Fixed income investor presentation

Positioning Alpiq for the future and strengthening of the capital base

April 2013

Agenda

2

3

Financial review / Q1 2013 update

Repositioning

4

5

Capital measures and fixed income investment considerations

Q&A

1 Alpiq Group overview

Alpiq Holding AG 3

Alpiq Group overview (1/2)

Alpiq at a glance

Founded in 2009 through merger of Atel and EOS

Leading Swiss power company and energy service provider with focused European reach (present in more than 20 European countries)

Specialises in electricity generation, sales and trading, as well as energy services –responsible for around one-third of Switzerland’s electricity production

Power production of c. 20 TWh (58% in CH) 2012 consolidated net revenue of approx.

CHF 12.7bn and operating EBITDA of CHF 990m

Around 8,000 employees Listed on SIX Swiss Exchange with a market

cap of CHF 3.2bn Public sector related core shareholder

structure

Key financials

April 2013

CHF million 2011 2012 Q1 2013

Net revenue 13,984 12,722 2,429

EBITDA1 1,209 990 229

Margin 8.6% 7.8% 9.4%

EBIT 630 517 163

Group profit2 258 216 65

Net debt 4,652 3,990 3,469

Current shareholder structure

31.38%

25.00%13.63%

7.12%

5.60%2.09%2.12%2.00%

0.91%10.15%

EOS Holding

EDFAI

EBM

EBL

Canton of Solothurn

EnBW

AIL

IB Aarau

WWZ

Other (free-float)1 EBITDA/EBIT after reclassification of “share of profit of associates”2 Incl. non-controlling interests3 Restated for consolidation of Kraftwerke Gougra AG and change in IAS 194 Results from operations before exceptional items

4 3,4

3

Alpiq Holding AG 4

Alpiq Group overview (2/2)

Key operating metrics 2012 Geographic footprintGeneration capacity (6,441 MW)

Energy sales

New renewables 3%

Conventional thermal40%

Nuclear29%

Hydro28%

Trading1% Switzerland

43%

International56%

Generation portfolio (19,988 GWh)

Generation

Energy Services

Conventional thermal40%

Nuclear12%

Hydro43%

New renewables5% Hydro Power Generation

Renewable Energy Sources

Thermal Power Generation

April 2013

ATCH

IT

DPL

SK

SI HRBA CS

FR

CZ

HU

DEB

RO

EAT market presence

AIT market presence

Core Markets

Nuclear Power Generation

Commerce & Trading

Market Switzerland

Portfolio Optimization CEE

Asset Optimization

Market International

International power plants

Alpiq Holding AG 5

Alpiq is well positioned to benefit from future market development

Leading Swiss power generation company with strong local roots and focused European presence

Highly flexible, diversified generation portfolio with no or low CO2 emissions which is expected to benefit from increasing need for flexibility caused by intermittent renewable generation sources

Number 1 Central and Eastern European cross-border trading business

Growth potential in Energy Services from increasing focus on energy efficiency (political energy efficiency targets)

Strong management and operational teams with long-standing expertise across the power sector

April 2013

Agenda

2

3

4

5 Q&A

1 Alpiq Group overview

Financial review / Q1 2013 update

Repositioning

Capital measures and fixed income investment considerations

Alpiq Holding AG 7

Q1 2013 results update

Note: Results from operations before exceptional items1 Restated for consolidation of Kraftwerke Gougra AG and change in IAS 192 Incl. non-controlling interests3 12 months rolling

Alpiq Holding AG

Strong contribution from hydro asset optimisation and larger hydro volumes Higher contribution from new renewables due to better wind conditions and the full

consolidation of two new production parks in Italy in H2 2012 Contribution of the restructuring program with reduction in costs and closure of non-

profitable activities Better results of the international activities (wholesales and production for grid services) Transfer of high-voltage grid to swissgrid Lower prices on the market Net debt reduction due to closing of divestments in Q1 and positive operational

performance

April 2013

CHF million Q1 2012 FY2012 Q1 2013 Q1 2013 vs. Q1 2012 vs. FY2012

Net revenue 3,412 12,722 2,429 -983 -29% -

EBITDA 222 990 229 +7 +3% -

Margin 6.5% 7.8% 9.4%

EBIT 105 517 163 +58 +55% -

Group profit 2 45 216 65 +20 +44% -

Net debt - 3,990 3,469 - - -521 / -13%

Net debt / EBITDA 4.0x 3.5x - - -0.5x

1

3-

Alpiq Holding AG 8

Main drivers 2012 compared to 2011:

