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Shareholding Structure

Following a number of mergers, the share capital reached 1,032,737,702 ordinary shares with a par value of one euro each. On 1 December 2009 there was a share capital increase of 82.3 million shares, as approved by the Shareholders’ Meeting of 21 October 2009, for the transfer of gas and district heating distribution networks by certain public institution shareholders of Hera: the share capital of Hera thereby increased to 1,115,013,754 ordinary shares.

Hera’s shareholding structure is unique in the Italian sector, with a shareholding spread among more than 190 public institution shareholders from the reference area that hold a total of 62% (51% of which is bound by a shareholder agreement), over 400 Italian and foreign professional investors and over 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 31 December 2009, Hera held about 2,892,876 treasury shares in its portfolio.

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