WW Holding (8442 TT)Investor Presentation

Dec 2019

• 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 relationto, the accuracy, reliability or completeness of the information in this Presentation, or any revision or supplement thereof, or of any other written ororal information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") andliability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees oradvisers takes any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory orotherwise, 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 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 theCompany after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections oropinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient shouldsatisfy itself in relation to such 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-lookingstatements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those inthe forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements includemarket 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 developmentsmay differ materially from those projected in forward-looking statements.

2

Disclaimer

2016 2017 2018 9M19

31% 27% 21% 25%

25% 30%26% 21%

20% 22%18% 19%

14% 11%11% 12%

9% 10%9% 5%

0% 1%15% 18%

Non-leather Bags Leather Bags

Sports Protectives Sport Gloves

Sport 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 & Structuring1998-2006

Corporate Expansion2006-2017

Rationalization of Production2015 - 2018

1998 - Formerly Honour RichLimited in Dongguan, WilsonGroup Holdings Limited has itsorigin 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 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: 13• Workers: 670

• Handbags and backpacks• Production line: 22• Workers: 1,196

• R&D center• Boutique leather bags and

Sports goods production• Production line: 52• Workers: 3,488

• Boutique bags production• Production line: 28• Workers: 1,962

• Luggage production• Production line: 13• Workers: 1,352

Xingguo, JiangxiHuian, Jiangsu

Taiwan

Dongguan, Guangdong

Thailand

Phnom Penh, Cambodia

• Headquarter• Financial and R&D center

8,778 Employees128 Production lines2 Business segments1 Common goal

*As of 3Q19 *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 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).

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 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%

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 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

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 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.

-10%

-5%

0%

5%

10%

15%

8090

100110120130140

2012 2013 2014 2015 2016 2017

ASEAN FDI inflow outgrew China in 2016-17

China Southeast AsiaChina 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

1990

1995

2000

2005

2010

2015

2020

E20

25E

2030

E20

35E

2040

E20

45E

2050

E20

55E

2060

E20

65E

2070

E20

75E

2080

E20

85E

2090

E20

95E

2100

E

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

MyanmarCambodia

VietnamMalaysiaThailand

PhilippinesIndonesia

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 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

Our Growth Strategies

19

Objectives

Levers

1

2

3

4

Strengthening the core

New brands of customers

Expand 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

1. Strengthening the Core

20

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

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 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

# of plant workers

1,191 1,196

1,000

1,100

1,200

1,300

9M18 9M19

Huian plants

3,819

3,488

3,000 3,200 3,400 3,600 3,800 4,000

9M18 9M19

Dongguan plants

692 670

500

600

700

800

9M18 9M19

Xingguo plant

1,259 1,352

1,000 1,100 1,200 1,300 1,400 1,500

9M18 9M19

Thailand plant

1,098

1,962

-

500

1,000

1,500

2,000

9M18 9M19

Cambodia plant

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

LuxuryPremium

Sports & Designer

Fast Fashion

Casual & Mass

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 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)

1013 13

0

5

10

15

2017 2018 9M19

Production lines

1177

1,367 1,352

1000

1100

1200

1300

1400

2017 2018 9M19

Factory workers

0%

5%

10%

0

1,000

2,000

3,000

2017 2018 9M19

TWT's net profit and margin

Net Profit(USD '000) Net Margin(RHS)

Financial Performance

24

We are making a strong growth as we complete our transition

25

-40

-30

-20

-10

0

10

20

30

40

50

60

-10

-5

0

5

10

0.00

5.00

10.00

15.00

20.00

25.00

0100200300400500600700

Consolidated Monthly Revenue (NT$m) Revenue growth (YoY%)

Revenues are growing……and maintain at double digit growth

Gross Margin (%) Operating Margin %

Our margin took a hit but is recovered Our margin took a hit but is recovered

Income Statement

26

NT$m 2014 2015 2016 2017 2018 9M19YoY (%)

2015 2016 2017 2018 9M19Revenue 4,841 5,211 4,904 4,795 6,030 4,901 7.6 (5.9) (2.2) 25.8 10.1 COGS 3,862 4,168 4,054 4,064 5,117 4,061 7.9 (2.7) 0.2 25.9 5.4 Gross Profit 979 1,043 850 731 914 840 6.5 (18.5) (14.0) 25.0 40.4 Operating Expenses (725) (791) (724) (706) (833) (658) 9.0 (8.4) (2.5) 17.9 5.5

Operating Profit 254 252 125 25 81 182 (0.5) (50.3) (80.2) 225.9 -Non Operating Income/(Loss) 5 65 29 (20) 21 (26) 1159.1 (56.1) - -(171.6)

Pretax Income 259 318 154 4 102 157 22.7 (51.5) (97.1) 2177.7 1421.0Tax Expenses (62) (78) (41) (43) (10) (12) 24.9 (46.7) 4.3 (76.6) 534.9

Net Income to Parent 173 240 113 (39) 91 145 38.8 (53.1) - - 1614.9Basic EPS (NT$) 4.18 5.46 2.51 (0.78) 1.83 2.90 30.6 (54.0) - - 1605.9Key Financial Ratios (%)Gross Margin 20.2 20.0 17.3 15.2 15.2 17.1 Operating Expense Ratio 15.0 15.2 14.8 14.7 13.8 13.4 Operating Margin 5.2 4.8 2.6 0.5 1.3 3.7 Effect Tax Rate 24.0 24.5 26.9 969.0 10.0 7.5 Net Margin 3.6 4.6 2.3 (0.8) 1.5 3.0

Balance Sheet

27

NT$m 2014 2015 2016 2017 2018 9M19YoY (%)

2015 2016 2017 2018 9M19Total Assets 2,922 3,075 3,228 4,010 4,181 4,821 5.2 5.0 24.2 4.3 12.8 Cash 572 524 682 572 383 603 (8.4) 30.1 (16.1) (33.1) 43.6 AR & NR 518 599 595 889 1,055 1,142 15.7 (0.7) 49.5 18.6 0.1 Inventories 605 640 567 737 890 907 5.7 (11.4) 29.9 20.8 2.3 Fixed Assets 666 672 757 1,159 1,014 934 1.0 12.6 53.1 (12.5) (7.8)

Total Liabilities 1,865 1,838 1,853 2,804 2,906 3,476 (1.4) 0.8 51.4 3.6 12.6 AP & NP 351 342 324 457 521 599 (2.4) (5.3) 41.1 13.9 2.6

Total Equity 1,057 1,237 1,375 1,205 1,275 1,345 17.0 11.2 (12.3) 5.8 13.4 Key Financial Ratios A/R Turnover Days 41.9 38.6 43.8 55.7 58.0 62.4 Inventory Turnover Days 56.4 53.8 53.6 57.8 57.2 68.3 A/P Turnover Days 34.8 29.9 29.6 34.6 34.4 38.1 Cash Conversion Days 63.5 62.4 67.8 78.9 80.8 92.6 ROE (%) 24.9 20.9 8.6 (3.0) 7.4 15.3 ROA (%) 6.3 8.0 3.6 (1.1) 2.2 4.3 Net debt (cash)/Equity (%) 32.3 20.0 17.3 69.8 88.1 72.1

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 expectthe 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 Dec 13, 2019.

3. We did not pay a dividend in 2018 due to losses in 2017. However we returned to profitability in full-year2018 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% 4.2% - 2.8%Capex 36 96 241 122 143Capex/Sales 0.7% 1.8% 4.9% 2.5% 2.3%

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WW Holding (8442 TT)Thank You !

www.ww-holding.com.tw

For more information, please visit our website