Golden Ocean Group

Major Shareholding Notification • Dec 12, 2014

Notification

Notification

Hemen Holding Limited, a company indirectly

controlled by trusts affiliated with John Fredriksen

and his family, has settled a TRS agreement (Total

Return Swap) underlying 1,423,001 shares in Golden

Ocean Group Limited ("Golden Ocean") expiring December

11th 2014. 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 11th, 2015, and the new TRS price is NOK

4.8536 per share.

Hemen Holding Limited's affiliated ownership in

Golden Ocean Group Limited is after this 183.666.158

shares, equal to 41,06%.

In addition, Hemen Holding holds TRS agreements with

underlying exposure to 1.423.001 shares in Golden

ocean LTD.

Geveran Trading Company Ltd, a company indirectly

controlled by trusts Affiliated with John Fredriksen

and his family, has a holding of usd 60,8m

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

bond (GOGL 02).