Wallenius Wilhelmsen

AGM Information • May 31, 2010

WW ASA - Extraordinary General Meeting 28 May 2010 (minutes corrected)

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR

INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA,

AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH

THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER

RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT

NOTICE AT THE END OF THE STOCK EXCHANGE RELEASE.

An extraordinary general meeting of Oppstartsfase I

ASA (to be renamed Wilh. Wilhelmsen ASA)

(the "Company") was held on 28 May 2010.

Further to the stock exchange of 28 May 2010 in which

the Board of Directors announced the final terms of

the global offering, the Extraordinary General

Meeting of WW ASA passed a resolution to increase the

share capital of the company with minimum NOK

36,571,400 and maximum NOK 127,934,000 through the

issue of minimum 36,571,400and maximum 127,934,000

new shares to be issued in the global offering.

The general meeting also resolved to split the

company's shares in the ratio 1:100 to a nominal

value of NOK 1 and to grant an authorisation to the

Board of Directors to increase the share capital of

the company.

The (corrected) minutes from the extraordinary

general meeting are enclosed hereto.

Important Notice

The contents of this announcement have been prepared

by and are the sole responsibility of the Company.

The Joint Global Co-ordinators and Bookrunners and

the Joint Lead Managers and Co-Bookrunners are acting

exclusively for the Company and no one else and will

not be responsible to anyone other than the Company

for providing the protections afforded to their

respective clients, or for advice in relation to the

contemplated Global Offering, the contents of this

announcement or any of the matters referred to herein.

The Global Offering and the distribution of this

announcement and other information in connection with

the Global Offering may be restricted by law in

certain jurisdictions. The Company assumes no

responsibility in the event there is a violation by

any person of such restrictions. Persons into whose

possession this announcement or such other

information should come are required to inform

themselves about and to observe any such

restrictions. This announcement may not be used for,

or in connection with, and does not constitute, any

offer of securities for sale in the United States or

in any other jurisdiction. The Global Offering will

not be made in any jurisdiction or in any

circumstances in which such offer or solicitation

would be unlawful.

This announcement is not for distribution, directly

or indirectly in or into any jurisdiction in which it

is unlawful to make any such offer or solicitation to

such person or where prior registration or approval

is required for that purpose. No steps have been

taken or will be taken relating to the Global

Offering in any jurisdiction outside of Norway in

which such steps would be required. Neither the

publication and/or delivery of this announcement

shall under any circumstances imply that there has

been no change in the affairs of the Company or that

the information contained herein is correct as of any

date subsequent to the earlier of the date hereof and

any earlier specified date with respect to such

information.

Securities may not be offered or sold in the United

States absent registration or an exemption from

registration. The Offer Shares offered in the Global

Offering have not been and will not be registered

under the United States Securities Act of 1933, as

amended (the "US Securities Act") or with any

securities regulatory authority of any state or other

jurisdiction of the United States, and may not be

offered or sold within the United States, except in

transactions exempt from registration under the US

Securities Act, or in any other jurisdiction in which

it would not be permissible to offer or sell such

Offer Shares. All offers and sales outside the United

States will be made in reliance on Regulation S under

the US Securities Act.

This document does not constitute an offering

circular or prospectus in connection with an offering

of securities of the Company. Investors must neither

accept any offer for, nor acquire, any securities to

which this document refers, unless they do so on the

basis of the information contained in the prospectus

to be published by the Company. This document does

not constitute an offer to sell, or the solicitation

of an offer to buy or subscribe for, any securities

and cannot be relied on for any investment contract

or decision.

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act)