Corporate Presentation

January 2018

The information contained in this presentation is for information purposes only and is not intended as, nor does it constitute, an offer or solicitation of an offer to buy any security or other financial instrument in any jurisdiction. Edelweiss Holdings Ltd. (“Edelweiss”) does not offer securities, solicit interest thereto nor offers any other contractual relationship with Edelweiss. This presentation is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law. The contents of this presentation have not been approved or disapproved by any securities commission or regulatory authority in the United Kingdom, the United States or any other jurisdiction, and Edelweiss expressly disclaims any duty to make disclosure or any filings with any securities commission or regulatory authority, beyond that imposed by applicable laws. The contents of this presentation are neither sufficient for, nor intended by Edelweiss for use in connection with any investment decision. Edelweiss does not provide financial, investment, tax, legal, or accounting advice, nor does it make any representation or warranty, express or implied, regarding the advisability of investing in securities, commodities or other financial instruments or investment products generally, or shares in Edelweiss particularly. All information herein may be condensed or summarised and is expressed as of the date of writing and may be subject to change without notice and Edelweiss is under no obligation to ensure that such updates are brought to your attention. ©2018 Edelweiss Holdings Ltd. All Rights Reserved.

We are a self-managed, private investment holding company with long-term participations in the production, chemistry and technology of food, aquaculture, materials, forestry, resources and various industrial and engineering endeavours.

Our long-term mission is to protect and increase our capital in real terms and to convey our collection of economic assets, along with a sense of honest and responsible stewardship, to future generations.

Our roots and tradition began in 1985 in family investment practice. The current company was formed in 2003 as an open-end fund. In 2015, it was reorganised as a private investment holding company. Throughout all this era of booms and busts, our solemn objective has remained the same: to protect and preserve the purchasing power of our shareholders’ irreplaceable savings.

Scarcity. Permanence. Independence.

Enduring businesses are customer-oriented and adaptive to change; have strong cohesion and sense of identity; display a powerful drive for progress; consider themselves stewards of a long standing enterprise—each generation being only a link in a long chain; are conservative in financing and frugal; they do not risk capital gratuitously; they associate debt with fragility and risk. Indeed, capital strength gives one options, flexibility and independence of action—not at the mercy of bankers and financiers. They believe that profitability is a mere symptom of health and not the cause; they have a low priority in maximizing shareholder wealth and they focus on capabilities, not mere competencies.

Speech to shareholders, London (October 2015)

We are a group of like-minded shareholder-owners who have combined our capital for the purposes of protecting and growing it over the decades to come. Our capital is fixed.

We have no external asset managers, wealth advisers or other experts. We are self-managed. We pay no management fees or performance fees to anyone. We are subject only to our shareholders and to the Supervisory Committee of the Board of Directors.

We are neither a fund nor a private equity firm nor a family office. We do not offer advice, solicit or promise to make anyone wealthy. We do not offer our shares for investment but always welcome like-minded owners. Subject to our guiding principles, our sole purpose is to acquire and hold the kind of assets that endure, prosper and provide for unequivocal strength that will pass the test of time.

A family

We believe that a successful relationship demands a profound sense of personal compatibility. This implies a clear understanding of goals and objectives and a mutual appreciation for common and permanent values.

• On duty to shareholders

Our capital represents the savings and lifetime work of our shareholders. We have the utmost respect for its irreplaceability. Capital is scarce. To accumulate savings requires time, effort and sacrifice. To keep it is quite difficult.

We value responsibility and accountability in corporate governance as well as the avoidance of conflicts of interest consistent with the duty of loyalty and the duty of care.

• On our practice

All our decisions are rooted in the avoidance of a permanent impairment to our capital. This is central to our purpose.

We do nothing complicated or formulaic. We invest in businesses and people we understand and avoid those we do not, no matter how compelling they may appear to be. Our emphasis on the qualitative may not be fashionable but we believe it to be correct.

We believe that capital survival is a prerequisite to capital growth and that the choice between the two is an easy one.

We operate in the financial industry but we are not of it. We reject its principles, its practices and its methods. We are owners rather than investors and deploy our capital alongside owners as well. The attributes we prize most—scarcity, permanence and independence—are rare. When we do come across them together, we’re not looking to sell.

