Bonheur ASA — AGM Information 2019

May 28, 2019

Annual General Meeting

28 May 2019

Bonheur ASA 2018 / 2019 Update to AGM

Last 12 months activities

Major events in 2018:

• Commenced construction on Högaliden windfarm 105 MW
• Divestment of 49% minority shareholding in two windfarms with a capital release of NOK 2 billion
• Acquired 51% shareholding of the offshore wind installation vessel Blue Tern with 106 meter legs (water depth 65 meters) and crane 1200 MT
• Acquisition of the offshore wind installation and blade repair business of Total Wind A/S
• Deconsolidation of Dolphin Drilling ASA

Major events in 1Q19:

• Refinancing of Fred. Olsen Wind Ltd debt facilities. Lowers margins and leads to a capital release to Fred. Olsen Renewables AS of ~NOK 980 million
• Acquired 50% ownership in United Wind Logistics for EUR 12 million

Dolphin Drilling ASA (DD)

Deconsolidation of DD came, among other things, as a consequence of:

• Bonheur has throughout proposed and supported various potential refinancing solutions for DD including contributing significant new capital; however the composition of the secured lenders has prevented implementation
• The secured lenders of DD have decided to pursue other solutions
• These solutions have not been in line with Bonheur's strategy and will not cause Bonheur to contribute capital to be a majority shareholder
• DD debt is non-recourse to Bonheur
• DD has since the 1970s pioneered offshore drilling and delivered excellent operating performance

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▪ Bonheur's investment has since the IPO in 1997 yielded NOK 6.9 billion through dividends and share sale proceeds

Renewable energy

World energy transition into renewables

Solar and wind growing rapidly and dominating power mix by 2050

Source: DNV GL, Energy transition outlook 2018

Business Model and Project Portfolio

Shipping / Offshore wind

Offshore wind power becoming increasingly competitive

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A rapid expansion in capacity for offshore wind is driven by decrease in costs

Shipping / Offshore wind (Fred. Olsen Ocean)

• Fleet of three modern transport and installation vessels, Brave Tern, Bold Tern and Blue Tern
• 51% of jack-up offshore transport & installation vessel Blue Tern aquired December 2018
• Jack-up O&M vessel Jill on T/C from 2Q19

• Fleet of seven crew transfer vessels

• International supplier of personnel to the global wind turbine industry

• Mainly providing installation and blade repair services

• 860 employees as per 1Q 19.

• Offshore wind turbine foundations

• Providing the innovative Mono Bucket Foundation

Fred. Olsen Windcarrier AS Global Wind Services A/S Universal Foundation A/S United Wind Logistics GmbH

• FOO acquired 50% ownership in United Wind Logistics GmbH (UWL) in March 2019
• UWL offers marine transportation of various offshore wind turbine components from manufacturing sites to pre-assembly ports
• Operates currently with chartered tonnage.New building program for up to four vessels

Shipping/Offshore wind

A global market is emerging

• Significant demand from new regions
• Contracting activity at high levels driven by strong pipeline of projects
• FOWIC were the first in the US, now enters into the fast emerging Asian markets through its first contract in Taiwan
• Recent mile stone contract wins represent up to two vessel years of work:
• Yunlin Offshore Windfarm in Taiwanese waters in 2020-2021
• Moray East project off the east coast of Scotland in 2021

Installed offshore wind turbines ("WTGs") as per 2018 and estimate for 2030

https://www.youtube.com/watch?v=qpnpCkjLlf8

Cruise

Cruise

Market overview

• 28.5 mill. cruise passengers worldwide
• 2 mill. cruise passengers in UK and Ireland
• ~50/50 split on Ex-UK cruises (i.e. cruises departing from UK ports) and fly -cruises
• Highest growth from Ex -UK cruises
• Characterized by a large share of customers being in the higher age brackets
• Fred. Olsen Cruise Lines
• Has a significant market share in the smaller ship Ex -UK market
• Carries ~100 000 passengers per year
• Focused i.a. on cruises to northern Europe, the Atlantic islands and round Britain

Braemar and Balmoral visit to Oslo May 2019

Bonheur ASA 2018 / 2019 Update to AGM

Last 12 months activities

CAPITAL EMPLOYED AS PER 1Q 19