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Scart_bo_110 Art works made from waste take their place beneath the Two Towers. From tomorrow until 18 February, the splendid setting of Palazzo Pepoli Campogrande will be hosting "SCART il lato bello e utile del rifiuto", an exhibition organised by Hera Group which brings together works by artists and students from the Fine Arts Academies of Bologna and Florence. For its Bologna visit, the entire exhibition is crowned by a giant 5-metre tall Pinocchio made by Edoardo Malagigi from thousands of old wooden Pinocchio dolls. Angela Nocentini, together with Malagigi, is the coordinator of the installation "Business Wo/men", a group work by the students of the Academies composed of fourteen life-size sculptures of business men and women. Each statue is 100% made from waste materials such as strips of leather, paper, safety belts, frozen pea packages, scraps of fabric, glass, wood and flakes of recycled plastic. The models on which the students created the artworks were made by Nocentini herself, who on Art City White Night on Saturday 3 February will be making the fifteenth model for the installation live. "Waste Anatomy", which is the title of her performance, will begin at 6 pm and involve all those present. On that particularly day, the exhibition can be visited from 10 am to midnight. The exhibition is completed by four wolves by Alberto Salvetti, assembled from tape, paper, wire, bitumen and especially from newspaper pages reporting news about the dispersion of the wolf. [block]div:row-fluid::db:hr_press_comunicazione::box:94[/block] Scart_BO_870 20180129_Con_Scart_in_Bologna.1534756168.pdf 2018-08-20 Read more IMG_20180129_WA0009.1534757655.jpg After Ravenna, Imola, Modena, Udine and Pisa, the travelling exhibition of Hera Group comes to the city tomorrow, to coincide with Arte Fiera. Until 18 February, works made out of waste by young artists can be viewed free of charge at Palazzo Pepoli Campogrande. On Saturday at 6 pm, a performance by Angela Nocentini Scart_bo_110

The European Investment Bank (EIB) and the Hera Group have finalised a € 110 million financing contract intended to support the 2017-2021 development program of this Italian multi-utility, listed on the Milan stock exchange. Through this loan, the European bank chose in particular to finance 19 projects involved in the waste cycle that are in line with EU directives and foresee interventions in various regions of Italy. 50% of the cost of these projects, coming in turn to roughly € 227 million, will thus be covered by financing from the EIB. More specifically, the line of credit will be destined to further improvements in the performance of Hera's waste management services, above all by increasing the amount of sorted waste, as indicated in the regional objectives set out by the areas serves, but also by Herambiente, the Hera Group company that is a nationwide leader in waste treatment, recycling and recovery. The Group aims at increasing the efficiency of its own processes to a greater extent, and improving the sustainability standards of its set of plants, whose emissions are, moreover, already far below the limits set by law. With this financing, which falls within EIB policies, new resources will therefore be made available in the transition towards the model of a circular economy, a transition to which Hera has long contributed, as is shown by its entry as part of the CE100, the program promoted by the Ellen MacArthur Foundation that brings together the 100 most active figures in this field worldwide. An additional positive element, furthermore, lies in the satellite activities and the consequences in employment which, over the period in which the Hera Group's multi-year investment plan is put into effect, are believed to help reinforce growth in the economies of the areas concerned. The operation provides the Hera Group with an important contribution to the consolidation of its own financial structure and follows up on the collaboration set into place over time between the EIB and the Group: four other operations (concerning investments in waste management and networks) have in fact been signed by the EIB and Hera in recent years, amounting to over € 700 million. Hera_870 press_release.1532967070.pdf 2018-07-30 Related contents sede_Gruppo_Hera_4505.1516717240.1532967068.jpg The loan is destined to support investments in the environment area, with the aim of introducing innovative projects to help further increase the percentage of sorted waste and the efficiency of treatment and recovery plants sede_Gruppo110.1516717243.1532967072.jpg

Pianoindustriale110 Operating-financial highlights 2021 EBITDA: € 1,135 million (+218 million over 2016 EBITDA) Overall industrial and financial investments: almost € 2.9 billion (+62% over the investments seen in the past five years) Net debt/EBITDA ratio remains below 3 Profits/share to increase by an annual average of roughly 5% over the duration of the Plan Dividends expected to keep rising, reaching 10.5 cents per share as early as 2020 (+17% over the last dividend paid) Industrial highlights The 5 strategic priorities confirmed: growth, efficiency and excellence, with an increasing focus on innovation and agility Group development based on a balanced mix of internal and external (M&A) growth Reconfirmation of current grants in tenders for gas distribution and urban waste collection, and confirmation of the trends of growth in the waste recycling and treatment sector, in line with the principles of a Circular Economy Strategy reflects the main transitions currently underway in the sector: Circular Economy, Customer Experience, Utility 4.0 Objective of over 3 million energy customers at 2021, with 30,000 new gas and electricity customers acquired as of the current year and a reinforcement of commercial synergies, thanks to the recent acquisition of a further 29.5% of Hera Comm Marche Shared value to reach over € 450 million Preliminary consolidated results for 2017 show roughly 980 million in EBITDA, and a plan geared towards growth This morning, the Hera Group's Board of Directors, which met to discuss the Business plan to 2021, also examined the preliminary consolidated results for 2017, which confirm a year-end EBITDA of roughly € 980 million, up almost 7% over the 917 million seen at 31 December 2016 and exceeding the forecast of the previous business plan. The Group's financial solidity will thus see an improvement in the net debt/EBITDA ratio, at approximately 2.6x. On the firm basis provided by this result and by an increased financial flexibility, the Board of Directors approved the new Plan to 2021, which reflects a strong commitment to further growth in the Group's businesses, within a scenario marked by far-reaching changes. A deeply evolving scenario The scenario promises to be denser than ever in events that will bring about a profound evolution in almost all sectors in which the Group is active. In a framework showing clear and positive signals of economic recovery, Italian operators will be called to participate in the process, already underway thanks to the tenders for gas distribution announced by the Authority, of a significant rationalisation in the number of operators. In the waste collection sector, considering the recent transfer of power to the national Authority for energy, gas and the water service (renamed ARERA), service concession tenders which have already expired or will do so during the next five years are expected to be initiated. Other regulatory changes are also expected for segments involving protected energy service customers, intended to promote a further increase in added value for the services offered and greater competition on the marketplace. To this one must add the ongoing processes of consolidation in the energy sales and waste treatment sectors, which are currently among the most fragmentary in Europe and are, in the environmental services sector, at the root of the country's shortcomings in efficiency and infrastructures. The investment plan and the solidity of the Group's assets Faced with the numerous and diversified opportunities offered by the new scenario, the Plan to 2021 foresees investments amounting to almost € 2.9 billion, up roughly 400 million over the previous strategic plan. On the one hand, they will serve to fuel growth over the upcoming five years, and on the other to spark a transformation of Group businesses towards the new industrial paradigms of Circular Economy and Utility 4.0. Over 70% of the investments expected by the Plan will in fact be dedicated to networks, partially going towards a reconfirmation of the concessions for gas distribution in the areas served, and partially to significant interventions in infrastructure modernisation and development, such as installing electronic meters, completing the Rimini seawater protection plan and upgrading the Servola and Cà Nordio purifiers. Furthermore, investments in innovative projects, such as extending smart grids to aqueducts or introducing new technologies for optimising purification sludge recovery, will allow an increase in network efficiency and a reduction in and energy and material consumption. This investment plan proves to be sustainable from a financial point of view, thanks to a positive and rising cash generation, sufficient to cover the investments themselves and dividend payments. The Group's financial solidity, as foreseen by the Plan, expressed in a 2021 net debt/EBITDA ratio of 2.9, will potentially leave room for additional investments, used to grasp opportunities not currently included in the Plan, without jeopardising the parameters that the Group has long maintained as a reference point. Strategy confirmed for seizing the opportunities offered by the scenario and creating shared value The actions envisaged by the Group will be founded on its fundamental principles, efficiency, excellence, growth, innovation and agility; this set of strategic priorities has led the Group to set in place, ahead of time, the necessary preconditions to adequately deal with the changing scenario that lies ahead. The strategy outlined in the Plan is concretely articulated according to the paradigms of a Circular Economy and the opportunities offered by Utility 4.0, through a growing digitalisation of processes, data collection and analysis and the widespread use of "intelligent" infrastructures. The Group, which has always been attentive to the issue of sustainability, in 2016 furthermore began financial reporting as to Shared Value, i.e. the portion of profits generated by projects that benefit the company and at the same time contribute to reaching the UN's 2030 Agenda (covering at least 10 of the 17 objectives indicated). In 2016 this portion accounted for roughly 30% of Group EBITDA and it is expected to rise to 40% or € 450 million overall (amounting to a 150 million increase) within 2021. Increasing EBITDA objectives, balanced between the various business areas, between regulated and free market activities, and between internal and external growth In view of the investment plan to be launched covering the upcoming five years, EBITDA is expected to reach € 1,135 million in 2021, with an almost 220 million increase over the 917 million recorded at the end of 2016. This growth will prove once again to be balanced between the Group's various business areas, while maintaining its current conservative risk profile thanks to the breakdown of its activity portfolio and the wider range of opportunities for growth offered by the reference scenario. A contribution to the increase in EBITDA over the duration of the Plan will indeed come from all areas (Networks, Waste and Energy), and will also be balanced between profits coming from regulated and free market activities and between internal and external growth. As regards internal growth, a high degree of attention towards extracting efficiencies has been confirmed, as has the continuation of plans to expand in markets, with an overall contribution at 2021 of € 138 million (up 17% over the 118 million of the previous five-year plan), sustained by progress in innovation in addition to the support coming from development investments. Further impetus towards growth will come from the lever of gas tenders, with an incremental EBITDA expected to reach 29 million through a reconfirmation of concessions in the current reference areas. For tenders involving waste collection the Plan is based on the idea of reconfirming services in the areas now served, while waiting for the future arrangements set out by the national Authority, ARERA. Concerning external development (M&A), the Plan expects a 107 million euro contribution to growth in EBITDA over the five years in question. This contribution is in line with what the Hera Group has achieved in the past, ever since it was established, through both mergers with other multi-utilities and acquisitions of mono-business companies operating in the energy sales and waste treatment sectors. The latter have been included in the Plan only as regards the operation concerning the Aliplast Group, carried out in 2017 (through the subsidiary company Herambiente, Hera now holds 80% of this Group, with the possibility of acquiring the remaining 20% within 2022), while additional opportunities offered by liberalised markets have been left "on top" of the objectives contained in the Plan. Increasing value for shareholders and an improved dividend policy The Plan confirms the Group's care towards creating value for shareholders, with profits per share increasing by an annual average of approximately 5% and an improved dividend policy with respect to both the past and the forecast of the previous Business plan. The dividend will indeed rise to 9.5 cents/share as of the payment pertaining to 2017 (to be made during the current financial year) and settle at 10.0 cents in 2018 and 2019, reaching 10.5 cents for 2020 and 2021 (+17% compared to the last dividend paid). Networks: smart infrastructures and excellence in services at the root of the Utility 4.0 model The majority of the growth over the duration of the Plan is expected to come from the networks area: EBITDA traceable to electricity and gas distribution, the water cycle and remote heating services will go from € 424 million in 2016 to 552 million in 2021, thus contributing to roughly half of the Group's overall EBITDA. A strong impulse will come from the over 2 billion in investments dedicated to the evolution and modernisation of networks, by adopting innovative technologies able to guarantee an excellent customer service (efficiency, safety, information exchange) and improve management competitiveness, with the aim of reconfirming the concessions already gained in the Group's reference areas. Efficiencies remain a strategic priority, and will contribute to growth over the five-year period with 24 million overall, to which one must add 15 million coming from the innovations introduced in networks (from energy efficiency projects applied to the most energy consuming activities, to automation systems in networks). Consolidating the Group's role as a reference point in the waste sector The waste sector EBITDA is expected to grow from the € 231 million seen in 2016 to 282 million in 2021. This growth will be sustained by the current positive trends in demand, and by approximately € 600 million in investments over the duration of the Plan. The latter will be dedicated to fuelling innovation in environmental services and maintaining an appropriate capacity of waste treatment in the reference area, without neglecting trustworthiness and sustainability. One concrete example of the application of the best technologies currently available is the creation in the Bologna area of the first biomethane production plant, which will become functional within 2018 and allow the circle to be "come home": from collecting the organic part of sorted waste and agricultural trimmings to introducing the methane produced into the network, achieving a particularly sustainable cycle and clear benefits for air quality. Particular attention will continue to go to developing sorted waste, expected to grow from 56% in 2016 to 70% in 2021, including improvement from a qualitative point of view as well, in order to gain the most value from the portions collected and increasingly reduce both environmental impact and tariffs for citizens. Efficiencies remain a cornerstone for the expected results, which will also be sustained by the innovations foreseen (the latter will contribute roughly 8 million to overall growth in the waste area). Furthermore, in 2017 the entrance of Aliplast within the Group's scope of operations has allowed Hera, already a leader in the sector, to introduce a new phase and be among the nation's precursors in developing a model of a circular economy. In the future as well, attention will go to solutions able to further increase the circularity of the Group's activities. The avant-garde position it has reached in treatment, reuse, recycling and energy valorisation thus becomes a heritage made available to industrial customers. The latter already see the Hera Group as a point of reference and a trustworthy partner, able to provide them with support in the evolution of their production processes, in line with the principles of a circular economy, by offering them an all-round service in waste management. Energy: over 3 million customers The energy sector will increase its EBITDA from the € 241 million seen in 2016 to 259 million in 2021. The challenging objective set by the Group is to reach over 3 million energy customers by the end of the Plan, making the most of both internally developing its own customer base, in line with its track record, and the opportunities offered by the market. These involve, for example, extinguishing protected categories in electricity, or the upcoming assignment of last resort services, in which the Hera Group has accumulated a solid experience over the years. Beginning with the over 2.3 million customers reached in 2017, the enlarged customer base will be able to rely on 30,000 new energy clients in the current year: 13,000 protected electricity customers in the municipality of Gorizia, recently acquired through the subsidiary EnergiaBaseTrieste, with 17,000 further gas and electricity customers soon added in the Marche and Abruzzo regions, thanks to a binding deal signed in the last few days. The strong point of both operations lies in integrating a local presence, in a physical sense, that is typical of smaller businesses, with the potential for innovation in services and offers, and the competitiveness that come from belonging to a Group that is among the main operators in the Italian energy market. This is the light in which Marche Multiservizi's acquisition of 29.5% of the share capital of Hera Comm Marche must also be seen, as brought to completion last December, in line with the consolidated decision to reinforce both the integration between Group companies and synergies across the areas served. The customer base will be enlarged thanks to the introduction of new offers, increasingly innovative and personalised, that combine energy sales with the supply of services with added value that are closely tied to the commodity itself (for example, tools for increasing energy efficiency in households). Furthermore, the Group will be able to defend its own customer base with increasing attention to customer experience, turning to digitalised processes and adopting efficient data management and analysis systems to guarantee an excellent service and accelerate the "time to market". Lastly, thanks to the knowhow gained in energy efficiency both within the company and when acting for third parties, the Group will be able to interface with public administrations, condominiums or businesses as reference partners for defining and implementing effective solutions for energy saving, an element which is increasingly crucial in local and national energy strategies. Tomaso Tommasi di Vignano, Hera Chairman The reference scenario shows deep changes occurring in all sectors in which the Group is active, and requires us to "change gears" in order to seize the opportunities that we have been preparing to handle for some time now. The challenging objectives contained in the Plan rest on the solid results achieved until present, and that we wish to turn into further growth from all points of view, both in terms of size and regarding improvements in quality, risk profile and sustainability. The targets reached, as is also demonstrated by the 2017 forecast, allow us to look towards an incremental profit projection compared to the previous Plan, and towards growing payments to shareholders, with an additional increase in dividends, following up on the one announced last year. Stefano Venier, Hera CEO Already today, the new frontiers of circularity and shared value are a reality for the Group, which it can use as levers for an increasingly avant-garde industrial development, with the goal of meeting our customers' evolving needs and facing the urgent drive towards sustainability set out in the agendas of all countries. Our Plan envisages an intense investment program, amounting to almost 3 billion euros, confirming the Group's financial solidity and leaving further room for additional opportunities. Pianoindustriale870 2018-01-10 For further informations pi_2021_870x320.1515584703.jpg Based on the forecast for year 2017, EBITDA amount reached roughly 980 million, the Group's path of growth will continue to focus on investments, innovation and agility, in order to seize the emerging opportunities in the utility sector. Internal growth will be favoured by efficiencies and by innovative and sustainable solutions, while the Group's financial soundness will allow external growth to proceed /-/hera-group-approves-business-plan-to-2021-1 Press release Pianoindustriale110

