Treasure ASA

M&A Activity • Dec 4, 2025

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

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

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. Please find the enclosed notification forms for further information.

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).