Group structure and shareholders

The merger of Atel and EOS on 1 February 2009 to create Alpiq gave birth to Switzerland's leading energy trader and service provider with European reach. The company has important generation facilities in Switzerland, France, Italy, Germany, Norway, Hungary and the Czech Republic in addition to operating its own networks.

Alpiq comprises two segments: Energy and Energy Services. The Energy segment combines power generation and transmission operations with trading and sales. It is subdivided into the Energy Switzerland, Energy Western Europe and Energy Central Europe divisions, all of which have their own power stations, ownership interests and local sales companies. The Energy segment also includes the Trading & Services division.

The Energy Switzerland division is responsible for sales in the Swiss market, thermal and hydroelectric power generation in Switzerland, and those parts of the Swiss electricity grid that belong to Alpiq.

The Energy Western Europe division serves its market territory through sales subsidiaries Atel Energia S.r.l. in Milan and Rome, Energit S.p.A. in Cagliari, Italy, Alpiq Energie SAS in Paris, Atel Energia SA in Barcelona, Alpiq Denmark A/S in Aalborg and Glostrup, Alpiq Norway AS in Oslo, and Energiakolmio Oy in Jyväskylä, Finland. Alpiq's own power stations, its investment interest in Edipower in Italy and the power station projects in France, Italy and Norway also belong to this division.

The Energy Central Europe division covers markets in Central and Eastern Europe with its sales and trading companies in Albania, Bulgaria, the Czech Republic, Croatia, Germany, Greece, Hungary, Lithuania, Macedonia, Poland, Romania, Slovakia, Slovenia, Serbia and the Ukraine. These countries come under the responsibility of Alpiq Energy Ltd. Alpiq power stations in the Czech Republic and Hungary are managed from Prague, which is also the seat of the Trading business unit for Central/Eastern Europe, part of Alpiq Energy SE.

The Alpiq Trading & Services division engages in trading in electricity, gas, coal and CO2 certificates on all major electricity exchanges in Western Europe.

The Energy Services segment delivers services related to all aspects of energy generation, distribution and use. It consists principally of the companies in Switzerland, the Czech Republic, Germany, Italy and the Netherlands belonging to the Alpiq InTec Group (AIT) as well as the companies in Austria, Belgium, the Czech Republic, Germany, Hungary, Poland and Romania belonging to German-based Alpiq Anlagentechnik GmbH (AAT). The AAT Group provides services in the fields of energy supply and communications technology as well as energy generation technology and industrial plant engineering, while the AIT Group companies primarily engage in building services and transport technology.

Financial Services is a Group-level functional division comprising Corporate Settlement, Corporate Accounting & Reporting, Corporate Taxes, Corporate Treasury & Insurance, Corporate Planning & Controlling, Corporate Risk Management und Corporate IT. The Business Development functional division is in charge of Strategy Development, Mergers & Acquisitions, Market Intelligence, and Project Management & Business Consulting. The Management Services functional division covers Corporate Internal Audit, Corporate Public Affairs, Corporate Communications, Corporate Legal, Corporate Human Resources and the General Secretariat.

Stock exchange listing

At 31 December 2009, the parent company, Alpiq Holding Ltd. domiciled in Neuchâtel, had a share capital of CHF 271,898,730 divided into 27,189,873 registered shares with a par value of CHF 10 each. The registered shares are listed on the SIX Swiss Exchange under international securities identification number ISIN CH0034389707. At the end of the year, the company's market capitalisation was CHF11,684,847,922 (calculation: closing price on 30 December 2009 x number of shares = CHF429.75 x 27,189,873 registered shares).

Società Elettrica Sopracenerina SA (SES), Locarno, with a share capital of CHF16,500,000, of which Atel indirectly holds 60.9 %, is also listed on the SIX Swiss Exchange (ISIN CH0004699440). At the end of 2009, the company's market capitalisation was CHF 253 million (230 x 1,100,000).

The principal consolidated Group companies are listed in the Financial Report on pages 139 to 145. Significant shareholders of record are listed in the Financial Report on page 120 and presented below.

Under the Swiss Stock Exchange and Securities Trading Act, acquirers of majority shareholdings in Alpiq Holding Ltd. are not required to take part in a public purchase offer (opting out). A consortium or shareholder agreement exists between EOS Holding (Lausanne), EDF Alpes Investissements Sàrl (EDFAI, Martigny) and the Swiss consortium of minority shareholders, consisting of EBM (Elektra Birseck, Münchenstein), EBL (Elektra Baselland, Liestal), the canton of Solothurn, IBAarau, AIL (Aziende Industriali di Lugano SA) and WWZ (Wasserwerke Zug AG).

Cross-shareholdings

At 31 December 2009, Alpiq Holding Ltd. held 5.0 % of the share capital of A2A S.p.A., which in turn held 5.16 % of the share capital of Alpiq Holding Ltd. Antonio M. Taormina, a member of the Executive Board, represents Alpiq Holding Ltd. on the A2A Board of Directors, while A2A's representative on the Alpiq Holding Ltd. Board of Directors is Dr. Giuliano Zuccholi, Chairman of the A2A Board.