we19219537-ex99

20 years | relationship driven investment banking

§ Wilshire Enterprises, Inc. (WLSE: Pink Sheets) plans to effect a reverse split of the Company’s common stock
at a ratio of 1 for 500, followed immediately by a forward 500 for 1 split of the common stock, and to provide
for payment of $1.00 per share in cash (the “Consideration”) to those stockholders (the “Fractional
Shareholders”) holding, prior to the reverse stock split, fewer than 500 shares of common stock (the
“Transaction”)

§ The Company estimates that 3,066 of the approximate 3,283 stockholders of record own fewer than 500
shares

§ After the reverse and forward split, with fractional share repurchases, the Company estimates it will have
approximately 217 stockholders of record

§ Once the Company has fewer than 300 stockholders of record, it can terminate its public company reporting
status

§ The Company estimates that the Transaction will result in the purchase of approximately 204,357 shares

§ On August 10, 2009 the Company announced the commencement of a tender offer to purchase shares of its
common stock. On September 14, 2009, the Company announced that it purchased 4,047,380 shares of its
common stock at a purchase price of $2.00 per share.

• TM Capital provided an opinion to the Company that the $2.00 per share consideration paid to tendering
shareholders was fair to such holders from a financial point of view

§ The Company has asked TM Capital to provide an opinion as to whether the Consideration to be received by
the Fractional Shareholders, pursuant to the Transaction, is fair to such holders from a financial point of view

Situation Overview

20 years | relationship driven investment banking

Proposed Transaction Rationale

§ Public company costs are high and increasing

• The costs of complying with the Sarbanes-Oxley Act, increased D&O insurance expenses, audit costs and
implementation of related corporate governance reforms have become significant

• The costs associated with retaining public status, servicing stockholders and continuing public communications remain
high

• The time demands on management and employees associated with public company status are significant

§ Preparing public reports, filings, press releases and Regulation FD compliance

• Since the Company has relatively few executive personnel, these costs can be material

• Investor relations and communications with stockholders take management time

• Stockholders are unable to benefit fully from public company status due to limited liquidity and the Company’s micro-
cap classification

§ Stockholders are not able to move into, or out of, stock positions without materially impacting

the market price

• The Company is not able to raise capital conventionally in public markets

• The Company has not been able to attract any significant institutional investor interest in the public equity

• The Company is not able to effectively use shares for acquisitions

§ Reduced competitive risks with increased focus

• Management can focus more time on long-term financial results and goals rather than short-term market concerns

• The Company no longer has to disclose competitive business or other sensitive information

20 years | relationship driven investment banking

Proposed Transaction Rationale

§ A go dark transaction effected via a reverse and then immediate stock split provides multiple
benefits

• Reduces direct and indirect costs

• Saves management and employee time

• Small stockholders are able to sell without a commission

• The cash demands on the Company to accomplish the reverse split are predictable

§ Several negative ramifications affecting shareholders in a “go dark” transaction include:

• Small shareholders who might want to retain ownership will have their common shares converted into the right to
receive cash

• Liquidity for continuing shareholders will be reduced

• The Company will cease filing required SEC financial reports resulting in less information available to shareholders

20 years | relationship driven investment banking

TM Capital’s Procedures

§ In performing our analyses, TM Capital has, among other things:

• Reviewed the Company’s Annual Reports on Form 10-K and related financial information for the years ended
December 31, 2005 through December 31, 2009

• Reviewed the Company’s Quarterly Reports on Form 10-Q and the related unaudited financial information for the
periods ended March 31, June 30 and September 30, 2010

• Reviewed the Proxy Statement on Schedule 14A for the Company’s Annual Meeting of Stockholders held on
December 29, 2009

• Reviewed a draft of the Company’s proxy statement prepared in connection with the Transaction

• Reviewed certain information, including historical financial data and financial forecasts, relating to the business,
earnings, cash flow, assets and prospects of the Company, furnished to us by the Company or publicly available

• Conducted discussions with members of senior management of the Company concerning its business and prospects

• Reviewed the historical market prices and trading activity of the Company’s common stock

• Compared certain financial and market information for the Company with that of selected publicly traded companies
which we deemed to be relevant

• Compared the financial terms of the Transaction with those of certain other transactions which we deemed to be
relevant

• Reviewed a property valuation analysis of the Company prepared with the assistance of management

• Reviewed such other financial studies and analyses and performed such other investigations and took into account
such other matters as we deemed necessary, including our assessment of general economic, market and monetary
conditions

§ Management has confirmed to TM Capital that there is no current intention to pursue a sale of

the Company or any of the Company’s continuing properties

20 years | relationship driven investment banking

Company Overview

§ Wilshire Enterprises, Inc. was founded in 1949 and engages in acquiring, owning and managing
real estate properties and real estate related securities in the United States

§ Traded on the Pink Sheets: market capitalization as of November 29, 2010 of $1.4 million

§ Company owns property in three states: Arizona, New Jersey and Texas

§ All properties are managed by MEB Management Services, Inc.

