Golden Ocean Group

Major Shareholding Notification • Mar 14, 2014

GOGL - Notification

GOGL - 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 March

13, 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

December 11th, 2014, and the new TRS price is NOK

12.2264 per share.

Hemen Holding Limited's affiliated ownership in

Golden Ocean Group Limited is not influenced by the

TRS agreements.

Drew Investment, a company controlled by Tor Olav

Trøim, has settled a TRS agreement underlying 800,000

shares in Golden Ocean expiring March 13, 2014.

Drew Investment has subsequently entered into a new

TRS agreement with exposure to the same number of

underlying shares. New expiry date is December 13th,

2014, and the new TRS price is NOK 12.2264 per share.

Drew Investment and Tor Olav Trøim's ownership in

Golden Ocean is not influenced by the TRS agreements.