Golden Ocean Group Limited: GOGL - Primary Insider Notice

Reference is made to the previous announcements by Golden Ocean Group (the "Company") in respect of the subsequent offering of up to 34,368,400 new shares in the Company (the "Subsequent Offering").

On March 8, 2016, the following primary insiders in the Company subscribed for shares in the Subsequent Offering at the subscription price of NOK 5.00 per share:

• Herman Billung, CEO of Golden Ocean Management AS, has subscribed for 27,500 shares in the Subsequent Offering. Of the aggregated subscription, 14,818 were subscribed for based on allotted subscription rights, whereas 12,682 represent oversubscription.
• Birgitte Ringstad Vartdal, CFO of Golden Ocean Management AS, has subscribed for 16,500 shares in the Subsequent Offering. Of the aggregated subscription, 8,890 were subscribed for based on allotted subscription rights, whereas 7,610 represent oversubscription.
• Hans Petter Aas, director of the Company's Board of Directors has subscribed for 14,000 shares in the Subsequent Offering directly and 6,000 shares through the company HPA Consult AS. Of the aggregated subscription, 9,667 were subscribed for based on allotted subscription rights, whereas 10,333 represent oversubscription.

In addition, the following market transactions have been carried out:

• Herman Billung, CEO of Golden Ocean Management AS, has sold 13,749 shares in the Company (ticker GOGL) at NOK 6.08 per share and purchased 50,000 shares in the Company (ticker GOGL R) at NOK 5.40 per share.
• Birgitte Ringstad Vartdal, CFO of Golden Ocean Management AS, has sold 8,249 shares in the Company (ticker GOGL) at NOK 6.16 per share and purchased 40,000 shares in the Company (ticker GOGL R) at NOK 5.49 per share.

Following the transactions as set out above:

• Herman Billung will hold a minimum of 64,818 shares in the Company. Herman Billung also holds 75,620 options in the Company.
• Birgitte Ringstad Vartdal will hold a minimum of 48,890 shares in the Company. Birgitte Ringstad Vartdal also holds 54,996 options in the Company.
• Hans Petter Aas will hold a minimum of 42,403 shares in the Company, whereby 36,692 shares will be held directly and 5,711 shares will be held through HPA Consult AS. Hans Petter Aas also holds Restricted Share Units with right to 13,551 shares in the Company.

March 8, 2016

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