+ Hydro CH, optimisation of asset park International due to flexible portfolio

+ Improved positioning of CEE operations

+ Positive cost effect from Eiger+ restructuring program

- Expiration of profitable long-term contract, loss of earnings from Hidroelectrica and EVT

- Lower price level (trading of production CH), temporary outage of KKW Leibstadt

- Higher production costs of nuclear plants, higher maintenance costs in hydro production and CCGTs

Results FY 2012P&L statement before exceptional items

1 According to FY2012 annual report; not restated for consolidation of Kraftwerke Gougra AG and change in IAS 192 EBITDA/EBIT after reclassification of “share of profit of associates”

CHF million 2011 2012 Chg.

Net revenue 13,984 12,710 -9.1%

Own work capitalised 102 121

Other operating income 103 101

Total revenue and other income 14,189 12,932 -8.9%

Energy and inventory costs -11,497 -10,538

Employee costs -986 -894

Plant maintenance costs -80 -134

Other operating expenses -417 -381

EBITDA2 1,209 985 -18.5%

Depreciation, amortisation and impairment -579 -465

EBIT2 630 520 -17.5%

Share of results of associates / joint ventures -78 -69

Finance expense -205 -218

Finance income 24 16

Profit/(loss) before income tax 371 249 -32.9%

Income tax -113 -29

Group profit/(loss) incl. non-controlling interests 258 220 -14.7%

Alpiq Holding AG April 2013

1

Alpiq Holding AG 9

Results FY 2012Balance sheet after impairments

Property, plant, equipment andother current assets affected byimpairment charges and renewalinvestments

Increase other current assetsdue to reintegration of formerlydeconsolidated EAT

“Assets held for sale" affected bydisposal EVT/EAT, Edipower, A2A and by addition of Kladno/Zlin, SES, Repower and RomandeEnergie

Other liabilities reduced due toreduction of liabilities such aslong-term power purchaseagreements and deferred taxes

CHF million 2011 2012 △ Chg.

Cash and cash equivalents 1,204 1,359 +155 +12.9%

Other current assets 2,935 3,071 +136 +4.6%

Property, plant and equipment

4,900 3,476 -1,424 -29.1%

Other non-current assets 6,569 5,029 -1,540 -23.4%

Assets held for sale 1,838 1,849 +11 +0.6%

Total assets 17,446 14,784 -2,662 -15.3%

Equity 6,205 5,010 -1,195 -19.3%

Financial liabilities 5,856 5,270 -586 -10.0%

Other liabilities 4,657 4,260 -397 -8.5%

Liabilities held for sale 728 244 -484 -66.5%

Total equity and liabilities 17,446 14,784 - 2,662 - 15.3%

April 20131 According to FY2012 annual report; not restated for consolidation of Kraftwerke Gougra AG and change in IAS 19

1

Alpiq Holding AG 10

Results FY 2012Cash flow statement

CHF million 2011 2012

EBIT -292 -928

Interest paid and income tax paid -301 -281Depreciation and amortisation 1,229 2,128Other effects -101 -487Changes in working capital -134 -98

Net cash flows from operating activities 401 334

Divestments 42 605

Investments / acquisitions -712 -160

Change in term deposits -199 212Net cash flow used in investing activities -869 657Dividends paid -245 -65

Change in borrowings / FX effects 544 -690

Cash flows (used in) / from financing activities / FX effects 299 -755

Change in cash -169 236

April 20131 According to FY2012 annual report; not restated for consolidation of Kraftwerke Gougra AG and change in IAS 19

