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1Q_2020_eng_110 Financial highlights Revenues at 2,055.8 million euro (+5.9%) Ebitda at 349.2 million euro (+5.6%) Net profit at 130.3 million euro (+0.5%) Net financial position at 3,229.1 million euro Operating highlights Good contribution to growth coming from main businesses, the energy and waste management sectors in particular Solid customers base in energy sectors, with a strong rise to 3.3 million customers, thanks to the recent partnership with Ascopiave A wide range of activities introduced to protect and sustain all stakeholders, first and foremost customers, with favourable conditions granted for paying bills Today, the Hera Group’s new Board of Directors, which came into office on 29 April 2020 and is chaired by Tomaso Tommasi di Vignano, unanimously approved the Group’s consolidated operating results for the first quarter. Improvement was seen over the same period in 2019, thanks to the contribution coming from internal growth and M&As, which proved able to more than offset the effects of the mild winter temperatures and the health emergency that has struck the country. The financial solidity that has always marked this multi-utility saw further improvement during the quarter, and allowed many measures to be proactively introduced, quite early, when the emergency had not yet affected the areas served. These measures are aimed at ensuring not only continuity in the Group’s services, but also support and protection for all stakeholders, above all employees, suppliers and customers, for example in the favourable conditions granted for paying bills. In general, the results reached confirm the validity of the Group’s business model, which balances regulated and free market activities and, in line with the indications provided in the Business plan, promotes growth, sustainability and innovation, which have proven to be effective competitive levers in creating value for the areas served and all stakeholders. The main changes in the Group’s scope of operations compared to the first quarter of 2019 include the acquisition last May of Cosea Ambiente, the company that manages the urban and assimilated waste service owned by 20 municipalities in the Tuscan-Emilian Apennine area, including a ten-year grant for managing the Cosea Consorzio landfill in Gaggio Montano; the acquisition in July of Pistoia Ambiente’s waste treatment plants in Tuscany; and, lastly, in December the finalisation of the partnership between Hera and Ascopiave, which acting through EstEnergy created the largest energy operator in North-Eastern Italy and at the same time led to a reorganisation of the two Groups’ gas distribution activities. Revenues reach over 2 billion euro In the first quarter of 2020, revenues amounted to 2,055.8 millioneuro, up compared to the 1,940.4 million seen in the same period of2019. This result was largely sustained by changes in the scope of operations, which more than offset lower revenues for electricity and gas trading, production and sales, heat management and district heating, as well as commissions in the water service. Revenues in the waste management sector increased. Ebitda rises to 349.2 million euro Ebitda went from 330.8 million euro in the first three months of 2019 to 349.2 millionat 31 March 2020, showing an 18.4 million(+5.6%) increase. This growth in Ebitda is due in particular to the performance seen in the energy areas, which were up by 17.2 million euro overall, mainly owing to the entry of the companies belonging to the EstEnergy Group, as well as the waste management area, while the water cycle area showed a slight drop. Operating result increases and pre-tax profit remains stable The net operating result also increased to 211.7 millioneuro at 31 March 2020, up compared to the 205.0 million seen at the same date in2019 (+3.3%). A 7.6 million euro change occurred in financial operationsat 31 March 2020, coming to 28.7 millioneuro, mainly due to the imputed costs involved in the put option concerning the amount held by Ascopiave and lower profits from joint ventures, mainly due to the consolidation of EstEnergy. Pre-tax profits came to 183.0 millioneuro, essentially in line with the 183.9 million seen in the first three months of2019. Net profit rises to 130.3 million (+0.5%) Net profit at 31 March 2020 increased to 130.3 millioneuro, up 0.5% over the 129.7 million seen one year earlier. Profits pertaining to Group Shareholders, instead, came to 124.4 millioneuro, with a slight increase compared to the 124.2 millionrecorded for the first quarter of2019. These results bear the effects of a28.8% tax rate, an improvement compared to the 29.5% seen one year earlier, thanks in particular to the Group’s commitment to making investments in technological and digital transformation, along the lines of Utility 4.0. Over 118 million in investments; net financial position improves Overall investments in the first three months of 2020 amounted to 118.6 millioneuro, as against 92.7 millionin the same period of the previous year, and mainly went towards interventions on plants, networks and infrastructures, in addition to investments concerning an intensive meter substitution and the purification and sewerage areas. Total investments also include financial investments coming to 27.2 million. Thanks to a positive cash flow generation, net financial debt, coming to 3,229.1 millioneuro, showed a roughly 45 millioneuro drop compared to December 2019. The Net debt/Ebitda ratio settled at 2.93x, confirming the Group’s financial solidity (2.44x excluding the EstEnergy put option). The average time to maturity of overall debt is more than 6 years. Profit & Loss (m €) 31/03/2020 Inc.% 31/03/2019 Inc.% Ch. Ch.% Sales 2,055.8 1,940.4 +115.4 +5.9% Other operating revenues 109.0 5.3% 121.0 6.2% (12.0) (9.9%) Raw material (1,035.4) (50.4%) (1,024.6) (52.8%) +10.8 +1.1% Services costs (627.2) (30.5%) (556.7) (28.7%) +70.5 +12.7% Other operating expenses (12.5) (0.6%) (13.1) (0.7%) (0.6) (4.6%) Personnel costs (147.3) (7.2%) (142.9) (7.4%) +4.4 +3.1% Capitalisations 6.8 0.3% 6.7 0.3% +0.1 +1.5% Ebitda 349.2 17.0% 330.8 17.0% +18.4 +5.6% Depreciation and provisions (137.5) (6.7%) (125.8) (6.5%) +11.7 +9.3% Ebit 211.7 10.3% 205.0 10.6% +6.7 +3.3% Financial inc./(exp.) (28.7) (1.4%) (21.1) (1.1%) +7.6 +36.1% Pre tax profit 183.0 8.9% 183.9 9.5% (0.9) (0.5%) Tax (52.7) (2.6%) (54.3) (2.8%) (1.6) (2.9%) Net profit 130.3 6.3% 129.7 6.7% +0.6 +0.5% Attributable to: Shareholders of the Parent Company 124.4 6.0% 124.2 6.4% +0.2 +0.2% Minority shareholders 5.9 0.3% 5.5 0.3% +0.4 +7.3% Balance Sheet (m €) 31/03/2020 Inc.% 31/12/2019 Inc.% Ch. Ch.% Net fixed assets 6,876.5 108.7% 6,846.3 108.9% +30.2 +0.4% Working capital 96.8 1.5% 87.0 1.4% +9.8 +11.3% (Provisions) (650.0) (10.3%) (649.1) (10.3%) (0.9) +0.1% Net invested capital 6,323.3 100.0% 6,284.2 100.0% +39.1 +0.6% Net equity 3,094.2 48.9% 3,010.0 47.9% +84.2 +2.8% Long term net financial debt 3,379.7 53.4% 3,383.4 53.8% (3.7) (0.1%) Short term net financial debt (150.6) (2.4%) (109.2) (1.7%) (41.4) +37.9% Net financial debts 3,229.1 51.1% 3,274.2 52.1% (45.1) (1.4%) Net invested capital 6,323.3 100.0% 6,284.2 100.0% +39.1 +0.6% Hera BoD approves 1Q 2020 results 2020-05-13 Read more 870x320_eng.1589362662.jpg The consolidated quarterly report at 31 March shows growth in results, thanks to the contribution coming from the Group's main business areas. Value continues to be created in the areas served, while Hera has proactively introduced numerous measures supporting stakeholders while facing the Covid-19 emergency currently affecting the country. /-/hera-bod-approves-q1-2020-results Press release 1Q_2020_eng_110