Our guiding principles

Permanence means we prefer what is firm, durable, earned, and designed for continuity, rather than what is fragile, fleeting, and unsure.

We believe that wealth creation comes in spurts and not in the tidy logic of financial models. Great opportunities come only once in a while.

We do not engage in practices that can result in sudden demands for large sums, either from debt maturities or derivative contracts.

We have no predetermined investment horizon or exit strategies and are keen to participate long-term in the compounding of earnings.

We are neither bearish nor bullish but rather keen to distinguish what is real and true from what is not.

• On investment suitability

We seek to hold a diverse collection of assets, but do not rely on diversification to compensate for risks we don’t understand.

We like natural monopolies and economic niches having scale, barriers to entry and pricing power, but also owned and managed by similarly minded and motivated persons.

Although very sceptical of the financial world, we trust individuals who have demonstrated responsibility, accountability and honourable actions.

We think that endurance is valuable and that it is the result of focusing on the customer rather than financial rewards that ensue. A company that places shareholder value ahead of customer satisfaction destroys both.

We avoid all finance-related endeavours, the idea of growth for its own sake, short-term thinking, financial engineering, and endeavours we don’t understand.

Distinguishing between the productive and unproductive has become difficult since financial activity, often for its own sake, dominates the business landscape and has deluded folks into believing that debt creation is wealth creation and that the ultimate end is money in itself. To make matters worse, much of what passes for prices on a day to day basis is the product of untold and often covert suppression, manipulation and distortion. Meaningless prices beget meaningless conclusions.

Letter to Shareholders (January 2011)

IncorporatedBermuda (2002); Registry Nr. 31701

Share capitalOne class of common stock

Accounting currencyUnited States dollar

Accounting standardIFRS

ComplianceAML/ATF, FATCA (USA and UK) and CRS

Statutory auditorsPricewaterhouseCoopers Ltd

Transfer Agent & RegistrarEquinoxe Corporate Services Ltd

Shareholders’ equity $320 million

Shareholders114

Shares outstanding8’181’566

At a glance

As at 31 Dec 2017

as percent of total assetsHighlights

Listed equity participations (28)—58.4%

Unlisted investments (1)—0.8%

Gold reserves—35%

Cash—5.8%

By trading currency Business exposure by region*

Norwegian krone—7% Latin America—11%

Asia, Middle East & Africa—19%

North America excl. Mexico—26%

Europe—44%

US dollar—11%Pound sterling—8%

Swiss franc—17%

Canadian dollar—16%

Euro—41%

Currency and geographic exposure as percent of net assets excluding gold

As at 31 Dec 2017 * Effective economic/risk exposure based on company segment data

There is no such thing as objective value and no definitive way to measure it. We all value things differently, because we weigh them differently. In the same manner, we see risks differently, because we judge them differently. We make different choices because we have different motivations. We foresee things, not because we know the future but because we can have certainty as to the likely consequences to our actions whether as individuals or families.

Letter to Shareholders (March 2015)

Principal participations

Fromageries Bel is a leading food producer from France. Founded 150 years ago, Bel creates, produces and sells single portion branded cheeses under five global brands, namely The Laughing Cow®, Kiri®, Leerdammer®, Boursin® and Babybel®, and dozens of local brands. Each year it serves over 400 million consumers in 130 countries. In 2016 the company acquired a controlling interest in the MOM Group, a French/US producer of snack-sized fruit pouches, compotes and yogurts, with the aim of being a major global player in the healthy snacks segment. Bel is managed by the founding family who still own 71% of the company. Edelweiss has had an ownership interest in Bel since 2011.

www.bel-group.com

Bakkafrost is the most profitable salmon farming company worldwide and the largest company of its kind based in the Faroe Islands. It is vertically integrated, controlling the entire value chain from fish oil andfishmeal, to fish feed, the production of smolt (juvenile fish), salmon farming and value added processing. In 2016 they harvested 47’500 tonnes of salmon and produced more than 84’000 tonnes of fish feed. Edelweiss has had an ownership interest in Bakkafrost since 2012.

