WW Holding (8442 TT)Investor Presentation

Apr 2019

• The information contained in this confidential document ("Presentation") has been prepared by WW Holding (the "Company"). It has not been fully

verified 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, the accuracy, reliability or completeness of the information in this Presentation, or any revision or supplement thereof, or of any other written or

oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and

liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or

advisers takes any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or

otherwise, in respect of, the accuracy or completeness or injury of the Information or for any of the opinions contained herein or for any errors,

omissions or misstatements 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 proceed

with any transaction and the right is reserved by the Company to terminate any discussions or negotiations with any prospective investors. In no

circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the

Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any

additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become

apparent.

• 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 after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or

opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should

satisfy itself in relation to such matters.

• This Presentation includes certain statements that may be deemed “forward-looking statements”. All statements in this discussion, other than

statements 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, such statements are not guarantees of future performance and actual results or developments may differ materially from those in

the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include

market prices, continued availability of capital and financing, general economic, market or business conditions and other unforeseen events.

Prospective Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments

may differ materially from those projected in forward-looking statements.

2

Disclaimer

31% 27% 21%

25% 30%26%

20% 22%

18%

14% 11%

11%

9% 10%

9%

0% 1%

15%

2016 2017 2018

Non-leather Bags Leather BagsSports Protectives Sport GlovesSport Accessories Luggage & Suitcases

Who we are and why invest in us?

3

We are a global leading sports protectives & accessoriesand handbags & luggage producer focusing on ODM forglobal sports and fashion & lifestyle brands.

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

As a result, we are able to develop a diversified customerbase but at the same time, achieves a prime vendorposition. 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 bagsand luggage products.

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

We will continue to seek growth by moving/expandingour production facilities to Southeast Asia and broadenour product offerings to better meet the needs of ourexisting and potential new customers.

Our topline and bottomline have been negativelyimpacted by our production migration in the past twoyears, however, as we are completing our migration, wehave already started to deliver strong topline and marginimprovement.

WW Holding consolidated sales breakdown

WWHoldingModel

SportsProtective Gear & Accessories

PurseHandbags & Luggage

Company Background

4

Company Milestones

5

Foundation & Structuring

1998-2006

Corporate Expansion2006-2017

Rationalization of Production2015 - 2018

1998 - Formerly Honour Rich Limited in Dongguan, Wilson Group Holdings Limited has its origin in Dongguan of Guangdong Province, China, and has been engaged in the production of high-end boutique bags since 1998.

2003 – Nike onboarded 2004 - Established Dongguan

Wellpower Sporting Goods, mainly for the production of sports protective gear and accessories.

2006 - Established a new production site in Huaian, Jiangsu Province.

2006 – Kipling, Tumi, Decathlon on boarded

2008-09 - Under Armour and JR286 onboarded

2011-13 – Nike: Best Stable Supplier Award, Best Innovative Product Award, Best Supplier Award.

2013-15 – JR286: Best Product Quality Award, Best Supplier Award.

2014 – Longchamp onboarded

2014 – Renamed the company to WW Holding Inc.

2014 – Merged with Wilson Group Holdings Limited.

2016 – Armani and Hugo Boss onboarded.

2016 – IPO in Taiwan with ticker 8442 TT.

2016 - Established Wilson Leather (Thailand) Co.

2016 - Established Wilson Leather (Cambodia) Co.

2016-17 – Gradually expanded more of our production from China to Southeast Asia.

2017 - Established Global Worth Investment Holding and Global Vibrant Trading Limited as the holding arm for our luggage business.

2017 – Acquired TWT Manufacturing Co., Ltd in Thailand – a major supplier to Tumi bags and luggage.

Consolidate Leadership Position2018 - Beyond

Consolidate leadership

position

Our Products

6

Non-leather boutique bags Luggage & suitcasesLeather boutique bags

Sports protectives Sports accessoriesSports gloves

Our Production Sites & Company Structure

7

• Sports goods production• Production line: 15• Workers: 696

• Handbags and backpacks• Production line: 22• Workers: 1,203

• R&D center• Boutique leather bags and

Sports goods production• Production line: 58• Workers: 3,822

• Boutique bags production• Production line: 21• Workers: 1,244

• Luggage production• Production line: 13• Workers: 1,367

Xingguo, JiangxiHuian, Jiangsu

Taiwan

Dongguan, Guangdong

Thailand

Phnom Penh, Cambodia

• Headquarter• Financial and R&D center

8, 479 Employees129 Production lines2 Business segments1 Common goal

*As of Dec 2018 *All companies are 100% owned

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)

Our Primary Customers

8

Our Competitive Strengths

9

Strong R&D Capability Broadest SKUs in Our Categories

Diversified Customer Base with Prime Vendor Position

Regional Deployment of Production Bases

Our Core Strengths

Our Competitive Strengths

10

Strong 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 functional and fashionable products for our customers.

In many cases, we generate product design ideas for our customers.

For example, Time Magazine ranked NIKE’s Muslim sports Hijab as one of the top25 “Best Inventions” of 2017, which was designed and manufactured 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 for each customer and will never sell any of our customers’ product designs to another.

