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Stock performance

On 26 June 2003 Hera was listed on the Milan stock exchange in the blue chip segment with 350.75 million shares (equalling 45% of the share capital) at a placing price of Euro 1.25 per share and had purchase requests from over 170 Italian and international investors for more than 2.4 times the offering.

The mergers over the years with companies in the sector, the continuous growth in profits and the industrial growth plans led to the company outperforming both the Mibtel and the Italian local utility index since being listed and closed the most recent session of February 2008 at +137% over the placing price.

Stock Performance

In 2007, there was a reversal downwards in the financial markets which had been on the up for the previous 5 years. Market volatility resulted from fears about rising inflation, and increased interest rates and oil prices that reached record highs. World wide price lists were also negatively influenced by the sub-prime mortgage crisis which led to financial turmoil and is still the main cause for concern by politicians and financiers the world over.

Within this context, Hera shares closed 2007 at Euro 3.055, slightly down with respect to the beginning of the year (-7.3%), but still better than the Mibtel (-7.7%). Hera's solid financial standing and low risk profile meant that negative market trends could be significantly contained even though it affected many other listed Italian companies.