www.bakkafrost.com

HAL Trust has roots going back to 1873 and has been operating as an investment holding company since 1977. HAL owns significant shareholdings in a number of companies and plays an active role in their strategy and management. It operates with no predetermined investment horizon and often builds up businesses over decades. HAL owns a 77% stake in GrandVision NV, a major optical retail chain with 6’500 stores in 40 countries. It owns major stakes in Royal Vopak NV (48%), a leading company in the liquid bulk tank storage business, SBM Offshore NV (16%), a company involved in floating production solutions to the offshore energy industry, and Royal Boskalis NV (33%), a global expert in dredging, land reclamation, salvage and towing. HAL also produces eyeglass frames in Italy, operates real estate in the United States and has various other holdings in the Netherlands. Edelweiss has had an ownership interest in HAL since 2006.

www.halholding.com

Robertet was founded in 1875 and is headquartered in France. The company sources raw plant materials from across the world, processing them for use as flavours, fragrances and active ingredients in health and beauty products. Though most of the world’s flavours and fragrances are manufactured synthetically, Robertet remains entirely focused on natural ingredients whose handling requires special relationships and know-how. It employs 1’746 people in 50 countries. The company is controlled and managed by the fourth generation of the founding Maubert family. Edelweiss has had an ownership interest in Robertet since 2006.

www.robertet.com

TFF Group is based in Saint Romain (France) and is the world’s leading company in the manufacture and distribution of casks and barrels for ageing wine, whisky and bourbon. The company owns cooperages andfacilities in France, the United Kingdom, Spain, Hungary, the United States, China, Australia and South Africa, and employs 697 people worldwide. They control 30% of the global wine barrel business and focus on supplying barrels for high-end wines. TFF is managed and controlled by the fourth generation of the founding François family. Edelweiss has had an ownership interest in TFF Group since 2010.

www.tff-group.com

Emmi Group is Switzerland’s largest milk processor and a leading premium dairy company in Europe. It produces over a thousand different dairy products including milk, butter, cream, yogurt, dozens of cheeses and almost 400 flavours of ice cream. In 2016 the company processed 1.7 million tonnes of cow’s milk into products sold in Switzerland, the Americas and Europe both under own brands and as private label. Emmi has unique technical abilities when it comes to complex packaged desserts such as tiramisu, giving it considerable market share in this category across Europe. Emmi is majority owned by a group of dairy cooperatives from Central Switzerland. Edelweiss has had an ownership interest in Emmi since 2004.

group.emmi.com

Edelweiss Holdings Ltd. 291%

MSCI World Index 205%

Our long-term record

Cumulative total return since inception (Nov 2001) in US dollars; normalised. The equivalent Edelweiss return measured in Swiss franc is 133%, Euro 193% and British pound sterling 321%. The average Edelweiss allocation to equities for the period is less than 45% of net assets.

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2002 2004 2006 2008 2010 2012 2014 2016 2018

Supervisory CommitteeJ.G. Hemingway*J.G. Brunner*J.G. Hülsmann*, Acting ChairmanJ. Keyes*

Executive CommitteeA. Deden*, ChairmanT. Cleverly, CFO & TreasurerR. Forrest*M. Way

Investment OfficersM. WeeksD. Schönenberger

AdministrationM. LeuppD. GöglerC. Weeks

* Member of the Board of Directors

Our people

In Europe

Edelweiss Investment Research AGSchützengasse 258001 ZürichSwitzerland

+41 43 266 10 10office@edelweissresearch.ch

Headquarters

Edelweiss Holdings Ltd.31 Victoria StreetHamilton HM10Bermuda

+1 441 494 4026office@ehltd.bm

www.edelweissholdings.com

Contact

Photo Credits: Angela Rohde / Fotolia (p.1); Bel Group Photo Library (p.4, p.14), Boskalis (p.16 figure 3), Cigdem / Fotolia (p.18); Emmi (p.19); Fotografie Van Leeuwen (p.16 figure 2); Robertet (p. 17); SBM Offshore (p.16 figure 1), slyudmila / Fotolia (p.15), Public Domain (p.8, p.12).