WW Holding (8442 TT)Investor Presentation

December 2018

• The information contained in this confidential document ("Presentation") has been prepared by WW Holding (the "Company"). It has not been fullyverified and is subject to material updating, revision and further amendment.

• While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents,employees or advisers gives, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, theaccuracy, reliability or completeness of the information in this Presentation, or any revision or supplement thereof, or of any other written or oralinformation made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liabilitytherefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or adviserstakes any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, inrespect of, the accuracy or completeness or injury of the Information or for any of the opinions contained herein or for any errors, omissions ormisstatements or for any loss, howsoever arising, from the use of this Presentation or the information.

• Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceedwith any transaction and the right is reserved by the Company to terminate any discussions or negotiations with any prospective investors. In nocircumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of theCompany. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to anyadditional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may becomeapparent.

• This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents,employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company aftermaking such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions containedherein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation tosuch matters.

• This Presentation includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other thanstatements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements.Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-lookingstatements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continuedavailability of capital and financing, general economic, market or business conditions and other unforeseen events. Prospective Investors arecautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially fromthose projected in forward-looking statements.

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Disclaimer

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Who we are and why invest in us? We are a global leading sports protectives & accessoriesand handbags & luggage producer focusing on ODM for global sports and fashion & lifestyle brands.

Our key strengths lie in our strong R&D capability,particularly in fulfilling and customizing according to our customers’ needs and expectations and overcoming barriers to commercialization and mass production.

As a result, we are able to develop a diversified customerbase but at the same time, achieves a prime vendor position. Based on our estimates, we supplied up to 70% and 80% of Nike’s sports protective products and gloves, respectively. We also supply up to 40% of TUMI’s bags and luggage products.

We see huge growth opportunities globally in sportsaccessories and fashion & lifestyle products, thanks to growing popularity of sports/outdoor activities and affordable luxury.

We will continue to seek growth by moving/expanding ourproduction facilities to Southeast Asia and broaden our product offerings to better meet the needs of our existing and potential new customers.

Our topline and bottomline have been negatively impactedby our production migration in the past two years, however, as we are completing our migration, we have already started to deliver strong topline and margin improvement.

WW Holding consolidated sales breakdown

WWHoldingModel

SportsProtective Gear & Accessories

PurseHandbags & Luggage

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Company Background

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Company MilestonesFoundation & Structuring

1998-2006Corporate Expansion

2006-2017Rationalization of Production

2015 - 2018 1998 - Formerly Honour Rich

Limited in Dongguan, WilsonGroup Holdings Limited hasits origin in Dongguan ofGuangdong Province, China,and has been engaged in theproduction of high-endboutique bags since 1998.

2003 – Nike onboarded 2004 - Established Dongguan

Wellpower Sporting Goods,mainly for the production ofsports protective gear andaccessories.

2006 - Established a newproduction site in Huaian,Jiangsu Province.

2006 – Kipling, Tumi,Decathlon on boarded

2008-09 - Under Armour andJR286 onboarded

2011-13 – Nike: Best StableSupplier Award, BestInnovative Product Award,Best Supplier Award.

2013-15 – JR286: BestProduct Quality Award, BestSupplier Award.

2014 – Longchamponboarded

2014 – Renamed thecompany to WW Holding Inc.

2014 – Merged with WilsonGroup Holdings Limited.

2016 – Armani and HugoBoss onboarded.

2016 – IPO in Taiwan withticker 8442 TT.

2016 - Established WilsonLeather (Thailand) Co.

2016 - Established WilsonLeather (Cambodia) Co.

2016-17 – Graduallyexpanded more of ourproduction from China toSoutheast Asia.

2017 - Established GlobalWorth Investment Holdingand Global Vibrant TradingLimited as the holding armfor our luggage business.

2017 – Acquired TWTManufacturing Co., Ltd inThailand – a major supplierto Tumi bags and luggage.

Consolidate Leadership Position

2018 - Beyond

Consolidate leadership

position

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Our Products

Non-leather boutique bags Luggage & suitcasesLeather boutique bags

Sports protectives Sports accessoriesSports gloves

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Our Production Sites & Company Structure

• Sports goods production• Production line: 18• Workers: 689

• Handbags and backpacks• Production line: 22• Workers: 1,188

• R&D center• Boutique leather bags and

Sports goods production• Production line: 58• Workers: 4,027

• Boutique bags production• Production line: 19• Workers: 1,098

• Luggage production• Production line: 13• Workers: 1,300

Xingguo, JiangxiHuian, Jiangsu

Taiwan

Dongguan, Guangdong

Thailand

Phnom Penh, Cambodia

• Headquarter• Financial and R&D center

8,302 Employees130 Production lines2 Business segments1 Common goal

*As of Oct 2018

WW Holding Inc.

