Invitation
Annual General Meeting of
Shareholders of LEM HOLDING SA
Thursday, 27 June 2024, at 15:30 (CEST)
HP/Hive Innovation Lab, Meyrin,
Switzerland

2024

LEM Invitation to the Annual General Meeting of Shareholders 2024

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Invitation to the Annual
General Meeting of
Shareholders 2024 of
LEM HOLDING SA

LEM’s Board of Directors is pleased to invite you to
the Annual General Meeting of Shareholders 2024.
Date and timeThursday, 27 June 2024
at 15:30 (CEST)
doors open at 15:00 (CEST)

Place

HP/Hive Innovation Lab
Route du Nant-d’Avril 150, 1217 Meyrin, Switzerland

Public transportation

From Geneva, Cornavin: Take the train #L5 (direction La Plaine) and stopat Zimeysa. Then, take the bus #57 (direction Geneva Airport) and exit at
the bus stop Satigny, Nant-d'Avril. Walk about 1 minute, the HP/Hive Innovation Lab is across the street.
If taking a taxi from Geneva, Cornavin, please allow for about 20 minutes
journey time.
From Geneva Airport: Take the bus #56 (direction Meyrin, Hôpital de LaTour) or bus #57 (direction Zimeysa, gare) and exit at the bus stop Satigny,
Nant-d'Avril. Walk about 1 minute, the HP/Hive Innovation Lab is across thestreet.
If taking a taxi from Geneva Airport, please allow for about 10 minutes
journey time.

Car parking

Car parking is available at the HP/Hive Innovation Lab, Route du Nantd’Avril 150, 1217 Meyrin.

LEM Invitation to the Annual General Meeting of Shareholders 20243

Welcome
Dear Shareholder,
The challenge of the 2023/24 financial year was to respond to theincreasing complexity of the political and economic situation in the world.
Looking back, we see two different trends in the two half-year periods. The
financial year got off to a good start, and LEM was able to build on the
excellent performance of the previous year. Improved supply chainsenabled the delivery of the accumulated order backlog and thus strong
sales growth. The lower order intake compared to the previous year was tobe expected due to the normalization of order patterns to pre-pandemic
levels and customers' continued high inventory levels.
From the third quarter of the reporting year, there was a significant economic
slowdown in some key markets. China in particular, which had already had
a subdued start, developed into a more difficult market with a significant
decline in sales. Competition in the field of e-mobility intensified and stocksof components for solar energy were still high.
Supported by its robust business model, which is founded on global megatrends, LEM performed reasonably well in this challenging environment.
Overall, we continued to develop our markets, to drive forward our innovation projects and to further optimize our operational infrastructure.
Sales level maintained despite strong negative currency effect
At CHF 405.8 million, we were able to maintain sales at the previous year's
level, even though the currency effect had a strongly negative impact. At
constant exchange rates, LEM achieved sales growth of 7.2%. The normalization of customer order patterns is reflected in incoming orders of CHF
243.3 million.
At CHF 81.1 million, EBIT was 12.1% lower than in the previous year, primarily
as a result of higher product costs and increased R&D and administration
expenses. The EBIT margin reached 20.0%, compared to 22.7% in theprevious year. Net profit amounted to CHF 65.3 million, after CHF 75.3
million in the previous financial year.
The Board of Directors will propose to the Annual General Meeting on
27 June 2024, that a dividend of CHF 50 per share be distributed for the2023/24 financial year.
Heterogeneous development in the businesses
The slowdown in the economic environment as well as customers'
continued destocking and reduced willingness to invest were particularly
noticeable in the Automation business, which traditionally develops in linewith the global economy.

