Golden Ocean Group — Capital/Financing Update 2018

Sep 6, 2018

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 4,705,000 shares in Golden Ocean Group Limited ("Golden Ocean") expiring September 6th 2018. 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 6th, 2018, and the new TRS price is NOK 76.5756 per share. Hemen Holding Limited's affiliated ownership in Golden Ocean Group Limited is after this unchanged 49,326,353 shares, equal to 34.2% of issued shares and votes in the company. In addition, Hemen Holding

holds TRS agreements with underlying exposure to 4,705,000 shares in Golden Ocean Ltd. Further, Hemen Holding holds in aggregate USD 124.4 million in the Golden Ocean 14/19 3.07% USD 200m Convertible Bond, convertible into 1,458,734

shares in the Company, equaling approximately 1.0% of the shares and votes in the Company.