Trading Act.

This communication does not constitute an offer to

sell or the solicitation of an offer to buy any

securities or a solicitation of any vote or

approval. In connection with the proposed dividend

in kind by Frontline 2012 of shares of Golden Ocean,

Golden Ocean will file relevant materials with the

Securities and Exchange Commission (the "SEC"),

including a prospectus supplement to the registration

statement on Form F-3 (File No. 333-203035)

(the "Registration Statement"), which contains a base

prospectus and was declared effective by the SEC on

May 26, 2015, that will include a description of the

dividend in kind. INVESTORS AND SECURITY HOLDERS OF

GOLDEN OCEAN AND FRONTLINE 2012 ARE URGED TO READ THE

PROSPECTUS SUPPLEMENT, THE REGISTRATION STATEMENT AND

OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC

CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME

AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT

INFORMATION. Investors and security holders will be

able to obtain free copies of the registration

statement and related prospectus and prospectus

supplement (when available) and other documents filed

with or furnished to the SEC by Golden Ocean through

the website maintained by the SEC at

http://www.sec.gov and also available at Golden

Ocean's website at http://www.goldenocean.no.