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Automotive achieved weak growth, with developments varying greatly
from region to region. Growth was driven by good sales in EMEA andSouth Korea. In contrast, sales in China, the single most important
market, declined against the backdrop of an increasingly competitiveenvironment.
Renewable Energy recorded a good overall business performance, albeit
with regional variations. The majority of customers are located in China
but export a large proportion of their products, which means that thebusiness also benefits from the good momentum in the USA, for example.
The fact that manufacturers of solar inverters and distributors continued
to have full stocks had a negative impact.
Energy Distribution & High Precision achieved modest growth in an
increasingly competitive environment that also affected OEMs. The DC
meter for charging stations continued to sell very well, although growthslowed significantly in the second half of the year.
Track developed strongly in the reporting year, supported by the periodic
retrofit business and the positive market environment. The business issubject to very long cycles and benefited from a high order backlog.
Challenges in China balanced out by other regions
In the Chinese market, LEM was confronted with a difficult environment.
This was due to slow economic growth, declining exports of solar
inverters, lower sales of products for e-mobility and significantly negative
currency effects. LEM also saw some market share loss in the highly
competitive e-mobility and renewable energy sectors. Increased speed
and competitive pressure are the biggest challenges in China. In thisenvironment, we implemented measures to become faster and moreagile, focusing on greater customer proximity, increased local R&D andstrengthened regional decision-making.
The other Asian markets, particularly Korea and Japan, recorded a broadbased upturn and solid business, partially offsetting the decline in China.
The EMEA region performed well initially, but experienced a significant
economic slowdown over the course of the year. LEM was able to reduceorder backlogs in the first half of the year, after which the market weakened noticeably.
The performance of the Americas region was mixed. This is due to thepartial slowdown from the second quarter onwards, which occurred in
the Automation segment due to an overall subdued investment activity,and in the Renewable Energies segment as a consequence of politicaluncertainties.

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Megatrends will continue to give tailwind
LEM is benefiting from fundamental, environmentally-friendly developments in the areas of electrification, renewable energies and e-mobility.
These megatrends will continue to dominate in the future. LEM consistently
exploits the potential of these megatrends. For example, products for EV
and hybrid vehicles already account for over 90% of sales in the Automotive business.
In a period characterized by economic uncertainty, the importance of LEM's
technology platform, broad range of applications and comprehensive
product portfolio, combined with its global presence in research and development, production and sales, has once again been confirmed.
Further milestones in innovation
LEM continued to drive innovation in the 2023/24 financial year in order toconsolidate and further expand its technological leadership. The R&D ratio
remains high at 8.3% of sales, and LEM launched 11 new products.
An important milestone in terms of innovation is the partnership with TDK
Corporation. TDK will supply next-generation chips for LEM's integrated
current sensors, whose outstanding performance parameters will benefit
our customers in the automotive and industrial markets.
Also worth mentioning are the innovative solutions for battery managementin the Automotive business. The components set standards in the cost-effective fulfillment of redundancy requirements, which is extremely important
to OEMs.
LEM also further expanded its research and development capacities in thereporting year. Two new R&D centers were opened in Munich, Germany and
Sofia, Bulgaria, and the site in Shanghai, China, was expanded to also hostR&D activities.
Global production network expanded with fifth plant in Penang
LEM's customers today are having increased focus on the resilience of
their suppliers and are looking for dual sourcing options. To meet thesedemands, LEM has expanded its manufacturing capabilities with a new
production facility in Penang, Malaysia. The new production site enables
LEM to supply the Asian markets as well as the USA and Europe from Asia.
The site is also well positioned in proximity to major semiconductor manufacturers.
The new production facility has manufactured its first products and will
expand its capacity significantly in the future. The fifth plant complements
the global network of existing production facilities in Beijing, Sofia, Geneva,
and Tokyo.

