Alpine Select : Invitation to the AGM 2023

ZUG, 13 APRIL 2023 | TO THE SHAREHOLDERS OF ALPINE SELECT LTD.

INVITATION TO THE ORDINARY

SHAREHOLDERS' MEETING 2023

Date: Wednesday, 17 May 2023 | 11.00 a.m. (doors open at 10.30 a.m.)

Venue: Parkhotel Zug, Industriestrasse 14, Zug

I.	Agenda	2
	Annual Report 2022	2
	Appropriation of Available Earnings	2
	Discharge of the Members of the Board of Directors and the Management	2
	Elections	2
	Compensation of the Members of the Board of Directors and the Management	3
	Capital Reduction through Cancellation of Shares acquired as Part of a Share Buyback Program	3
	General Partial Revision of the Articles of Association, in particular due to the revised Swiss Stock
	Corporation Law	3
	Approval of a new Share Buyback Program	4
II.	Further Information	4

Annex 1 to Agenda Item 7: Amendment of the Articles of Association of the Company

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1. Agenda

Annual Report 2022

1.1 Approval of the Annual Report 2022 (Statutory Finan- cial Statements as well as the Consolidated Financial Statements in accordance with Swiss GAAP FER)

Proposal: The board of directors proposes to the shareholders' meeting to approve the annual report 2022 and to acknowledge the reports of the auditors.

Explanations: In its reports to the shareholders' meeting, the auditors BDO Ltd., Zurich, recommend without limitation that the annual report 2022 of Alpine Select Ltd. be approved.

1.2 Consultative Voting on the Compensation Report 2022

Proposal: The board of directors proposes to the shareholders' meeting that the compensation report 2022 be ratified in a consultative vote.

Explanations: The compensation report 2022 contains the basic principles for the compensation of the board of directors and the management as well as the compensation paid to the members of both corporate bodies for the financial year 2022. The compensation report of Alpine Select Ltd. can be found in the annual report 2022 of Alpine Select Ltd. on pages 28 to 32. In its report the auditors confirm that the compensation report complies with Swiss law.

Appropriation of Available Earnings

Proposal: The board of directors proposes to the shareholders' meeting that the available earnings of Alpine Select Ltd. be appropriated as follows:

in CHF
Profit carried forward	70 159 848
Profit for the year 2022	2 426 610
Amount available for distribution	72 586 458
Distribution of a dividend	-8 788 404
Carry forward to new account	63 798 054

Explanations: The proposed dividend of CHF 1.00 per registered share for the year 2022 is calculated on the basis of all outstanding registered shares less those shares held by Alpine Select Ltd. (treasury shares) as they are not entitled to a dividend. Until the time of the resolution on the declaration of the dividend, the number of shares held by Alpine Select Ltd. may change and therefore, the definitive total dividend may differ from the amount stated above.

The Swiss withholding tax of 35% will be deducted from the gross dividend of CHF 1.00 per registered share.

Discharge of the Members of the Board of Directors and the Management

Proposal: The board of directors proposes to the ordinary share- holders' meeting that its members and the members of the management be discharged for the financial year 2022 (in a single vote for all members of the board of directors and of the management).

Explanations: Pursuant to art. 698 para. 2 item 7 CO, the discharge of the members of the board of directors and the management is one of the non-transferable powers of the shareholders' meeting. The Company is not aware of any facts that would oppose a full discharge.

Elections

4.1 Re-elections to the Board of Directors

Proposal: The board of directors proposes to the shareholders' meeting the re-election of Raymond J. Baer, Thomas Amstutz, Dieter Dubs and Michel Vukotic as members of the board of direc- tors, each for a one-year term of office until completion of the next ordinary shareholders' meeting.

Explanations: The biographies of all members of the board of directors can be found in the "Corporate Governance" section of the annual report 2022 of Alpine Select Ltd. as well as on the internet at www.alpine-select.ch/en/alpine#directors.The members of the board of directors will be re-elected individually.

4.2 Re-election of the President of the Board of Directors

Proposal: The board of directors proposes to the shareholders' meeting the re-election of Raymond J. Baer as president of the board of directors for a one-year term of office until completion of the next ordinary shareholders' meeting, subject to his re-election as a member of the board of directors.

Explanations: The biography of Raymond J. Baer can be found in the "Corporate Governance" section of the annual report 2022 of Alpine Select Ltd., as well as on the internet at www.alpine-select.ch/en/alpine#directors.

