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Subsidiary companies

 Name   Registered office   Share capital   Percentage held   Total interest 
       direct   indirect    
 Parent Company: Hera Spa   Bologna  1,115,013,754      
 Acantho Spa   Imola (Bo)  22,500,00079.94%  79.94%
 Acque Srl   Pesaro  102,700  40.64%40.64%
 Akron Spa   Imola (Bo)  1,152,940  43.13%43.13%
 ASA Scpa   Castelmaggiore (Bo)  1,820,000  38.25%38.25%
 Consorzio Akhea Fondo Consortile   Bologna  200,000  59.38%59.38%
 Eris Scrl   Ravenna  300,000  51.00%51.00%
 Famula On]line Spa   Bologna  4,364,030100.00%  100.00%
 Frullo Energia Ambiente Srl   Bologna  17,139,100  38.25%38.25%
 Gal.A. Spa   Bologna  300,000  45.00%45.00%
 HeraAmbiente Spa   Bologna  271,148,00075.00%  75.00%
 Hera Comm Srl   Imola (Bo)  53,136,987100.00%  100.00%
 Hera Comm Marche Srl   Urbino (Pu)  1,458,332  76.26%76.26%
 Hera Comm Mediterranea Srl   Carinaro (Ce)  250,000  50.01%50.01%
 Hera Energie Srl   Bologna  926,000  51.00%51.00%
 Hera Energie Rinnovabili Spa   Bologna  1,832,000100.00%  100.00%
 Hera Luce Srl   San Mauro Pascoli (Fc)  1,000,00089.58%  89.58%
 Hera Servizi Funerari Srl   Bologna  10,000100.00%  100.00%
 Herasocrem Srl   Bologna  1,480,50051.00%  51.00%
 Hera Trading Srl   Imola (Bo)  22,600,000100.00%  100.00%
 Marche Multiservizi Spa   Pesaro  13,450,01240.64%  40.64%
 Medea Spa   Sassari  4,500,000100.00%  100.00%
 MMS Ecologica Srl   Pesaro  95,000  40.64%40.64%
 Naturambiente Srl   Pesaro  50,000  40.64%40.64%
 Nuova Geovis Spa   Sant'Agata Bolognese (Bo)  2,205,000  38.25%38.25%
 Romagna Compost Srl   Cesena (Fc)  3,560,002  45.00%45.00%
 Sinergia Srl   Forli (Ce)  579,600  59.00%59.00%
 Sotris Spa   Ravenna  2,340,0005.00%52.50%57.50%
 Uniflotte Srl   Bologna  2,254,17797.00% 97.00%