LEM Invitation to the Annual General Meeting of Shareholders 20246

Dr. Libo Zhang to be elected as new member of the Board of Directors
The Board of Directors will propose to the Annual General Meeting the election of Dr. Libo Zhang as member of the Board of Directors. Dr. Libo Zhang
is an independent Board Professional and Corporate Finance Advisor.
Among other mandates, she is a member of the Board of Directors of the
Swiss technology group VAT. Previously, Ms. Zhang was CFO of the automotive manufacturer Borgward Group AG in Germany and of FFG Europe &Americas, a worldwide specialist in the tooling machine industry. She has
many years of experience in management positions in the areas of finance,
controlling and commercial processes in international industrial companies.
Ms. Zhang is German citizen and holds a PhD in Economics and an MBAfrom Georg-August University in Göttingen, Germany. The Board of Directors is convinced that with her background, know-how and experience,
Ms. Zhang will be a very valuable contributor to the future of LEM.
Sustainability strategy driven forward
Over the financial year 2023/24, LEM is proud to report a strong improvement on sustainability to continue helping its customers and society accelerate the transition to a sustainable future. Solid foundations have been
grounded to build up the LEM sustainability strategy.
On the governance side, a dedicated team has been created with clear
roles, responsibilities, and accountabilities throughout the organizationfrom the Strategy Committee to local Green Committees. A Double Materiality Assessment has been conducted highlighting the eight ESG material
topics LEM will focus on in the next few years. KPIs for measuring target
achievement were defined for those priority areas to comply with the indirect counterproposal to the Responsible Business Initiative in Switzerland,and especially the Due Diligence Transparency Ordinance (regarding
Minerals and Metals from Conflict Area and Child Labor), while making progress towards compliance with the EU Corporate Sustainability Reporting
Directive. Furthermore, concrete actions were implemented to improve
LEM’s ESG posture and reduce its carbon footprint such as management
remuneration linked to Scope 1 and 2 emissions reduction.
Detailed information on the importance of sustainability for LEM’s businessstrategy and purpose, and on the ESG priorities, can be found in the standalone Sustainability Report published for the first time.

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Outlook
LEM expects market development to be moderate in the current financial
year. The main reason for some headwind is that it will still take time forcustomers to reduce their inventories, particularly in the Renewable Energy
and Automation markets. Based on forecasts from our customers, we
expect the situation to improve during the second half of 2024/25.
In the medium to longer term, however, we remain optimistic: the megatrends that are driving all areas of our business are unbroken. LEM willcontinue to benefit from this, and we are committed to our R&D roadmap
and continue to invest accordingly.
Sincere thanks
After this challenging, intensive and successful year, our thanks go above
all to our employees. They put their energy, skills and experience to workfor LEM every day. On behalf of the Board of Directors and the Executive
Committee, we would like to express our sincere thanks for this. We would
also like to thank our customers for their trust and you, our shareholders, foryour continued long-term support.

Andreas Hürlimann
Chairman of the Board of Directors

Frank Rehfeld
Chief Executive Officer

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LEM Invitation to the Annual General Meeting of Shareholders 2024

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Agenda and proposals
1

Reporting for the financial year 2023/24– Management report– Consolidated financial statements of the LEM Group– Annual financial statements of LEM HOLDING SA– Compensation report– Report on non-financial matters– Auditors’ reports

1.1

Approval of the management report, the consolidated financial
statements of the LEM Group, and the annual financial statementsof LEM HOLDING SA as of 31 March 2024
Proposal: The Board of Directors proposes that the management report,
the consolidated financial statements of the LEM Group and the annual
financial statements of LEM HOLDING SA be approved.
Explanation: Pursuant to Article 698 para. 2 no. 3 and 4 of the Swiss Codeof Obligations (CO) and our Articles of Incorporation, the Annual General
Meeting is responsible for approving the management report, the consolidated financial statements and the annual financial statements.
1.2 Consultative vote on the compensation report 2023/24
Proposal: The Board of Directors recommends that the compensation
report 2023/24 as included in the Annual Report be approved (non-binding
consultative vote).
Explanation: Pursuant to Article 735 para. 3 no. 4 CO and our Articles ofIncorporation, the Board of Directors submits the compensation report
2023/24 to a consultative vote of the shareholders. The compensation
report contains the principles governing the compensation paid to theBoard of Directors and the Executive Management and reports on theamounts paid to the members of both corporate bodies for the financial
year 2023/24.