Together to move forward We have also activated a COVID-19 insurance policy for all employees of the Hera Group who are infected, bearing the corresponding cost. Insurance policy 2020-04-09 scudo.1584484923.png We are regularly providing most of our local services. We have also put special measures in place to protect the health of our customers and employees.We recommend using telephone and online contact channels, including the My Hera app. Families and businesses facing financial hardship are able to ask us for payment extensions and instalments on their bills sinistra Together to move forward

President_and_CEO_110 The ordinary and extraordinary sessions of the Hera Shareholders' Meeting were held in Bologna this morning. Following the resolutions approved, the Meeting appointed the members of the Board of Directors and the Board of Statutory Auditors for the next three years. Furthermore, the 2019 financial statements were approved, as was the ensuing payment of a dividend coming to 10 cents per share. Financial statements approved, with strong growth in results In the ordinary session, the Meeting approved the 2019 financial statements, whose results showed further improvement over the previous year, more than offsetting the significant impact of another partial reduction in incentives for waste to energy plants and lower margins from safeguarded customers. The partnership with Ascopiave, which was finalised in December 2019 and led to the creation of the main energy operator in North-Eastern Italy, will contribute to results as of the beginning of the current year. Go-ahead given to a 10 cent/share dividend payment The Meeting thus approved the Board of Directors' proposal to pay a 10 cent/share dividend, reflecting the intention previously announced in the Business plan. The coupon date has been set at 6 July 2020, with payment as of 8 July 2020. The overall 2019 return for Shareholders thus came to 50%, owing to the annual dividend approved and the increase in the value of Hera stock during 2019, sustained by results exceeding expectations and its inclusion in the FTSE MIB index. Further confirmation was thus given to the Group's commitment towards creating value for allstakeholders, with the Business plan calling for a transparent dividend policy, increasing to 12 cents in 2023. The sustainability report: shared value Ebitda at 422.5 million The 2019 sustainability report was also presented during the Meeting. This document shows that the Group's improvement in operating-financial results is accompanied by an increased creation of shared value and positive effects for the areas served, in the interests of local communities and, more generally, all stakeholders, in line with the United Nations' Global Goals. In particular, in 2019 the Hera Group's shared value Ebitda came to 422.5 million euro, accounting for 39% of overall Ebitda (+13% over the 375.2 million seen the previous year). This result perfectly reflects the projections included in the Business plan, which expects this figure to reach 42% in 2023. Appointment of the Board of Directors Furthermore, the members of the Board of Directors were chosen for the next three years (until the Shareholders Meeting called to approve the 2022 financial statements). The results of the vote led the following to be appointed: Majority list (representing Hera's public shareholders agreement): Tomaso Tommasi di Vignano, Stefano Venier, and the independent directors Gabriele Giacobazzi, Monica Mondardini, Fabio Bacchilega, Danilo Manfredi, Lorenzo Minganti, Manuela Cecilia Rescazzi, Marina Vignola, Alessandro Melcarne and Federica Seganti. Minority list: the independent directors Erwin Paul Walter Rauhe, Paola Gina Maria Schwizer, Alice Vatta, Bruno Tani. The CVs of the new directors are available on the webpage: Shareholder's meetings Appointment of the Board of Statutory Auditors As regards the Board of Statutory Auditors, the following were appointed: Majority list (representing Hera's public shareholders agreement): Marianna Girolomini, Antonio Gaiani (standing auditors), Valeria Bortolotti (alternate auditor). Minority list: Myriam Amato (Chairman), Stefano Gnocchi (alternate auditor). The CVs of the new auditors are available on the webpage: Shareholder's meetings Presence of women in the BoD and the Board of Statutory Auditors The composition of the corporate governance bodies fully respects the content of Law no. 160, 27 December 2019, effective as of 1 January 2020. Replacing the previous Law no. 120 (2011), this law raised the percentage of members from at least one third to two fifths as regards both administration and control bodies, and increased the period in which the new criterion for subdivision is valid to six consecutive mandates. The number of women in the Board of Directors comes to 6 members out of 15, and in the Board of Statutory Auditors comes to 1 standing auditor out of 3. As regards the Board of Statutory Auditors, Communication Consob no. 1 of 30 January 2020 clarified, in fact, that in appointing control bodies made up of three standing auditors, the amount required is to be rounded down to the nearest whole number. Chairman and CEO confirmed The inaugural meeting of Hera's new Board of Directors, appointed during the morning by the Shareholders Meeting, was held in the afternoon in Bologna. This body proceeded to appoint its Chairman, Vice Chairman and CEO. Tomaso Tommasi di Vignano was confirmed as Hera's Chairman, acting as executive administrator. Born in Brescia, he has been at the head of the Hera Group since its creation in 2002, after gaining considerable experience in the telecommunications and utilities sectors. Gabriele Giacobazzi was appointed as Hera's (non-executive) Vice Chairman. Born in Modena, he is the President of Italy's Association of Engineers and adjunct professor at the University of Modena and Reggio Emilia's Faculty of Engineering. The offices he has previously held include President of the Politecnica cooperative, in the planning sector, and he has also chaired the Oice, the National association of planning organisations, affiliated with Confindustria. Stefano Venier was confirmed as CEO. Born in Udine and at Hera since 2004, in the past he held the office of General Director for Development and Market. Previously, Venier covered positions involving increasing responsibility in the Eni Group and within a leading international consulting firm, for which he acted as Vice Chairman for Energy & Utilities from 2002 to 2004. The confirmation of the Executive Chairman and the CEO bears witness to the continuity seen in the Group's governance, which is one of the Hera Group's main strong points. President_and_CEO_870 2020-04-29 Further Information Tomaso_Tommasi_di_Vignano_Stefano_Venier_870.1588159615.jpg The Group continues along its path of growth, creating value for shareholders and local areas. Continuity in governance, with the new Board of Directors confirming Tomaso Tommasi di Vignano as Executive Chairman and Stefano Venier as CEO /-/hera-shareholders-meeting-top-executive-management-confirmed-and-10-cent-dividend-approved-1 /group_eng/corporate-governance/shareholders-meetings /documents/1514726/4210686/Financial+results+as+of+31_12_2019.pdf/ca71a0b9-a147-d1af-4660-7e0a8c6f7b6b?t=1629971549137 /documents/1514726/4185885/Sustainability_report_2019_Highlights.1587713100.pdf/bdb93dd1-fef6-23cb-1d83-1b1d2daf7979?t=1595941322823 Press release Visit the section dedicated to the Shareholders' Meeting 2019 Financial Results 2019 Sustainability Report Highlights President_and_CEO_110

assemblea_soci_110 Due to the ongoing health emergency, the Hera Group Shareholders' Meeting, confirmed for 29 April, 2020, won't be held in the usual modalities. However, we have prepared all the instructions and procedures so that members can take advantage of the voting right. We therefore invite the shareholders to send their voting instructions, regarding each item on the agenda, to an Appointed representative, who will act on them during the Meeting. On this page, it's possible to find everything required to proceed in addition to a few tools intended to make the necessary procedures simpler to comprehend. We remind that this participation procedure demands earlier deadlines respect to the ones used in the past. assemblea_soci_870 /group_eng/corporate-governance/shareholders-meetings 2020-04-15 For further information assemblea_870x320_eng.1587045076.jpg Due to the health emergency, this year the Meeting won't be able to see the physical presence of the members. To take advantage of the voting right, all legitimate shareholders must send the proxy and the voting instructions to the Designated Representative as soon as possible. The deadline for submitting the form is Monday 27 April. /group_eng/corporate-governance/shareholders-meetings Find out how to participate assemblea_soci_110

