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Shareholder information

At December 31, 2011 A2A share capital amounts to 1,629 million euros, divided into 3,132,905,277 shares with a par value of 0.52 euro each. All shares are voting shares, although - as laid down in art. 9 of by-laws - no individual shareholder other than the Municipality of Milan and the Municipality of Brescia may hold an equity interest exceeding 5% of the share capital. Should such ceiling be exceeded, the voting right attached to the shares held in excess of 5%


of the share capital may not be exercised. A2A holds 26,917,609 own shares equal to 0.86% of the share capital. At the moment there is no share buy-back program.

Institutional investors represent 16.3% of the share capital (18.5% in 2010). About 50.0% of the free float owned by institutional investors is held by Italian investors, 9.1% by American investors, 9.0% by German investors. Other relevant countries are UK (6.7%), France (6.1%), Netherlands (3.3%), Switzerland (3.2%, excluding Alpiq AG). The retail investors are approximately 116,000 and own 17.6% percent of the share capital (in 2010 they represented the 15.2%). 99.7% of the retail investors live in Italy and in particular 57.0% of them are in Lombardy, the region where historically A2A has been more active. Investors from the provinces of Milan and Brescia own respectively 26.0% and 12.7% of the total retail shareholding. The above-mentioned data are elaborations based on the shareholders register updated at 24 November 2011 (dividend payment date).

Free float

Investor Relations

A2A S.p.A. has an Investor Relations Department directly reporting to the Managing Director of Corporate and Market. The main goal of the IR Department is to promote and support the correct knowledge and valuation of the A2A stock by the financial community, through a communication which is active, transparent, welltimed, constant, correct and not discriminatory. In order to achieve this goal, the IR Department supports A2A top management in the constant monitoring of the expectations of the financial markets on the Group performance. The external stakeholders are mainly equity financial analysts, institutional investors and retail investors. The department holds regular meetings (one-toone and group meetings) with the financial community in Italy and abroad. Furthermore, the IR department arranges at least conference calls with the management at the time of the release of the Group results. International roadshows with the top management are usually organized for the presentation of important strategic developments. During the 15 days before the release of the financial results no company key representative attends meetings dealing with A2A financial performance (the so-called blackout period). Regular perception studies are carried out to monitor the effectiveness of the department activities as well as the market sentiment on A2A. Moreover, web contents of the IR area are constantly monitored, developed and updated. Retail investors are advised to contact the IR department through e-mail, fax or letter, following the instructions available on A2A website. The IR Department commits itself to answer to every question as soon as possible. The answers can only deal with issues related to the IR activity and, concerning A2A share, the IR department can only refer to public information available on the company website. In order to ensure a better flow of information about the most relevant topics for retail investors, a FAQ (Frequently Asked Questions) section has been created on A2A website. The IR department is not in charge neither of comments about the A2A performance in the Stock Exchange, nor of financial advice about the investment in A2A.

A2A stock performance in 2011


Average market capitalization (mln €) 3,058
Average volumes (shares) 9,568,904
Average price (euro) 0.976
Minimum price (euro) 0.694
Maximum price (euro)  1.178
Earning per share (euro) -0.134
Dividend per share (euro) 0.013
Dividend Yield 1.3%

STOXX Europe 600
DJ Italy
S&P Developed Ex-US

ECPI Ethical Index EMU
Axia Sustainable Index
FTSE ECPI Benchmark
Solactive Climate Change

Shareholders’ meetings

As laid down in A2A by-laws, the company holds one compulsory Shareholders’ General Meeting per year. The Annual General Meeting is called by the Management Board, after consulting the Chairman of the Supervisory Board, within 120 days (or 180 days under certain circumstances) of the end of the fiscal year. With reference to the procedures for the AGM call, please refer to A2A By-laws and Corporate Governance section of the company website (i.e., Shareholders’ Meetings).

Dividend taxation

Dividends no longer attract any tax credit and, depending on who the recipient is, they may be subject to withholding tax at source or, in part, contribute towards taxable income.

American Depositary Receipts

A2A American Depositary Receipts (ADRs) are traded on the US Over The Counter market (OTC) under the symbol AEMMY. In 2008, Deutsche Bank and BNY Mellon launched two unsponsored ADR programs. In both cases, one ADR represents five A2A ordinary shares. Further details are available at websites www. and


Annual Reports, Quarterly and Interim Reports, Sustainability Reports and Corporate Governance Report are available on our website ( They may also be obtained, on request, from the Company Secretary at the company’s registered office or through e-mail at

Additional Information

Additional information about A2A is available at our website at Share price information, previous Annual Reports and Interim Accounts, press releases and other relevant information can be found in the Investor Relations section of that site. Comments and suggestions are welcome (email: