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APPROPRIATION OF RETAINED EARNINGS

Proposal to the General Meeting

CHF

Profit carried forward

262,355,233

Net profit

113,190,478

Unappropriated retained earnings

375,545,711

The Board of Directors proposes that retained earnings be appropriated as follows:

CHF

Dividend of CHF 2.20 per share entitled to a dividend 1

116,113,747

Balance carried forward

259,431,964

Total

375,545,711

1 Dividends are not paid on treasury shares held by BKW AG. The number of shares that are entitled to receive a dividend at the time of preparation of the financial statements amounts to 52,778,976. The last trading day on which a right to receive dividends is granted is 18 May 2020. From 19 May 2020, the shares will be traded ex-dividend. Had all shares been entitled to receive a dividend, the dividend payment would have amounted to CHF 116,160,000 and the balance carried over would have been CHF 259,385,711.

Subject to approval by the General Meeting, the following will be paid out:

CHF

Dividend per share

2.20

Minus 35 % withholding tax

0.77

Net dividend

1.43

Bern, 13 March 2020

In the name of the Board of Directors
Chairman of the Board
Urs Gasche

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