BE_2019_ENG_110 Just a few days after the approval of the financial results as at 31 December 2019, Hera Group's financial statement 2019 can today be consulted in full online. In just a few clicks, you can browse the various sections, read the comments of the Executive Chairman Tomaso Tommasi di Vignano and of the Chief Executive Officer Stefano Venier, and consult the data that bear witness to the work of all business areas. The graphic layout guarantees a simple and instant user experience, with numerous interactive graphs regarding the main economic indicators, benchmarks and the goals for 2023. It also enables users to compare the latest results with those of the previous year, and provides useful information for all stakeholders, for example about Stock market trends and relations with shareholders. Investor Case is a useful tool for those interested in investing into Hera, with data that provide a general overview ofbusiness, of growth factors and of the Group's sustainable approach, from the viewpoint of shared value. These two themes are precisely the focus that enriches the web version of the financial statements 2019. In fact, sustainability and shared value are the two pillars on which the Group strategy is built, combining economic and financial targets with environmental and social goals, in keeping with the objectives of the UNAgenda 2030. More specifically, five aspects of Group management are analysed in terms of sustainability: returns on investment, green finance, crisis management, payment system and proxy advisor management. The web version of the Financial statements 2019 is therefore the fruit of the commitment to absolutely transparent accounting, and details a year closed with improved performance, confirmation of a development programme now 17 years in progress. Development that continues to balance internal and external growth, with the achievement of major economies of scale and greater synergies, thanks to a multi-business strategy which has proved a winner over the years. BE_2019_ENG_870 https://eng.gruppohera.it/group/investor_relations/financial_results_presentations/be2019/ 2020-04-10 To find out more be_870x320_eng.1586514890.jpg The result of our commitment to reporting with transparency, the online version of the Financial Statements tells about 17 years of continuous growth, with the improvement of the main economic-financial and sustainability indicators /documents/1514726/4210686/Financial+results+as+of+31_12_2019.pdf/ca71a0b9-a147-d1af-4660-7e0a8c6f7b6b?t=1629971549137 /-/hera-group-approves-results-at-31-12-2019 Consult the version of performance Y2019 Go to the press release about performance Y2019 BE_2019_ENG_110

Financial results as at 31 December 2019 Turnover at 7,443.6 million euro (+12.3%) Ebitda at 1,085.1 million euro (+5.2%) Net profits at 402.0 million euro (+35.5%) Proposed dividends at 10 Euro cents per share The Hera Group closed 2019 with growing results, validated by the Board of Directors on 25 March and pending approval by the Shareholders' Meeting scheduled for the end of April. The partnership with Ascopiave, completed last December and responsible for the creation of the largest energy operator in the North-Eastern Italy, will be consolidated in the results of 2020. The Group’s path of development, in its 17 years of life, continues to combine internal and external growth, reaching significant economies of scale and increasing synergies, thanks to a multi-business industrial strategy that over time has proven to be a winning strategy for Hera, now Italy’s leading multi-utility by capitalisation. The improvement in operating-financial results goes hand in hand with the growing creation of shared value, which has long become the thermometer of the company's progress towards sustainability. Good contribution to growth coming from business areas, especially the gas, water and waste management sectors Positive results thanks to both internal and external growth Sharp rise in energy customers, which reach roughly 3.3 million thanks to the partnership with Ascopiave Sorted waste increases to an average of 64.6% across the areas served Improvement in all sustainability indicators, with shared value Ebitda growing to 422.5 million euro (+13%) “These results - commented the Executive Chairman Tomaso Tommasi di Vignano commented - demonstrate the merits of Hera’s multi-utility formula which, in a year made difficult by factors including a significant negative impact in the safeguarded customer segment, was able to deploy a wide range of development projects that guaranteed, quarter after quarter, positive growth in all activities. Our expectations were thus outperformed and, at the same time, our track record with 17 years of uninterrupted growth was confirmed, further improving our financial solidity in a year in which unprecedented efforts were seen in capital expenditures. In 2019, furthermore, two fundamental targets included in the business plan to 2022 were reached in advance: the finalised transaction with Ascopiave led the Hera Group to amply meet its objective of 3 million energy customers and, with our enlarged set of waste treatment plants, we were fully able to grasp the positive market trends seen as of 2019”. "The growth achieved with these results - added the CEO Stefano Venier - is also characterized by the creation of value. A value that continues to progress towards a greater sharing and in respect of 11 out of 17 fundamental goals defined by the UN. The progress made by this value shows that it is increasingly shared, respecting 11 out of the 17 fundamental goals defined by the UN. The Group’s risk profile, now more important than ever, continues to be extremely conservative, and has allowed the Group to continue expanding through a transaction, involving Ascopiave, that brought us among the highest-ranking companies in Italy for energy sales, only behind the two ex-incumbent energy groups. These are solid grounds, therefore, on which to rely in difficult moment, such as the one currently witnessed due to COVID-19, with respect to which we were able to activate, in a short period of time, all measures necessary to guarantee that our activities are not interrupted and health protection is provided for our employees and for all our stakeholders, along with proactive assistance for all our customers, whether households or companies”. Financial results as at 31 December 2019 2020-03-25 For further informations be_870x320_eng.1585142936 (1).jpg 17 years of continuous growth, with the improvement of the main economic-financial and sustainability measures. /-/hera-group-approves-results-at-31-12-2019 /group_eng/investors Press release Investor Relations Financial results as at 31 December 2019

Legality and transparency The sustainable growth of companies is often threatened by the risk of corruption. Thanks to the new UNI ISO 37001 standard, all companies and organizations have an additional tool to actively contribute to the fight against corruption. The directive, which is adhered to on a voluntary basis, provides for a certification issued only in the presence of certain characteristics. The Hera Group has obtained the important certification after a careful study conducted by company working groups on some areas of intervention. With the involvement of the company structures that operate on sensitive processes, it was possible to guarantee compliance with the requirements of the standard. As required by UNI ISO 37001, the Group has therefore defined a specific Anti-corruption Policy, a Training Plan and a Compliance Function coinciding with the Supervisory Body. We therefore continue in the wake already traced by the Code of Ethics, which contains the commitments and responsibilities that those who work at Hera assume in the context of every company activity and in the relationship with colleagues. The achievement of this certification further enhances the effectiveness of the tools already present in the multiutility to counter any cases of corruption, including the 231 Organization and Management Model which governs the liability of entities for administrative offenses resulting from a crime. "This important result - underlines the Internal Auditing Director of the Hera Group, Antonella Esposito - further strengthens the objectives of excellence that the Group has always pursued and targets the constant commitment of each employee in the prevention of corruption". Legality and transparency 2020-03-25 For further informations 870x320_C.1582791414.1599117168 (1).png It represents a further tool for the fight against corruption /group_eng/corporate-governance/internal-auditing Visit the web page dedicated to the Internal Auditing Department Legality and transparency