Jarvis_110 The Bolognese start-up Iooota, in which the telecommunications company Acantho holds an interest, is one of the 10 Italian companies that from January 9 to 12 will exhibit at the Las Vegas Consumer Electronics Show (CES 2018), the world's largest fair of consumer technology products. Selected by ICE-Agenzia with the patronage of the MISE, Iooota will participate in the first Italian, "Made in Italy - The Art of Technology" mission, with which Italy intends to promote its own path towards innovation, to combine technology, style and design. Iooota, in particular, will be present with Jarvis, a small five-sided robot that can "dialogue" with all the devices used in an office or home. Already a winner of a Digital 360 Awards Jarvis transforms homes into intelligent subjects that respond in an integrated, fast and simple way to the needs of those who live in them, under the most modern protocols of the so-called "Internet of Things" (IoT). A real digital butler, in short, who will land in Las Vegas to show the world what he is capable of. It's really tough to find something Jarvis doesn't know how to do or that he can't learn. Energy saving, safety, entertainment, healthcare: there are so many areas in which it can help. Using a simple app on a smartphone, and remotely, Jarvis can control lights, adjust the temperature of individual rooms, run large appliances such as washing machines and also smaller devices such as sound systems, interact with alarm systems, send messages to warn of gas leaks, flooding, fires, break-ins, and it can also be very helpful for those who have elderly relatives living alone or small children. Moreover, by selecting some preset modes - such as "good morning", "good night", "in" and "out" - Jarvis acts simultaneously and in a coordinated manner on several devices: with "good morning", for example, it raises the thermostat temperature, turns on the coffee machine and starts playing music; by selecting "out", instead, it turns off heating and lights and activates the alarm system. If intrusions or suspicious movements occur, it sends security camera pictures to the user's smartphone. Applications don't end there, of course, because Jarvis looks to the future and its technology is designed to interface with devices and services that have yet to reach the market. Jarvis will be available in 2018, with the objective of being a useful tool to simplify the lives of many, helping to save energy, time and money. For all these reasons Acantho has decided to sponsor the project and has become Iooota's industrial partner. The Hera Group - which Acantho belongs to - has always been mindful of the best start-ups that appear in its area, and thus confirms its strategic focus on innovation, especially when it translates into solutions that, as for the robot designed by Iooota, take meaningful steps forward in terms of energy efficiency, consumption control, environmental protection and, more broadly, quality of life. "We are very pleased - says Luca Degli Esposti, Founder and CEO of Iooota - that Jarvis's potential has come to light to the point of offering us the opportunity to participate in the Italian mission to Las Vegas. There is an Italian way for innovation which we deeply believe in and that Jarvis interprets openly and creatively, communicating with those who use it, learning their tastes and habits and thus becoming an additional, active member of the office, of the home, or of the family that hosts it. Cooperation with the other companies - continues Degli Esposti - is also very important to develop the great growth potential of Jarvis: our robot, in fact, can increase the efficiency and sustainability with which resources of primary importance are consumed, such as gas and electricity but it can also raise the value of an increasingly broad set of technological devices, enhancing their functions, bringing them together and giving them, literally, a voice". "Believing in innovation and in dreams - says Roberto Vancini, President of Acantho - means never ceasing to be curious. Ultimately, this is the greatest lesson that comes from a young and fresh business like Iooota, which we are delighted to work with. Fifteen years ago - continues Vancini - we were among the first to invest in the development of a proprietary ultra-wide bandwidth fibre-optic network: we did so to provide increasingly efficient services to our customers but also because we knew that all this would encourage the development of technologies that could not yet even be imagined at the time. Jarvis is one of them. We are extremely pleased with the awards he is receiving internationally, and l can't wait to see how he will be received by the market." Jarvis_870 20180105_Jarvis_the_robot_of_the_Bologna_based_start_up_Iooota_on_stage_in_Las_Vegas.1533304472.pdf 2018-08-03 Related contents jarvis870.1533304471.jpg The young company, in which the telecommunications company Acantho holds an interest, will be at the world's largest exhibition of consumer technology products with its first creation, a small digital butler that helps users - automatically and remotely - manage the devices of their homes and offices. It is an open, smart and expandable solution designed to make life easier while saving energy, time and money Jarvis_110

Tommasi_Galli_Venier110 Italgas and Hera signed today a binding agreement for transferral to Italgas of 100% of Medea S.p.A.. The company has the concession for gas distribution and sale in the city of Sassari. Medea's overall enterprise value has been set at € 24.1 million. At the closing of the transaction, the price will be paid entirely in cash, net of debt. The transaction is expected to be concluded within the first few months of 2018 and is subject to a number of pre-closing requirements. Medea serves roughly 13,000 customers, all residents in the urban area of Sassari, with annual gas volumes distributed amounting to over 5 million cubic meters. The company's potential pool is of approximately 30,000 users. The network, which in the future may be converted to natural gas, extends for over 190 km and is currently fuelled by LPG through a storage and production plant located on the outskirts of the city. Hera-Italgas870 20171221_Press_release.1513849588.pdf 2017-12-21 Read more Hera_Italgas870.1513853697.jpg Thanks to this operation, Italgas will further reinforce its presence in Sardinia while Hera continues its process of rationalising Group subsidiaries Read more Tommasi_Galli_Venier110

aliplast110 Today in Bologna, Herambiente, a Hera Group company and leader in Italy in waste treatment and recovery, completed its purchase of an additional 40% of the shares of Aliplast, a primary national figure in plastic collection and recycling and subsequent regeneration. With this operation, which follows up on the first step taken on 3 April 2017, the amount of Aliplast shares held by the Hera Group rises to 80%. As foreseen by the binding deal signed by both parties in January, the remaining 20% of Aliplast shares will be purchased within June 2022. The sum paid by Herambiente in purchasing the further 40% of Aliplast comes to € 51.8 million, which includes the contribution collected as an energy-intensive company and the earn-out portion for having reached increasing results as regards EBITDA in 2016. The purchase was carried out with the Group's own resources. Since the majority of shares is now held by the Hera Group, Aliplast's governance has been modified. In particular, Aliplast's Shareholders Meeting, which came together immediately following the completion of the additional 40% by Herambiente, resolved to enlarge its Board of Directors, going from five to seven members, four representing the Hera Group and three from Aligroup. The new and thus composed BoD, in its first sitting, which took place on today's date, appointed Carlo Andriolo and Roberto Alibardi respectively as CEO and Chairman of the company. The acquisition of Aliplast, which is to be considered alongside the similar operations finalised in 2015 and 2017 involving the Treviso company Geo Nova and the Tuscan companies Waste Recycling and Teseco, has allowed the Hera Group to consolidate its own market presence with a distinctive trait, both unique and concretely in line with the principles of a circular economy. This element makes it possible to offer the Group's clients trustworthy and ever-more integrated solutions, able to complete and round off the virtual circle of sustainability: from collection and treatment of plastic deriving from production scrap waste, to the regeneration of new products. Due precisely to its own specific features, Aliplast was one of the elements that qualified the Hera Group to be admitted to the Ellen MacArthur Foundation's international CE100 program, which brings together the world's leading 100 companies that stand out for their commitment to the transition to a circular economy. Founded in 1982 by Roberto Alibardi and headquartered in Ospedaletto di Istrana (Treviso), Aliplast is a national leader in industrial plastic waste collection and in regenerated polymer recycling and production, with roughly 80,000 tonnes of plastic material recycled every year. It was the first company in Italy to reach a full integration spanning the entire plastic lifecycle: from environmental services in managing and collecting packaging and industrial scrap waste to manufacturing and market sales of packaging products and materials made out of plastic recycled by the company itself. Aliplast employs approximately 350 people in its five Italian and three foreign (Spain, France and Poland) facilities. firmaaliplast870 press_release.1513253652.pdf 2017-12-14 Read more firma_aliplast870.1513253651.jpg Today, Herambiente completed the purchase of a further 40% of the Treviso company's shares, and the ensuing change in governance. The remaining 20% of the shares of this national leader in plastic recycling will be acquired within June 2022, as foreseen in the deal signed last January http://ha.gruppohera.it Herambiente website aliplast110

