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Shareholding Structure

Heras ownership is unique in Italy. Its shareholder structure consists of more than 190 local public institutions, which have a combined stake of around 62% (of which 51% is bound by a shareholders pact), more than 400 Italian and foreign institutional investors and over 21,000 private shareholders.

Share capital

Since 2006, Hera has conducted ashare buyback programmewith a maximum of 15 million shares, up to a total amount of 60 million. This programme aims to finance any opportunities to buy small companies and to rectify any unusual movement in the Groups share price compared with its major domestic competitors. The shareholders meeting of 29 April 2011 renewed the share buyback programme for a further 18 months, up to a total amount of 60 million. Hera held 5.9 million treasury shares in its portfolio as at 30 June 2011.