All services are operating normally. In any event, customers are advised to prefer the use of phone and online contact methods, including the My Hera app With reference to protection measures against the coronavirus (COVID-2019), the Hera Group reports that all services managed in the country are operating normally, as are the emergency services. All local offices are open as normal, though customers are invited to give preference to contact by phone and online, visiting the branch offices only if necessary. For any matters to be processed, note that the toll-free Customer Service numbers operate from Monday to Friday, 08:00 to 22:00, Saturdays 08:00 to 18:00 (800.999500 for domestic utilities, 800.999700 for non-domestic utilities), whilst the online services and the My Hera app operate 24/7. As the multiutility's key assets are its personnel and their protection is a priority, additional protective measures have been implemented to limit the spread of the virus. In addition to the instructions to contact the number 1500 for all health-related information and 112 for healthcare assistance requests in the event of obvious symptoms, the company has disseminated Ministry of Health communications containing the conduct to adopt, posted on all noticeboards and on the company Intranet, and a dedicated e-mail address has been set up to which employees can write to obtain information and clarifications. As a precautionary measure, all cleaning activities at head offices and branches are being intensified. Employees who are pregnant or who suffer from immune depression, and anyone with breathing difficultiesor flu symptoms, even if mild, or who have come into contact with persons who could have contracted the virus, are invited to contact their GP to consider absence from work.Again as a precautionary measure, all employees are invited to reduce business travel to areas close to those affected by Authority measures, where possible giving preference to meetings via video-conferencing or phone links. Suppliers are invited to abide by these measures adopted by the company. 20200224_Hera_Group_protection_measures_against_the_coronavirus.1583164102.pdf 2020-02-24 All services are operating normally. In any event, customers are advised to prefer the use of phone and online contact methods, including the My Hera app Read more together_110.1588000544.png

sede_Hera_110 Hera acquires 2.5% of Ascopiave's share capital from Amber. The shareholding purchase operation, which arose from a market opportunity, was shared with Asco Holding. It further reinforces the partnership launched with the transaction finalised last December and will be followed by a similar transaction by Ascopiave. sede_Hera_870 20200131Hera_acquires_2.5_of_Ascopiave_s_share_capital.1580457785.pdf 2020-01-31 sedeHera_870.1580456290.jpg The operation arose from a market opportunity, shared with Asco Holding sede_Hera_110

SDG_Action_110 Hera is part of the international team which collaborated in the conception and design of SDG Action Manager, the tool launched on 29 January 2020 by the United Nations Global Compact and BLAB with the aim of involving all cultural and business sectors in the building a Common Global Agenda, to improve people's lives and save our planet. SDG Action Manager offers a transversal way, to every type of business, an opportunity to know, manage and directly improve sustainability performance. The tool brings together the characteristics of B Lab's B Impact Assessment, the Ten Principles of the UN Global Compact and the Sustainable Development Goals UN agenda, and enables commercial activities to self-evaluate themselves in a dynamic way, arriving at a comparative analysis and a subsequent improvement. The international team also includes 2 other Italian companies, Enel and Chiesi Farmaceutici, also included, like the Hera Group, among 65 stakeholders who stand out for good industry practices: 30 business companies with competence in corporate sustainability and 36 bodies of the civil society, UN organizations and academia. SDG_Action_870 2020-01-31 Read more sdg_870.1580463032.jpg The tool provides all types of business an opportunity to learn about, manage, and directly improve their sustainability performance https://bcorporation.net/welcome-sdg-action-manager Visit B Corporation website SDG_Action_110

TE_2020_110 Never change a winning team. On the contrary: invest in it, to make it bigger and stronger. The Hera Group knows this well, and continues to dedicate resources, attention and commitment to its 9,000 employees. All of this has been certified, for the eleventh consecutive time, by the Holland-based Top Employers Institute, which has been researching quality standards in people practices since 1991. Hera has once again been recognised for its strategy, focused on people, and its best practices in terms of welfare, workplace environment, development and training. Top Employers is one of the most prestigious awards in this area, internationally. The exacting process through which companies are selected and certified is based on data analyses and detailed assessments concerning: investments in training and development, welfare policies and on-boarding for new hires, careful planning of selection processes and career paths, strategies aimed at increasing talent, corporate culture and a constructive workplace. Attention towards human resources is a key part of the Hera Group's strategic management. After all, the rapid changes seen in its external context, with factors including the environment, society, markets and technology, call for businesses to become increasingly agile, geared towards continuous improvement and able to do business while pursuing goals that are in the common interest. The Group's organisational procedures themselves are highly innovative, based on getting all employees involved, so that they can give meaning to their concrete operations, in line with the company's purpose. In so doing, Hera relies on a few of the best practices that have distinguished it for some time. Most importantly, "Hextra", the integrated corporate welfare plan intended for all Group employees (with investments reaching 4.9 million euro in 2019), which is characterised by an amount of monetary resources that can be "customised" by each worker, based on their own needs, as well as the possibility of converting part of their bonus for results into further welfare benefits. In order to improve work quality and agility, offices and workplaces have been made increasingly comfortable, functional and collaborative. As early as 2017, smart working was introduced, which, after a trial phase that produced positive and significant results, now involves over 1,500 employees. The Group's commitment to guaranteeing equal opportunity, along with inclusion and diversity valorisation, remains constantly present, as is proved by its recent inclusion in the 2020 Bloomberg Gender-Equality Index and the Refinitiv (priorly Thomson Reuters) "Diversity & Inclusion Index", which in 2019 saw Hera rank third in Italy and fourteenth worldwide, furthermore qualifying as the leading multi-utility overall. These are important results, considering that diversity and inclusion is an increasingly central issue for the international financial community, with investors becoming more interested in listed companies with excellent policies in this area. TE_2020_870 20200130_Top_Employers_2020.1580396096.pdf 2020-01-30 Read more top_employer_2019_870x320.1580396135.png The Group has been certified for the eleventh consecutive year, rewarding a strategic management that focuses on people and gets them involved in pursuing shared goals. Investments in welfare, training, diversity and innovation continue https://www.top-employers.com/en/ /group_eng/working-at-hera-group Visit Top Employers website Visit the "Working in Hera Group" web area Further Informations TE_2020_110

ede_hera_110 The "Bloomberg Gender-Equality Index" (GEI) has included Hera, together with nine other important Italian companies such as Mediobanca, Snam, Acea, Enea, Intesa Sanpaolo and Unicredit, among the 325 most committed companies, globally, in the promotion of gender equality through the development of dedicated policies and projects and transparency in the dissemination of information. The index, presented as part of the World Economic Forum in Davos, in Switzerland, from 21 to 24 January 2020, assesses the financial performance of companies active in terms of equality, and measures their tangibility through five parameters: female leadership and talent enhancement, gender pay equality, inclusive culture, rigid harassment policy and corporate recognition for women. sede_hera_870 2020-01-22 Further informations Hera_870.1579685805.jpg The index, presented at the World Economic Forum in Davos, brings together the 325 companies globally most committed to promoting gender equality policies https://www.bloomberg.com/company/press/bloombergs-2020-gender-equality-index-expands-to-include-325-public-companies-globally/ Read the news ede_hera_110

Hera Group promotes Circular View by Silvia Camporesi Silvia Camporesi - BIOGRAPHY Silvia Camporesi was born in 1973 in Forlì. With a degree in philosophy, she uses the languages of photography and video to develop stories inspired by ancient myths, literature, religions and real life. In recent years her work has focused on the Italian landscape. Since 2004 she has held solo exhibitions in Italy - Dance dance dance at the MAR in Ravenna in 2007, Planasia at the European Photography Festival in Reggio Emilia in 2014, Genius Loci at the MAC in Lissone in 2017 - and abroad - À perte de vue at the Chambre Blanche in Quebec in 2011; 2112, Saint James Cavalier in Valletta in 2013; Atlas Italiae exhibited at the Abbaye de Neumünster in Luxembourg in 2015, and Art Musings in Mumbai in 2017 and Desfours Palace in Prague in 2018. Group exhibitions she has participated in include: Italian camera, Isola di San Servolo, Venice in 2005; Con gliocchi, con la testa, col cuore at MART in Rovereto in 2012; Italy inside out at Palazzo della Ragione, Milan in 2015; Extraordinary Visions at MAXXI in Rome in 2016 and at the Kolkata Centre in Kolkata in 2019, and The Quest of Happiness at Serlachius Museums in Mantta, Finland. In 2007 she won the Celestial Award for Photography; she was among the finalists of the Talent Prize in 2008 and the Terna Award in 2010; she won the Francesco Fabbri award for photography in 2013, the 2015 Artefiera Rotary Award, and the 2016 BNL Award. She has published five books: La Terza Venezia (Trolley, 2012); Journey to Armenia (Quaderni di Gente di Fotografia, 2014), Atlas Italiae (Peliti Associati, 2015), Il mondo è tutto ciò che accade (Danilo Montanari Editore, 2019) and Doppio sguardo (Contrasto Books, 2019). She complements her artistic work with teaching. Her works are present in public and private collections, among which: MAXXI, Rome; MART, Rovereto; BNL Group, Milan. Hera Group promotes Circular View by Silvia Camporesi 2019-07-23 870x500_eng.1579256714.jpg After the SCART exhibition in 2018 and the Gasometro M.A.N. n.3 exhibition by Carlo Valsecchi in 2019, the Hera Group promotes Circular View by Silvia Camporesi, curated by Carlo Sala, from 24 January to 24 February 2020 at Spazio Carbonesi, Bologna. Hera Group promotes Circular View by Silvia Camporesi

