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Composition of share capital

The parent company A2A S.p.A. is listed on the Milan stock exchange. The A2A share is traded on the electronic stock market, belongs to the FTSE-MIB segment and forms part of the “Public Utilities - Electricity” sector. On the basis of article 9 of the company’s bylaws no single shareholder other than the Municipalities of Brescia and Milan may hold more than 5% of share capital. Any shares held in excess of the 5% limit have no voting rights.


A2A shareholders (as of December 31, 2011)

The company’s main shareholders are the Municipalities of the cities of Brescia and Milan, which each hold 27.5% of share capital. These two local authorities are mutually bound by a shareholders’ pact which commits them to holding an equal number of shares which together must always exceed 50% of the total. The third largest shareholder is the Swiss company Alpiq Holding AG with 5%. Interests exceeding 2% are held by Carlo Tassara S.p.A. with 2.5%. The remaining 37.5% of capital is floating. The latter percentage also includes the holdings of the Municipalities of Bergamo (2%)4 and Varese (0.7%) and treasury shares (0.8% corresponding to 26,917,609).

Institutional investors hold approximately 16.3% of share capital (18.5% in 2010); 50.0% of the floating capital in the hands of institutional investors is held by Italian investors, 9.1% by American investors and 9.0% by German investors. Included among the other important countries are the United Kingdom (6.7%), France (6.1%), the Netherlands (3.3%) and Switzerland (3.2% excluding the holding of Alpiq AG).

There are around 116,000 retail investors, who together hold 17.6% of share capital, an increase over the 15.2% of 2010. Of the retail investors 99.7% are resident in Italy and more specifically 57.0% are resident in Lombardy, the region where historically A2A has the greatest local presence. Investors resident in the provinces of Milan and Brescia hold 26.0% and 12.7% of the retail total respectively.

The figures for institutional and retail investors have been prepared on the basis of the shareholders’ register updated to the date of the distribution of the latest dividend (November 24, 2011).


4 An interest which slightly fell at the end of 2011.