1

Agenda

2

3

4

5 Q&A

1 Alpiq Group overview

Financial review / Q1 2013 update

Repositioning

Capital measures and fixed income investment considerations

Alpiq Holding AG 12

Alpiq’s answers to a challenging market environment

Impact on power markets

Macro environment

Impact on Alpiq Alpiq's answer

•Repositioning of the Group

•Organisational realignment

•Restructuring program

•Divestment program

• Capital measures

Low power prices and narrower spreads

Impairment of generation assets

Expiry and termination of long term contracts

Increased indebtedness / challenges to credit profile

Weak outlook for energy demand development

Massive subsidies for new renewables

Significant overcapacities in production

Low CO2 prices Political

uncertainty and new regulations

Peaking of European sovereign debt crisis

Continued economic slowdown and weak GDP forecasts across Europe

Strong Swiss Franc

Fukushima

1

2

3

4

5

April 2013

Alpiq Holding AG 13

Repositioning of the Group

Short-term objectives

Drive operational results and target commitments in an uncertain environment

Continue to streamline organisation and business model in order to reduce complexity

Streamline processes, standardise systems and reduce number of tools

Mid-term objectives

Leverage attractive generation mix - Significant and attractive generation portfolio

- Integrated portfolio optimisation for Western Europe

- Anticipation and capturing of new market opportunities

Strengthen position in profitable markets- No.1 international wholesaler in CEE with largest and geographically most diverse

contract portfolio

- Shift from standard sales businesses to higher margin origination activities

Grow Energy Services business- No.1 Energy Services provider in CH (building technologies and management,

traffic infrastructure technologies)

- Growth potential due to Swiss Energy Strategy 2050

- Repositioning of Plant Technologies (EAT) according to market needs

1

April 2013

Alpiq Holding AG 14

Organisational realignment

New lean structure along the value chain effective February 2013

Generation Commerce & Trading

Energy Services

Simplified and streamlined organisation and business model positions Alpiq well in the current market to benefit from future opportunities

Alpiq operates a significant, diversified and highly flexible generation portfolio

Portfolio consisting of hydro, nuclear, thermal and renewable assets in Switzerland and across other attractive markets in Europe

6,441 MW installed / 19,988 GWh in 2012

Pools market access for energy business of entire Group

Commercialisation of power portfolio including to Swiss shareholders

Optimisation of Alpiq’s generation portfolio in Switzerland and across Europe

No.1 position in Central Eastern Europe in cross-border trading

No.1 in Switzerland in building services, traffic infrastructure technologies and energy efficiency

Established market position in Germany in power and industrial plant technologies

2

Division financials (FY2012)

Revenues: CHF5,494m

Op. EBITDA: CHF953m

EBIT: CHF584m

Revenues: CHF5,575m

Op. EBITDA: CHF28m

EBIT: - CHF10m

Revenues: CHF1,992m

Op. EBITDA: CHF118m

EBIT: CHF83m

1 New divisional structure effective as of 1 February 2013; pre Group consolidation effects; restated for consolidation of Kraftwerke Gougra AG and change in IAS 19; results from operations before exceptional items

1

April 2013

Alpiq Holding AG 15

Restructuring and divestment programs

Measures leading to additional CHF 50m p.a. sustainable cost savings implemented (in addition to CHF 50m p.a. achieved from “topIQ”)

Headcount reduction of 470 FTE

- 160 FTE in Switzerland

- 310 FTE in non-Swiss entities

Exit from non-profitable sales activities in Germany, Italy, Spain and Scandinavia

Business model with less risk and complexity implemented

Total cash effect from divestments of CHF 605m in 2012

Sale of energy service division(EVT)

€ 203m

Sale of 20% in Edipower

€ 200m

Sale of 15% pump storage asset Nant de

Drance to IWB

not disclosed

Sale of 24.6% in Repower

CHF 171m

Sale of 5% in A2A

€ 68m

Sale of 6.43% in Romande Energie

(1st tranche)

CHF 78m

Transfer to swissgrid

(1st tranche shareholder

loan)

CHF 223m

Restructuring program

Completed divestments of non-core activities

Decisive measures implemented to adapt to new environment and reduce costs

2012 (Eiger +) 2013-15

3+4

2012 2013April 2013

Acceleration of cost reduction measures to achieve additional CHF 100m cost savings p.a. as of 2015 (leading to total expected savings of CHF 200m p.a. compared to 2011)

