Golden Ocean Group

Major Shareholding Notification • Jun 16, 2015

SHAREHOLDING DISCLOSURE

SHAREHOLDING DISCLOSURE

Reference is made to the distribution of dividend in

kind consisting of shares in Golden Ocean Group

Limited (GOGL) resolved by Frontline 2012 Ltd. Hemen

Holding Limited ("Hemen"), which is indirectly

controlled by trusts established by Mr. John

Fredriksen for the benefit of his immediate family,

has today been informed by Frontline 2012 Ltd. that

it will receive 46,083,868 shares in Golden Ocean in

the dividend distribution. Following the

distribution, Hemen's affiliated ownership in Golden

Ocean is 74,436,122 shares, equalling approximately

43.12 % of the shares and votes in the company. In

addition, Hemen holds TRS agreements with underlying

exposure to 195,648 shares in Golden Ocean. The

expiry date of the TRS agreements is 7 September 2015

and the TRS price is NOK 29.68 per share. In

addition, Franklin Enterprises Inc., a company

indirectly controlled by trusts established by Mr.

John Fredriksen for the benefit of his immediate

family, has a holding of $74.8 million of the Golden

Ocean 14/19 3.07% USD 200m Convertible Bond,

convertible into 3,753,135 shares in Golden Ocean at

an exercise price of $19.93 per share, equalling

approximately 2.2 % of the shares and votes in the

company. The foregoing calculations are made based on

172.6 million outstanding shares in Golden Ocean.

This announcement is made pursuant to section 4-2 and

4-3 of the Norwegian Securities Trading Act.