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COMPLETED MERGER OF BONHEUR ASA AND GANGER ROLF ASA

Reference is made to previous stock exchange announcements regarding the proposed merger of Bonheur ASA and Ganger Rolf ASA, with Bonheur ASA as the surviving entity. The merger process is now successfully completed. Consequently, this has today been duly registered with The Norwegian Register of Business Enterprises. The new share capital of Bonheur ASA is NOK 53,164,866.25 divided on 42,531,893 shares each with a nominal value of NOK 1.25. The completed merger implies that all assets, rights and obligations of Ganger Rolf ASA are transferred into Bonheur ASA. As a corollary,

Key dates relating to merger between Bonheur ASA and Ganger Rolf ASA

Reference is made to the previously announced merger between Bonheur ASA (BON) and Ganger Rolf ASA (GRO), with Bonheur ASA as the surviving entity. Please note the following key dates assuming no objections during the creditor notice period: Last day when both companies are trading:                                                        4 May 2016 Effective Date (of completed merger), i.e.first day BON trading alone:                6 May 2016 Record Date:                                                                                                    9. Mai 2016 The merger

Extraordinary General Meeting

An Extraordinary General Meeting (“EGM”) in Ganger Rolf ASA (“the Company”) was held today, Wednesday 16 March 2016, regarding the proposal for a merger between Bonheur ASA and Ganger Rolf ASA. The Chairman of the Shareholders' Committee chaired the EGM. All items on the agenda, which was sent to Oslo Stock Exchange on 23 February 2016, were unanimously resolved in accordance with the corresponding proposals as identified in the summons and placed before the EGM. The EGM consequentially approved the duly distributed merger plan with appendices dated 11 February 2016 regarding the

REPORT FOR THE 4 QUARTER 2015 AND PRELIMINARY RESULT 2015 (CORRECTION)

Reference is made to the stock exchange announcement made earlier today 17 February 2016 regarding the publication of the report for the 4 quarter 2015 and preliminary result 2015. Due to an inadvertence, the condensed statement of cashflow for the parent company was not included in the report. Enclosed is the complete report, which now includes the condensed statement of cashflow for the parent company.

REPORT FOR 4 QUARTER 2015 AND PRELIMINARY RESULT 2015

Comments to the accounts for Ganger Rolf ASA The unaudited Group accounts for 4 quarter 2015 comprise Ganger Rolf ASA and its subsidiaries (“The Group of companies”) and the Group of companies´ ownership of associates. Comparable figures for the same period in 2014 in brackets. On 8 February 2016, the boards of directors of Bonheur ASA and Ganger Rolf ASA proposed a merger of the two companies. For further information, please refer to the section Subsequent events. Financial information Operating result (EBIT), which mainly reflects the holding company expenses, was NOK - 16

Merger plan and documents

Reference is made to stock exchange announcement 8 February 2016 regarding the proposed merger of Bonheur ASA and Ganger Rolf ASA (the "Companies"). The merger plan resolved by the boards of the Companies constituted by the competent directors has now been published and is enclosed to this announcement in accordance with section 10.3 (2) of the Oslo Stock Exchange's continuing obligations for stock exchange listed companies. The Companies' annual reports for 2012, 2013 and 2014 together with the financial report for the first half year of 2015 have previously been published through the Oslo

PROPOSED MERGER OF BONHEUR ASA AND GANGER ROLF ASA

The boards of directors of Bonheur ASA (“Bonheur”) and Ganger Rolf ASA (“Ganger Rolf”), respectively constituted by their competent board members, today announce that they have resolved to propose a merger of the two mentioned companies. The main terms for such proposed merger are as follows: · Bonheur, currently controlling 62.66 % of the shares in Ganger Rolf, will be the surviving entity in the merger and maintain its listing on the Oslo Stock Exchange · Ganger Rolf shareholders to receive 0.8174 Bonheur shares for every one share in Ganger Rolf representing 23.95 % ownership

REPORT FOR THIRD QUARTER 2015

The unaudited Group accounts for 3 quarter 2015 comprise Ganger Rolf ASA and its subsidiaries (“The Group of companies”) and the Group of companies´ ownership of associates. Comparable figures for the same period in 2014 in brackets. Operating result (EBIT), which mainly reflects the holding company expenses, was NOK - 21 million (NOK - 16 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company. Results have been impacted positively by higher USD, GBP and EUR against NOK compared

OFFSHORE WIND TRANSPORT AND INSTALLATION CONTRACT

Fred. Olsen Windcarrier International Ltd. (“the Company”), which is indirectly owned 50/50 by Bonheur ASA and Ganger Rolf ASA, has been awarded a contract with the company Adwen Bremerhaven GmbH (“Adwen”) for the transport and installation of 70 units of Adwen 5 MW wind turbine generators for the Wikinger Offshore Wind Farm project located in the Baltic Sea within the German exclusive economic zone.The contract will commence during the first quarter of 2017 and is expected to be completed during the third quarter of 2017. Adwen has the option to extend the contract for anywhere between

REPORT FOR SECOND QUARTER 2015 AND FIRST HALF YEAR 2015

Financial information Operating result (EBIT), which mainly reflects the holding company costs, was NOK - 13 million (NOK - 17 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company. Results have been impacted positively by higher USD, GBP and EUR against NOK compared with the corresponding quarter last year. USD was on average approximately 29% higher in 2 quarter 2015 compared to 2 quarter 2014 while GBP and EUR was 18% and 4% higher, respectively. Net result from associates

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

Fred. Olsen Renewables – UK wind farm portfolio

Reference is made to the notice to Oslo Stock Exchange as of 8 January 2015, whereby it was announced that Fred. Olsen Renewables AS, owned 50/50 by Bonheur ASA and Ganger Rolf ASA, was considering the possibility of bringing in partners into its operational UK onshore wind farm portfolio of approximately 433 MW installed capacity, to in part enhance further growth. Fred. Olsen Renewables Limited, a 100% subsidiary of Fred. Olsen Renewables AS, and the UK based infrastructure fund The Renewables Infrastructure Group Limited (“TRIG”) are in final stage of negotiations for TRIG to acquire

Annual General Meeting

The Annual General Meeting (AGM) of Ganger Rolf ASA was held today, Thursday 28 May 2015. All items on the agenda, which was sent to Oslo Stock Exchange on 7 May 2015, were resolved in accordance with the corresponding proposals placed before the AGM. In addition to the Vice-Chairman of the Shareholders’ Committee, who also chaired the AGM, also the Shareholder Committee members Aase Gudding Gresvig, Jørgen G. Heje and Bård Mikkelsen. were present and so was the Chairman of the Board, Mr. Fred. Olsen and the proprietor of Fred. Olsen & Co., Anette S. Olsen, who also holds the position as

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