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Shareholding Structure

Shareholding Structure
Since the stock listing, the subsequent acquisitions of Geat, Agea and Meta led to the widening of the Group perimeter and the share capital increased as a result (230.2 million shares in all) up to 1,016,752,029 ordinary shares with a nominal value of 1 euro each. The stock capitalisation exceeded Euro 3 billion at the end of 2007, tripling the IPO value.

The increase in share capital decided by the extraordinary shareholders' meeting of 16 October 2007 to Euro 1,032,737,702 took effect on 1 January 2008 (corresponding to 1,032,737,702 ordinary shares with a nominal value of 1 euro each) due to the incorporation of Sat Sassuolo, the most recent merger of a multi-utility which had already been integrated into the Local Operating Company of Modena.

The absence of a controlling shareholder in its structure (the largest shareholder is the municipality of Bologna with approximately 15%) is a feature which distinguishes Hera from the other local utility companies and it is the only company with this type of structure in Italy. The Hera share holding comprises over 180 public institutions (mainly municipalities in the areas covered) that have a total holding of more than 58% (of which 51% restricted by a shareholders' agreement), about 300 Italian and foreign institutional investors (about 37%), and almost 25,000 private shareholders (about 10%).

Shareholding structure

* Holdings included in the free float

Some international institutional investors (Lazard Asset Management and Pictet Asset Management) hold "significant" shareholdings of approximately 2% of the share capital.
In 2006 Hera started a repurchase programme of its treasury shares for a maximum of 15 million shares, and renewed by the shareholders' meeting of 26 April 2007 for a total amount of Euro 60 million, up from Euro 45 million. This plan was used to fund the acquisition of a division of Geat of Riccione, and will be exercised in future to reduce the dilutive effect of any further mergers with small companies. Hera held around 617,000 treasury shares in its portfolio as at 31 December 2007.