Financial Statements of Repower AG

The Board of Directors proposes the following appropriation of retained earnings to the Annual General Meeting:

Net income for the year 2014 CHF 17,383,976
Retained earnings carried forward CHF 38,217,883
Retained earnings CHF 55,601,859
Allocation to other reserves CHF -20,000,000
Balance carried forward CHF 35,601,859

Poschiavo, 27 March 2015

For the Board of Directors:

Dr Eduard Rikli

Chairman of the Board of Directors