Golden Ocean Group - Major Shareholding Notification 2016

Disclosure of Shareholding

Hemen Holding Limited ("Hemen"), which is indirectly

controlled by trusts established by John Fredriksen

for the benefit of his immediate family, has been

allocated 158,000,000 new shares at NOK 5.00 per share

in the recently announced private placement in Golden

Ocean Group Limited (the "Company").

Hemen's affiliated ownership in the Company will

following settlement of the private placement be

232,436,122 shares, equalling 45% of the issued shares

and votes in the Company. The calculation is based on

an aggregate of 516,359,637 outstanding shares in the

Company upon completion of the private placement. In

addition, Hemen holds TRS agreements with underlying

exposure to 195,648 shares in the Company. Franklin

Enterprises Inc, a company indirectly controlled by

trusts established by John Fredriksen for the benefit

of his immediate family, has a holding of USD 93.6

million in the Golden Ocean Group Limited 3.07% 2019

convertible bond (GOGL 02).

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