Total divestment program of c. CHF 1.2-1.6bn in 2012 and 2013

- Cash inflow achieved in Q1 2013 of CHF 472m

- Divestment evaluation of SES and Alpiq Generation (CZ) ongoing

Alpiq Holding AG 16

Capital measures supported by Swiss core shareholders

Measures taken and proposed

Swiss core shareholders (EOS and majority of KSM) have signed an agreement to subscribe for CHF 366.5m perpetual subordinated loan notes (“Shareholder Hybrid”)

In addition, intention to issue more than CHF 400m perpetual subordinated notes in the capital market (“Public Hybrid”)

Structured to achieve 100% equity treatment under IFRS and 50% equity treatment from credit research analysts

Shareholder Hybrid deeper subordinated than Public Hybrid

Rationale

Create flexibility to capture medium and long-term business opportunities by reducing net debt and preserving investment grade rating

Strengthening of balance sheet creates flexibility to

- support ongoing repositioning and divestments without undue financial constraints and preserve investment grade rating

- capture business opportunities in Alpiq’s core business in the medium and longer term

5

April 2013

Agenda

2

3

4

5 Q&A

1 Alpiq Group overview

Financial review / Q1 2013 update

Repositioning

Capital measures and fixed income investment considerations

Alpiq Holding AG 18

Alpiq’s investment case for fixed income investors

Diversified business portfolio well-positioned to benefit from future market development

1

Substantial support from Swiss principal shareholders, contributing CHF 366.5m hybrid capital to strengthen Alpiq's capital base

2

Liquid balance sheet, with c. CHF 1.9bn cash and cash equivalents as of Q1 2013, and staggered debt maturity profile in coming years

3

History of consistent operating cash generation and commitment to sustainable dividend policy

4

April 2013

Alpiq Holding AG 19

Alpiq well positioned to benefit from future market development

1

April 2013

Leading Swiss power generation company with strong local roots and focused European presence

Highly flexible, diversified generation portfolio with no or low CO2 emissions which is expected to benefit from increasing need for flexibility caused by intermittent renewable generation sources

Number 1 Central and Eastern European cross-border trading business

Growth potential in Energy Services from increasing focus on energy efficiency (political energy efficiency targets)

Strong management and operational teams with long-standing expertise across the power sector

Alpiq Holding AG 20

Key terms of Shareholder Hybrid and Public Hybrid2

Swiss principal shareholders have demonstrated support by committing to CHF 366.5m Shareholder Hybrid at terms less privileged vs. Public Hybrid

Features Perpetual Subordinated Loan Notes(“Shareholder Hybrid”)

Perpetual Subordinated Notes (“Public Hybrid”)

Issuer Alpiq Holding AG Alpiq Holding AG

Amount CHF 366.5 millions CHF [•] millions

Denomination CHF 500,000 CHF 5,000

Maturity Perpetual Perpetual

Issuer call Redeemable at option of the Issuer (i) after repayment of the Public Hybrid or (ii) at any time through an exchange into shares at an exchange ratio to be agreed upon by Alpiq and the holders of the Shareholder Hybrid

Redeemable at option of the Issuer at year 5.5 and on any interest payment date thereafter

Special event redemption

Issuer call at par upon occurrence of an (i) Accounting Event (ii) a Tax Event or (iii) a Capital Event

Issuer call at par upon occurrence of (i) an Accounting Event, (ii) a Tax Event, (iii) a Capital Event or (iv) in the event that less than 20% of the initial principal amount is outstanding

Interest rate Fixed rate of [•]% until year 10 Reset at year 10 and every tenth year thereafter to a rate equal

to the prevailing 10 year CHF mid-swap rate + initial credit spread + Step up

Fixed rate of [•]% until year 5.5 Reset at year 5.5 and every fifth year thereafter to a rate

equal to the prevailing 5 year CHF mid-swap rate + initial credit spread + Step up

Coupon step-up Step up of 25 bps at year 10 and a further 75 bps at year 30 Step up of 25 bps at year 10.5 and a further 75 bps at year 30.5