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

Our Competitive Strengths

11

Diversified customer base with prime vendor position Besides strong R&D capability, our ability to

fulfill and customize according to our customers’ needs and expectations along with overcoming barriers to commercialization and mass production have won us prime vendor position in many of our customers’ supply chain.

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.

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

and Southeast Asia allow us to support different customers to supply into respective domestic markets faster than peers while obtaining a higher margin.

This also allows us to diversify and mitigate our political and financial risks in the case of government/ trade policy changes or currency fluctuations.

Customer ProductEst. 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%

Our Competitive Strengths

12

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 Brands

Production 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

Industry Trends & Outlook

13

According to various research institutes, the globalsports 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).

0.6

0.7

0.8

0.9

1.0

2016 2017 2018E 2019E 2020E 2021E 2022E

Global Sports Gloves Market

4

6

8

10

2016 2017 2018E 2019E 2020E 2021E 2022E

Global Sports Protective Equipment Market

Factor & Equilibrium Allied Market ResearchKBV Research Transparency Market ResearchAverage

Sports Protectives Industry

14

(USD/Bn) (USD/Bn)

Source: Index Markets Research

0%

4%

8%

12%

20

40

60

80

100

2005 2009 2013 2017

Sports events market revenueCAGR

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

340

380

420

460

2016 2017 2018E 2019E 2020E 2021E

Global Luxury Goods

40

50

60

70

80

2017 2018E 2019E 2020E 2021E 2022E 2023E

Global Luxury Bag Market KD Market Insights QY Research

10

14

18

22

26

2016 2017 2018E 2019E 2020E 2021E 2022E 2023E

Global Travel Bags Market

Global Luxury Bags and Travel Bags Industry

15

(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 luxury market is gradually rebuilding, and is expected to grow at 3% CAGR from 2016-2021.

China’s economic recovery, along with loosening of anti-extravagance measures, along with product designs and innovations, are rebuilding demand.

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

-10%

-5%

0%

5%

10%

15%

80

90

100

110

120

130

140

2012 2013 2014 2015 2016 2017

ASEAN FDI inflow outgrew China in 2016-17

China Southeast Asia

China Growth Rate Southeast Asia Growth Rate

Non-tech manufacturing gradually moving away from China

16

Source: National Bureau of Statistics of China

(USD/Bn)

Source: World Investment Report

30,000

40,000

50,000

60,000

70,000

80,000

2010 2011 2012 2013 2014 2015 2016 2017

China workers base salary(CNY/dollar)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

19

90

19

95

20

00

20

05

20

10

20

15

20

20E

20

25E

20

30E

20

35E

20

40E

20

45E

20

50E

20

55E

20

60E

20

65E

20

70E

20

75E

20

80E

20

85E

20

90E

20

95E

21

00E

0-14 15-64 65 and above

(Billion)

Source: United Nations & National Bureau of Statistics of China

Chinese working age population to plateau from 2015

0 100 200 300 400

Myanmar

Cambodia

Vietnam

Malaysia

Thailand

Philippines

Indonesia

China

Monthly minimum wage level in Asia

(USD)

Source: Bank of Tokyo Mitsubishi UFJ

Our Goals & Strategies

17

Our Group Vision and Goals

18

Weaving Sports & Fashion in Innovation

World Class Team and Infrastructure to Build Scale

Optimize cost structure

Sufficient capacities and flexibilities

Strengthen resilience to down cycles

New brands of customers

An expanding products portfolio

Strategic M&As

Re-deploy capital towards higher margin business to increase return

Operational Excellence

Accelerating Growth

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

Increase Shareholder Value

Our Growth Strategies

19

Objectives

Levers

1

2

3

4

Strengthening the core

New brands of customers

Expand along value chain

Mergers & acquisitions

Completes production migration to Southeast Asia

Increase automation level

Increase wallet share in existing customers

New customers acquisitions through product capacity expansion

Expand our sports offerings to medical-and industrial-grade protectives

Expand our offerings in bags and accessories categories

Explore acquisitions that enhance vertical integration

Explore acquisitions of original product manufacturing companies

Continue to expand in product offerings

Accelerate growth and return

Organic growth through customer acquisition

1. Strengthening the Core

20

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 and material after each cutting

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

Auto adjust material position after each 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 backer and sleeve on the machine

35 seconds needed per piece

1203 1203

0

500

1000

1500

2017 2018

Huian plants

696 696

500

550

600

650

700

750

2017 2018

Xingguo plant

1177

1367

1000

1100

1200

1300

1400

2017 2018

Thailand plant

1000

1244

0

500

1000

1500

2017 2018

Cambodia plant

47353822

0

2000

4000

6000

2017 2018

Dongguan plants

2. Expand the Value Chain

21

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 & Beanies

Industrial/Safety Vests

3. New Brands of Customers

22

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

Luxury

Premium

Sports & Designer

Fast Fashion

Casual & Mass

0%

1%

2%

3%

4%

5%

6%

7%

0

500

1000

1500

2000

2500

2016 2017 2018

TMT's net profit and margin

Net Profit Net Margin (RHS)