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1.3 Consultative vote on the report on non-financial matters 2023/24
Proposal: The Board of Directors recommends that the report on non-financial matters 2023/24 as included in the Sustainability Report be approved(non-binding consultative vote).
Explanation: Pursuant to Article 964c para. 1 CO and our Articles of Incorporation, the Annual General Meeting is responsible for approving thereport on non-financial matters (non-binding consultative vote).

2

Appropriation of available earningsand distribution

Proposal: The Board of Directors proposes that the total available earnings
for the financial year 2023/24 of LEM HOLDING SA be allocated as follows:
In CHF thousands

Balance brought forward from the previous financial year

313,013

Variation of treasury shares(920)

Net profit of the financial year

29,403

Total available earnings

341,496

Proposal of the Board of Directors
Ordinary dividend 1(57,000)

Balance to be carried forward

284,496

1 Dividend-bearing shares are all shares issued except for treasury shares held by LEM HOLDING SA andits subsidiaries as of the record date. The amount of CHF 57 million is calculated on the total number ofshares issued as of 31 March 2024. If the total amount of the ordinary dividend is higher or lower, thedifference will be balanced through the appropriation of the available earnings reserve.

Explanation: Pursuant to Article 698 para. 2 no. 4 CO and our Articles ofIncorporation, the Annual General Meeting is responsible for approving theappropriation of retained earnings. The Board of Directors proposes the
distribution of an ordinary dividend of CHF 50 per share. Net of the Swiss
withholding tax of 35%, this is an ordinary net cash dividend of CHF 32.5
per share. The shares will be traded ex-dividend as of the 2 July 2024. The
net dividend will be paid on the 4 July 2024.

LEM Invitation to the Annual General Meeting of Shareholders 202411

3Discharge of the Board of Directors
and of the Executive Management

Proposal: The Board of Directors proposes that the members of the Boardof Directors and of the Executive Management be granted discharge for thefinancial year 2023/24.
Explanation: Pursuant to Article 698 para. 2 no. 7 CO and our Articles ofIncorporation, the Annual General Meeting is responsible for granting thedischarge.

4

Approval of the compensation of
the Board of Directors

Proposal: The Board of Directors proposes that a maximum aggregate
amount of compensation of the members of the Board of Directors
for the term of office from the Annual General Meeting 2024 until the Annual
General Meeting 2025 of CHF 1,400,000 be approved.
Explanation: Pursuant to Article 698 para. 3 no. 4 CO and our Articles ofIncorporation, the Annual General Meeting votes on the compensation of
the Board of Directors. Each year, the Board of Directors submits to theAnnual General Meeting for approval the aggregate maximum amount ofcompensation for the Board of Directors for the term of office until the next
Annual General Meeting.
The proposed maximum aggregate amount of CHF 1,400,000 is composedof the following (non-binding) components:– Fixed compensation of CHF 1,120,000 based on the gross Boardof Directors membership fees (CHF 280,000 for the Chair and
CHF 100,000 for each member) and the gross Committee membership fees (CHF 40,000 for the Committee’s Chair and CHF
20,000 for each member) for the six members of the Board of
Directors proposed for re-election under agenda item 6 below.
For further details on the compensation system of the Board of
Directors, please refer to the compensation report 2023/24 asincluded in the Annual Report; plus
– Related employer contributions to social security; plus
– Reserve amount, which allows for flexibility in the event of extraordinary events such as significant additional workload of all or
certain members of the Board of Directors that requires additional
compensation, including membership in ad hoc committees, oran increase in mandatory social security contributions due to achange of applicable contribution rates.

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Members of the Board of Directors do not receive any variable compensation. The actual payout to the members of the Board of Directors for theterm of office from the Annual General Meeting 2024 until the Annual
General Meeting 2025 will be disclosed in the compensation report
2024/25.

