Bonheur ASA — M&A Activity 2015

Jun 24, 2015

Fred. Olsen Renewables - UK wind farm portfolio

Fred. Olsen Renewables - UK wind farm portfolio

Reference is made to the notice to the Oslo Stock Exchange as of 19 June 2015,

whereby it was announced that Fred. Olsen Renewables Limited ("FORL"), a 100%

subsidiary of Fred. Olsen Renewables AS ("FORAS") which is owned 50/50 by

Bonheur ASA and Ganger Rolf ASA, was in final stage of negotiations with the UK

based infrastructure fund The Renewables Infrastructure Group Limited ("TRIG")

to acquire a significant minority interest in FORL's 433 MW installed capacity

UK onshore wind farm portfolio.

The process has since progressed and negotiations with TRIG have now concluded

in a final agreement which will see TRIG acquire ownership of 49% of the

abovementioned portfolio ("the Transaction"). Please see the document enclosed

for further information about the Transaction.