Business_plan_110 Tomaso Tommasi di Vignano, Hera Executive Chairman The goals set out in the Business plan we are presenting today are in line with our history: for 17 years, we have been growing uninterruptedly, creating value for the areas in which we operate and for all stakeholders, beginning with our shareholders. This value translates into concrete benefits, concerning for example the investments made in services and plants, which become assets of the area itself, and in the activities in which Hera involves citizens, institutions, workers, suppliers and members of the third sector, acting as an “enabler” for their own growth. Our Plan is able to rely on both a solid initial basis – with preliminary year-end results 3% higher than expected – and significant growth in 2020, sustained among other things by the transaction with Ascopiave, which will now begin to contribute to our results. Stefano Venier, Hera CEO Our Business plan’s orientations, just like the initiatives carried out by Hera in previous years, reflect our growing attention towards sustainable development, circular economy and decarbonisation. Within the Group, sustainability is built into our corporate strategies themselves: by 2023, 42% of Ebitda will involve “shared value”, that is, projects that respond to the goals contained in the Un Agenda. In this area, investments will come to over 950 million euro over the period covered by the Plan, of which 330 million to make our cities increasingly smart, thanks to innovation and technological evolution, or again projects promoting energy efficiency, recovery and reuse of materials, air quality and network resilience, in order to face climate change. What’s more, we are looking even farther into the future, with the objective of reducing the impact of our activities up to 2030, in all areas in which we operate. Preliminary results for 2019 show Ebitda at 1,081 million; a new Plan to accompany development Today, the Hera Group's Board of Directors, chaired by Tomaso Tommasi di Vignano, approved the Business plan to 2023. The year-end projections confirm results exceeding expectations, due to both the highly positive results seen in the third quarter report at 30 September 2019, and the performances projected for the last quarter of the year. Ebitda is expected to reach roughly 1,081 million euro, up 4.85% compared to the 1,031.1 million seen in 2018, with the Net debt/Ebitda ratio settling at roughly 2.5, before including the financial impact of the Ascopiave transaction, which brings this indicator to roughly 3.05. The scenario: options for growth, along with a range of opportunities Even within a complex national economic scenario, marked by limited prospects for growth, Hera intends to continue along its path of development and maintain the resilience it has shown over time in this type of context. This will be achieved by relying on its noteworthy available asset portfolio, the skills of its employees, the diversified portfolio mix and the opportunities now emerging in its various business areas. The growing attention shown by European institutions towards promoting sustainable growth, with interventions such as the recent "A European Green Deal" program, will give further value to the goals already pursued by the Group in recent years, in terms of sustainability, innovation and circularity in its business management models. In regulated sectors, growth opportunities are linked to the reassignment of concessions through tenders and ongoing changes in Arera tariff regulation which, as of 2020, will be responsible for the waste management sector as well. In free market waste management activities, the persistent shortcomings in waste treatment plants on a national and European level sustains a positive trend in prices and demand, going to the advantage of operators provided with adequate infrastructures. As regards free market energy sales, over the period of time covered by the Plan, new yearly/two-year tenders for assigning last resort services are expected to be held and a process of liberalising protected electricity customers "maggior tutela" is expected to be gradually introduced. Growth, risk management and circular economy: the three pillars of the new Business plan In such context, Hera has defined its Plan to 2023 by elaborating marketing and industrial growth strategies based on an increasingly sustainable business model, making the most of the opportunities offered by new technologies and digital evolution. The new strategic document aims at leveraging upon the competitive advantages of its multi-utility portfolio: a wide service portfolio marked by a significant amount of regulated services; solidity in assets and finance; an ability to fund significant investments; a corporate environment and experience geared towards efficiency and innovation; and the investments constantly made in training its roughly 9,000 employees. In particular, the Group has set out its Plan to 2023 by following 3 strategic directives: industrial growth, risk management. Attention towards sustainability remains a fundamental aspect of the Group's strategy, reflecting the goals set out in the 2030 Agenda that concern the Group's activities (covering 11 of the UN's 17 SDGs): almost 3/4 of the growth expected over the period covered by the Plan will be sustained by projects that respond to this "call to action". Almost 2.9 billion euro in investments; solidity confirmed in assets and finance The new Business plan foresees investments coming to roughly 2.9 billion euro, of which roughly 2 billion will go towards maintenance of currently owned plants and 900 million in plant expansion. In particular, investments for internal plant development are expected to rise, now coming to 540 million, 120 more (+30%) than in the previous plan. The attention that Hera has shown over time to the solidity of its assets and its financial balance has allowed to include projects for expansion through M&As in its new strategic document, in addition to the ones already finalised over the previous year, including the partnership with Ascopiave. At the same time, space to manoeuvre remains, as does the flexibility required to grasp any additional opportunities for external growth in the upcoming years, not included in the current Plan. Leader in the waste management area, thanks to sorted waste, solutions for waste transportation and outstanding projects for a circular economy Increases are also expected for Ebitda in the waste management area, which will go from 252 million in 2018 to 307 in 2023, with 618 million in investments expected between 2019 and 2023. In this sector, the Group aims at confirming its commercial and technological leadership in the integrated waste cycle, thanks to its avant-garde set of plants which are in line with European best practices, which will be further developed in the years to come with the goal of increasing resource protection and maximising reuse. One example comes from biomethane production plants. The experience acquired from the Sant'Agata Bolognese (BO) plant - which transforms the organic portion of sorted waste into compost and biomethane which fuels buses, taxis and private vehicles - will lead new projects to be introduced in areas served by the Group, supporting the model of a circular economy. In particular, over the period covered by the Plan, the Voltana anaerobic digester, located in the area surrounding Ravenna, will also be partially reconverted to produce biomethane. Within 2023 the Hera Group furthermore expects an additional rise in sorted waste in the areas served, up from the 62.5% seen in 2018 to 75% in 2023. The Group's objective is to improve its quality as well, thanks to numerous campaigns designed to raise awareness and initiatives meant to get citizens involved. The circular model, indeed, in addition to the appropriate type of plants, also requires coherent individual and collective behaviour. A larger and better amount of sorted waste leads to further circular business opportunities. One example can be seen in the partnership between Hera and Eni intended to produce biofuel from waste oil brought by citizens, which is expected to be extended to other areas served by the Group, outside Emilia-Romagna, where the pilot project took place. 2020-01-09 Further informations Business plan to 2023 In light of the positive preliminary results for 2019, showing higher growth than expected in the previous Plan, and the M&A transactions carried out, the Group has presented its new five-year strategic document. This reflects its commitment towards further industrial development, sustained by investments, innovation and an eye to sustainability. Hera has confirmed its role as a "local multi-utility", capable of creating value for the areas in which it operates and for all stakeholders /-/hera-group-approves-business-plan-to-2023-1?inheritRedirect=true http://investornews.gruppohera.it/en/?n=179 /group_eng/investor-relations/hera-strategy/ Press release Newsletter: business plan to 2023 Strategy and Business Plan centrata Read more bp_2023_110x150.1578647530.png