§ Currently serves the multifamily market, retail/office market and condominium market, and has
land for potential real estate development

• The multifamily segment is comprised of five communities with a total of 950 units, averaging 876 square feet per unit

• The retail/office segment is comprised of one retail center with 66,552 square feet of rentable space and two office
buildings with 125,700 square feet of rentable space

• The condominium segment is comprised of one community with 10 units

• The undeveloped land segment is comprised of five plots of lands in New Jersey totaling 19 acres

20 years | relationship driven investment banking

Valuation Approaches

─Review of current and
historical trading prices
and volume of Wilshire
Enterprises’ common
stock

─“Public Market”
valuation

─Value based on public
market trading multiples
of similar multifamily real
estate investment trusts
and real estate operating
companies

─“Transaction Specific”
valuation

─Analyzes the premiums
paid in other
reverse/forward split
transactions resulting in
the company “going dark”

─Present value of
projected free cash flows

─Incorporates time value
and cost of capital
considerations

─Relies on Management
projections

─Value that could
hypothetically be derived
from the sale of
properties and the
satisfaction of liabilities

─Relies on management’s
guidance

20 years | relationship driven investment banking

Stock Price and Trading Volume History - Since $2 Tender Offer
Expiration

September 4, 2009

Self Tender Expiration
$1.84

Average Monthly Volume:

18,727 shares

Closing Price
November 29, 2010: $0.35

January 27, 2010

Begins Trading on Pink Sheets

$1.31

Source: Capital IQ

Note: Represents common stock traded from September 4, 2009 to November 29, 2010

20 years | relationship driven investment banking

Source: Capital IQ

Note: Represents common stock traded from November 30, 2007 to November 29, 2010

Three Year Stock Price and Trading Volume History

Closing Price
November 29, 2010: $0.35

September 4, 2009

Self Tender Expiration
$1.84

June 16, 2008

NWJ Announces Acquisition

Closing Price June 13, 2008:

$3.34

December 4, 2008

NWJ Agreement Terminated

Closing Price December 3, 2008:

$1.58

April 3, 2009

Settlement Agreement

Closing Price April 2, 2009:

$1.30

Average Monthly Volume:

96,377 shares

January 27, 2010

Begins Trading on Pink Sheets

$1.31

20 years | relationship driven investment banking

Latest Twelve Months Stock Price Performance

Source: Capital IQ

Stock prices from November 30, 2009 to November 29, 2010

Publicly Traded Comparable Companies Index is equally weighted and includes: Apartment Investments & Management Co. (NYSE:AIV), Associated
Estates Realty Corp. (NYSE:AEC), BRE Properties Inc. (NYSE:BRE), Essex Property Trust (NYSE:ESS), First Real Estate Investment Trust of New
Jersey (OTCBB:FREV.S), Home Properties Inc. (NYSE:HME), Mid-America Apartment Communities Inc. (NYSE:MAA), New England Realty
Associates LP (AMEX:NEN), NTS Realty Holding LP (AMEX:NLP), and Post Properties Inc. (NYSE:PPS)

20 years | relationship driven investment banking

Shares of Wilshire Enterprises Traded at or Below Analysis -
Since $2 Tender Offer Expiration

Source: Capital IQ

Note: Represents common stock traded from September 4, 2009 to November 29, 2010

(1) Shares outstanding of 4,141,099 as of November 12, 2010 per 10Q for the nine months ended September 30, 2010. Does not include shares
issuable upon exercise of stock options

20 years | relationship driven investment banking

Shares of Wilshire Enterprises Traded at or Below Analysis -
Three Year

Source: Capital IQ

Note: Represents common stock traded from November 30, 2007 to November 29, 2010

(1) Shares outstanding of 4,141,099 as of November 12, 2010 per 10Q for the nine months ended September 30, 2010. Does not include shares
issuable upon exercise of stock options

20 years | relationship driven investment banking

Selected Public Companies Criteria

§ TM Capital analyzed 10 selected public companies’ operating and valuation statistics in
comparison to that of Wilshire Enterprises, Inc.

§ To be included in this analysis, each company had to meet the following criteria:

• Headquartered in the United States

• Traded on a United States exchange

• Real estate holding and operating companies and real estate investment trusts focused on multifamily housing

20 years | relationship driven investment banking

§ Wilshire does not pay a dividend to its shareholders. All of the other publicly traded companies
have a dividend yield ranging from 1.7% to 7.2%.

Analysis of Selected Publicly Traded Companies

Source: Capital IQ and company filings

NM = Not Meaningful. Wilshire does not pay a dividend to its shareholders.

Note: LTM dividend yield calculated as the stock price as of November 29, 2010 divided by the cumulative latest twelve months dividend. Average historical dividend
yield calculated as the stock price as of November 29, 2010 divided by average annual dividend for 2007, 2008, 2009 and the latest twelve months.

Dividend Yield

20 years | relationship driven investment banking

2007

2008

2009

2010

Analysis of Selected Publicly Traded Companies

Source: Capital IQ and company filings

Note: EV / NOI for all periods prior to November 2010 calculated by dividing the EV as of the last day of each month by the previous fiscal year’s net operating income.
EV / NOI for November 2010 calculated by dividing the EV as of November 29, 2010 by the NOI for the latest twelve months.

