Financial Statements of Repower AG, Brusio

Appropriation of retained earnings

The board of directors proposes the following appropriation of retained earnings to the annual general meeting:

Net earnings for the year 2018	CHF	3,924,820
Retained earnings carried forward	CHF	36,353,604
Retained earnings	CHF	40,278,424

Amount carried to other reserves	CHF	–20,000,000
Balance carried forward	CHF	20,278,424

Furthermore, the Board of Directors proposes to the Annual General Meeting a dividend of CHF 0.50 per registered share, to be paid from capital reserves:

Capital reserves carried forward	CHF	184,335,222
Dividend on share capital of 7.4 million CHF 1)	CHF	–3,695,484
Capital reserves carried forward on the next year	CHF	180,639,738

1) Qualifies as tax-neutral repayment of capital in accordance with Art. 20 of the Federal Law on Direct Federal Tax, and Art. 5 of the Federal Law on Withholding Tax.

No dividend is paid on registered shares held by Repower AG on the payout date. This can reduce the actual dividend payout accordingly.

Subject to the approval of the Annual General Meeting, the dividend will be paid from capital reserves starting on 21 May 2019.

Poschiavo, 3 April 2019

For the Board of Directors:

Dr. Monika Krüsi Chair of the Board of Directors