Scart110 The winning companies of the Corporate Art Awards 2017 are, today, receiving their awards at the Ministry of Cultural Heritage in Rome. Those companies include the Hera Group. The multiutility has won this recognition thanks to SCART, an artistic/communication project that focuses on creating works of art and installations out of waste. In illustrating the reasons for the award, the judges stated that SCART represents "the world's leading corporate Waste Art project in terms of breadth, originality and continuity over the years". Hera thus joins the ranks of other leading companies (which received the applause of none other than the President of the Italian Republic, Sergio Mattarella) that have demonstrated excellence in international projects designed to bring the business and art worlds together. Conceived by Maurizio Giani and now with a twenty-year tradition behind it, the SCART project is part of the Hera Group's broader commitment to the circular economy. It boasts a Waste Art collection now over 900 pieces strong that include costumes, pictures, furnishing items, musical instruments and much more besides. Involved in numerous national and international exhibitions, SCART works alongside major research and training institutes such as the Accademie di Belle Arti of Florence and Bologna, as well as internationally renowned artists and critics. Moreover, many of the works created as part of the SCART project embellish offices and other workplaces within the Group, making them an integral part of the way customers are welcomed (as the recent Hera stands at the Ecomondo fair in Rimini and FICO in Bologna clearly demonstrate). With 6.9 million tons of waste processed, a vast pool of processing plants and 3.3 million citizens served, the Hera Group is Italy's number one waste management provider. By placing particular emphasis on industrial waste, SCART makes a sound contribution to building on these results. It does so by using an array of artworks to raise expected standards and by having a positive impact on the way we see recycling and re-utilisation. To get a clearer idea of what the SCART project is all about you can visit the travelling "SCART, il lato bello e utile del rifiuto" show free of charge. Following its success in Ravenna, Imola and Modena, the show is now in Udine at the Tina Modotti Gallery until 30 November. From 7 December to 15 February 2018 the works will be on display at the Chamber of Commerce in Pisa. Scart870 20171122_SCART_ai_Corporate_Art_Awards_2017_BO_en_SD_EP_TTT.1511877115.pdf 2017-11-28 Read more SCART870.1511877114.jpg Assigned in Rome today at the Ministry of Cultural Heritage, this award acknowledges the Hera Group project that makes art out of waste materials Scart110

wbr110 In this 2017 edition of the on-line communications 'Oscars', the Hera Group has again made it onto the Webranking podium. The multi-utility will receive the acknowledgement - obtained as part of a survey carried out by Lundquist and Swedish firm Comprend, both communications experts - on 22nd November, in the Buzzati Room at the headquarters of the Corriere della Sera newspaper in Milan. Every year these two companies analyse the websites of the biggest Italian companies on the stock exchange and their respective on-line communication strategies. They then draw up national rankings for 112 businesses. The purpose of the survey is to promote a modern digital business culture and encourage the development of ever-more effective, innovative ideas that respond to stakeholders' expectations. In this 16th edition of the report Hera was ranked 3rd with a score of 91.5/100, ahead of other major players like ERG, Telecom Italia TIM, Mondadori and Enel. Among the multi-utilities, this year saw Hera come second, immediately after Eni. All results can be found at this link. More specifically, the Group is ranked as one of the best Italian companies in the fields of Financial Transparency, Sustainability and Corporate Governance. Key strong points in the multi-utility's web communication strategy are the on-line publication of its Annual Report and Sustainability Report. The latter, which contains non-financial information, is drawn up by fewer than half of the surveyed companies. Hera, instead, has issued a paper version since 2002 and an on-line one since 2006. Against a background in which still only a few companies focus on stakeholders' expectations, a key role is also played by Hera's years of attentiveness, on its website, to the subject of Governance. Such results can only be obtained through ongoing, meticulous teamwork and a constant quest for excellence. Externally generated inputs also have a role to play, the most important being that from Webranking which, every year, defines best on-line communication practices through stakeholder-focused research. The Hera Group doesn't just see its website as a calling card or a showcase of results that have been achieved. It is, rather, a platform for continuous dialogue with the various stakeholders, packed with engaging content and easily browsed on PC, tablet or smartphone. This is demonstrated, for example, by renewal - in terms of both graphics and content - of sections on subjects such as Investor relations, Social Responsibility and Communications and Media; constant upgrading of the Customer Area so that citizens who use Hera services are well informed at all times; the creation of new pages dedicated to Hera's new challenges, such as the recent "Hera for the circular economy". wbr870 http://www.lundquist.it/wp-content/uploads/2017/11/Whitepaper_Webranking_Italia-2017-2018-1.pdf 2017-11-13 Read more webranking870.1510756159.png Hera website ranked third in Italy's on-line communications 'Oscars'. Rankings stem from a national survey of 112 companies, carried out by Lundquist and Comprend wbr110

Terzo trim eng110 Financial highlights Revenues at € 4,027.8 million (+11.4%) EBITDA at € 724.7 million (+11.4%) Net profit post minorities at € 182.9 million (+28.6%) Net debt at € 2,610.0 million Operating highlights Good contribution to growth coming from all businesses, in particular Energy Results were mainly underpinned by internal growth Positive effects coming from the merger of Aliplast and Gran Sasso Solid customer base in Energy business, with over 2.3 million clients, up 150,000 over the first nine months of 2016 Today, the Hera Group Board of Directors unanimously approved the consolidated economic results at 30 September 2017, which show further growth in all operating and financial indicators, as expected in the business plan. This growth, continuous since the first quarter, confirms the validity of the Group’s multi-business model and of its strategy, that seeks for balance between internal and external growth. In particular, the statements for the first nine months of 2017 show the beneficial results of the entry of the companies Aliplast and Gran Sasso within the Group’s scope of operations, and of the tenders awarded for 2017-2018 last resort, default and safeguarded supply services. Revenues rise, reaching € 4,027.8 million In the third quarter of 2017, revenues came to € 4,027.8 million, up 11.4% compared to the € 3,615.5 million recorded at 30 September 2016. In line with the positive macro-economic framework, this year profited from the entry of Aliplast and Gran Sasso within the Group, as well as from the positive effects ensuing from a higher trading activities, an increase in electricity price, a rise in volumes of gas sold and higher regulated revenues in the water sector. EBITDA increases to € 724.7 million The Group’s consolidated EBITDA at 30 September 2017 grew from € 650.6 to € 724.7 million (+11.4%). The good performance coming from all Group areas is responsible for this result, in particular from the Energy business, which benefitted from higher profits in power generation and in safeguarded and default market sales. Positive results were also reached in the integrated water cycle and waste areas, thanks above all to the acquisition of Aliplast. Ebit and pre-tax profits up, financial management improves EBIT grew to € 357.9 million, against the € 329.2 million seen at 30 September 2016 (+8.7%), while pre-tax profits rose to € 283.4 million compared to € 239.1 million at the same date one year earlier (+18.5%),thanks to improvements in financial management. In particular, this good performance reflects a more efficient financial structure, partially obtained through the liability management operations carried out during the previous year. Net profit post minorities increases to € 182.9 million (+28.6%) Profits pertaining to Group Shareholders rose to € 182.9 million, against € 142.2 million at 30 September 2016 (+28.6%), thanks among other things to a 32% tax rate, notably better than the same figure for the previous year (due to a lower Ires rate and a continuous search for tax efficiency following the enlargement of the Group’s scope of operations). Approximately € 280 million in investments, net debt essentially stable The Group’s operating investments at 30 September 2017, including capital grants, amount to € 277.1 million, up compared to the same period in 2016 and in line with the business plan’s forecast. Operating investments involved above all interventions on plants, networks and infrastructures, in addition to regulatory adaptations mainly concerning gas distribution, with a large-scale meter substitution, and the purification and sewerage area. Net debt came to € 2,610.0 million at 30 September 2017, with a slight reduction compared to first half of 2017 and remaining fundamentally stable with respect to the € 2,558.9 million recorded at 31 December 2016, considering the funds allocated to dividend payments and M&A operations. Gas EBITDA for Gas, which includes services in natural gas and LPG distribution and sales, district heating and heat management, came to € 201.4 million at 30 September 2017, up 8.0% over the same date one year earlier, thanks to growth in trading, higher volumes of gas sold and the larger scope of operations in the default service. The number of gas customers in the first nine months of 2017 totalled 1.4 million, rising by 3.9% over the same period in 2016, partially due to the acquisition of the company Gran Sasso (located in Abruzzo region). The Gas business accounted for 27.8% of Group EBITDA. Water cycle The integrated water cycle, which includes aqueduct, purification and sewerage services, recorded a 2.6% increase in EBITDA, going from the € 173.7 seen at 30 September 2016 to € 178.3 at the same date in 2017, thanks to higher revenues from distribution, in spite of increased operating costs and lower revenues from new connections. The integrated water cycle accounted for 24.6% of Group EBITDA. Waste The results reached in the Waste, which includes services in waste collection, treatment, recovery and disposal, show rising figures, with EBITDA going from € 172.2 million at 30 September 2016 to € 181.4 million at the same date in 2017 (+5.3%). This performance is due to higher volumes commercialised in waste treatment, a positive trend in the price of special waste and the entry within the Group of Aliplast, a national leader in plastic recycling, which consolidated the Group’s position regarding the development of a circular economy. These results are all the more appreciable considering that they suffer from a lower contribution coming from incentives for renewable and assimilated sources, by roughly € 8 million. Further growth was also seen in sorted waste, which went from 55.8% at 30 September 2016 to 56.6% at the same date in 2017, thanks to the numerous new services offered. Waste accounted for 25.0% of Group EBITDA. Electricity Electricity, which includes services in electricity production, distribution and sales, recorded an EBITDA that grew from € 104.3 million at 30 September 2016 to € 147.4 million in September 2017, thanks to higher earnings in free market and safeguarded sales and higher profits in electricity generation. The number of electricity customers increased by 11.6% to 964,000, mainly owing to growth in the free market. Electricity accounted for 20.3%of Group EBITDA. Appointment by co-optation of a new director Furthermore, on today’s date the Board of Directors resolved the appointment by co-optation of Prof. Alessandro Melcarne as a new director of Hera Spa, substituting the resigning Mr. Aldo Luciano. On the basis of statements provided by the director and information at the Company’s disposal, the former meets the requirements of independence provided for by law. Prof. Melcarne has additionally stated that he holds no shares in the Company. The new director’s curriculum vitae is available on the website www.gruppohera.it, in the section Corporate Governance/CdA. The manager responsible for drafting the company’s accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The 3Q financial statement and related materials are available to the public at Company Headquarters and on the website www.gruppohera.it. Unaudited extracts from the Interim Financial Statements at 30 September 2017 are attached. PROFIT & LOSS 30/09/2017 INC.% 30/06/2016 RECLASSIFIED INC.% CH. CH. % Sales 4,027.8 3,615.5 +412.3 +11.4% Other operating revenues 327.3 8.1% 259.9 7.2% +67.4 +25.9% Raw material (1,776.4) -44.1% (1,437.4) -39.8% +339.0 +23.6% Services costs (1,428.6) -35.5% (1,382.7) -38.2% +45.9 +3.3% Other operating expenses (45.3) -1.1% (34.7) -1.0% +10.6 +30.6% Personnel costs (409.1) -10.2% (390.1) -10.8% +19.0 +4.9% Capitalisations 29.0 0.7% 20.0 0.6% +9.0 +45.0% Ebitda 724.7 18.0% 650.6 18.0% +74.1 +11.4% Depreciation and provisions (366.8) -9.1% (321.3) -8.9% +45.5 +14.2% Ebit 357.9 8.9% 329.2 9.1% +28.7 +8.7% Financial inc./(exp.) (74.5) -1.8% (90.2) -2.5% -15.7 -17.4% Pre tax profit 283.4 7.0% 239.1 6.6% +44.3 +18.5% Tax (90.6) -2.3% (87.2) -2.4% +3.4 +3.9% Net profit 192.8 4.8% 151.8 4.2% +41.0 +27.0% Attributable to: Shareholders of the Parent Company 182.9 4.5% 142.2 3.9% +40.7 +28.6% Minority shareholders 9.9 0.2% 9.6 0.3% +0.3 +2.8% BALANCE SHEET (M€) 30/09/2017 INC.% 31/12/2016 INC.% CH. CH.% Net fixed assets 5,670.8 108.5% 5,564.5 108.7% +106.3 +1.9% Working capital 108.8 2.1% 99.9 2.0% (8.9) (8.9)% (Provisions) (553.5) (10.6%) (543.4) (10.7%) (10.1) +1.9% Net invested capital 5,226.1 100.0% 5,121.0 100.0% +105.1 +2.1% Net equity 2,616.1 50.1% 2,562.1 50.0% +54.0 +2.1% Long term net financial debt 2,713.3 51.9% 2,757.5 53.9% (44.2) (1.6)% Short term net financial debt (103.3) (2.0%) (198.6) (3.9%) +95.3 (48.0)% Net financial debts 2,610.0 49.9% 2,558.9 50.0% +51.1 2.0% Net invested capital 5,226.1 100.0% 5,121.0 100.0% +105.1 +2.1% 3Q 2017 2017-11-08 For further informations 3Q 2017 The consolidated third-quarter report at 30 September once again confirms the excellent momentum of growth seen during the current year, with all main operating and financial indicators showing further improvement /documents/1514726/4210740/Hera_Group_Consolidate_Quarterly_Report_as_at_30_September_2017.1510131153.pdf/0586de9d-6af6-0dec-cecd-9c517948fbb5?t=1597908240435 /-/hera-s-bod-approves-3q-2017-results-1?inheritRedirect=true /documents/1514726/4210740/GruppoHera_Newsletter_9M_2017_eng.1510132327.pdf/7298c678-b293-001c-6d78-75208733d8cc?t=1597908239448 /documents/1514726/4210740/Dati_finanziari_ed_operativi_di_sintesi_9M_2017_eng.1510044934.xls/ccad87ad-c3fc-ff2c-357f-9ed1ed5e944c?t=1597908239125 Financial report as at 30/09/2017 Press release Newsletter as at 30/09/2017 Financial data as at 30/09/2017 centrata Terzo trim eng110