5

Approval of the compensation of
the Executive Management

Explanation: Pursuant to Article 698 para. 3 no. 4 CO and our Articles ofIncorporation, the Annual General Meeting votes on the compensation of
the Executive Management. Each year, the Board of Directors submits to
the Annual General Meeting for approval the compensation of the membersof the Executive Management in three separate votes:
1. The first approval relates to the gross short-term variable compensation to be paid to the members of the Executive Management under the Leadership for Results (L4R) plan – short-term
incentive for the financial year 2023/24 (retrospective approval).
2. The second approval relates to the maximum gross long-term
variable compensation to be granted to the members of the Executive Management under the Leadership for Results (L4R) plan
– long-term incentive for the financial year 2024/25 (prospective
approval) to be paid out in July 2027.
3. The third approval relates to the maximum fixed compensation of
the members of the Executive Management for the period from
1 October 2024, to 30 September 2025 (prospective approval).
5.1

Vote on the aggregate amount of short-term variable
compensation of the Executive Management for the financial year
2023/24
Proposal: The Board of Directors proposes that an aggregate amount ofshort-term variable compensation of the members of the Executive
Management for the preceding completed financial year 2023/24 of
CHF 840,123 be approved.
Explanation: The proposed amount of CHF 840,123 is composed of thefollowing components:– Gross short-term variable compensation of the members of
the Executive Management for the financial year 2023/24 of
CHF 763,748; plus
– Related employer contributions to social security of CHF 76,375.
For further details, please refer to the compensation report 2023/24 asincluded in the Annual Report.
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5.2

Vote on the maximum aggregate amount of long-term variable
compensation of the Executive Management for the financial year
2024/25
Proposal: The Board of Directors proposes that a maximum aggregate
amount of long-term variable compensation to be granted to the membersof the Executive Management for financial year 2024/25 of up to
CHF 3,300,000 be approved.
Explanation: The proposed maximum amount of CHF 3,300,000 iscomposed of the following (non-binding) components:– Maximum gross long-term variable compensation under the Leadership for Results (L4R) plan of the members of the Executive
Management. This maximum amount assumes that all performancetargets will be reached at the maximum possible level under the
L4R LTI (Long-Term Incentive) plan rules of CHF 3,000,000; plus
– Estimated related employer contributions to social security of
CHF 300,000.
The L4R LTI plan is an annual long-term incentive plan, which is based on
the performance of LEM evaluated over a period of three consecutive fiscal
years.
As of the financial year 2022/23, the current cash-based L4R LTI has been
replaced by a share-based Performance Share Unit (PSU) plan. Membersof the Executive Management receive an annual PSU award, which vests in
LEM shares upon completion of a three-year plan cycle. The number of LEM
shares obtained per PSU can thereby vary between 0% and 200% of theaward, subject to continuous employment and depending on the achievement of pre-agreed performance conditions. Further, forfeiture rules incase of exit and the current claw-back regulations will continue to apply.
The performance criteria are the cumulated economic value added (EVA),
the absolute shareholder return, and the relative shareholder return overthese three fiscal years.
The actual payout to the members of the Executive Management for grants
awarded during the financial year 2024/25 will be disclosed in the compensation report 2026/27.
For further details, please refer to the compensation report 2023/24 asincluded in the Annual Report.

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5.3

Vote on the maximum aggregate amount of fixedcompensation of the Executive Management for the period
from 1 October 2024, to 30 September 2025
Proposal: The Board of Directors proposes that a maximum aggregate
amount of fixed compensation for the members of the Executive Management for the period from 1 October 2024, to 30 September 2025 of up to
CHF 4,000,000 be approved.
Explanation: The proposed maximum amount of CHF 4,000,000 iscomposed of the following (non-binding) components:– Gross base salaries of the members of the Executive Managementof CHF 3,200,000; plus
– Related employer contributions to social security and pension
fund of CHF 800,000.
The actual payout to the members of the Executive Management for theperiod from 1 October 2024, to 30 September 2025 will be disclosed in thecompensation reports 2024/25 and 2025/26, respectively.

