Golden Ocean Group

Major Shareholding Notification • Dec 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 December 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 March 6th, 2018, and the new TRS

price is NOK 58.007 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 1,489,463

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

the Company.