GLOBAL WORTH INVESTMENT HOLDING

LTD.

TWT Manufacturing Co.

Ltd.

GLOBAL VIBRANT TRADING LIMITED

WILSON GROUP HOLDINGS

LIMITED(SAMOA)

WILSON GROUP HOLDINGS

LIMITED

Hong Sheng Leather

(Dongguan)

Guangdong AnGaea

Wilson Leather (Cambodia)

WILSON HOLDINGS (HK)

LIMITED

Wilson

(Jiang Su)

NICE-BAG (Huai’an)

NICE-BAG

(Jiang Su)

WELLPOWER COMMERCE

HOLDING CO., LTD.

Wellpower (Dongguan)

Wellpower(jiangxi)

*All companies are 100% owned

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Our Primary Customers

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Our Competitive Strengths

Strong R&D Capability Broadest SKUs in Our Categories

Diversified Customer Base with Prime Vendor Position

Regional Deployment of Production Bases

Our Core Strengths

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Our Competitive StrengthsStrong emphasis on research and design Design is the heart and soul of our business We have a team of 308 dedicated designers and

R&D personnel who develop the most functionaland fashionable products for our customers.

In many cases, we generate product design ideasfor our customers.

For example, Time Magazine ranked NIKE’sMuslim sports Hijab as one of the top25 “BestInventions” of 2017, which was designed andmanufactured by us.

A one-stop shopping for our customers We cover up to 90% of all kinds of bags and

luggage SKUs for our customers to choose from. The same goes to our sports protectives and accessories business. In total, we cover up to 22k SKUs.

We have a firewall between showrooms foreach customer and will never sell any of our customers’ product designs to another.

The established trust in our company allows usto supply to major global brand customers (despite themselves being competitors).

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Our Competitive Strengths

Diversified customer base with prime vendor position

Besides strong R&D capability, our ability tofulfill and customize according to our customers’needs and expectations along with overcomingbarriers to commercialization and massproduction have won us prime vendor positionin many of our customers’ supply chain.

Based on our estimates, we supplied up to 70%and 80% of Nike’s sports protective products andgloves, respectively. We also supply up to 40% ofTUMI’s bags and luggage products.

Regional deployment of production bases Production bases in multiple regions in China

and Southeast Asia allow us to supportdifferent customers to supply into respectivedomestic markets faster than peers whileobtaining a higher margin.

This also allows us to diversify and mitigate ourpolitical and financial risks in the case ofgovernment/ trade policy changes or currencyfluctuations.

Customer Product Est. MktShare

TUMI

Business Bags 20%

Luggage 50%

Women Bags 70%

NikeSports Gloves 80%

Sports Protectives 70%

DecathlonShinguards 60%

Skate Protectives 70%

Longchamp Nylon Bags 40%

Kipling Nylon Bags 30%

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Our Competitive Strengths

Handles & Grips

Wheels

Zipper

Body & Parts

Strength

Safety

Durability & Resilience

Endurance

1. Product Safety2. Colorfastness to Crocking3. Colorfastness to Water/Water Repellency4. Colorfastness to Perspiration5. Colorfastness to UV Fading6. Oil Resistance7. Clean Ability8. Finish Adhesion9. Abrasion Resistance10. Bally Flex11. Stiffness12. Tensile Strength13. Tear Strength14. Seam Strength15. Break/Pipiness

TUMI vs. Other BrandsProduction Steps

Number of Parts

Accuracy Tolerance

Length of training for skilled labor

150

1 millimeter

18-24 months

40-60

120 50

5 millimeters

3 months

vs.

vs.

vs.

vs.

16. Shrinkage17. Dimensional Stability18. Salt Spray19. Mini-Tumble20. Operational Forces21. Zipper Crosswise Strength22. Zipper Puller Tensile Strength23. Environmental Cycle24. Handle Jerk/Strap Jerk25. Drop Test26. Tumble Test27. Telescoping Handel Free Fall/Impact28. Telescoping Handle Cycling29. Mileage Cycle30. Customized tests as required

Environmental Cycle Test Machine

Drop and TumbleTest Machine

Salt Spry Test Machine

For TUMI, products are put through 30 unique tests

Why we are chosen – TUMI as an example

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Industry Trends & Outlook

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Sports Protectives Industry According to various research institutes, the global

sports protective equipment market is expected togrow at a CAGR of 3.5% - 4.7% from 2016-2026.