GH-ASCOPIAVE_110 The Hera Group and Ascopiave S.p.a. have finalised the transaction that formalises, as of today, the birth of the largest operator in the energy sector in North-Eastern Italy, with over one million customers, while at the same time redefining gas distribution between the two partners. Today's closing, which follows up on the framework agreement signed on 30 July and the subsequent approvals granted by the appropriate authorities and bodies, involves an exchange of assets having an equal value between the Hera Group and Ascopiave, in energy sales on the one hand, and gas distribution on the other. The economic aspects of the transaction did not change with respect to what had been made public previously, except for adjustments in the closing date included in last July's framework agreement, and settlements defined for governance and management options for Ascopiave's shareholdings in EstEnergy and Hera Comm. This transaction is an important step along the evolution of the Hera Group and Ascopiave's business portfolios, and fully respects the orientations in development approved by their respective Boards of Directors. The Hera Group, indeed, will achieve the goal set out in its Business plan to 2022 in advance, reaching roughly 3.3 million customers in energy sales. Ascopiave, instead, will implement its own strategic repositioning plan, through a sales agreement with a leading figure and a consolidation of its own position in the core business of gas distribution. As regards energy sales, EstEnergy will manage commercial activities in the Veneto, Friuli-Venezia Giulia and Lombardy regions, with over one million customers (including roughly 795,000 gas contracts and roughly 265,000 electricity contracts). More specifically, the new company, whose value before the transaction came to 191.7 million euro, now includes the sales companies of the Ascopiave Group (Ascotrade S.p.a., Ascopiave Energie S.p.a. and Blue Meta S.p.a. as well as the joint ventures Asm Set S.r.l. and Etra Energia S.r.l.) and a shareholding in Sinergie Italiane S.r.l., for an overall value of 474.2 million euro, as well as those of the Hera Group (Hera Comm Nord-Est S.r.l), whose value comes to 159.0 million euro. The Hera Group holds 52% of the share capital of the new EstEnergy, while 48% is held by Ascopiave (which purchased this amount for a price of 395.9 million euro, based on the total equity value of EstEnergy, equivalent to 824.9 million euro). The Board of Directors is made up of 5 members, 3 appointed by Hera and 2 by Ascopiave, in line with the Shareholders Agreement signed today. The members, appointed today, are, for the Hera Group: Stefano Venier, CEO of the Hera Group; Cristian Fabbri, Group Market Manager and CEO of Hera Comm, who will also act as CEO of the new EstEnergy; Isabella Malagoli, Director of Sales and Marketing at Hera Comm. Ascopiave's members are: Giovanni Zoppas, CEO of Thelios, who will also act as Chairman, and Nicola Cecconato, Chairman and CEO of Ascopiave Group. As regards the reorganisation of gas distribution, Ascopiave purchased from the Hera Group, for a price set at 168 million euro, an area of concessions comprising roughly 188,000 users in the Veneto and Friuli-Venezia Giulia regions, which as of 31 December 2019 will come together in the newly created company named AP Reti Gas Nord-Est. Thanks to this transaction, the Ascopiave Group will manage roughly 775,000 users and a network with a total length of over 12,000 Km, thus consolidating its position in the national ranking. Lastly, as indicated in the agreement signed in late July, 3% of the share capital of Hera Comm was purchased by Ascopiave today, for a price of 54 million euro. Furthermore, Chairman and CEO Nicola Cecconato was appointed in the company's Board of Directors. Furthermore, as part of the overall redefinition of energy sales activities, Hera Comm directly acquired 100% of the share capital of Amgas Blu, a company entirely held by Ascopiave, which operates in the province of Foggia and has roughly 50,000 customers, for a price of 42.5 million euro. GH-ASCOPIAVE_870 20191219_closing_Gruppo_Hera_e_Ascopiave_eng_final.1576776341.pdf 2019-12-19 hera_ascopiave_870.1576776340.jpg The transaction between the two companies, finalised today, marks the birth, through EstEnergy, of the largest energy operator in North-Eastern Italy, whose BoD was also appointed. Ascopiave acquires new assets in gas distribution, reinforcing its position in the sector and reaching 775,000 users served. The Hera Group now has roughly 3.3 million energy customers overall Read more GH-ASCOPIAVE_110

FIRE_prize_110 The Hera Group has been recognized among the Italian companies most capable of promoting the rational use of energy. This was decided by the highest national body in the sector: the FIRE (Italian Federation for the Rational Use of Energy), which for the past three years has established the FIRE - Energy Manager Award. The Hera Group has now participated for the first time and immediately took the podium, thus obtaining an important recognition, on an equal footing with two other Italian companies, active in the civil and tertiary sectors. The award ceremony took place on 11th December 2019 in Milan, during the Enermanagement XII, a conference dedicated to energy management, resource management and the core business, at the end of a round table in which Hera Group experts also participated. The award assigned to the Hera Group is of great value, as it recognizes the attention and commitment that the company has always placed in the efficient use of energy in all its activities, starting with the overall goal of reducing its own energy consumption of 5% by 2020, with a saving of over 8 million euro compared to 2013 energy expenditure. FIRE_prize_870 20191212_FIRE_prize_press_release.1576150016.pdf 2019-12-12 Further informations 374AD479_008F_4660_8E5F_7F9B04C4C001.1576150015.jpeg The multi-utility received the FIRE - Energy Manager 2019 award, one of the most coveted awards in the sector at national level. The prize was awarded based on the activities carried out internally within the company to promote the rational use of energy /group_eng/sustainability/thematic-reports/value-to-energy Examine the report "Value to energy" Read more FIRE_prize_110

Hera is still on the podium for web communication Also this year the Hera Group is on the podium of online communication. In the Webranking 2019 edition, in fact, the multi-utility won the bronze medal. The study, published today in Corriere Economia, is conducted by Lundquist and the Swedish Comprend, the two expert digital communication companies that annually examine the corporate sites of the major Italian companies listed on the stock exchange, evaluating their communication strategies on the web in a national ranking. This year, the analysis includes 112 companies. In the 18th edition of the report, Hera ranked 3rd with a score of 90/ 100, ahead of large companies such as Generali, Mondadori, Telecom Italia TIM and ERG. In first position Eni was classified with a score of 93.2 while the third step of the podium is occupied by Snam with a score of 91.3. Hera Group is the best company in the Utilities sector. All results are available at this link. The third position on the podium is the detailed view of the company and its activities provided to the users of the institutional website. In particular, the multiutility proves to be close to the needs of various targets: Press and Careers sections, in fact, are particularly effective in communicating with the relevant public. Furthermore, the completeness of the sections dedicated to sustainability was much appreciated. Not only. The Hera Group's communication also distinguished itself in the first edition of the ".Trust" dossier by Lundquist, which placed the multi-utility in the "Bronze Class" and, in particular, in the parameter of measurement named "Substance", in which the narration is supported by a unified vision of the company mission and by concrete examples of the commitment to this mission. In order to respond to the continuous input and to the new needs of users, in fact, a constant commitment to transparency and renewal of content is needed. This important result is only possible thanks to an incessant and careful team work aimed at excellence and response and dialogue with its stakeholders. Since 2006, the year of its first entry into the top10 of the report, the Group has confirmed itself on the podium for 9 years. Hera Group stands out in the detailed view of the company and its activities and for the completeness of the sections dedicated to sustainability. Webranking 2019-2020 Italy listed Key information on webranking's survey Read the article from Corriere della Sera Download Whitepaper Italy listed 2019 2018-11-12 Further informations header_webranking.1575297694-2.png In the Webranking 2019 report on Italian digital communication conducted by Lundquist, in collaboration with Comprend, the Hera Group wins the third position distinguishing itself by the detailed view of the company and its activities and for the completeness of the web site sections focused on sustainability https://lundquist.it/webranking/webranking-italy-listed-2019-2020/ null To see the full results null Webranking 2019: il Gruppo Hera conquista la terza posizione

