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Bär & Karrer Ltd.

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Geneva, Lugano, Zug, Zurich

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9 January 2014 - Public tender offer for Società Elettrica Sopracenerina SA

January 2014

On 4 September 2013, SES Holding SA - a company domiciled in Locarno and held at 99.5% by Azienda elettrica ticinese (AET) and at 0.5% by six municipalities of the Canton of Ticino (Biasca, Gambarogno, Locarno, Losone, Minusio and Muralto) - published a public tender offer for all publicly held registered shares of Società Elettrica Sopracenerina SA (SES). The tender offer was completed on 6 November 2013. The transaction aimed to transfer to the public sector the electric grids of SES, which are of great importance for the Ticino region and its municipalities. After the tender offer, SES Holding SA - together with the six municipalities of the Canton of Ticino - could increase its participation in SES to over 98%. At the end of December 2013, SES Holding SA started the squeeze-out procedure as provided for in the stock exchange act, in order to gain full control of SES in 2014.

Bär & Karrer assists SES Holding SA as well as Società Elettrica Sopracenerina SA (SES) in this project. The Bär & Karrer team consists of Paolo Bottini, Mariel Hoch, Daniele Lardi, Fabienne Frehner, Nicola Bernardoni and Matthias Bizzarro.

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