4.3 Re-elections to the Compensation Committee

Proposal: The board of directors proposes to the shareholders' meeting the re-election of Raymond J. Baer and Dieter Dubs as members of the compensation committee for a term of office of one year each until completion of the next ordinary shareholders' meeting, subject to their re-election as members of the board of directors. The board of directors intends to designate Raymond J. Baer as the president of the compensation committee.

Explanations: The members of the compensation committee will be re-elected individually.

4.4 Re-election of the Auditor

Proposal: The board of directors proposes to the shareholders' meeting the re-election of BDO Ltd., Zurich, as the auditor of the Company for the business year 2023.

Explanations: BDO Ltd., Zurich, has confirmed to the board of directors that it possesses the level of independence required to take on this role.

4.5 Re-election of the Independent Proxy

Proposal: The board of directors proposes to the shareholders' meeting the re-election of HütteLAW Ltd., Cham, as the independent proxy for a one-year term of office until completion of the next ordinary shareholders' meeting.

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Explanations: Pursuant to art. 11 para. 3 of the articles of associ- ation, the shareholders' meeting elects the independent proxy. Hüt- teLAW Ltd. is a law firm based in Cham. It has confirmed to the board of directors that it possesses the level of independence required to take on this role.

Compensation of the Members of the Board of Directors and the Management

The compensation of the members of the board of directors and of the management will be dealt with in separate votes.

5.1 Binding vote on the Maximum Compensation of the Members of the Board of Directors

Proposal: The board of directors proposes to the shareholders' meeting that the maximum total amount of CHF 550,000 for the compensation of the members of the board of directors be approved for the period from the ordinary shareholders' meeting in 2023 to the ordinary shareholders' meeting in 2024.

Explanations: Pursuant to art. 22 para. 1 a) of the articles of as- sociation, the shareholders' meeting annually approves the maximum total amount of the fixed compensation for the board of directors for the period until the next ordinary shareholders' meeting.

5.2 Binding Vote on the Maximum Compensation of the Members of the Management

Proposal: The board of directors proposes to the shareholders' meeting that the maximum total amount of CHF 800,000 for compensation to be paid, promised, or granted to the members of the management during, or in respect of, the business year 2024 be approved.

Explanations: Pursuant to art. 22 para. 1 b) of the articles of as- sociation, the shareholders' meeting annually approves the maximum total amount of the fixed compensation and the variable compensation component for the management for the following business year.

Capital Reduction through Cancellation of Shares acquired as Part of a Share Buyback Program

Proposal: The board of directors proposes to the shareholders' meeting:

• reduction of the share capital from CHF 185,159.40 to a max- imum of CHF 170,000.00 by cancelling of the number of own registered shares with a par value of CHF 0.02 each, which were repurchased under the share buyback program of 20 May 2020, as of 10 May 2023;
• utilization of the reduction amount: Reduction of the position "treasury shares" in shareholders' equity.

Explanations: At the ordinary shareholders' meeting of Alpine Select Ltd. of 20 May 2020, the board of directors has been authorized to repurchase shares for cancellation purposes in the maximum amount of 10% of the share capital until the ordinary share- holders' meeting 2022. Based on this authorization, the board of directors has launched a share repurchase program via a second trading line on SIX Swiss Exchange. Upon request of the board of directors, the ordinary shareholders' meeting of Alpine Select Ltd. of 18 May 2022 has authorized the board of directors to extend the share repurchase program until 31 May 2023.

The board of directors now proposes that the shareholders' meeting approves the cancellation of the number of shares repurchased as of 10 May 2023 and the corresponding reduction of the share capital. If approved by the shareholders, the board of directors will implement the capital reduction and update the articles of association accordingly.

General Partial Revision of the Articles of Association, in particular due to the revised Swiss Stock Corporation Law

On January 1, 2023, the revised Swiss Stock Corporation Act (art. 620 et seq. of the Swiss Code of Obligations; CO) came into force, which requires Alpine Select Ltd., as a Swiss stock corporation, to amend its articles of association to comply with the new Stock Corporation Law within two years of its entry into force. The board of directors proposes the following amendments to the Company's articles of association in accordance with the new legal provisions.

The current and the proposed wording of all articles for which amendments are proposed are listed in Appendix 1.

7.1 Amendment of the Provisions governing the General Meeting of Shareholders

Proposal: The board of directors proposes to the shareholders' meeting:

• Amendment of Section III - A of the articles of association as proposed in Annex 1.

