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Shareholding Structure

Following successive mergers and in 2008 the merger of Sat (Sassuolo), shareholding reached 1,032,737,702 ordinary shares with a par value of one euro each.

The Hera shareholding structure includes more than 193 public institutions (mainly municipalities in the areas covered), which together hold more than 59% (of which 51% encumbered by a shareholders’ agreement), about 400 Italian and foreign institutional investors, and almost 21,000 private shareholders.

Shareholding Structure

Since 2006, Hera has adopted a plan to buy back treasury shares up to a maximum of 15 million shares for a total of Euro 60 million. The purpose is to finance a possible opportunity to integrate small companies and to normalize any abnormal fluctuations in the list price compared to the list prices of principal domestic competitors.

The Shareholders’ Meeting of 28 April 2009 renewed the treasury share purchase plan for another 18 months, up to a total amount of Euro 60 million.

As at 30 June 2009, Hera held about 2,079,883 treasury shares in its portfolio.

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