On June 24, 2020, Alpiq Holding Ltd stated that the Annual General Meeting of the Company approved the squeeze-out merger with Alpha 2020 Ltd. proposed by the Board of Directors with a majority of 91.73 percent of all Alpiq Holding Ltd. shares registered in the commercial register. Following the approval resolution of the Extraordinary General Meeting of Alpha 2020 Ltd. adopted on the same day, Alpiq Holding Ltd., as the transferring company, will be merged into Alpha 2020 Ltd. The assets and liabilities will be transferred without affecting creditors by universal succession to Alpha 2020 Ltd. The absorption will not affect Alpiq's relationships with customers, suppliers, partners and employees. The Company stated that all minority shareholders of Alpiq Holding Ltd. will be paid a settlement pursuant to Art.

8 Para. 2 of the Merger Act amounting to CHF 70 for each Alpiq Holding Ltd. share held by them at the time of the merger. The interests of the minority shareholders are safeguarded because they will be paid a settlement equal to the value of the registered share of Alpiq Holding Ltd. In the context of the squeeze-out merger, Alantra AG had been commissioned to prepare an independent valuation report to be submitted to the Boards of Directors of Alpiq Holding Ltd. and Alpha 2020 Ltd. The Alantra valuation report calculated a value range from CHF 63.30 to CHF 72.50 per Alpiq share and thus confirmed that the agreed settlement of CHF 70 per share is appropriate.