(1) Adjusted for non-recurring and unusual items

Enterprise Value / Net Operating Income
(1)

§ Wilshire has traded on an EV / NOI basis at a 33.3% average discount to the publicly traded
comparable companies since January 2007

20 years | relationship driven investment banking

Analysis of Selected Publicly Traded Companies - Valuation
Data

Enterprise Value as of November 29, 2010

NA = Not Applicable. Wilshire does not pay a dividend to its shareholders.

(1) Adjusted for non-recurring and unusual items

(2) As of November 29, 2010. WLSE market capitalization based on closing price of $0.35 and the 4,141,099 shares outstanding as of November 29, 2010

(3) Historical Average includes latest three fiscal years and latest twelve months

20 years | relationship driven investment banking

Analysis of Selected Recent Reverse/Forward Split “Go Dark”
Transactions

§ TM Capital analyzed historical reverse/forward stock splits announced by publicly traded
companies from January 2007 to November 2010

§ To be included in this analysis, each company had to meet the following criteria:

• Headquartered in the United States

• Traded in the United States

• Announced a reverse stock spilt immediately followed by a forward stock split

• Purpose of the stock split was to reduce the number of stockholders of records to under 300 in order to terminate its
public company reporting status and “go dark”

• Market capitalization 1 day prior to announcement greater than $1 million

• Takeout payment price per share greater than $0.25

20 years | relationship driven investment banking

Discounted Cash Flow Analysis

(1) Based on estimates provided by management

(2) Excludes non-recurring general and administrative expense

(3) Assumes an effective tax rate of 40%

(4) Discounted to December 31, 2010

(5) Per Bloomberg, weighted average cost of capital of publicly traded comparable
companies was 7.79%, adjusted upwards by approximately 5% to reflect WLSE’s
smaller size and limited liquidity

(6) Balance sheet data per quarterly results as of September 30, 2010

(7) Current liabilities includes accounts payable, accrued liabilities and deferred income

20 years | relationship driven investment banking

Property Sale Analysis

(1) Residential low end capitalization rate assumption per PricewaterhouseCoopers’ Korpacz Real Estate Survey, Third Quarter 2010.

Average national apartment market capitalization rate of 7.12%. Based on regional differences as detailed in PricewaterhouseCoopers’ Korpacz
Real Estate Survey, Third Quarter 2010, TM Capital applied a higher capitalization rate to those properties based in Arizona and Texas.

Average Mid-Atlantic region apartment market capitalization rate of 7.15%.

Residential high end capitalization rate adjusted to reflect the assumption of a quick property sale and regional location of properties.

(2) Commercial low end capitalization rate assumption per PricewaterhouseCooper’s Korpacz Real Estate Survey, Third Quarter 2010.

Average national strip shopping center capitalization rate of 8.09%.

Average national suburban office capitalization rate of 8.40%.

Commercial high end capitalization rate adjusted to reflect the assumption of a quick property sale and the regional location of properties.

TM Capital arrived at the
capitalization rates utilized
herein based upon published
statistics adjusted for the
location and condition of the
Company’s properties

Comments

20 years | relationship driven investment banking

Property Sale Analysis (cont.)

Note: Liquidation of other assets and liabilities not included in this analysis as the net effect is expected to be immaterial

(1) Liquidation estimates per management guidance

(2) Assumes disposition costs of 4.0%

(3) Assumes a tax basis of $22.5 million and a 40% tax rate

(4) Assumes properties will be sold within one year. For a discussion of assumed cost of capital see page 32.

20 years | relationship driven investment banking

§ TM Capital took the following factors, among others, into consideration in determining the

relevant multiples, discount rates and cap rates in valuing Wilshire’s common stock

§ There is limited liquidity in the common stock

§ Wilshire has traded, on average, at a 33% discount on an NOI basis to the comparable publicly traded companies,
which we believe reflects Wilshire’s smaller size, relatively higher level of general and administrative expenses and
lack of dividend payment

§ Management has confirmed that it has no intention to pursue a sale of the Company or any of the continuing
properties which would be required to realize the values implied by the discounted cash flow and property sale
analysis

Summary Valuation

Note: Represents the “Go Dark” offer price of $1.00 per share

NM = Not Meaningful

(1) Price per share ranges from ($3.38) to ($2.59)

(2) Price per share ranges from ($3.37) to ($2.64)

(3) Price per share ranges from ($0.45) to $0.64

Valuation Ranges

(1)

(2)

(3)

20 years | relationship driven investment banking

Summary Valuation

(1) LTM and Historical Average NOI multiples
discounted by approximately 33% which
we believe reflects Wilshire’s smaller size,
relatively higher level of general and
administrative expenses and lack of
dividend payment

(2) Based on the median of premiums /
(discounts) shown

(3) Based on the closing share price of $0.35
as of November 29, 2010

Notes