6

Election and re-elections to the Board of Directors

6.1 Re-elections to the Board of Directors
Proposal: The Board of Directors proposes the re-election of– Cohen Ilan as member– Gabella François as member– Hürlimann Andreas as member and Chairman (one single vote)– Looser Ulrich Jakob as member– Wampfler Ueli as member– Weber Werner Carl as member
to the Board of Directors for a term of office of one year extending until
completion of the next Annual General Meeting.
Explanation: Pursuant to Article 698 para. 2 no. 2 and para. 3 no. 1 CO andour Articles of Incorporation, the Annual General Meeting is responsible forelecting the members of the Board of Directors and the Chair. These elections are held individually. The mandates of all current members of theBoard of Directors will expire at the end of the Annual General Meeting of
27 June 2024.

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Ueli Wampfler will be 74 years old at the time of the Annual General Meeting of 27 June 2024. Considering the most valuable services provided by
Ueli Wampfler to LEM as a member of the Board of Directors and his wide
knowledge of LEM’s business and culture, the Board of Directors proposes
Ueli Wampfler’s re-election based on Article 17, last paragraph, of the Articles of Incorporation.
For further details on the nominees as well as their qualifications, see thebiographies in the corporate governance report 2023/24 as included in the
Annual Report.
6.2

Election of one new member to the Board of Directors

Dr. Libo Zhang

Proposal: The Board of Directors proposes the election of Dr. Libo Zhang
as member of the Board of Directors for a term of office of one year
extending until completion of the next Annual General Meeting.
Explanation: Dr. Libo Zhang is an independent Board Professional andCorporate Finance Advisor. She serves on the Board of Directors of VAT
Group AG where she chairs the Nomination and Compensation Committee
and contributes as a member of the Audit Committee. Dr. Zhang also serveson the Advisory Board of SPT Roth AG as a member of the Audit Committee
and ESG council as well as on the Advisory Board of Deutsche Bank AG.
Previously, Ms Zhang was CFO of the automotive manufacturer Borgward
Group AG in Germany and of FFG Europe & Americas, a worldwide specialist
in the tooling machine industry. She also worked as an independent finance,
controlling and corporate structuring consultant based in Switzerland.
From 2010 to 2015 she held various senior management positions inGermany and Asia at SGL Group, a leading global manufacturer of carbonbased products, including regional CFO and senior manager of corporate
development, mergers and acquisitions.

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Prior to that, over the course of more than 10 years she held management
positions in finance and commercial operations at multiple international
companies, includng MTU Aero Engines, MAN SE and Siemens AG.
Ms Zhang is German citizen and holds a PhD in Economics and an MBA from
Georg-August University in Göttingen, Germany.

7

Re-elections to the Nomination &Compensation Committee

Proposal: The Board of Directors proposes the re-election of:– Hürlimann Andreas– Looser Ulrich Jakob– Weber Werner Carlto the Nomination & Compensation Committee for a term of office of one
year extending until completion of the next Annual General Meeting.
Explanation: Pursuant to Article 698 para. 3 no. 2 CO and our Articles ofIncorporation, the Annual General Meeting is responsible for electing themembers of the Nomination & Compensation Committee. These elections
are held individually. In case of re-election, Ulrich Jakob Looser will be
appointed as Chair of the Nomination & Compensation Committee.

8Re-election of the Independent Representative

Proposal: The Board of Directors proposes the re-election of the law firm
Hartmann Dreyer, Attorneys-at-law, Boulevard de Pérolles 7, 1701 Fribourg,
Switzerland, as Independent Representative for a term of office of one year
extending until completion of the next Annual General Meeting.
Explanation: Pursuant to Article 698 para. 3 no. 3 CO and our Articles ofIncorporation, the Annual General Meeting is responsible for electing theIndependent Representative.