Explanations: The reform of the Swiss Stock Corporation Law has brought about certain changes to shareholders' rights and the shareholders' meeting. These changes include in particular the following points:

• Lowering of the thresholds for convening meetings (from 10% to 5% of the share capital or votes) and clarification regarding the thresholds for requesting the inclusion of items on the agenda (0.5% of the share capital or votes);
• introduction of qualified quorums for certain votes; and
• representation of shareholders at a shareholders' meetings.

The board of directors proposes to incorporate these changes into the articles of association, which will strengthen the rights of share- holders.

In addition, the revised law provides for the possibility of holding a shareholders' meeting exclusively by electronic means and without a venue ("virtual shareholders' meeting"). The board of directors proposes to implement the corresponding provisions in the articles of association in order to provide additional flexibility, although it does not currently plan to hold virtual shareholders' meetings. Should the board of directors one day decide to hold a virtual share- holders' meeting, it will ensure that shareholders can exercise their legal rights at such a meeting.

7.2 Amendment of the Provisions on the Board of Directors and on Compensation

Proposal: The board of directors proposes to the shareholders' meeting:

• Amendment of Section III - B as well as of Section IV of the articles of association as proposed in Annex 1.

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Explanations: The reform of Swiss Stock Corporation Law requires a number of changes with regards to the duties of the board of directors, the compensation of the management and the acceptance of mandates in other companies.

The board of directors proposes to reflect these mandatory legal changes in the articles of association in order to strengthen share- holders' rights.

7.3 Editorial Amendments to the Articles of Association

Proposal: The board of directors proposes to the shareholders' meeting, further editorial amendments to the articles of association as shown in Annex 1.

Explanations: On this occasion, certain editorial and linguistic adjustments shall be made.

Approval of a new Share Buyback Program

Proposal: The board of directors proposes to the shareholders' meeting to authorize the board to launch a share buyback program at its own discretion and to repurchase own shares up to a maximum of 10% of the total share capital. Any share buyback must take place in the period between 17 May 2023 and the date of the shareholders' meeting in 2025. In the event of a share buyback, the shareholders' meeting shall subsequently resolve to reduce the share capital by cancelling all the shares thus acquired.

Explanations: The board of directors intends to launch a new share buyback program of up to 10% of the share capital, which it may launch at its own discretion. The new share buyback program will provide Alpine Select Ltd. with greater flexibility for buybacks and allow for efficient capital management.

II. Further Information

1. Annual Report

The annual report 2022 (including annual report, financial state- ments, financial statements according to Swiss GAAP FER, compensation report as well as reports of the auditors) is available

online and can be downloaded under www.alpine-select.ch/en/investors#downloads.In addition, the annual report 2022 is available for inspection by the shareholders at the Company's registered office, Gotthardstrasse 31, Zug. Every shareholder may also request the printed annual report electronically by email ([e-mail])or in writing by mail (Alpine Select Ltd., Gotthardstrasse 31, 6300 Zug), indicating the delivery address. Please note that the annual report is only available in English.

1. Participation at the Shareholders' Meeting

Only shareholders who have been entered in the share register as entitled to vote by 5:00 p.m. on 10 May 2023 are entitled to vote at the shareholders' meeting. Shareholders may either attend in person, be represented by the legal representative, by another shareholder with voting rights by means of written proxy or by the independent proxy by means of written or electronic proxy.

Shareholders who are entered in the share register as entitled to vote up to and including 10 May 2023 will receive a reply card together with the invitation to the shareholders' meeting, which can be used to order the admission card and voting material or to issue a proxy. In addition, they will receive information on the electronic issuance of proxies and instructions to the independent proxy or an individual access code for the use of the corresponding website www.gvmanager-live.ch/alpineselect.Shareholders are requested to send the reply card to the share register of Alpine Select (Alpine Select Ltd., c/o Devigus Shareholder Services, Birkenstrasse 47, 6343 Rotkreuz) by 15 May 2023 (date of receipt) at the latest.

In the period from 10 May 2023, 5:00 p.m. until after the close of the shareholders' meeting, no more entries with voting rights will be made in the share register. Shareholders who were registered with voting rights on 11 May 2023, but who have sold their shares prior to the shareholders' meeting will lose their shareholder rights in respect of the shares sold. Shareholders who changed their shareholdings in the period between 13 April and 10 May 2023, and who have already received an admission card, will receive an updated admission card at the admission check of the sharehold- ers' meeting. Proxies will also be adjusted.

