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Shareholding Structure

The share capital is represented by 1,016,752,029 ordinary shares with a par value of Euro 1 each; no share capital increase transactions were carried out during the year. As at 31 December 2006, the Hera Group had capitalized around Euro 3.4 billion (having increased over the last three years by around + 340%).

Hera SpA has a widespread shareholding structure with over 183 different public shareholders (mainly represented by municipalities in the Emilia Romagna region), which together hold around 58.7% of the share capital, around 300 Italian and international institutional investors and more than 26,000 private shareholders. The absence of a controlling shareholder in its structure (the largest shareholder is the municipality of Bolognawith approximately 15%) is a feature which distinguishes Hera from the other local utility companies.

Shareholding Structure

*equity investments included in "free float"

During 2006, a number of international institutional investors (Amber Capital, Pictet and Schroders) informed the Stock Exchange authority that they had obtained a "significant" shareholding, more than 2% of the share capital (the significant equity investments remained more or less confirmed at year end as well).

Hera has a programme for the repurchase of own shares which was mainly implemented with the purchase of 5.5 million shares, so as to support the merger with Geat SpA. The purchase of the shares took place in June at an average price of € 2.8 each. At present, the mandate of the shareholders' meeting envisages the possibility of acquiring a further 9.5 million shares for an equivalent value of Euro 31 million. As at 31 December 2006, Hera held around 115,000 own shares in the portfolio.