Logo CE100 blu 110 In this sense, some crucial elements for Hera's entry within the CE100 include reaching well in advance the targets set by the EU across the areas served by the Group, its commitment in terms of energy efficiency with the target of a 5% reduction in consumption by 2020 and the exclusive use of renewable energy as of 2017, the Sant'Agata Bolognese biomethane project and a significant presence of organic waste recovery through biodigesters for renewable electricity production. Furthermore, the Group has now entered the sector of plastic recycling, with the recent acquisition of Aliplast, and promotes numerous projects for environmental education in schools alongside initiatives for waste reduction through reuse (Scart, Cambia il finale, Ciboamico and Farmacoamico, among others). This recognition confirms and gives new impetus to a strategy which has long been in the works, thanks to which the Hera Group has progressively increased its commitment towards sustainability and a circular economy. Ultimately, it has allowed the Group to quantify - as of the 2016 Sustainability Report - the shared value produced, i.e. the amount of EBITDA generated by pursuing objectives that meet the priorities of the UN's 2030 Agenda (a figure that reached € 300 million in 2016, 33% of the total). Hera's commitment, already in line with EU objectives - reached and surpassed as regards a reduced use of landfills and packaging recycling - can now be seen on an international stage. It thus gains further breadth, qualifying this multi-utility as a protagonist in consolidating models of development that, along the lines set out by the CE100 programme, lead growth and environmental protection to converge. logo testo blu https://www.ellenmacarthurfoundation.org/ce100 Press_Release.1507799175.pdf 2017-10-11 Read more logo_testo_blu.1507715078.jpg The results achieved by the multi-utility in favouring the transition towards a circular economy have once again been recognised, by this pre-competitive innovation programme which was established to enable organisations to develop new opportunities and realise their circular economy ambitions faster sinistra Logo CE100 blu 110

Hera's BoD approves H1 2017 results Financial highlights Revenues at € 2,754.0 million (+10.0%) EBITDA at € 505.9 million (+7.6%) Net profit post minorities at € 141.0 million (+16.5%) Net debt at € 2,611.7 million Operational highlights All the Group’s businesses contributed to growth, the energy area in particular Results marked internal growth Positive effects from recent acquisitions in liberalised markets, above all in the waste area Solid customer base in the energy sectors (over 2.3 million), rising by 140,000 customers compared to H1 2016 Today, the Hera Group’s Board of Directors unanimously approved the consolidated economic results for the first half of the year, which confirm the Group’s ongoing positive trend with all main indicators showing growth. Having reached these results is yet another reward for the Group’s balanced and agile operational stance and for its business model, which has always combined the two strategic levers of internal and external growth. The figures for the first half of 2017 benefitted from Aliplast and a corporate branch of Teseco becoming part of the Group, and from the tenders awarded for default and safeguarded gas supply services for the two-year period 2017-2018. Revenues amount to over € 2.75 billion In the first half of 2017, revenues came to € 2,754 million, with a € 251.2 million (+10.0%) increase over the € 2,502.8 seen in the same period of 2016. This result was supported not only by recent acquisitions but also by a higher amount of trading activity, higher regulated revenues for the water service and the electricity area as well as higher volumes of gas sold. EBITDA rises to € 505.9 million EBITDA settled at € 505.9 million, recording growth for almost € 36 million (+7.6%) compared to June 2016. This increase is due to the good performance shown by all of the Group’s areas, but in particular the energy areas. Positive results were also seen in the integrated water cycle area and the waste area. Growth in pre-tax profits, partially owing to financial management EBIT came to € 262.2 million, with an increase over the € 257.4 million seen in the same period of 2016. Financial charges also improved, settling at € 45.9 million, down € 12.1 million compared to the same period in 2016. This performance was made possible by a lower average debt and more efficient rates. In light of this situation pre-tax profits grew from € 199.4 million at 30 June 2016 to € 216.3 million in the first half of 2017. Net profit post minorities increase to € 141 million (+16.5%) Profit post minorities at 30 June 2017 rose to € 141 million, +16.5% compared to the € 121 seen in 2016. This was due among other things to a notable improvement in the tax rate, which went from 35.7% to 31.6% (thanks in particular to a decrease in the Ires rate and lesser taxes ensuing from the Group’s wider scope of activity). Over € 170 million in investments, and a financial position fundamentally in line with 2016 In the first six months of 2017 the Group’s investments, including capital grants, amounted to € 170.6 million, up by € 13.4 million (+8.5%) over June 2016. Operating investments mainly involved interventions on plants, networks and infrastructures, in addition to regulatory upgrading concerning gas distribution above all, with a large-scale meter substitution, and the purification and sewage area. Net debt remained basically stable, coming to € 2,611.7 million at 30 June 2017 as against € 2,558.9 million at 31 December 2016. The positive cash flows generated in the first half-year, which amounted to € 188.8 million, allowed the annual dividend payment and M&A operations, in particular the acquisition of Aliplast, to be financed. Gas The gas business, which includes services in natural gas and LPG distribution and sales, district heating and heat management, recorded an EBITDA which settled at € 171.8 million in the first half of 2017, up compared to the € 165.2 million seen at 30 June 2016 (+4.0%). This was due to higher volumes of gas sold, higher profits in trading and the larger area covered in default services. The number of gas customers, roughly 1.4 million, rose by 3.5% compared to the same period in 2016. This growth is due to commercial actions, the tenders awarded for default and last resort gas services, and the acquisition of the Abruzzo company Gran Sasso. The gas area accounted for 34.0% of Group EBITDA. Water The integrated water cycle, which includes aqueduct, purification and sewerage services, recorded an EBITDA that went from € 106.6 million in the first half of 2016 to € 111.3 million at 30 June 2017, up by 4.4% thanks to higher revenues for distribution and higher costs recognised. A further positive factor was the contribution coming from the bonus for service quality awarded by regulatory authorities on the basis of the current tariffary method. The integrated water cycle area accounted for 25.1% of Group EBITDA. Waste EBITDA for the waste business, which includes waste collection, treatment and disposal services, rose to € 121.3 million (+4.1%) in the first half of 2017, compared to the € 116.5 million seen at 30 June 2016. This positive trend was supported not only by the purchase of a branch of Teseco and the higher volumes of market waste treated, but above all by the entrance within the Group’s scope of Aliplast, a national leader in plastic recycling, which consolidated the Group’s position in circular economy development. These results are all the more appreciable considering that, as foreseen by the business plan, the end of incentives for renewables had a negative effect on the half-year amounting to over € 6 million. Further enhancement was also seen in sorted waste, which went from 56.9% in the first half of 2016 to 57.6% in June 2017. The waste area accounted for 24% of Group EBITDA. Electricity The electricity business, which includes services in electricity production, distribution and sales, recorded an EBITDA that grew to € 91.6 million compared to the € 73.1 million seen at 30 June 2016 (+25.2%), thanks to higher profits in safeguarded services, sales on the free market and electricity production. The number of customers in this sector also showed an increase of 8.8% (75.2 thousand), mainly due to growth on the free market following commercial actions and a wider customer base. The electricity area accounted for 18.1% of Group EBITDA. ---------------------- The manager responsible for drafting the company’s accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The financial statement and related materials will be available to the public pursuant to the terms established by law at the Company Headquarters, on the website www.gruppohera.it and on the authorised storage platform 1Info (www.1info.it ). Unaudited extracts from the Interim Financial Statements at 30 June 2017 are attached. Statement by Executive Chairman Tomaso Tommasi di Vignano “H1 2017 reported figures are positive once again, thanks to the solidity of our multi-business model and our ability to combine the two levers of internal and external growth. In addition to the organic growth seen across all of the Group’s business areas, a significant contribution to these results came from the acquisition of Aliplast, consolidated as of this semester, which will act as a key factor in developing our circular economy system”. Statement by CEO Stefano Venier “The results seen in the H1 2017 report confirm the success of the actions aimed at growth deployed on both an operational level and in fiscal and financial optimisation. Our key performance indicators also showed further improvement, as expected by our business plan. Furthermore, we remain focused on creating value for our stakeholders, providing proof once again of the attention given by our Group to all facets of economic, social and environmental sustainability”. 1H 2017 2014-03-19 For further informations 1H 2017 The consolidated first-half report at 30 June confirms growth in all operating and financial indicators, as already seen in the first quarter, and a positive contribution coming from all business areas, with external growth among the factors responsible. /-/hera-s-bod-approves-h1-2017-results-1?inheritRedirect=true Press release centrata Hera's BoD approves H1 2017 results