1. Representation at the Shareholders' Meeting

Shareholders with voting rights who do not wish to attend the shareholders' meeting in person may be represented as follows:

1. by the legal representative or another shareholder with voting rights, or
2. by the independent proxy HütteLAW AG, Cham.

Shareholders are requested to send the reply card to the share register of Alpine Select Ltd. (Alpine Select Ltd., c/o Devigus Shareholder Services, Birkenstrasse 47, 6343 Rotkreuz) by 15 May 2023 at the latest. The admission card will be sent to the authorized representative proxy.

1. Participation by Means of Powers of Attorney and In- structions to the Independent Voting Representative

Shareholders may participate in votes and elections by means of proxies and instructions to the independent proxy at www.gvmanager-live.ch/alpineselect.Such participation or any changes to electronically submitted instructions are possible at the latest until 15 May 2023, at 11:59 p.m. and can be changed at any time until then. A new access code can be requested from the share register ([e-mail]).

The instructions issued can be printed out after sending the electronic proxy under "Printed matter".

If you grant power of attorney to the independent proxy both electronically and in writing, only the power of attorney granted electronically will be taken into account.

The terms of use apply, which can be accessed in "GVManager Live".

1. Legal Notice

Shareholders who make use of the internet-based options in connection with the performance of the shareholders' meeting bear the associated risk in the exercise of their shareholder rights them- selves.

The Board of Directors

Zug, 13 April 2023

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Agenda Item 71: Amendment of the Articles of Association of the Company

The amendments to the articles of association proposed under agenda item 7 are shown below. Deletions are shown in red, crossed-out font, new additions in blue, underlined font and changes in green font.

Section 1: Basics

Existing version of the articles of association

Art. 1 Company Name, Domicile

Under the Company name of

Alpine Select AG

(Alpine Select SA)

(Alpine Select Ltd)

(Alpine Select Inc.)

a corporation limited by shares exists according to Art. 620 et seqq. CO, having its registered office in Zug. The duration of the Company is unlimited.

Proposed amendments to the articles of association

Art. 1. Company Name, Domicile

Under the Company name of

Alpine Select AG

(Alpine Select SA)

(Alpine Select Ltd)

(Alpine Select Inc.)

exists for an indefinite period of timea corporation limited by shares existsaccording to Art. 620 et seqq. Swiss Code of Obligation (CO), having itswithregistered office in Zug. The duration of the Company is unlimited.

Art. 2	Purpose	Art. 2.	Purpose
The purpose of the Company is (i) the direct or indirect acquisition,	[article unchanged]
the permanent administration, and the sale of participations in do-
mestic and foreign companies of all kinds and of domestic, and
foreign collective investment vehicles of all kinds as well as (ii) the
asset management, the provision of services in the area of finan-
cial analysis and investment advice. The Company can offer its
services both at home and abroad.
The Company is empowered to set-up domestic and foreign
branch offices and further subsidiaries and to engage in any com-
mercial, financial and other activities which are related to the pur-
pose of the Company.
Art. 3	Principles of Investment Policy	Art. 3.	Principles of Investment Policy
The Company invests its fund in accordance with the principles of	[article unchanged]
its investment policy, which are set out in detail in the supplemen-
tary or investment regulations. This document is published by the
Company on its website and will be delivered to shareholders and
interested parties upon request.
Section II: Capital
Existing version of the articles of association	Proposed amendments to the articles of association
Art. 4	Share Capital	Art. 4.	Share Capital 2

The share capital of the Company amounts to CHF 185,159.40 and is divided into 9,257,970 registered shares with a par value of CHF 0.02 each. The shares are fully paid-in.

The share capital of the Company amounts to CHF 185,159.40175,768.08and is divided into 9,257,9708,788,404registered shares with a par value of CHF 0.02 each. The shares are fully paid-in.

Art. 4 a Authorized Capital	Art. 4 a Authorized Capital
The board of directors is authorized to increase the share capital	[article cancelled]
according to article 4 of the articles of association by a maximum
amount of CHF 90'000.00 at any time until 18 May 2024 by issu-
ing a maximum of 4'500'000 registered shares with a nominal
value of CHF 0.02 each to be fully paid-in.

1. Please note that the official version of annex 1 to agenda item 7 prevails this unofficial translation.
2. Subject to approval by the shareholders' meeting and following the implementation of the capital reduction, the board of directors will amend this article to the appropriate wording.

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