The growth is mainly driven by an increase in sportsparticipation, rising popularity of sports leagues andthe number of sports events, combined with agrowing consumer awareness of safety duringsports activities.

Based on our estimates, we have roughly 10%market share in the global sports protectiveequipment market and 20% market share in theglobal sports gloves market (based on FOB prices).

(USD/Bn) (USD/Bn)

Source: Index Markets Research

CAGR(%) 2005-2009

2009-2013

2013-2017

Football 8% 9% 5%U.S. sports 5% 5% 4%Tennis 2% 5% 3%Golf 3% 2% 4%Other 11% 9% 9%Total 6% 7% 5%

*US Sports include NFL,MLB, NBA, NHL, NASCAR, NCAA

Global Sports Events Revenue(USD/Bn)

Source: A.T. Kearney Analysis

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Global Luxury Bags and Travel Bags Industry

(USD/Bn)

Source: KD Market Insights, QYResearch

(USD/Bn)

Source: BBG

(USD/Bn)

Source: Global Opportunity Analysis and Industry Forecast

According to Bloomberg research, the global luxurymarket is gradually rebuilding, and is expected togrow at 3% CAGR from 2016-2021.

China’s economic recovery, along with loosening ofanti-extravagance measures, along with productdesigns and innovations, are rebuilding demand.

Beauty products, small leather goods andaccessories, and travel bags and luggage are amongthe fastest-growing categories at the more-accessible price points.

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Non-tech manufacturing gradually moving away from China

Source: National Bureau of Statistics of China

(USD/Bn)

Source: World Investment Report

(CNY/dollar)

Source: United Nations & National Bureau of Statistics of China

Chinese working age population to plateau from 2015

(USD)

Source: Bank of Tokyo Mitsubishi UFJ

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Our Goals & Strategies

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Our Group Vision and Goals

Weaving Sports & Fashion in Innovation

World Class Team and Infrastructure to Build Scale

Optimize coststructure

Sufficient capacitiesand flexibilities

Strengthen resilienceto down cycles

New brands ofcustomers

An expandingproducts portfolio

Strategic M&As

Re-deploy capitaltowards highermargin business toincrease return

Operational Excellence

Accelerating Growth

To become the global no. 1 supplier for premiumsports accessories and fashion & lifestyle products

Increase Shareholder

Value

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Our Growth Strategies

Objectives

Levers

1

2

3

4

Strengthening the core

New brands of customersExpand

along value chain

Mergers & acquisitions

Completesproductionmigration toSoutheast Asia

Increase automationlevel

Increase walletshare in existingcustomers

New customersacquisitionsthrough productcapacity expansion

Expand our sportsofferings to medical-and industrial-gradeprotectives

Expand our offeringsin bags andaccessories categories

Explore acquisitionsthat enhancevertical integration

Explore acquisitionsof original productmanufacturingcompanies

Continue toexpand in productofferings

Accelerate growthand return

Organic growththrough customeracquisition

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1. Strengthening the Core

We are better positioned to serve our customers after realignment of our production capabilities

# of plant workers

Auto CuttingTraditional

Progress of Auto Cutting for Ankle Sock

Need to move the cutting mold andmaterial after each cutting

Two layers cut at the same time 1 Worker does 1500 pairs/day

Auto adjust material position aftereach cutting

4 layers cut at the same time 1 Worker does 2000 pairs/day

Progress of Auto Stitching

Auto StitchingTraditional Worker holds the foam and backer

and sleeve Small sleeve opening would impact

stitching efficiency 70 seconds needed per piece

Only need to fix the foam backerand sleeve on the machine

35 seconds needed per piece

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2. Expand the Value Chain

& Beanies

We firmly believe the key to our success lies in the products that we offer to our customers

Marathon Jackets

Belts & Leather

Accessories

Medical Support/Gloves

Medical Support Socks

Sports, Medical, Industrial Protectives

& Fashion, Lifestyle

Products

Specialty Sports Bags

Diaper/Baby Bags

Sports Hats

Industrial/Safety Vests

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3. New Brands of Customers

Our goal is to emerge as a trusted partner to the top global sports and lifestyle brands

Growing new brands

Sports protective

s

Gloves

Accessories

Bags

Equipment

Women Bags

Men Bags

Luggage, Travels

Belts

Accessories

Growing wallet share in existing customers

Global brands Boutique brands

A balanced portfolio & target markets to ensure the highest profitability

LuxuryPremium

Sports & Designer

Fast Fashion

Casual & Mass

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4. Mergers and Acquisitions

We have a strong M&A track record and we are return-focused

Our three priorities for M&As

1. Contributes tovertical

integration

2. Must be anoriginal product manufacturing

company

3. Return-focused

Our acquisition of TWT (Thailand) in 4Q17 as an example (a major supplier to TUMI)

