MEAG joins Fred. Olsen Windcarrier with a EUR 150 million long-term investment

About this update from Bonheur Asa

Fred. Olsen Ocean Ltd. ("FOO"), a wholly owned subsidiary of Bonheur ASA, haveentered into an agreement with MEAG MUNICH ERGO Asset Management GmbH("MEAG"),acting on behalf of affiliates of Munich Re Group, for an investment of EUR150million in its wholly owned subsidiary Fred. Olsen Windcarrier ASA ("FOWIC")(the "Transaction").The Transaction includes EUR 70 million for the acquisition of existing sharesfrom FOO at the initial closing and EUR 80 million for the subscription of newshares in FOWIC. Of this amount, EUR 30 million will be subscribed at theinitial closing, while the remaining EUR 50 million will be subscribed at asecond closing in the third quarter of 2027.Prior to the initial closing, FOWIC will distribute an extraordinary dividendofEUR 54 million to FOO. FOO will use part of these proceeds to provide ashort-term shareholder loan of EUR 29 million to FOWIC.The Transaction values FOWIC's pre-money equity, including the extraordinarydividend, at approximately EUR 600 million.Following the second closing, affiliates of Munich Re are expected to holdapproximately 24 percent of FOWIC's share capital.This partnership combines FOWIC's strong industrial and financial positionwithMEAG's expertise as one of Europe's leading infrastructure investors, with theaim of accelerating growth and further developing the company.The Transaction is subject to clearance by the German Federal Cartel Office.Initial closing is expected by the end of January 2026.This information is considered to be inside information pursuant to the EUMarket Abuse Regulation and is subject to the disclosure requirements pursuantto the Norwegian Securities Trading Act section 5-12. This stock exchangeannouncement was published by Øyvind Engesrønning, VP Finance in Fred. Olsen &Co. AS, on 19 December 2025 at 21:22 CET.https://newsweb.oslobors.no/message/662587

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