9

Re-election of the statutory auditors

Proposal: The Board of Directors proposes the re-election of Ernst & Young
Ltd, Lancy, Switzerland, as statutory auditors for the financial year 2024/25.
Explanation: Pursuant to Article 698 para. 2 no. 2 CO and our Articles ofIncorporation, the Annual General Meeting is responsible for electing thestatutory auditors.

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Organizational information
Annual Report and Sustainability Report

The Annual Report 2023/24 contains the Annual Review, which is effectively the management report on the year’s performance, and the Financial
Report, consisting of the consolidated financial statements of the LEM
Group, the annual financial statements of LEM HOLDING SA, the compensation report, the corporate governance report and the reports of the statutory auditors. The Sustainability Report contains the report on non-financial
matters 2023/24. Both reports are available and can be accessed on LEM’s
website: www.lem.com/en/investors and select "Financial and Non-Financial
Reports", as well as through the below QR codes:
Annual Report
2023/24

Sustainability Report
2023/24

Voting entitlement

Those shareholders entered in the share register on 18 June 2024, 17:00(CEST), are entitled to vote. From 18 June 2024, 17:00 (CEST), up to andincluding 27 June 2024, no entries will be made in the share register which
would create a right to vote at this year’s Annual General Meeting. Shareholders who sell part or all of their shares before the Annual General Meetingare no longer entitled to vote to that extent.

Personal attendance at the Annual General Meeting

If you wish to attend the Annual General Meeting in person, please use theenclosed registration form to order your admission card.

Proxies to the Independent Representative

If you cannot attend the Annual General Meeting in person, according to
Article 14 of the Articles of Incorporation of LEM HOLDING SA, you may
arrange to be represented by:– another person, who does not need to be a shareholder, or– the Independent Representative, Hartmann Dreyer, Attorneys-at-law, Boulevard de Pérolles 7, 1701 Fribourg, Switzerland.
The enclosed registration form may be used as power of attorney to the
Independent Representative and for voting instructions. Both have to be
returned by enclosed envelope not later than 24 June 2024, to LEM
HOLDING SA, c/o areg.ch ag, Fabrikstrasse 10, 4614 Hägendorf, Switzerland.
To the extent you do not provide specific instructions to the Independent
Representative, you instruct the Independent Representative to vote yourLEM Invitation to the Annual General Meeting of Shareholders 202418

shares in favor of the proposals of the Board of Directors with respect tothe items listed on the agenda. The same shall apply for additional or alternative proposals to the agenda items included in this invitation and for new
agenda items.

Electronic proxies and voting instructions

Alternatively, shareholders have the possibility to cast their votes by issuingelectronic proxies and voting instructions to the Independent Representative via Netvote: lem.netvote.ch. Shareholders may provide or change any
voting instructions they have communicated electronically until but notlater than 24 June 2024, 23:59 (CEST). The e-voting fact sheet and requisite login data are part of the enclosed meeting materials supplied to theshareholders.

Correspondence

We kindly request that shareholders submit any correspondence in connection with the Annual General Meeting by priority mail to LEM HOLDING SA,
c/o areg.ch ag, Fabrikstrasse 10, 4614 Hägendorf, Switzerland.

Language

The Annual General Meeting will be held in French. Presentations will be
projected in French and English. There will be no simultaneous interpretation into other languages.

Invitation

This invitation will be published in the Swiss Commercial Gazette on 5 June
2024.
At the end of the Annual General Meeting, we are pleased to welcome all
shareholders to a cocktail buffet.

Meyrin, 28 May 2024
On behalf of the Board of Directors of LEM HOLDING SA

Andreas Hürlimann,
Chairman of the Board of Directors

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LEM HOLDING SA
Route du Nant-d’Avril 1521217 Meyrin
Geneva, Switzerland
www.lem.com