Wallenius Wilhelmsen

Delisting Announcement • Apr 20, 2016

STOCK EXCHANGE ANNOUNCEMENT 20 APRIL 2016: DEMERGER OF WILH. WILHELMSEN ASA WITH TRANSFER OF THE SHARES IN DEN NORSKE AMERIKALINJE AS TO TREASURE ASA RESOLVED BY THE EXTRAORDINARY GENERAL MEETINGS

STOCK EXCHANGE ANNOUNCEMENT 20 APRIL 2016: DEMERGER OF WILH. WILHELMSEN ASA WITH TRANSFER OF THE SHARES IN DEN NORSKE AMERIKALINJE AS TO TREASURE ASA RESOLVED BY THE EXTRAORDINARY GENERAL MEETINGS

Demerger of Wilh. Wilhelmsen ASA with transfer to

Treasure ASA

Reference is made to the stock exchange notice of 17

March 2016 regarding the proposed demerger of Wilh.

Wilhelmsen ASA (WWASA) with transfer of the shares in

Den Norske Amerikalinje AS to Treasure ASA (Treasure)

and call for an EGM 20 April 2016 to deal with the

demerger.

WWASA and Treasure today announce that the respective

general meetings have approved the joint demerger plan

dated 17 March 2016, whereby all WWASA's shares in Den

Norske Amerikalinje AS are transferred to Treasure,

while all other assets, rights and liabilities will

remain with WWASA. Upon completion of the demerger,

Den Norske Amerikalinje will be a wholly owned

subsidiary of Treasure, and Treasure will own the

12.04% shareholding in Hyundai Glovis through Den

Norske Amerikalinje AS. Treasure will be listed on

Oslo Børs upon the completion of the demerger.

The consummation of the demerger is subject to the

satisfaction of a number of conditions, including that

legislation does not prevent registration of the

demerger and the parties obtain permissions/consents

from public authorities, contract parties and third

parties which are required in order to carry out the

demerger, a resolution has been made by the Oslo Stock

Exchange for the listing of Treasure on the Oslo Stock

Exchange, or on another regulated market, that the

creditor notice period has expired for both parties

and the relation to any creditors which have submitted

objections have been clarified.

The shares in Treasure will be distributed on a pro

rata basis to the shareholders of WWASA as of expiry

of the date of registration of the consummation of the

demerger with the Norwegian Register of Business

Enterprises (Nw. Foretaksregisteret), which is

expected to occur on or about 7 June 2016 following

expiry of the creditor notice period, as such

shareholders appear in the shareholders register of

WWASA with the Norwegian Central Securities Depositary

(Nw. Verdipapirsentralen) as of expiry of the second

trading day thereafter (i.e. on or about 9 June 2016).

The listing and the first day of trading in the shares

in Treasure on Oslo Børs is expected to be on or about

8 June 2016.

Further information will be provided in the

information memorandum to be prepared by WWASA and the

listing prospectus to be prepared for Treasure.

About Treasure:

Treasure is a newly incorporated public limited

liability company. Treasure will upon the completion

of the demerger be the owner of a 12.04% investment in

Hyundai Glovis through Den Norske Amerikalinje AS.

Treasure will apply for listing on Oslo Børs with

effect from the completion of the demerger. Treasure

has on 20 April 2016 elected a new board of directors

consisting of Thomas Wilhelmsen (chairman), Christian

Berg, Marianne Lie and Bente Gudveig Brevik. The

management of Treasure will be announced closer to the

date of listing of Treasure. Treasure does not have

any employees.

About WWASA:

Wilh. Wilhelmsen ASA is through its operating

companies the world leading operator within the

rolling cargo segment. It is the only listed company

in its niche, and offers global car and ro-ro

customers sea transportation and integrated logistics

solutions from factory to dealer.