110 hextra Perseverence, speed and excellence in educational achievement: academic merit was duly rewarded at Hera's offices in Bologna yesterday. A ceremony was held for the Executive Chairman, Tomaso Tommasi di Vignano, to award 40 scholarships to the children of employees who, during the academic year 2015-2016, distinguished themselves for the results achieved in their university studies. The initiative, which is one of the many activities organised by "Hextra", the Hera Group's welfare plan, to support education, was launched last April to reward commitment by adopting objective evaluation criteria, based on the principles of fairness and merit. Indeed, the forty most deserving students were chosen considering a list that was drawn up taking into account the following parameters: whether the student was on track with the study plan for the academic year, the number of credits acquired and the mean marks of examinations passed during the year. The applications submitted to the company were more than 70. Each of the 40 students awarded was given an individual scholarship of 750 euro, amounting to a total corporate investment of 30,000 euro. This is only the latest initiative of the corporate welfare plan that has, since 2017, also been extended to fixed-term employees who have been working at least 6 months. After initially considering the 8,500 people employed by Group companies, Hera has thus taken the final step to fully involve all its staff. "One year after the launch, we are still investing in our welfare plan and in the progress of our employees and their families," said the Executive Chairman Tommasi di Vignano. In one year Hextra achieved remarkable results; hence, we found it natural to extend its efficacy also to fixed-term employees. This decision ranks our company alongside leading international firms. We wish to go on creating value and efficiency for all subjects involved, contributing to protect the portfolio of families in the economically challenging moment the world is experiencing today". Easy Welfare, a company in the sector that reviewed the best practices of over 350 Italian companies, last June awarded the Hera Group at the "Welfare Awards 2017" for the "Best Communication Plan", which recorded the participation in "Hextra" of almost all its staff (97%), recording an overall sum of 1,902,456 euro used by its employees. "Hextra": the Hera Group's welfare plan The Hera Group launched "Hextra" in July 2016. It is an integrated corporate welfare plan that has been studied to make the most of existing initiatives, harmonising its application in all locations where the multi-utility company operates. A standard and yet highly customisable system for all its companies. As a matter of fact, the special feature is the flexible quota that can be allocated as desired by the individual worker, who will decide on the basis of personal and family needs. The sum envisaged for 2017 is 360 euro (against 200 in 2016) and for 2018 is 385 euro. In addition to this, Hera also supports employees with school-age children with an additional contribution to be solely used for schooling expenses. Requests submitted for the year 2016/2017 totalled 3,821, recording an overall amount of over 380,000 euro. 2017-07-27 20170718_foto_gruppo_870x_s1.1500467957.jpg A contribution of 750 euro for every university student, for a total investment of 30 thousand euro. The initiative is part of activities envisaged by "Hextra" to support education. "Hextra" is the multi-utility company's welfare plan that, from this year, has also been extended to employees with a fixed-term contract. welfare_110x150.1470845183.1500391284.png

Energy efficiency "Regarding energy efficiency, operators must be given the time required to obtain investments, and the public must have the opportunity to make the most of it", said Stefano Venier, CEO of the Hera Group, discussing one of the crucial topics of Italian energy policies. Achieving the increasingly ambitious goal of reducing consumptions presents municipalities with new and highly challenging management solutions. In this regard, "finance is not a problem", said Venier, in the introductory notes to the conference 'Financing Energy Efficiency in the Public Administration Sector', held this morning by CESEF (Energy Efficiency Study Centre) in Hera's Bologna offices. Conversely, efficiency enhancing interventions have several tools to obtain the necessary resources". But the system functions effectively only if the division of roles is clearly defined. "The operative setting is crucial for a positive outcome. The Administration establishes goals and targets", said the CEO Venier, "and the operator is required to implement the functional interventions required to achieve them". "Our Group," said Stefano Venier, "has always played a leading role in terms of energy efficiency. With 117 interventions implemented in 2016, we have already cut down consumptions by 2.6%, compared to the 3% goal established for this year, which will be easily overcome as a result of scheduled activities. This is the reason why we reviewed it with an increment, aiming at 5% within 2020". CESEF's Director, Stefano Clerici, said, "The Public Administration Sector must understand the opportunities generated by energy efficiency in economic, environmental and also political terms. Hence, CESEF is building a tool box for energy efficiency in the Public Administration Sector to provide the most appropriate tools to solve the problems that block investments in this framework. Considering funds, it is essential to use the latest public-private partnership agreements that fairly divide the risks of the project between the Public Administration Sector and private operators and attract the abundant resources that are available especially in the banking world". Some success cases in the Public Administration Sector were presented at the conference organised in partnership with Confservizi Emilia Romagna. Participating institutions included the Emilia Romagna Regional Administration, Bologna and Budrio Municipalities, Modena Agency for Energy and Sustainable Development and ANCI Emilia Romagna. Many companies joined the discussion with Hera Luce, a Group member company that ranks second in Italy for public lighting. Best cases presented by Hera Luce included energy upgrading plans that are currently being implemented in some Emilia Romagna municipalities. Energy efficiency 2017-07-27 Read more efficienza_energetica.1501232935.png During the workshop "Financing Energy Efficiency in the Public Administration Sector", organised by CESEF in Hera's Bologna offices, the company's CEO was favourable to the solution adopted for energy management in the Public Administration Sector. Energy efficiency

wsp 110 Water Safety Plans are European protocols for step-by-step monitoring of potable water production and distribution processes. EU Directive 1787/2015 requests, in fact, that member states implement such protocols as soon as possible, and Hera - true to its own history - has no intention of waiting. With a long-standing record of thorough mains water monitoring and outstanding service performance that guarantees - across all served areas - low-priced, high-quality potable water, the multi-utility has now signed an agreement with the Istituto Superiore di Sanità (ISS) to apply, over the two-year period 2017-2018, complete Water Safety Plans on two of its mains water systems. This will allow us to acquire the methodology and develop the skills laid out in the directive guidelines, letting us extend Water Safety Plans to all our mains water systems. This subject will soon be the focus of a conference for industry experts, to be held at the multi-utility's Bologna headquarters on Wednesday 21 June. Key Group managers will be in attendance, as will other institutions/bodies involved in the project. Safety, then, first and foremost. The introduction of a precise, sound standard for all EU states lends further weight to the dedication shown by Hera in recent years. Thanks to extremely early commitment, in fact, the Group has had the infrastructure, analysis facilities and monitoring systems in place - all used on a daily basis - for some time now, allowing our over 3.6 million customers to drink domestic tap water in complete confidence. Guaranteed by no less than 2,000 checks a day, tap water plays a pivotal role in Hera's plans: indeed, the eighth edition of the annual In buone acque ('In good waters') report has now been published, giving a detailed account of every aspect of this essential service. For some years, in fact, the Group has been working alongside Regione Emilia-Romagna and Arpae to develop an application methodology, based on risk analysis, to define water safety plans. That work has resulted in contributions to the Water Safety Plan Guidelines published by the Istituto Superiore di Sanità in 2014 (ISTISAN report 14/21). "As we see it", states Franco Fogacci, Hera Group's Water Manager, "guaranteeing high quality drinking water has always been a top priority, so we can't help but find ourselves in agreement with the framework laid out in the EU Directive. Water Safety Plans", continues Fogacci, "constitute a major challenge for everyone in the industry: we all need to do a great job of providing a response that ensures their effective, accurate implementation. Indeed, I think that Hera's vast experience", concludes the multiutility's Water Manager, "lets us field the skills and resources that help drive such processes, their outcome going beyond the provision of practical services for served areas to provide great examples for other local areas". wsp 2014-03-19 870.1500390469.jpg With years of excellent results behind it, Hera renews its commitment to outstanding potable water quality and, together with the Istituto Superiore di Sanità (Higher Health Institute), aims to apply EU Water Safety Plans to its own mains water systems. A debate on the subject will be held on Wednesday 21st June. wsp 110

Stefano Venier discusses the goals of the UN's Agenda for 2030 The CEO Stefano Venier intervenes at All4thegreen, in view of G7 Environment that will be held in Bologna, to explain the Hera Group's contribution to 10 of the 17 Sustainable Development Goals defined by the UN's Agenda for 2030. The interview touched on several topics, with special focus on the challenges of energy efficiency and circular economy, which was discussed during the conference that was recently held in the Bologna offices of the multi-utility company on 6 June. An important occasion to underscore the virtual link between sustainability, economic growth and social benefits, and also to explain how the commitment to promote separate waste collection and recycling has enabled Hera to achieve, before others, important goals established by the European Union for 2025 and 2030, thus providing a practical answer to the demands of local bodies and of clients who are increasingly keen on themes of green economy. [block]div:row-fluid::db:hr_press_comunicazione::box:69[/block] Stefano Venier discusses the goals of the UN's Agenda for 2030 https://www.youtube.com/watch?v=NKl1XzGwDF0#prettyPhoto 2017-07-27 venier_big_opt.1497006706.png The CEO Stefano Venier intervenes at All4thegreen, in view of G7 Environment that will be held in Bologna, to explain the Hera Group's contribution to 10 of the 17 Sustainable Development Goals defined by the UN's Agenda for 2030. The interview touched on several topics, with special focus on the challenges of energy efficiency and circular economy, which was discussed during the conference that was recently held in the Bologna offices of the multi-utility company on 6 June. Stefano Venier discusses the goals of the UN's Agenda for 2030

Creativity and innovation [block]div:row-fluid::db:hr_press_comunicazione::box:68[/block] Events related with G7 Environment touch core topics with the conference organised by Hera on circular economy in its Bologna offices. The initiative offers the opportunity to present the sustainability report of the multi-utility company, and witnessed the presence, among others, of the Minister for the Environment, Gian Luca Galletti. He pointed out the central role played by circular economy in the framework of the 4th industrial revolution we are experiencing, underscoring the important progress made by regional administrations, such as Emilia-Romagna. Many leading figures from the business world, institutions and research bodies attended the event organised by Hera today to discuss the transition towards increasingly sustainable development models. Key participants included Enrico Giovannini, Professor of Economic Statistics at the University of Rome; Oscar Farinetti, creator and founder of Eataly; Catia Bastioli, CEO of Novamont S.p.A., and Carlo Ratti, Director at the MIT of Senseable City Lab, just to mention a few. They were preceded by Ellen MacArthur's presentation, who is also known for the namesake foundation, which is the most active and important organisation in the world on the scene of circular economy. "Carbon resources will be depleted over a period of 100 years", said Ms MacArthur, "but saving resources will not suffice. We can adopt it to gain time for the transition from linear economy to circular economy that severs the link between scarce resources and our growth prospects by focusing on innovation, education, training and new generations." [block]div:row-fluid::db:hr_press_comunicazione::box:69[/block] Moreover, "Innovation" and "creativity" are the key words of the conference organised by Hera that, through its senior management, spoke about its commitment for sustainability, showing that the Group is strongly committed to 10 of the 17 goals on the UN's Agenda for 2030. The new version of the sustainability report particularly accounts for the "shared value", namely wealth generated by Hera in pursuing the goals of the Global Agenda. Equal to 1/3 of the overall gross operating margin, the shared value of the multi-utility company amounts to 300 million euro for 2016. Said amount was obtained by focusing on three strategic sectors, namely the intelligent use of energy (with 48 million euro generated by promoting energy efficiency, and 29 million euro by making greater use of renewable energy); the efficient use of resources (with 110 million euro obtained by pursuing the transition to a circular economy, and 83 million euro obtained through sustainable management of water resources); innovation and development in the local area (with 18 million euro resulting from innovative projects and digitalisation, 11 million euro for the protection of air and soil, and 35 million euro for the economic development of local communities and social inclusion projects). "These moments of discussion are very important", says Tomaso Tommasi di Vignano, Hera Group's Executive Chairman, because they confirm the international framework of the excellent results achieved by Hera in terms of development of circular economy. Tommasi goes on to say, "What is at stake is the acceleration of a transition that requires everybody's contribution, with special reference to the need for a stable and more homogeneous regulatory framework that can encourage planning, investments and consolidation processes, which are essential, in the long term, for sustainable and lasting growth". 2017-07-27 Creativity and innovation