4. Mergers and Acquisitions

23

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

Our three priorities for M&As

1. Contributes to vertical

integration

2. Must be an original product manufacturing

company

3. Return-focused

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

10

13

0

2

4

6

8

10

12

14

2017 2018

Production lines

1177

1367

1000

1100

1200

1300

1400

2017 2018

Factory workers(USD ‘000)

Financial Performance

24

0

100

200

300

400

500

600

700

Sep

-15

Dec

-15

Mar

-16

Jun

-16

Sep

-16

Dec

-16

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

0

5

10

15

20

25

Gross Margin %

-40

-30

-20

-10

0

10

20

30

40

50

60

Revenue growth (YoY%)

-15

-10

-5

0

5

10

Operating Margin %

We are making a strong recovery as we complete our transition

25

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

Income Statement

26

NT$m 2013 2014 2015 2016 2017 2018YoY (%)

2014 2015 2016 2017 2018

Revenue 4,167 4,841 5,211 4,904 4,795 6,030 16.2 7.6 (5.9) (2.2) 25.8COGS 3,342 3,862 4,168 4,054 4,064 5,117 15.6 7.9 (2.7) 0.2 25.9Gross Profit 825 979 1,043 850 731 914 18.7 6.5 (18.5) (14.0) 25.0Operating Expenses (676) (725) (791) (724) (706) (833) 7.3 9.0 (8.4) (2.5) 17.9

Operating Profit 149 254 252 125 25 81 70.0 (0.5) (50.3) (80.2) 225.9Non Operating Income/(Loss) (52) 5 65 29 (20) 21 - 1159.1 (56.1) - -

Pretax Income 97 259 318 154 4 102 165.9 22.7 (51.5) (97.1) 2177.7Tax Expenses (24) (62) (78) (41) (43) (10) 163.7 24.9 (46.7) 4.3 (76.6)

Net Income to Parent 18 173 240 113 (39) 91 877.1 38.8 (53.1) - -Basic EPS (NT$) 1.42 4.18 5.46 2.51 (0.78) 1.83 194.4 30.6 (54.0) - -Key Financial Ratios (%)Gross Margin 19.8 20.2 20.0 17.3 15.2 15.2Operating Expense Ratio 16.2 15.0 15.2 14.8 14.7 13.8Operating Margin 3.6 5.2 4.8 2.6 0.5 1.3Effect Tax Rate 24.2 24.0 24.5 26.9 969.0 10.0Net Margin 0.4 3.6 4.6 2.3 (0.8) 1.5

Balance Sheet

27

NT$m 2013 2014 2015 2016 2017 2018YoY (%)

2014 2015 2016 2017 2018

Total Assets 2,586 2,922 3,075 3,228 4,010 4,181 13.0 5.2 5.0 24.2 4.3Cash 156 572 524 682 572 383 266.2 (8.4) 30.1 (16.1) (33.1)AR & NR 608 518 599 595 889 1055 (14.8) 15.7 (0.7) 49.5 18.6Inventories 605 605 640 567 737 890 0.0 5.7 (11.4) 29.9 20.8Fixed Assets 691 666 672 757 1,159 1,014 (3.7) 1.0 12.6 53.1 (12.5)

Total Liabilities 1,721 1,865 1,838 1,853 2,804 2,906 8.4 (1.4) 0.8 51.4 3.6AP & NP 395 351 342 324 457 521 (11.3) (2.4) (5.3) 41.1 13.9

Total Equity 866 1,057 1,237 1,375 1,205 1,275 22.1 17.0 11.2 (12.3) 5.8Key Financial Ratios A/R Turnover Days - 41.9 38.6 43.8 55.7 58.0Inventory Turnover Days - 56.4 53.8 53.6 57.8 57.2A/P Turnover Days - 34.8 29.9 29.6 34.6 34.4Cash Conversion Days - 63.5 62.4 67.8 78.9 80.8ROE (%) - 24.9 20.9 8.6 (3.0) 9.8ROA (%) - 6.3 8.0 3.6 (1.1) 3.0Net debt (cash)/Equity (%) - 32.3 20.0 17.3 69.8 88.1

Notes:

1. Our net debt to equity ratio grew significantly from 2017 to 1H18 was due to increased borrowings for our capacities build-up and M&A in Southeast Asia. As we are completing our production migration we expect the ratio to lower starting from 2019 and gradually normalizing to 2015-2016 level.

Dividend Payout and Capex

28

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 Apr 1, 2019.

3. We did not pay a dividend in 2018 due to losses in 2017. However we returned to profitability in full-year 2018 and hence has planned to resume our cash dividend payout in 2019.

(NT$m) 2014 2015 2016 2017 2018Net profit 173 240 113 -39 91Dividend Paid 43.9 131.8 110.0 - 75DPS (NT$) 1.0 2.6 2.2 - 1.5Payout ratio (%)

25.4% 54.9% 97.7% - 82.0%

Dividend yield 1.5% 4.6% 3.8% - 2.2%Capex 36 96 241 122 143Capex/Sales 0.7% 1.8% 4.9% 2.5% 2.3%

29

WW Holding (8442 TT)Thank You !

www.ww-holding.com.tw

For more information,

please visit our website