Bonheur ASA — M&A Activity 2018

Apr 30, 2018

Fred. Olsen Renewables - divestment of 49% of two wind farms

Fred. Olsen Renewables - divestment of 49% of two wind farms

Fred. Olsen Renewables Limited ("FORL"), a wholly owned subsidiary of Fred.

Olsen Renewables AS ("FORAS") which is wholly owned by Bonheur ASA ("BON"), has

entered into an agreement with funds managed by Aviva Investors Global Services

Limited ("Aviva Investors") whereupon Aviva Investors will acquire a significant

indirect minority shareholding in the wind farm companies Crystal Rig III

Limited ("CRIII") and Brockloch Rig Windfarm Limited ("BRW").

Aviva Investors will acquire a 49% shareholding in Fred. Olsen CBH Limited

("FOCBH"), a holding company owning CRIII and BRW as its only assets, for a

total cash consideration of £ 117.3 million (the "Transaction"). Settlement date

is expected on or about 30 April 2018. The remaining 51% shareholding is owned

by Fred. Olsen CB Limited ("FOCB"), which is ultimately wholly owned by FORL.

The total consideration for the Transaction implies an enterprise value for

FOCBH of £ 239.4 million.

Separate to the Transaction, FOCB is considering entering into a secured

facility agreement with banks of approximately £ 65 million (the "Financing").

Total proceeds to the BON group of companies from both the Transaction and the

potential Financing will be approximately £ 182.3 million.

See the document enclosed for further information about the Transaction.