HeraSostenibile: facciamo circolare le buone idee On Tuesday, 6 June, at 9.30 am, join #HeraSostenibile and follow the Twitter live broadcast of the conference on circular economy sponsored by the Hera Group. The event will also offer an opportunity to present the 2016 Sustainability Report and to discuss creativity, innovation and corporate models 4.0. Hera's event is organised as part of the scheduled initiatives that will be held in Bologna on 5-12 June with reference to G7 Environment meetings. The Hera Group considers the conference an opportunity to open its official channel on Twitter. It will be an additional tool to communicate all the latest news and to improve interaction with its stakeholders. 2017-07-27 On Tuesday, 6 June, at 9.30 am, join #HeraSostenibile and follow the Twitter live broadcast of the conference on circular economy sponsored by the Hera Group. The event will also offer an opportunity to present the 2016 Sustainability Report and to discuss creativity, innovation and corporate models 4.0. Hera's event is organised as part of the scheduled initiatives that will be held in Bologna on 5-12 June with reference to G7 Environment meetings. The Hera Group considers the conference an opportunity to open its official channel on Twitter. It will be an additional tool to communicate all the latest news and to improve interaction with its stakeholders. HeraSostenibile: facciamo circolare le buone idee

110 SCART [block]div:row-fluid::db:hr_press_comunicazione::box:64[/block] There are portraits of famous people and sculptures of animals. But above all, they are works of art made by means of reuse of waste materials destined for disposal. Precisely for this reason, they are part of "Scart: the Beautiful, Useful Side of Waste", a travelling exhibition that hosts the work of students from the Academies of Fine Arts of Bologna and Florence. Created in collaboration with Waste Recycling, a Herambiente Group company, the exhibition is free and open to all; its first stop is in Ravenna. Exhibited at Palazzo Rasponi from 5 to 21 May, it can be visited from 4 pm to 7 pm every day except Mondays. In the coming months the exhibition will stop in the cities of Imola and Modena. Accompanied by a catalogue curated by art critic and former director of the Museum of the City of Ravenna, Claudio Spadoni, the Scart exhibition is addressed to a wide audience, particularly children, with various educational and creative workshops offered on Saturdays 6, 13 and 20 May, also provided free of charge. Thanks to these workshops, children will be involved in various creative activities which encourage thought about environmental issues, focusing on problems and approaching the possible solutions through recycling and reuse. Adults can instead "lose themselves" among the exhibition's halls, and be surprised by the thousands of forms that matter can take on when it passes through the regenerating power of art. The faces of Lucio Dalla, Marilyn Monroe, Frida Kahlo, Mother Teresa, David Bowie and still others will share the stage with more sculptural works depicting various animals which, in Spadoni's words, make up "a heterogeneous bestiary of fun, in some cases carefree, with Dadaist-Surrealist tones". The Hera Group thereby continues the Scart tradition: the project was originally organized by Maurizio Giani, CEO of Waste Recycling, over 18 years ago to positively affect the mentality towards recycling and reuse, precisely through art. An integral part of the multi-utility company's daily commitment to circular economy, Scart faces these challenges in an absolutely innovative fashion, undertaking a new path toward a type of reuse and recycling that recognizes an increasing value in waste, giving it unlimited life and transforming it from a cost into a resource. "We are very pleased that a local company as important as Hera - says the Councillor for Cultural Activities of the Municipality of Ravenna, Elsa Signorino, - interprets the sense of their own work with this spirit, contributing to consolidating a culture of sustainability through art which, together with our citizens, we wholeheartedly support. Additionally, our relationship with Hera in Ravenna has always been oriented to the promotion of many cultural initiatives, and it is wonderful that a multi-utility company leverages the profile of its territorial roots in this way, in the interest of the community and in cooperation with the municipal administration". "Art is not a side-effect of matter - says Tomaso Tommasi of Vignano, Executive President of the Hera Group - but constitutes regeneration that can inspire all other regenerations which the circular economy that Hera works towards every day is based on, through people, means, processes and facilities. In this sense, the Scart project expresses important values that touch the heart of our mission. We are therefore very pleased - concludes Tommasi - to have created an exhibition which, in addition to highlighting the important collaboration with the students of Art Academies, is also worthy because it brings the fruit of their work to various cities touched by our services, in an attempt to initiate, so to speak, the virtuous contagion of ideas and emotions". 2014-03-19 Free and open to all, the exhibition of artwork produced using waste materials can be visited from 5 to 21 May in the halls of Palazzo Rasponi. The Hera Group project, carried out in collaboration with the Academies of Fine Arts of Bologna and Florence, also provides educational workshops for children. scart.bmp

Financial highlights Revenues at € 1,585.5 million (+28.3%) EBITDA at € 306.8 million (+10.2%) Net profits for Shareholders at € 109.9 million (+20.5%) Net debt at € 2,548.7 million Operational highlights Good contribution to growth coming from all businesses, especially the energy sales area Solid customer base in the energy sectors, increasing to roughly 2.3 million customers Management geared towards creating efficiencies and synergies Net debt shows further improvement during the quarter, in spite of the recent acquisitions of Aliplast and Teseco Today, the Hera Group’s new Board of Directors, appointed on 27 April 2017, unanimously approved the consolidated first quarter results, which confirm a rising trend in all main indicators. These positive results were supported by the organic growth ensuing from market expansion, which involved recently awarded tenders for default gas and safeguarded electricity services. Efficiencies and synergies were simultaneously pursued, alongside M&A activities concerning above all acquisitions in the energy area carried out in 2016 (Julia Servizi and Gran Sasso), with the contribution coming from Teseco and Aliplast not yet recorded. Revenues reach almost € 1.6 billion In the first quarter of 2017, revenues amounted to € 1,585.5 million, with a sharp increase over the € 1,235.4 seen in the same period of 2016. This result reflects, in addition to a change in the assignment of general system charges introduced by current regulations, a larger amount of trading, higher regulated revenues in water services and the electricity area, and increased volumes of gas sold owing to climatic factors. EBITDA rises to € 306.8 million EBITDA passed from € 278.4 million in the first three months of 2016 to € 306.8 million at 31 March 2017, recording a growth of over € 28 million (+10.2%). This growth is accounted for by the good performances seen in all Group areas, in particular in the energy areas. These results were also influenced by the acquisitions made during 2016. Operational results and pre-tax profits up, financial management improves Operating profits at 31 March 2017 came to € 187.3 million, up over the € 170.8 million seen in the same period of 2016 (+9.7%). Financial management improved by € 2.6 million, amounting to € 23.1 million at the end of the first quarter, thanks to a good contribution coming from affiliated companies and higher income from safeguarded customers. In light of this, pre-tax profits went from € 145.1 million in the first quarter of 2016 to € 164.2 million in the same period in 2017, showing a further increase in the rate of growth (+13.2%). Net profits for Shareholders grow, reaching roughly € 110 million (+20.5%) Profits pertaining to Group Shareholders at 31 March 2017 rose to € 109.9 million, up 20.5% compared to the € 91.2 million seen in 2016. A considerable improvement in the tax rate was among the factors responsible, going from 33.3% to 29.8% (thanks to a decrease in the Ires rate, benefits ensuing from the application of the “patent box” and tax credits for research and development, as well as tax breaks for maxi amortisations). Over € 150 million in investments and a slight improvement in net debt, in spite of recent acquisitions In the first three months of 2017, Group investments amounted to € 154.1 million, including the acquisition of a financial holding in the Aliplast Group and the plant branch of Teseco, without which the amount is in line with the same period in 2016 (€ 68.5 million). Operating investments mainly concerned interventions on plants, networks and infrastructures, to which one must add regulatory upgrading above all in the gas area, involving a large-scale meter substitution, and the purification and sewerage areas. Net debt settled at € 2,548.7 million, with a slight drop compared to the € 2,558.9 million recorded at 31 December 2016, thanks to the positive and rising cash flow generation which allowed, among other things, the recent acquisitions to be financed. The net debt/EBITDA ratio, calculated on a rolling 12-month basis, therefore settled at 2.7, highlighting an improvement in financial solidity. Gas The gas area, which includes services in natural gas and LPG distribution and sales, district heating and heat management, recorded an EBITDA that settled at € 135.6 million in the first quarter of 2017, increasing over the € 130.3 million seen at 31 March 2016 (+4.1%) thanks to higher volumes of gas sold and the wider scope of the service offered. The number of gas customers rose to almost 1.4 million, up 4.2% over the same period in 2016, thanks to commercial actions, the new portions of the default service awarded and the two acquisitions recently carried out in Abruzzo (Julia Servizi and Gran Sasso). The gas area accounted for 44.2% of Group EBITDA. Water cycle EBITDA for the integrated water cycle area, which includes aqueduct, purification and sewerage services, went from € 49.8 million in the first quarter of 2016 to € 53.3 million in the first three months of 2017 (+6.9%), thanks in particular to higher revenues from delivery. A premium for service quality also contributed to the results, granted by the regulatory authorities based on the current tariffary method. The integrated water cycle area accounted for 17.4% of Group EBITDA. Waste The waste area, which includes waste collection, treatment and disposal services, recorded an EBITDA which went from € 62.4 million in the first quarter of 2016 to € 64.0 at 31 March 2017 (+2.6%). This trend is explained by both the good performances in the urban hygiene sector and the higher volumes of market waste treated. The operational status of the Ravenna and Imola plants in the first quarter of 2017, indeed, allowed free market activities to increase by roughly 8%. These good results were able to more than offset the impact of the end of incentives for renewables, largely linked to a WTE plant in the Molise reagion (roughly -3 million). As regards the company Aliplast, instead, given that the acquisition was formally concluded on 3 April 2017, it will contribute to the Group’s half-year results. Good results were seen in the area of sorted waste as well, which rose to 57.5%, compared to the 56.2% seen in the first three months of 2016, thanks to the wide range of projects implemented across all areas served. The waste area accounted for 20.9% of Group EBITDA. Electricity EBITDA for the electricity area, which includes services in electricity production, distribution and sales, rose from € 31.6 million in the first quarter of 2016 to € 48.4 million at 31 March 2017 (+53.2%), thanks above all to a higher amount of sales on the free market and the safeguarded market, as well as profits in electricity production. In this area, furthermore, the number of customers increased to over 900,000 (+5.6% compared to Q1 2016), thanks among other things to reinforced commercial action and the acquisition of customers from the Abruzzo companies. The electricity area accounted for 15.8% of Group EBITDA. The manager responsible for drafting the company’s accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The interim management report and related materials will be available to the public at Company Headquarters and on the website www.gruppohera.it. Unaudited extracts from the Interim Financial Statements at 31 March 2017 are attached. PROFIT & LOSS (M€) 31/03/2017 INC% 31/03/2016 INC.% CH. CH. % Sales 1,585.5 1,235.4 +350.1 +28.3% Other operating revenues 82.1 5.2% 73.7 6.0% +8.4 +11.4% Raw material (732.2) -46.2% (608.5) -49.3% +123.7 +20.3% Services costs (488.8) -30.8% (281.7) -22.8% +207.1 +73.5% Other operating expenses (12.0) -0.8% (12.1) -1.0% -0.1 -0.8% Personnel costs (137.2) -8.7% (132.9) -10.8% +4.3 +3.2% Capitalisations 9.4 0.6% 4.6 0.4% +4.8 +104.8% Ebitda 306.8 19.4% 278.4 22.5% +28.4 +10.2% Depreciation and provisions (119.5) -7.5% (107.6) -8.7% +11.9 +11.1% Ebit 187.3 11.8% 170.8 13.8% +16.5 +9.7% Financial inc./(exp.) (23.1) -1.5% (25.7) -2.1% -2.6 -10.1% Pre tax profit 164.2 10.4% 145.1 11.7% +19.1 +13.2% Tax (48.9) -3.1% (48.4) -3.9% +0.5 +1.0% Net profit 115.3 7.3% 96.8 7.8% +18.5 +19.1% Attributable to: Shareholders of the Parent Company Minority shareholders 109.9 5.4 6.9% 0.3% 91.2 5.6 7.4% 0.5% +18.7 -0.2 +20.5% -3.5% BALANCE SHEET (M€) 31/03/2017 INC% 31/12/2016 INC.% CH. CH. % Net fixed assets 5,663.7 108.3% 5,564.5 108.7% +99.2 +1.8% Working capital 121.6 2.3% 99.9 2.0% +21.7 +21.7% (Provisions) (553.8) (10.6%) (543.4) (10.7%) (10.4) +1.9% Net invested capital 5,231.5 100.0% 5,121.0 100.0% +110.5 +2.2% Net equity 2,682.8 51.3% 2,562.1 50.0% +120.7 +4.7% Long term net financial debt 2,757.3 52.7% 2,757.5 53.9% (0.2) +0.0% Short term net financial debt (208.6) (4.0%) (198.6) (3.9%) (10.0) +5.0% Net financial debts 2,548.7 48.7% 2,558.9 50.0% (10.2) (0.4%) Net invested capital 5,231.5 100.0% 5,121.0 100.0% +110.5 +2.2% 1Q 2017 2017-05-08 For further information 1Q 2017 Consolidated first quarter report shows growth in all operational-financial indicators and a positive contribution coming from all business areas, alongside continuing improvement in net debt. /documents/1514726/4210734/Hera_Group_Consolidate_quarterly_report_as_at_31_march_2017.1494411806.pdf/431600c0-8838-3de5-7c9a-80eacf5f0884?t=1597908154820 /-/hera-board-of-directors-approves-1q-2017-results-1?inheritRedirect=true /documents/1514726/4210734/Hera_Group_Newsletter_Q1_2017_eng.1494402651.pdf/a7f8511a-3667-8939-9631-07f3357634fe?t=1597908153812 /documents/1514726/4210734/Dati_finanziari_ed_operativi_di_sintesi_1Q_2017_eng.1494320025.xls/5c33e18f-6c76-66b0-43fa-a1bd7751036f?t=1597908153470 Financial report as at 31/03/2017 Press release Newsletter as at 31/03/2017 Financial data as at 31/03/2017 centrata Risultati finanziari

