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Associated companies

 Name   Registered office    Share capital   Percentage held   Total interest  
        direct   indirect    
 Adriatica Acque Srl   Rimini   89,033  25.44%25.44%
 Aimag Spa*   Mirandola (Mo)  *78,027,68125.00% 25.00%
 Estense Global Service Soc.Cons.arl   Ferrara   10 23.00%23.00%
 Feronia Srl   Finale Emilia (Mo)   2,430,000 30.00%30.00%
 Ghirlandina Solare Srl   Concordia Sulla Secchia (Mo)   6 0,000 33.00%33.00%
 Modena Network Spa   Modena   3,000,00014.00% 37.98%
 Oikothen Scarl   Siracusa   1,101,73046.10% 46.10%
 Refri Srl   Reggio Emilia   6,800,000 15.00%15.00%
 Service Imola Srl   Borgo Tossignano (Bo)   10,00040.00% 40.00%
 Set Spa   Milano   120,00039.00% 39.00%
 So.Sel Spa   Modena   240,240 26.00%26.00%
 Sgr Servizi Spa   Rimini   5,982,262 29.61%29.61%
 Tamarete Energia Srl   Ortona (Ch)   3,600,00032.00% 32.00%

*the share capital is composed of € 67,577,681 of ordinary shares and € 10,450,000 of related shares