Hera BoD approves 3Q 2019 results Financial highlights Revenues at 5,063.2 million euro (increased by 16.4%) Ebitda at 785.8 million (increased by 5.0%) Net result at 242.0 million (increased by 12.1%) Net debt at 2,740.7 million, with Net debt/Ebitda reduced to 2.57x Operating highlights Good contribution to growth coming from business areas, especially the gas, water and waste management sectors Positive results thanks to both internal growth and M&A Sharp increase in energy customers, now almost 2.65 million, more than triple the historical average Today, the Hera Group’s Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the consolidated financial results at 30 September 2019, which shows particularly positive results and further improved the growth already seen in the previous quarters. The trends seen over the first nine months of the year, which were higher than expected, reflected the Group’s effective implementation of its Business plan to 2022, having already reached 42% of the expected 200 million euro growth in Ebitda, ahead of the projected timeline. Some strategic projects, including M&As to be concluded in the near future, will be included in the upcoming Business plan to 2023. An excellent contribution came from internal growth, both in free market activities – which saw an increase in energy customers, now almost 2.65 million, and further expansion in the area of waste treatment – and regulated ones. The M&A operations carried out during the first nine months include the integrations of ATR in gas distribution and CMV Energia e Impianti’s energy sales operations, both of which are companies operating in the Ferrara area, the acquisition of Cosea Ambiente, with the Cosea Consorzio landfill in the Tuscan-Emilian Apennine area, and Pistoia Ambiente in Tuscany. Furthermore, a definitive formalisation of the Ascopiave deal is underway, according to the timeline previously set out. In general, the results for the first nine months confirm the Group’s winning strategy, based on a business model that balances regulated and free market activities, and brings internal growth together with an eye towards M&A opportunities. Sustainability and innovation have proven to be increasingly important competitive levers underpinned higher amount of investments, focused on “circular economy model” and “resource regeneration”, with the goal of creating value for the local area and all stakeholders. Revenues increase to 5,063.2 million euro In the first nine months of 2019, revenues came to 5,063.2 million euro, increased by 16.4% over the 4,348.4 million recorded at 30 September 2018, thanks to the contribution coming from all business areas. Trading operations and higher revenues and volumes sold in gas and electricity were particularly significant. Ebitda rises to 785.8 million Consolidated Ebitda at 30 September 2019 increased from 748.6 million euro to 785.8 (increased by 5.0%). This growth mainly came from the good performance seen in the Group’s various business areas, especially the gas and water businesses. Positive results were also recorded in the waste treatment business. Operating result and pre-tax profit up thanks to factors including financial operations The operating result grew to 405.5 million euro, compared to the 376.5 seen at 30 September 2018 (increased by 7.7%), and pre-tax profit rose to 338.4 million compared to the 311.0 recorded one year earlier (increased by 8.8%). Financial income and expenses at the end of the first nine months of 2019 settled at 67.1 million euro, substantially in line with the figure seen at 30 September 2018. Net result increases to 242.0 million (increased by 12.1%) The net result at 30 September 2019 rose to 242.0 million euro (increased by 12.1%), compared to the 215.9 million seen at the same date one year earlier, while the Net profit post minorities increased to 230.8 million, compared to the 208.7 million recorded at 30 September 2018 (increased by 10.6%). These results benefitted from factors including an average tax rate that came to 28.5%, an improvement over the 30.1% seen in the same period of the previous year, thanks in particular to the Group’s commitment to investing in technological and digital transformation, along the lines of Utility 4.0. Over 343 million euro in investments and reduction in the Net debt/Ebitda ratio At 30 September 2019, the Group’s operating investments, including capital grants, amounted to 343.1 million euro, increased by 15.7% over the same date in 2018 and in line with the indications set out in the Business plan to 2022. Operating investments mainly involved interventions on plants, networks and infrastructures, furthering their development and resilience in order to better face the challenges coming from climate change. Investments also went to regulatory upgrading above all in the purification and sewerage area, in addition to gas distribution, with a large-scale gas smart meter installation. These interventions also include Hera’s increasing investments in the field of innovation: yesterday, at Paris’ European Utility Week, the most important conference in the sector, NexMeter was launched, the innovative smart gas meter 4.0 created by the Hera Group alongside leading national and international partners and provided with advanced safety functions and technology. Thanks to investments coming to 45 million euro, the first 300,000 smart meters will be installed over the next three years. At 30 September 2019, net debt came to 2,740.7 million euro, remaining basically stable, thanks to a cash flow that entirely financed the investments made, including those aimed at development, and the annual dividend payment. The change compared to the 2,585.6 million recorded at 31 December 2018 was mainly due to figurative debts booked in application of accounting standard IFRS16 and, to a lesser degree, the M&A operations carried out recently, which will contribute to growth in results in the fourth quarter as well. Financial leverage reduced, with the net debt/Ebitda ratio coming to 2.57x, compared to the 2.62x seen at 30 September 2018. Gas Ebitda for the gas business – which includes services in natural gas distribution and sales, district heating and heat management – came to 239.8 million euro at 30 September 2019, increased by 7.9% over the same period in the previous year, in terms of both revenues and volumes sold. These results were obtained thanks to a larger amount of trading activities and the market expansion in the default and last resort supply services. A very significant rise was seen in gas customer base – almost 1.5 million overall, at the end of the third quarter of 2019 – with growth coming to 52,400 (increased by 3.7%) compared to the same period in the previous year, mainly due to the consolidation of the companies Sangroserviziand CMV Servizi, new customers in the default and last resort markets and marketing initiatives. The gas area accounted for 30.5% of Group Ebitda. Water The water business – which includes aqueduct, purification and sewerage services – showed a 7.4% growth in Ebitda, which reached 200.0 million euro, compared to the 186.2 million seen in September 2018. This growth was caused above all by higher revenues for new connections and supply; the latter reflected the results of the tariffs introduced by the Authority for the period from 2016 to 2019 and bonuses for contract quality. The integrated water cycle business accounted for 25.4% of Group Ebitda. Waste management In the waste management business – which includes services in waste collection, treatment, recovery and disposal – the Hera Group further consolidated its leadership, with a set of avant-garde plants that offers solutions across the board and supporting the evolution of activities towards “circular economy model”. Important results were also reached in sorted waste, which went from 61.4% in the first nine months of 2018 to 63.4% in the same period of the current year. At 30 September 2019, Ebitda rose to 192.0 million euro, showing a 2.0% increase over the 188.2 million seen at 30 September 2018, mostly achieved in the third quarter. This positive trend – which fully offset lower revenues due to a drop in volumes treated – was sustained among other things by trends in prices for special and industrial waste treatment, the contribution coming from Aliplast and new structures such as the waste treatment plant inaugurated in Cordenons (PN) and the innovative biomethane production plant in Sant’Agata Bolognese (BO), both having progressively become fully operational. These results furthermore benefitted from the acquisitions of Cosea Ambiente, including the landfill in Gaggio Montano (BO), and Pistoia Ambiente. As regards the higher efficiency reached, moreover, also note the merger of WasteRecycling into Herambiente Servizi Industriali, which thus became Italy’s largest company involved in industrial waste management, and Aliplast, which continued to show growth through market development and the extraction of synergies through integrations. The waste management business accounted for 24.4% of Group Ebitda. Electricity Ebitda for the electricity business – which includes services in electricity generation, distribution and sales – went from 133.2 million in the first nine months of 2018 to 129.1 million at 30 September 2019. This result is even more appreciable considering the effects of the new tender for 2019-2020 safeguarded services, in which a high degree of competition led to lower prices than the previous two-year period. This factor was almost entirely offset by higher volumes sold and higher revenues, as well as the positive contribution coming from activities in electricity trading and generation. Significant growth was also seen in the number of customers, which came to 132,400, up 12.7% over the same period in 2018, thanks above all to marketing initiatives in the free market area. At 30 September 2019, customers amounted to almost 1.2 million. The electricity business accounted for 16.4% of Group Ebitda. Profit & Loss (m€) 30/09/19 Inc.% 30/09/18 Inc.% Ch. Ch. % Sales 5,063.2 4,348.4 +714.8 +16.4% Other operating revenues 366.7 7.2% 321.1 7.4% +45.6 +14.2% Raw material (2,504.9) (49.5%) (1,966.6) (45.2%) +538.3 +27.4% Services costs (1,698.4) (33.5%) (1,529.2) (35.2%) +169.2 +11.1% Other operating expenses (45.6) (0.9%) (42.9) (1.0%) +2.7 +6.3% Personnel costs (418.7) (8.3%) (410.1) (9.4%) +8.6 +2.1% Capitalisations 23.5 0.5% 28.0 0.6% (4.5) (16.1%) Ebitda 785.8 15.5% 748.6 17.2% +37.2 +5.0% Depreciation and provisions (380.3) (7.5%) (372.2) (8.6%) +8.1 +2.2% Ebit 405.5 8.0% 376.5 8.7% +29.0 +7.7% Financial inc./(exp.) (67.1) (1.3%) (65.5) (1.5%) +1.6 +2.4% Pre tax profit 338.4 6.7% 311.0 7.2% +27.4 +8.8% Tax (96.4) (1.9%) (95.1) (2.2%) +1.3 +1.4% Net profit 242.0 4.8% 215.9 5.0% +26.1 +12.1% Special items - 0.0% 4.8 0.1% (4.8) (100.0%) Net profit 242.0 4.8% 220.7 5.1% +21.3 +9.7% Attributable to: Shareholders of the Parent Company 230.8 4.6% 208.7 4.8% +22.1 +10.6% Minority shareholders 11.2 0.2% 11.9 0.3% (0.7) (6.0%) Balance Sheet (m€) 30/09/19 Inc.% 31/12/18 Inc.% Ch. Ch. % Net fixed assets 6,151.2 108.9% 5,905.1 108.7% +246.1 +4.2% Working capital 109.6 1.9% 115.4 2.1% (5.8) (5.0%) (Provisions) (610.0) (10.8%) (588.2) (10.8%) (21.8) +3.7% Net invested capital 5,650.8 100.0% 5,432.3 100.0% +218.5 +4.0% Net equity 2,910.1 51.5% 2,846.7 52.4% +63.4 +2.2% Long term net financial debt 2,846.5 50.4% 2,558.8 47.1% +287.7 +11.2% Short term net financial debt (105.8) (1.9%) 26.8 0.5% (132.6) (494.8%) Net financial debts 2,740.7 48.5% 2,585.6 47.6% +155.1 +6.0% Net invested capital 5,650.8 100.0% 5,432.3 100.0% +218.5 +4.0% Hera BoD approves 3Q 2019 results 2019-11-13 For further informations 870x320_eng.1573644991.jpg The Group closed the first nine months of the year with particularly positive results, higher than expectations, and with the third quarter showing further improvement over the previous quarters. All main operating and financial figures showed growth, as did investments, with a special focus on innovation as a lever for development /-/hera-bod-approves-3q-2019-results-1?inheritRedirect=true Press release Hera BoD approves 3Q 2019 results