Hera's General Meeting of Shareholders Number of directors passes from 14 to 15, with an additional member representing minority shareholders. Increased presence of women in the Board of Directors and the Board of Statutory Auditors Hera’s Ordinary Shareholders Meeting took place in Bologna this morning. Among the various resolutions adopted, the Meeting appointed the members of the Board of Directors and the Board of Statutory Auditors for the upcoming three years. In addition, the 2016 financial statements were approved, as was the resulting payment of a dividend set at 9 cents per share. Approval of financial statements and dividend at 9 cent./share In its ordinary session, the Meeting approved the financial statements for 2016, which showed improvement in all operating-financial indicators, with results exceeding expectations. The presentation of the sustainability report, furthermore, confirmed the Group’s ever greater attention towards sustainability in all its facets. The key factors in this success, that allowed it to continue its growth in spite of an increasingly challenging regulatory and market scenario, were once again the Group’s consolidated multi-business strategy and its combination of internal and external growth. The 2016 financial year closed with revenues reaching € 4,460.2 million, in line with the previous year, EBITDA at € 916.6 million (+3.6%) and net profits for Shareholders at € 207.3 million (+14.8%). The Meeting therefore approved the Board of Directors’ proposal of paying a dividend of 9 cents per share, in line with the amount paid one year earlier and already announced in the business plan to 2020. It is worth mentioning that this same business plan, in reaffirming a high degree of attention towards the creation of value for shareholders as well, projects an increase in forecasted earnings and a dividend policy showing growth over its historical trend (beginning with the amount paid in 2018), with a gradual change over the upcoming four-year period of 11%. The ex coupon date has been set at 19 June 2017, with payment beginning on 21 June 2016. The dividend paid, based on the price of Hera stock at 31/12/2016, corresponds to an annual return of over 4%. Renewal of the Board of Directors, with an additional director representing minority shareholders Furthermore, the Board of Directors was renewed for the upcoming three years (in office until the Meeting held to approve the financial statements for 2019), with its components passing from the previous 14 to the current 15 members, with an additional director representing minority shareholders. This came about in implementation of the amendment of the Articles of Association (approved by the Shareholders Meeting held on 28 April 2015) calling for an increase, as of 2017, of the number of current members of the Board of Directors from 14 to 15, 4 of whom (instead of 3) to be elected from the lists presented by minority shareholders. As per the outcome of the voting, the following have been appointed to the Board of Directors: Majority list (representing Hera's public shareholders' Agreement): Tomaso Tommasi di Vignano, Stefano Venier, and the independent directors Giovanni Basile, Giorgia Gagliardi, Stefano Manara, Danilo Manfredi, Giovanni Xilo, Sara Lorenzon, Marina Vignola, Aldo Luciano, Federica Seganti. Minority list: the independent directors Massimo Giusti, Erwin Paul Walter Rauhe, Francesca Fiore, Duccio Regoli. Renewal 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(President), Stefano Gnocchi (alternate auditor) Increased presence of women in the Board of Directors and the Board of Statutory Auditors The composition of the Group's corporate bodies fully implements the provisions contained in Law no. 120 of July 12, 2011 (already transposed into Hera's Articles of Association by the 2013 Shareholders Meeting), which introduced the principle of gender balance in the corporate positions of listed companies. To this end, the law foresees that the breakdown of directors and statutory auditors to be elected be reached in such a manner that the least represented gender obtains at least one third of the members of the Board of Directors and of the Board of Statutory Auditors. The presence of women thus comes to 5 out of the 15 members of the Board of Directors and 2 out of the 3 standing members of the Board of Statutory Auditors. Other resolutions approved The Meeting approved the renewal of its authorisation for the Board of Directors to purchase treasury shares (and arrangements for their disposal), for a maximum amount of € 180 million over 18 months. This authorisation renewal was requested to pursue the aims allowed by current regulations and accepted market practices, including investment opportunities involving the use of treasury shares to increase the creation of value and any acquisitions of holdings that also involve equity trading. The Meeting furthermore confirmed remuneration policies for members of the Board of Directors, maintaining unchanged the amount due. Lastly, the reports on corporate governance was put to the Meeting's attention, which contains a few changes in line with international best practices. Hera top management confirmed The session dedicated to the assignment of Hera's Board of Directors, appointed this morning by the multi-utility's Shareholders Meeting, was held this afternoon in Bologna. The Board appointed the Chairman, the Vice Chairman and the CEO. Tomaso Tommasi di Vignano was confirmed as Hera's Chairman, acting as executive administrator. Born in Brescia, he has been guiding the Hera Group since it was created in 2002, after accumulating at length experience in telecommunications and in the utility sector. Giovanni Basile was confirmed as Hera's (non-executive) Vice Chairman. He has held this office since 2014. Born in Modena, a licensed accountant and auditor, he is a board member and statutory auditor of a number of companies and non-profit organisations in Italy and abroad. Stefano Venier was confirmed as CEO. Born in Udine, he has been part of Hera since 2004, previously holding the position of Development and Market General Director. Prior to that, Venier held positions with increasing responsibility in the Eni Group and at a leading international consulting firm, in which he acted, between 2002 and 2004, as Vice President for Energy & Utilities. Continuity in corporate governance policies has therefore been reaffirmed as one of the Hera Group's main strengths, as shown by a study by Kepler Cheuvreux dating to 14 February 2017 of the four local utilities, in which Hera was positively evaluated thanks to no other than its stable governance and management credibility, along with its solid foundations, low-risk growth strategy, future growth opportunities and attractive dividend policy. 2017 Annual Shareholders' Meeting https://www.youtube.com/watch?v=fsxyokCvJ_g&rel=0#prettyPhoto 2014-04-23 For further information 2017 Annual Shareholders' Meeting Number of directors passes from 14 to 15, with an additional member representing minority shareholders. Increased presence of women in the Board of Directors and the Board of Statutory Auditors /-/hera-shareholders-meeting-corporate-offices-renewed-and-9-cent-dividend-approved-1?inheritRedirect=true /group_eng/corporate-governance/shareholders-meetings Price sensitive press release Go to Shareholders' meetings section centrata 110_Ass.1493215127.bmp

Financial Results 2016 Financial highlights Revenue at € 4,460.2 million (-0.6%) EBITDA at € 916.6 million (+3.6%) Net profits post minorities at € 207.3 million (+14.8%) Net debt decreased, reaching € 2,558.9 million Proposed dividends of 9 cents per share confirmed Operational highlights Revenue affected by a fall in energy commodity prices and impacted by legislative and regulatory changes, in particular return on invested capital (WACC) Benefits derived from recent acquisitions in free market sectors Contribution to growth came from the electricity area and, in the second half of the year, the waste area Environmental and social sustainability improved, alongside added value generated in the area served, reaching over € 1.7 billion Today, the Hera Group’s Board of Directors unanimously approved the consolidated economic results as at 31 December 2016, along with the Sustainability Report. The 2016 financial year came to an end for the Hera Group with all economic-financial indicators rising compared to 2015, and with results more positive than expected. Particularly encouraging, this outcome was reached thanks to the Group’s consolidated multi-business strategy, that allowed it to successfully balance regulated and free-market activities, maintaining all the while a sustainable risk profile. The combination of two fundamental levers, internal growth and M&A, furthermore allowed the Group to continue along its path of expansion, in spite of an increasingly challenging context involving regulatory and market factors. These results furthermore confirm the attention given to sustainability, in all its various forms: environmental, social and economic. Gas The gas area, which includes services in natural gas distribution and sales, district heating and heat management, recorded an EBITDA which rose slightly to € 300.6 million, in line with the € 299.5 million seen in 2015. This result was obtained mainly thanks to an increase in the volume of gas sold and the contribution coming from district heating, offsetting lesser revenues in both trading and regulated services, with a reduction in the rate of return having a negative effect on the latter amounting to € 9.8 million. These results were also sustained by the recent acquisitions of Julia Servizi and Gran Sasso, two Abruzzo-based companies involved in gas and electricity sales, that contributed to enlarging the customer base roughly 30,000 clients. Due among other things to commercial and customer loyalty initiatives, at the end of 2016 the number of gas customers had risen to roughly 1.4 million. In 2016, investments in the gas area came to € 94.8 million, with an increase of € 5.2 million compared to 2015, mainly destined to a large-scale meter substitution, non-recurring maintenance on networks and plants, and interventions involving cathodic protection of the gas networks in the areas surrounding Padova and Trieste. The gas area accounted for 32.8% of Group EBITDA. Water The integrated water cycle area, which includes aqueduct, purification and sewerage services, recorded an EBITDA of € 228.8 million, compared to the € 232.5 million seen in 2015, almost entirely compensating, with the operational efficiencies set in place over the year, for the negative impact of inflation and the reduction in the rate of return on invested capital, which came to € 18.4 million. Net investments in the integrated water cycle area amounted to € 111.8 million. Including capital grants, investments in this area came to € 131.8 million (increasing compared to the € 127.2 seen in 2015), of which € 61.5 million in the aqueduct, € 37.6 million in sewerage and € 32.7 million in purifying. The integrated water cycle area accounted for 25.0% of Group EBITDA. Waste management EBITDA for the waste management area, which includes waste collection, treatment and disposal services, settled at € 230.7 million, a slight improvement compared to 2015 which more than offset both the temporary suspension of plants currently being enlarged (the Ravenna landfill became operational again in August, as did the Tremonti landfill, located in the area surrounding Imola, in late December) and the expiry of incentives for renewables concerning two WTE plants. The results were also sustained by the contribution coming from the acquisitions made in late 2015 of Waste Recycling and the Geo Nova plants, which gave a considerable impulse to industrial waste management, with a 16.9% increase in the amount of market waste. Volumes of urban waste also recorded a slight increase (+0.3%). Results in the field of sorted urban waste were positive, rising to 56.4% compared to the 55.4% seen in 2015, thanks to a wide number of projects implemented in all geographical areas served. The waste management area accounted for 25.2% of Group EBITDA. Electricity area The electricity area, which includes services in electricity production, distribution and sales, recorded an EBITDA of € 135.3 million, a sharp increase over the € 101.0 million seen in 2015. The negative impact on electricity services of the resolution concerning return on regulated revenues (€ 2.9 million) was more than offset by higher earnings in sales activities and higher profit margins in electricity production, in addition to continued commercial expansion in the free market. Confirming the trend seen in recent years, the number of electricity customers reached over 880,000 (+2.7% compared to 2015), mainly owing to a reinforcement of commercial action and an enlargement of the customer base thanks to the acquisition of the Abruzzo companies Gran Sasso and Julia Servizi. The electricity area accounted for a larger amount of Group EBITDA than in the previous year, 14.8%. Statement by ExecutiveChairman Tomaso Tommasi di Vignano “The results recorded are all the more admirable considering the outstanding challenges that marked the reference scenario throughout the year, with a positive contribution coming from all growth levers, both internal and external. They furthermore represent a solid foundation, providing the premises to pursue the uninterrupted growth foreseen in the business plan to 2020, already approved by the Board of Directors, matched by a progressive increase in dividends per share, coming to 11% over the duration of the plan.” Statement by CEO Stefano Venier “A year rich in significant results, strived for and achieved coherently over time, has come to a close. This outcome is attested to not only by the economic-financial indicators, which improved appreciably, but above all by the excellent operating performances and the quality of the industrial initiatives implemented in order to attain long-lasting and sustainable growth in both the company’s worth and the social value it generates.” BE 2016 2014-03-19 For further information BE 2016 The year closes with improvement in all economic-financial and environmental indicators, with results exceeding expectations. Internal and external growth prove once again to be the key factors in development. Proposed dividends of 9 cents per share /-/hera-group-approves-results-as-at-31/12/2016-1?inheritRedirect=true /documents/1514726/4210749/Financial+results+as+of+31_12_2016.pdf/4baee448-58b8-687b-b16a-b97029e0fd8e?t=1629971637171 /documents/1514726/4210749/Hera_Group_Newsletter_Y2016_eng.1490085936.pdf/bef30ba8-31ce-bf4b-bf20-03bba8adfb41?t=1597909530669 /documents/1514726/4210764/GruppoHera_Sustainability_report_2016.1500562631.pdf/449119af-daf8-0919-95e3-8389fcb8ba99?t=1597911228598 Press release Interactive annual report Newsletter Y2016 Sustainability report 2016 centrata Financial Results 2016

