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 2019	CHF	14,954,821
Retained earnings carried forward	CHF	20,278,424
Retained earnings	CHF	35,233,245

Amount carried to other reserves	CHF	–15,000,000
Balance carried forward	CHF	20,233,245

The board of directors further moves that the annual general meeting approve a dividend of CHF 2.50 per registered share, to be paid from capital reserves:

Capital reserves carried forward	CHF	180,639,889
Dividend on share capital of 7.4 million CHF 1)	CHF	18,477,420
Capital reserves carried forward on the next year	CHF	162,162,469

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 payment will be made on registered shares held by Repower AG on the due date. This may reduce the actual distribution accordingly.

Provided the annual general meeting passes this motion, the dividend paid from capital reserves will be due on 27 May 2020.

Poschiavo, 2 April 2020

For the Board of Directors:

Dr Monika Krüsi Chair of the Board of Directors