The Treasure group has previously recognized the investment as financial assets at fair value ("FV") measurement with changes in FV recognized in profit or loss in accordance with IFRS 9 - Financial Instruments. The group investment inHyundai Glovis Co., Ltd. ("Hyundai Glovis ") is 11.0%. The group has changed the accounting method to considerHyundai Glovis as an associated company and recognize the investment according to the equity method in accordance with IAS 28 - Investments in Associates and Joint Ventures, with the group's share of changes in net assets ofHyundai Glovis reported as share of profit from associates and dividends from associates. This change comes as a result from discussions withFinancial Supervisory Authority of Norway (the "NFSA"). InSeptember 2023 , the group received a preliminary notice from the NFSA regarding its accounting treatment of theHyundai Glovis investment in the group's consolidated financial statements for the period endingDecember 31, 2020 . In the notice, the NFSA has concluded the group has significant influence overHyundai Glovis and is therefore required to classify the investment as an associated company, and to measure the investment using the equity method in accordance with IAS 28 Investments in Associates and Joint Ventures. The change in classification should be corrected retrospectively as an error according to IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors. Impact of the change on accounting method on the groups consolidated financial statements: The impact on the consolidated balance sheet as ofJune 30, 2023 is an increase in total equity and retained earnings ofUSD 8.6 million . The group's financial statements on and after the period endingJune 30, 2023 will show comparable figures. See attachment. For further information, please contact:Thomas Finnema , CFO Tel: (+47) 481 55 159 - email: thomas.finnema@wilhelmsen.comMagnus Sande , CEO Tel: (+47) 915 55 51 - email: magnus.sande@wilhelmsen.com This information is subject to the disclosure requirements pursuant to section of 5-12 of the Norwegian Securities Trading Act.
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