GOGL – Primary Insider Notice

Reference is made to the primary insider notice dated March 8, 2016 regarding the subscription by certain primary insiders in the subsequent offering (the “Subsequent Offering”) of new shares by Golden Ocean Group Limited (the “Company”).

On March 15, 2016, the following primary insiders in the Company were allocated the following number of new shares in the Subsequent Offering at the subscription price of NOK 5.00 per share:

• Herman Billung, CEO of Golden Ocean Management AS, was allocated 27,500 shares in the Subsequent Offering. Following the transaction, Herman Billung holds a total of 77,500 shares in the Company, equal to approximately 0.015% of the Company’s shares. Herman Billung also holds 75,620 options in the Company.
• Birgitte Ringstad Vartdal, CFO of Golden Ocean Management AS, was allocated 16,500 shares in the Subsequent Offering. Following the transaction, Birgitte Ringstad Vartdal holds a total of 56,500 shares in the Company, equal to approximately 0.011% of the Company’s shares. Birgitte Ringstad Vartdal also holds 54,996 options in the Company.
• Hans Petter Aas, director of the Company’s Board of Directors was allocated 18,550 shares in the Subsequent Offering, whereby 12,866 shares were allocated to Hans Petter Aas directly and 5,684 through the company HPA Consult AS. Following the transaction, Hans Petter Aas holds a total of 51,286 shares in the Company, equal to approximately 0.001% of the Company’s shares. 42,853 of the shares are held by Hans Petter Aas directly and 8,433 shares are held through HPA Consult AS. Hans Petter Aas also holds Restricted Share Units with right to 13,551 shares in the Company.

March 16, 2016

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This information is subject of the disclosure requirements pursuant to section 4-2 of the Norwegian Securities Trading Act.