Refinitiv_110 The Hera Group has confirmed its ranking as one of Italy and the world's most interesting companies for investors who look favourably on businesses committed to supporting diversity and inclusion. The outcome has been published in the 2019 edition of the "Diversity & Inclusion Index", which measures the performance of over 7,000 listed companies worldwide. In this international ranking, Hera, with a score of 75, came in third in Italy and 14th globally, further improving its position (after ranking 22nd in 2018). Furthermore, it was confirmed as the leading multi-utility worldwide in this classification. The "Diversity & Inclusion Index", conceived and carried out by the international financial information giant Refinitiv (the new name for Thomson Reuters' Financial and Risk division), analyses the performance of companies based on a range of ESG (environmental, social and governance) factors, mainly focusing on four areas: diversity, inclusion, people development and news controversy. 150 researchers participate in one of the world's largest and most accurate projects in data collection and analysis concerning companies committed towards these issues, which find significant room in the Hera Group. The multi-utility, indeed, continues to invest in developing internal and personalised career paths, an orientation that has allowed it to reach a percentage of women having roles of responsibility that in 2018 came to 32.3%, increasing over the previous year. The amount of female personnel, which grew overall, is once again higher than the national sector average (24.7%, as compared to 15.9%). Alongside this figure, one must also consider that workers with disabilities account for 4.5% of the company's employees, significantly moving in the direction of inclusion for people with special needs. Other positive effects unquestionably come from Hera's corporate welfare plan, Hextra, which supports employees and their families in many ways (the overall value of services claimed in 2018 came to 4.2 million euro). Lastly, numerous significant projects give concrete reality to managing plurality, such as scholarships, agreements with summer schools, work-life balance initiatives and arrangements for paid family leave, not only for mothers and fathers but also those who must take care of relatives or the elderly. The Hera Group's commitment to policies promoting inclusion and diversity, in any case, has a long history. It first took concrete shape in 2009, when the Charter for equal opportunity and equality on the workplace was signed. The introduction in 2011 of a Diversity Manager, whose task involves giving even greater emphasis to developing policies aimed at inclusion and the valorisation of diversity, was also fundamental. With these initiatives, Hera actively contributes to the fifth of the United Nation's objectives for sustainable development (SDG), specifically dedicated to gender equality. Refinitiv_870 20190916_Hera_in_Diversity_Inclusion_Index.1568616308.pdf 2019-09-06 Read more Refinitiv_2019_D_and_I_Top_100_Logo_870.1567771660.png In 2019 as well, the Hera Group reached outstanding results, further improving its raking compared to 2018, confirming itself as the world's leading multi-utility /group_eng/working-at-hera-group/why-work-at-hera/diversity-inclusion Visit the Diversity & Inclusion area on the website Refinitiv_110

Save the Children With HeraSolidale, the project with which we promote the support of voluntary associations active in the territories in which we operate, we concretely contribute to the activities that Save the Children carries out in the three nurseries set up in a refugee camp in Jordan. With 25,000 euros we obtained the distribution of healthy snacks for 200 children for a year. Now we want to achieve the second goal: with an additional 50,000 euros we always guarantee the support of two asylum teachers for a year and we give children 2,000 school kits and books. There is still time to support the project! 2019-08-19 CH18291_800x.1564755264.jpg Thanks to the donations of workers, company and customers, the non-profit organization managed to distribute healthy snacks for 200 children for a year. Save the Children