Deferral of interest Optional interest cancellation Non-cumulative If issuer elects not to make an interest payment, it will not

propose to pay a dividend on its share capital at the next AGM If shareholders overrule, Issuer shall reimburse holders the

missed interest payment for the relevant financial year

Optional interest deferral Deferred interest is cumulative for three consecutive deferrals

of interest and thereafter the respective portion of deferred interest shall be cancelled

Deferred interest shall be payable following (i) a payment of dividends, (ii) a payment on junior or parity securities, (iii) repurchase of any share capital, (iv) redemption of any junior or parity securities, (v) redemption or (vi) liquidation

Ranking Junior to Public Hybrid and pari passu with Issuer’s share capital Junior to unsubordinated creditors, but ahead of Shareholder Hybrid and Issuer's share capital

Listing None SIX Swiss Exchange

April 2013

Please refer to the preliminary prospectus for the full terms and conditions

Alpiq Holding AG 21

Expected impact of capital measures

Mio. CHF 2011 2012 Q1 20132012 vs.

2011 Q1 2013 Q1 2013

Liquidity 1,204 1,385 1,906 +15% 2,706 2,706

Operating EBITDA 1,209 990 229 -18% 229 229

Net debt 4,652 3,990 3,469 -14% 2,669 3,069

Net debt / EBITDA 3.8x 4.0x 3.5x 2.7x 3.1x

Use of proceeds for the envisaged transaction Reduce leverage via repayment of outstanding debt of Alpiq Holding AG maturing in 2013

(including repayment of CHF 320m shareholder loan from EOS) Take advantage of potential early repayment opportunities in longer-dated debt in order to

accelerate optimisation of capital structure Strengthening of balance sheet by improving the equity base General corporate purposes

2

Reported Pro-forma – IFRS view

Pro-forma – credit analyst view

1 As reported2 12 months rolling3 Assuming total hybrid issuance in the amount of CHF 800 m (100% equity credit under IFRS and 50% equity credit under credit rating analyst view)4 Before exceptional items 5 Restated for consolidation of Kraftwerke Gougra AG and IAS 19

2

3 3

2 24

4

5

April 2013

1

Alpiq Holding AG 22

Maturity profile as of 31 December 2012Staggered redemption out to 2022

3

Liquid balance sheet with CHF 1.9bn liquidity as of 31 March 2013 plusCHF 1.2bn unused committed credit lines vs. balanced maturity profile in coming years

1 As of 31 December 2012; restated for consolidation of Kraftwerke Gougra AG2 Of which CHF 320m will be repaid to EOS by mid of May

April 2013

1

2

,Total: CHF 5,375m1

Alpiq Holding AG 23

Operating cash flow generation and dividend history

4

Operating cash flow Dividend history by fiscal year

698

1036

582

401334

2008 2009 2010 2011 2012

(CH

F m

)

10.00

8.70 8.70

2.00 2.00

2008 2009 2010 2011 2012

(CH

F pe

r sh

are)

History of consistent operating cash generation and sustainable dividend policy even in challenging times

April 2013

,

Agenda

2

3

4

5 Q&A

1 Alpiq Group overview

Financial review / Q1 2013 update

Repositioning

Capital measures and fixed income investment considerations

25

Thank you for your attention

Alpiq Holding AG 26

Appendix

April 2013

Alpiq Holding AG 27

EnPlus Wind parks IT

Emosson

Rest (incl. margins)

Alpiq Holding AG

Gougra

Bonds

Bilateral credits

Shareholder loans

Private Placements

Margin liabilities

Bonds comprise c. 2/3 of outstanding debtMajority of debt issued by Alpiq Holding AGAverage interest rate of group c. 3% p.a.

