The Assets of WMHI are shares of WM. There is only one Class of WM share – which is the Ordinary Share. There are no Preferential Shares or other Classes of WM shares.

Similarly, there is only one Class of WMHI share – which is the Common Share. There are no Preferential Shares or other Classes of WMHI shares.

The total of the Authorized Share Capital of WMHI corresponds 1:1 with the number of WM shares that it holds. That is, every one WMHI share is backed by one WM share.

This entitles shareholders of WMHI to all:

• Future Dividends of WM
• Proceeds from any future Trade Sale of WM

On the equivalent basis per 1 WMHI share as is due for each 1 WM share.

This is the only way that non-WM shareholders are able to share in these proceeds, because WM is a private company, and its shares are not available to the public.

Other than the above 1:1 revenue-sharing sources of value for WMHI’s Assets; other sources of value of these Assets are:

• It is planned to list WMHI on an Exchange, and at that time, the trading of and in the WMHI shares – with the Enterprise Value of WM underpinning the value of the WMHI shares – will be available to WMHI shareholders (Note: It is for this reason that some of WM’s shareholders have also swapped portions of their WM shares for WMHI shares).

 

• WMHI shareholders are provided with the access to the facilities of WM that are partially restricted – such as “Secured TUVs” (Gold-Backed TUVs) that are otherwise restricted only to WM shareholders during Exclusion Periods.

These comprise the Primary Assets of WMHI.