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2 Capital structure

2.1 Capital

The share capital of BKW as of 31 December 2019 amounts to CHF 132,000,000.00 and is divided into 52,800,000 fully paid-up registered shares, each with a par value of CHF 2.50.

2.2 Authorised and conditional share capital

As of 31 December 2019, BKW has no authorised share capital or conditional share capital.

2.3 Changes In equity for the last three years

The share capital of BKW remained unchanged from 2017 to 2019.

2.4 Shares and participation certificates

All 52,800,000 registered shares in BKW with a par value of CHF 2.50 each are fully paid up. All shares carry equal voting rights. Every share represented at the General Meeting is entitled to one vote. The company does not print or provide certificates for registered shares. However, any shareholder may request that certification of their shareholding be issued free of charge.

BKW has not issued any participation certificates.

2.5 Dividend rights certificates

BKW has not issued any dividend rights certificates.

2.6 Restrictions on transferability and nominee registration

Registered BKW shares can only be transferred by assignment or according to the provisions of the Swiss Intermediated Securities Act. BKW must be notified of the assignment. The Board of Directors may refuse to enter a purchaser in the share register as a shareholder with voting rights if the purchaser:

For details on the entry restriction, see Art. 5 of the articles of incorporation: www.bkw.ch/statutes

Nominal entries, i. e. entries of shareholders who acquire shares in their own name but for the account of a third party, are possible, but these shares have no voting rights.

See Section 6.2 of this report for the procedure and conditions for lifting the restriction on transferability.

2.7 Convertible securities and options

BKW has no outstanding convertible bonds and has not issued any options.

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