Funding mix as of 31 December 2012Limited reliance on bank lending

April 2013

By entity (CHFm)By instrument (CHFm)

Total: CHF 5,375m Total: CHF 5,375m

1 As of 31 December 2012; restated for consolidation of Kraftwerke Gougra AG

1

1 1

Alpiq Holding AG 28

Market environmentBas

e lo

ad –

Peak

load

–Spr

ead

(EU

R/M

Wh)

Source: EPEX SPOT

Increase in subsidies for renewable energy drove market prices down and changed supply profiles in the electricity market

EUR/MWh

Source: EPEX SPOT

Market backdrop Pricing environment (EEX) Performance of forward prices (EEX Peak and Off-Peak)

April 2013

30

35

40

45

50

55

60

65

70

75

80

Cal 13 Peak Cal 13 Off-Peak Cal 14 Peak

Cal 14 Off-peak Cal 15 Peak Cal Off-Peak

0

20

40

60

80

100

120

140

Spread (rhs) Baseload (lhs) Peakload (lhs)

Alpiq Holding AG 29

Results FY 2012Impairments, provisions and other exceptional items

As a result of reduced price expectations, impairment on: Production park Switzerland CCGT plants in Italy, France,

Hungary and Spain Coal power plants in Czech

Republic Domestic and foreign renewable

energy assets

Cancellation of long-term supply contracts in Romania due to insolvency of the counterparty

Further impairments on and provisions for long-term supply contracts

CHF million Total

Power generation Switzerland 786

Power generation International 571

Renewable energy sources Switzerland 17

Renewable energy sources International 196

Sales International 79

Holding, Corporate Centre, AIT and other 21

Total impairment of assets 1,670

Provisions for loss-making contracts 27

Liabilities for loss-making contracts -98

Other provisions 16

Total impairments and provisions 1,615

Alpiq Holding AG 29April 2013

Alpiq Holding AG 30

Results FY 2012Operating results vs. IFRS results

CHF million 2012Results of operations

Impairments and exceptional items

2012IFRS

Net revenue 12,710 12,710Own work capitalised 121 121

Other operating income 101 210 311Total revenue and other income 12,932 210 13,142Operating costs -11,947 5 -11,942

EBITDA 985 215 1,200

Depreciation and amortisation -465 -1,663 -2,128EBIT 520 -1,448 -928Share of results of associates and JV -69 12 -57

Finance expense -218 -46 -264Finance income 16 16

Profit/(loss) before income tax 249 -1,482 -1,233Income tax -29 176 147Group profit/(loss) incl. non-controlling interests 220 -1,306 -1,086

Alpiq Holding AG 30April 20131 According to FY2012 annual report; not restated for consolidation of Kraftwerke Gougra AG and change in IAS 19

1

Alpiq Holding AG 31

Overview on restatement of FY2012 results

Alpiq Holding AG 31April 2013

CHF millionAlpiq Groupas reported

Consolidation effect of

Kraftwerke Gougra AG

Impact of IAS 19

Alpiq Group restated

Total revenues 12,710 12 0 12,722

EBITDA 985 11 -6 990

EBIT 520 3 -6 517

Net Profit 220 0 -5 216

Net debt 3,911 79 0 3,990

32

This presentation contains forward-looking statements and information

In particular, certain statements with regard to management objectives, trends in results of operations, margins,

costs, return on equity, risk management and competition are speculative by nature. Words such as "expects",

"anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", variations of such

words, and similar expressions are intended to identify forward-looking statements. Such statements are based on

our current expectations and certain assumptions and are therefore subject to certain risks and uncertainties.

Consequently, Alpiq's results may differ materially and adversely from those expressed or implied in any forward-

looking statements. Factors that might cause or contribute to such differences include, but are not limited to,

economic conditions, the impact of competition, political and economic developments in the countries in which Alpiq

operates, regulatory developments in the energy market in Switzerland and abroad, and fluctuations in energy prices

and margins for Alpiq products. Forward-looking statements made by or on behalf of Alpiq reflect only the assessment

of the situation on the date on which such statements are made.

This presentation does neither constitute an offer to buy or to subscribe for securities of Alpiq Holding AG. Investors

should make their decision to buy or to subscribe to securities solely based on the official listing prospectus which will

be published by Alpiq Holding AG

This presentation does not constitute a prospectus as such term is understood pursuant to article 652a or article 1156

of the Swiss Federal Code of Obligations or a listing prospectus within the meaning of the listing rules of the SIX

Swiss Exchange Ltd. Accordingly, the investor protection rules otherwise applicable to investors in Switzerland do not

apply to this presentation.

Disclaimer

Alpiq Holding AG April 2013