Wilh. Wilhelmsen Holding ASA: Wilh. Wilhelmsen Holding ASA completes cash offer in Treasure ASA and resolves compulsory acquisition of remaining shares

04 Dec 2025 16:50 CET

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO CANADA,
AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE
WOULD BE UNLAWFUL.

Reference is made to the stock exchange announcement on 28 November 2025 by
Wilh. Wilhelmsen ASA regarding its acquisition of shares in Treasure ASA and
launch of a cash offer to the remaining shareholders of Treasure ASA, subject to
legal restrictions in certain jurisdiction, at NOK 39.50 per share (the
"Offer").

The offer period under the Offer expired today, 4 December 2025, at 16:30 hours
CET. The Offer was accepted for a total of 3,067,599 shares, increasing the
holding of Wilh. Wilhelmsen Holding ASA to 202,007,795 shares in Treasure ASA,
representing approximately 98.67% of the outstanding shares and voting rights.

Wilh. Wilhelmsen Holding ASA is a company closely associated to Thomas
Wilhelmsen, chairman of the board of directors of Treasure ASA and Christian
Berg, member of the board of directors of Treasure ASA.

The board of directors of Wilh. Wilhelmsen Holding ASA has resolved, effective
from after close of trading on the Oslo Stock Exchange today 4 December 2025, to
carry out a compulsory acquisition of all remaining shares in Treasure ASA not
owned by Wilh. Wilhelmsen Holding ASA, pursuant to section 4-25 of the Norwegian
Public Limited Liability Companies Act.

As a consequence, Wilh. Wilhelmsen Holding ASA has assumed ownership to the
shares in Treasure ASA not already owned by Wilh. Wilhelmsen Holding ASA and
that are thus subject to the compulsory acquisition. Consequently, Wilh.
Wilhelmsen Holding ASA will from the date hereof be owner of all outstanding
shares in Treasure ASA.

The compulsory acquisition offer price will be NOK 39.50 per share in Treasure
ASA, which corresponds to the offer price in the Offer.

Settlement of the compulsory acquisition offer price will take place on or about
12 December 2025. A notice regarding the compulsory acquisition will be sent to
all former shareholders subject to the compulsory acquisition whose addresses
are known. In addition, the compulsory acquisition will be announced through the
electronic notice service of the Norwegian Register of Business Enterprises.

Any objections to, or rejection of, the offered compulsory acquisition offer
price must be made at the latest by 23:59 (Norwegian time) on 13 February 2026.
Former shareholders of Treasure ASA who do not object to, or reject, the offered
compulsory acquisition offer price within this deadline will be deemed to have
accepted the compulsory acquisition offer price.

The Offer and the distribution of this announcement and other information in
connection with the Offer may be restricted by law in certain jurisdictions
("Restricted Jurisdictions"). Wilh. Wilhelmsen Holding ASA does not assume any
responsibility in the event there is a violation by any person of such
restrictions. Persons into whose possession this announcement or relevant
information should come are required to inform themselves about and to observe
any such restrictions. Copies of this release and any related documents are not
being, and must not be, mailed, e-mailed or otherwise distributed or sent in or
into Restricted Jurisdictions and so doing may invalidate any purported
acceptance.

This stock exchange release was published by Thomas Finnema on 4 December 2025
at 16:50 CET.

This information is subject to the disclosure requirements pursuant to 5-12 of
the Norwegian Securities Trading Act and the Market Abuse Regulation (EU)
596/2014 (MAR).

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