Advanced Energy Announces £19.50 Per Share All-Cash Proposal To Acquire XP Power Limited

Advanced Energy Industries, Inc. (NASDAQ:AEIS), a global leader in highly engineered, precision power conversion, measurement, and control solutions, today announced a possible offer of £19.50 per share in cash to acquire the entire issued and to be issued shares of XP Power Limited (LSE: XPP,"XP Power"), after submitting three, all-cash, proposals to the Board of XP Power as set out below:

• On October 24, 2023, at £17.00 per share in cash, valuing XP Power's equity at £339m;

• On November 5, 2023, at £18.50 per share in cash, valuing XP Power's equity at £369m; and

• On May 7, 2024, at £19.50 per share in cash, valuing XP Power's equity at £468m (the "Latest Proposal") and reflecting the increased number of shares following XP Power's November 6, 2023 equity raise executed at £11.50 per share (the "Fundraising").

Each of these proposals has been at a significant premium to the share price at the time of each respective proposal, but the Board of XP Power unanimously rejected each of these proposals.