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Financial Performance

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3Q18 Results Summary

Revenue (NT$m)

Operating Profit (NT$m)

+17.4%

+46.0%

Gross Profit (NT$m)

Net Income to Parent (NT$m)

+33.2%

+419.8%

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3Q18 Income Statement

(NT$million) 3Q18 3Q17 Dif. YoY 2Q18 Dif. QoQRevenue 1,569 1,336 233 17.4% 1,715 (146) (8.5%)COGS (1,288) (1,125) (163) 14.5% (1,482) 194 (13.1%)Gross Profit 282 211 70 33.2% 233 48 20.6%Operating Expenses (231) (176) (54) 30.6% (201) (29) 14.5%

Selling and Marketing (106) (78) (28) 35.9% (85) (21) 25.0%Administrative Expense (100) (80) (20) 24.9% (91) (9) 9.4%Research and development (24) (18) (6) 33.5% (25) 1 (2.7%)

Operating Profit 51 35 16 46.0% 32 19 59.1%Non Op. Income/(Loss) 6 (11) 16 - 35 (30) (84.3%)Pretax Income 56 24 32 132.4% 67 (11) (16.0%)Tax Expenses (2) (14) 12 (88.7%) 0.4 (2) -Minority 0 0 0 - 0 0 -Net Income to Parent 55 11 44 419.8% 68 (13) (18.7%)Basic EPS (NT$) 1.10 0.21 0.89 419.8% 1.35 (0.25) (18.7%)Diluted EPS (NT$) 1.10 0.21 0.89 419.8% 1.35 (0.25) (18.7%)Key Financial Ratios (%)Gross Margin 17.9% 15.8% 2.1% 13.6% 4.3%Operating Expense Ratio 14.7% 13.2% 1.5% 11.7% 3.0%Operating Margin 3.2% 2.6% 0.6% 1.9% 1.4%Pretax Income Margin 3.6% 1.8% 1.8% 3.9% (0.3%)Effect Tax Rate 2.8% 56.5% (53.8%) - -Net Margin 3.5% 0.8% 2.7% 3.9% (0.4%)

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1-3Q18 Income Statement

(NT$million) 9M18 9M17 Dif. YoYRevenue 4,450 3,703 747.1 20.2%COGS (3,852) (3,141) (711) 22.6%Gross Profit 598 562 37 6.5%Operating Expenses (623) (529) (95) 17.9%

Selling and Marketing (269) (261) (8) 3.0%Administrative Expense (284) (216) (68) 31.7%Research and development (71) (52) (19) 35.9%

Operating Profit (25) 33 (58) -Non Op. Income/(Loss) 36 (13) 48 -Pretax Income 10 20 (10) (48.6%)Tax Expenses (2) (38) 37 (95.2%)Minority 0 0 0 -Net Income to Parent 8 (18) 27 -Basic EPS (NT$) 0.17 (0.37) 0.54 -Diluted EPS (NT$) 0.17 (0.37) 0.54 -Key Financial Ratios (%)Gross Margin 13.4% 15.2% (1.7%)Operating Expense Ratio 14.0% 14.3% (0.3%)Operating Margin (0.6%) 0.9% (1.5%)Pretax Income Margin 0.2% 0.5% (0.3%)Effect Tax Rate 18.0% 192.1% (174.2%)Net Margin 0.2% (0.5%) 0.7%

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3Q18 Balance Sheet

(NT$million) 3Q18 2Q18 Dif. 2017 Dif.Total Assets 4,273 4,016 257 4,010 263 Cash 420 359 61 572 (152)AR & NR 1,141 1,126 15 889 252 Inventories 886 782 104 737 149 Fixed Assets 1,013 1,013 0 1,159 (146)

Total Liabilities 3,087 2,850 237 2,804 283 AP & NP 584 502 82 457 127

Total Equity 1,186 1,165 21 1,205 (19)Key Financial Ratios A/R Turnover Days 61.5 56.2 5.3 55.7 5.8 Inventory Turnover Days 50.3 46.5 3.8 57.8 (7.5)A/P Turnover Days 33.8 30.3 3.5 34.6 (0.8)Cash Conversion Days 78.0 72.4 5.6 78.9 (0.9)ROE (%) 0.9 (7.8) 8.7 (3.0) 3.9 ROA (%) 0.3 (2.3) 2.6 (1.1) 1.4 Net debt (cash)/Equity (%) 108.6 113.4 (4.8) 69.8 38.8

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We are making a strong recovery as we complete our transition

