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Golden Ocean Group

Major Shareholding Notification • Jan 27, 2020

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Major Shareholding Notification

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DISCLOSURE OF TRADE

Hemen Holding Limited ("Hemen"), a company indirectly controlled by trusts established by Mr. John Fredriksen for the benefit of his immediate family, has on 27 January 2020 acquired 400,000 shares in Golden Ocean Group Limited ("Golden Ocean") at a purchase price of NOK 39.7812 per share. Following the acquisition, Hemen will own 49,776,353 shares in Golden Ocean which will constitute 34.5% of the shares and votes in Golden Ocean.

In addition, Hemen holds TRS agreements with underlying exposure to 4,905,000 shares in Golden Ocean. The expiry date of the TRS agreements is 6th March 2020 and the TRS price is NOK 50.8498 per share.

The foregoing calculations are based on 144,272,697 outstanding shares in Golden Ocean. This information is subject to the disclosure requirements set out in sections 4-2 of the Norwegian Securities Trading Act.