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Relations with the Financial Market

Since its listing, Hera's relations with financial market operators has been marked by transparency, clarity, and continuity to create long term trust. Over the years, meetings by management with international institutional investors mainly when presenting the annual results and industrial plans have gradually increased.

In 2007, there were a great number of meetings with the financial community when presenting the annual and interim results and the 2007-2010 industrial plan: over 360 meetings were held during the international road shows organised in the world's leading stock exchanges (London, Paris, Geneva, Zurich, and New York), visits to the Group by institutional investors and analysts, conference calls organised by International brokers, presentations at the Italian stock exchange and quarterly presentations of Group results to the financial community through conference calls transmitted by webcasting over the internet site both through Italian and English.

Meeting with financial market operators

The Hera Investor Relations division maintains close contact with the institutional investors also via the website. Financial communication is mainly carried out through the investor relations section on the website (www.gruppohera.it). It is constantly updated and has specific sections for each main investor category (professional, private and ethical) and for the bondholders.

All the data relating to the 2006 financial year was made available on the Investor Relations section of the website in real time as it was being approved by the board of directors in 2007. It could be consulted and downloaded in both Italian and in English. The Hera Group site thereby came sixth (twentieth in 2005 and eighth in 2006) in the Webranking 2007 classification set up by Halvarsson&Halvarsson, placing the online financial communication of Hera among the best in Italy, with a large stock capitalisation.

Hera is very focused on providing continuous and transparent communication and was also awarded the "2007 Financial Report Oscar" in the "Companies and Large Enterprises" category by the financial world, organised by the Italian Public Relations Federation: this award placed the Hera Group's financial communication initiatives with all its stakeholders among the best in Italy.

Total return for shareholders

Ever since it was established, Hera's dividend distribution policy is to reward Group shareholders. As at 31 December 2007 the total return per shareholder, including dividends and capital gain was Euro 2.12 per share, i.e. a percentage return of +270% with respect to the placing price (Euro 1.25 per share).