Revenues are returning… …and maintain at double digit growth

Our margin took a hit but is recovering

Consolidated Monthly Revenue (NT$m)

Our margin took a hit but is recovering

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Income Statement

NT$m 2013 2014 2015 2016 2017 9M18YoY (%)

2014 2015 2016 2017 9M18Revenue 4,167 4,841 5,211 4,904 4,795 4,450 16.2 7.6 (5.9) (2.2) 20.2Gross Profit 825 979 1,043 850 731 598 18.7 6.5 (18.5) (14.0) 6.5Operating Expenses (676) (725) (791) (724) (706) (623) 7.3 9.0 (8.4) (2.5) 17.9

Operating Profit 149 254 252 125 25 (25) 70.0 (0.5) (50.3) n.a. n.a.Non Operating Income/(Loss) (52) 5 65 29 (20) 36 n.a. 1159.1 (56.1) n.a. n.a.

Pretax Income 97 259 318 154 4 10 165.9 22.7 (51.5) (97.1) (48.6)Tax Expenses (24) (62) (78) (41) (43) (1.9) 163.7 24.9 (46.7) 4.3 (95.2)

Net Income to Parent 18 173 240 113 (39) 8 877.1 38.8 (53.1) n.a. n.a.Basic EPS (NT$) 1.42 4.18 5.46 2.51 (0.78) 0.17 194.4 30.6 (54.0) n.a. n.a.Key Financial Ratios (%)Gross Margin 19.8 20.2 20.0 17.3 15.2 13.4Operating Expense Ratio 16.2 15.0 15.2 14.8 14.7 14.0Operating Margin 3.6 5.2 4.8 2.6 0.5 (0.6)Effect Tax Rate 24.2 24.0 24.5 26.9 969.0 18.0Net Margin 0.4 3.6 4.6 2.3 (0.8) 0.2

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Balance Sheet

NT$m 2013 2014 2015 2016 2017 9M18YoY (%)

2014 2015 2016 2017 9M18Total Assets 2,586 2,922 3,075 3,228 4,010 4,273 13.0 5.2 5.0 24.2 29.8Cash 156 572 524 682 572 420 266.2 (8.4) 30.1 (16.1) (9.9)AR & NR 608 518 599 595 889 1,141 (14.8) 15.7 (0.7) 49.5 28.7Inventories 605 605 640 567 737 886 0.0 5.7 (11.4) 29.9 61.1Fixed Assets 691 666 672 757 1,159 1,013 (3.7) 1.0 12.6 53.1 29.1

Total Liabilities 1,721 1,865 1,838 1,853 2,804 3,087 8.4 (1.4) 0.8 51.4 49.5AP & NP 395 351 342 324 457 584 (11.3) (2.4) (5.3) 41.1 53.3

Total Equity 866 1,057 1,237 1,375 1,205 1,186 22.1 17.0 11.2 (12.3) (3.3)Key Financial Ratios A/R Turnover Days - 41.9 38.6 43.8 55.7 61.5Inventory Turnover Days - 56.4 53.8 53.6 57.8 50.3A/P Turnover Days - 34.8 29.9 29.6 34.6 33.8Cash Conversion Days - 63.5 62.4 67.8 78.9 78.0ROE (%) - 24.9 20.9 8.6 (3.0) 0.9ROA (%) - 6.3 8.0 3.6 (1.1) 0.3Net debt (cash)/Equity (%) - 32.3 20.0 17.3 69.8 108.6

Notes:

1.Our net debt to equity ratio grew significantly from 2017 to 1H18 was due to increased borrowings for ourcapacities build-up and M&A in Southeast Asia. As we are completing our production migration we expect the ratio to lower starting from 3Q18 and gradually normalizing to 2015-2016 level.

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Dividend Payout and Capex

Notes:

1.WW Holding became listed on TAIEX on Nov 8, 2016.

2.Cash yield is calculated based on WW Holding’s closing share price on Oct 12, 2018.

3.We did not pay a dividend in 2018 due to losses in 2017. However, as we finish our production migration weexpect to return to profitability in full-year 2018, hence allowing us to resume our cash dividend payout.

(NT$m) 2014 2015 2016 2017Net profit 173 240 113 -39Dividend Paid 43.9 131.8 110.0 -DPS (NT$) 1.0 2.6 2.2 -Payout ratio (%) 25.4% 54.9% 97.7% -Dividend yield 1.5% 4.6% 3.8% -Capex 36 96 241 122Capex/Sales 0.7% 1.8% 4.9% 2.5%

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WW Holding (8442 TT)Thank You !

www.ww-holding.com.tw

For more information, please visit our website

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