Golden Ocean Group — Capital/Financing Update 2016

Feb 24, 2016

GOGL - ISIN: NO 001 070105.5 - 3.07 per cent Golden Ocean Group Limited Senior Unsecured Convertible Bond Issue 2014/2019 (the "Convertible Bond")

GOGL - ISIN: NO 001 070105.5 - 3.07 per cent Golden Ocean Group Limited Senior Unsecured Convertible Bond Issue 2014/2019 (the "Convertible Bond")

On February 19, 2016 Golden Ocean Group Limited (the "Company") announced that a

private placement had been successfully carried out at NOK 5.00 per share,

raising gross proceeds of NOK 1,718,420,000 million (approximately USD 200

million) through the issuance of 343,684,000 new shares.

The Conversion Price in the Convertible Bond will be adjusted in accordance with

clause 14.6 of the Bond Agreement from US$19.93 to US$17.63 per share effective

from February 23, 2016.

Hamilton, Bermuda

February 24, 2016

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1988798]