Top110 Again this year, the HERA Group was awarded the "Top Employers" certification by the Dutch certifying body, Top Employers Institute, which, since 1991, has conducted research focused on the quality standards of working conditions in the best companies worldwide. Today, Top Employers is one of the most prestigious awards at international level, which recognises those companies that demonstrate an ability to offer excellent working conditions to their employees. The certification process, which has become increasingly rigorous and selective over the years, is based on an analysis of objective data and detailed assessments.A stimulating and constructive workplace environment, investments in training and development, careful career planning, targeted strategies for talent growth, tailor-made benefits, personalised pay policies and an innovative corporate culture are some of the parameters subject to scrutiny. Only the companies that achieve the high standards required by the certification may qualify as Top Employers. This year, 79 companies were certified in Italy: amongst these, the only multiutility company is HERA Group, which has participated in the project since 2010 and has been awarded this recognition for the eighth consecutive year. In particular, Hera stood out thanks to "Hextra", its new integrated company welfare plan in place since July 2016 for the Group's more than 8,500 employees, characterised by a share of resources that can be "personalised" by workers based on their own needs; thanks to its work-life balance measures (such as policies regarding leave and other absences from work, as well as the support provided when employees return to work, nurseries for employees' children in the various communities and mobility support) and its policies that provide the possibility of development opportunities for the entire company population. Hera is also one of the top Italian companies in terms of investment in employee training and personal and professional development, offering roughly 29 hours of training per capita in 2016. Training experiences have been made increasingly engaging and effective thanks to HerAcademy, the Group's Corporate University, which provides opportunities for ongoing dialogue with businesses and the main academic institutions, and initiatives aimed at supporting employees' children in selecting their path at university and as they enter the workforce. The Hera Educational project, relating towork-study programmes based on the integration between business skills and the skills acquired in upper secondary schools in Emilia-Romagna, also bears witness to the company's considerable investments in training and its connection to the communities in which it operates. Indeed, last year the first 60 courses of 2016-2019 were held with technical institutions, while another 80 were launched this academic year, also, for the first time, with the inclusion of high school students. The HERA Group' full profile, including the certification justifications and criteria, can be viewed on the website: www.topemployers.it top Employer 870 2014-03-19 FOR FURTHER INFORMATION 870.1487773774.png For the eighth consecutive year, the multiutility company reaffirms its position as one of the best Italian companies due to its focus on the working conditions of its employees top_employer_2017_110x150.png

Teseco 110 Waste Recycling, a Tuscan company belonging to the Hera Group and 100% controlled by Herambiente, has purchased the plant sector of Teseco. The company is based in Pisa, and is a leading actor in industrial waste treatment and recovery with over 30 years of experience in the sector of special waste and innovative plants (spread out over an overall area of 126,000 m 2, over 30,000 of which are covered). The purchase was conducted by Group subsidiary Waste Recycling, given that the latter has been managing for over 25 years, and with similar efficiency, complementary types of treatment in its production plants in Santa Croce sull'Arno and Castelfranco di Sotto, in the province of Pisa. This operation allows, on the one hand, a considerable segment of production in the Pisa area to be conserved and maintained active, and on the other enlarges both Herambiente's overall set of plants and the services it offers to its clients, reinforcing its leadership in waste treatment and recovery. It is furthermore part of a larger goal, which consists in broadening the Hera Group's operational area, initiated years ago and in line with the Group's strategy of geographical expansion and integration. By way of its authorisations, the quantity of waste it is able to manage, and the treatments plants at its disposal, Waste Recycling, with this operation, confirms its status as one of the nation's most important actors in the sector of industrial waste, enriching and rounding off the numerous services it offers to middle and large companies. At the same time, Herambiente will further increase its own client portfolio, through this preference given to commercial reinforcement in a region in which it is already active. Teseco 2014-03-19 FOR FURTHER INFORMATION Thanks to the purchase made by Group subsidiary Waste Recycling of the plant sector of the Pisa company Teseco, a primary figure in industrial waste treatment and recovery, Herambiente, a national leader in this sector, will further expand its commercial offer and enlarge its already significant range of plants teseco_110.bmp

Aliplast Aliplast: company history Founded by Roberto Alibardi in 1982, Aliplast is a national centre of excellence, and today is the leader in the collection and recycling of plastic industrial waste and the production of regenerated polymers. It was the first company in Italy to achieve full integration throughout the entire plastic life cycle: from waste management services and the collection of industrial scrap to the production and sale in the market of goods and packaging materials manufactured from plastic recycled in house. It has more than 300 employees working in five plants in Italy and three abroad (Spain, France and Poland). Its head office is located in Ospedaletto di Istrana (Treviso). Its main customers include the largest Italian food & beverage, home furnishings and ceramics brands. Aliplast 2014-03-19 FOR FURTHER INFORMATION The company based in Ospedaletto di Istrana (Treviso), a national centre of excellence in plastic recycling, joins the Hera Group, which thus confirms its position as one of the main players in Italy in recycling and the development of the circular economy 110_aliplast.1484140357.bmp

Piano Industriale Today, Wednesday 11 January 2017, the Hera Group Board of Directors approved the 2020 Business Plan, with growth in economic targets and improvement in capital and financial indicators. Operating and financial highlights 2020 EBITDA: € 1,080 million Capital expenditures and financial investments: almost € 2.5 billion Net financial position/EBITDA ratio to improve, reaching 2.8 by 2020 Net profits per share to grow by roughly 5% annually over the duration of the Plan Dividends expected to increase, as of 2017, reaching 10 cents per share in 2020 (+11%) Operating highlights 5 strategic priorities: growth, efficiency, excellence, innovation and agility Group development based on a balanced mix of organic growth and M&As Current grants confirmed in tenders for gas distribution and urban hygiene Objective for 2020 energy customers set at 2.4 million Growth in line with sector trends: Circular Economy and Shared Value, Customer Experience, Industry 4.0 Solidly based on data from the 2016 forecast, the new Plan confirms the Group’s track record of growth and responds to the most recent changes in the utility sector. Efficiency and innovative solutions fuelling organic growth to be pursued alongside opportunities for development through M&As. In addition, the 2020 Plan is supported by considerable investments, reaching roughly Euro 2.5 billion (Euro 250 million more than the last strategic plan), which will be used to fuel growth over the five-year period, as well as to better respond to the main business trends emerging as a result of the Circular Economy and Shared Value, with respect to which the Hera Group has offered a tangible contribution to reaching 10 of the 17 objectives of the UN Agenda. Other key elements include the new needs of clientele, to be met with new solutions, and the most recent changes involving Industry 4.0 and processes of digitalisation, data gathering and analysis and diffusion in our cities of “intelligent” infrastructures. In a sector undergoing profound transformations, it will become indispensable for the Group to count on its own solidity and efficiency in order to remain astride these trends and continue to reinforce its own leadership. The Group’s business model has been confirmed, with the objective of a 2020 EBITDA equal to € 1,080 million, i.e. € 50 million higher than the 2019 target included in the previous Plan, with significant growth coming in 2017-2018. The increase in EBITDA over the duration of the Plan amounts to almost € 200 million compared to 2015, obtained thanks to a balanced contribution coming from internal and external growth. Tomaso Tommasi di Vignano, Hera Chairman "Our recently approved Plan confirms a steady path of growth, sustained by traditional tools geared towards enhanced efficiency and growth by acquisitions, all reinforced by the use of new technologies. Improvements in our financial solidity will allow us on the one hand to confirm and further improve the dividend policy pursued in recent years, and on the other to consider the deep transformations currently seen in the sector as a further opportunity for development, potentially involving M&As, as has been the case in the past." Stefano Venier, Hera CEO "Innovation, sustainability and energy efficiency are only a few of the issues addressed by our Business Plan, which is intent on making the most of new trends such as Industry 4.0, Circular Economy and Customer Experience. Our leadership in the main reference markets has been confirmed, sustained by the competitive advantages that we have built up over the years, making us fully prepared to take on ever-changing challenges. This Plan as well has been elaborated in full respect of the financial balance that has defined us until present, with the aim of reinforcing on the one hand our credit standing while maintaining a low risk profile, and on the other continuing to create value for all our stakeholders, guaranteeing the financial flexibility best suited for further developments." Business Plan to 2020 2014-03-19 FOR FURTHER INFORMATION Business Plan to 2020 Solidly based on data from the 2016 forecast, the new Plan confirms the Group's track record of growth and responds to the most recent changes in the utility sector. Efficiency and innovative solutions fuelling organic growth to be pursued alongside opportunities for development through M&As /group_eng/investors hera-group-approves-business-plan-to-2020 Go to IR section Press Relase centrata Piano Industriale

en pulita 110 "We have worked on this for some time now, and for us the achievement of this goal in 2017 represents a highly important accomplishment", affirms Stefano Venier, Hera Group CEO. "We are planning to apply this standard throughout our entire Group as soon as possible. Precisely because the fight against climate change is an increasingly urgent global priority", Venier continues, "as a responsible company we will do our part with the objective of further reducing our internal consumption while also continuing with our constant contribution to the sustainability objectives set by the UN agenda". Venier 2014-03-19 FOR FURTHER INFORMATION The multiutility company comes into line with the best practices of important international groups and, in accordance with EU objectives and the UN agenda, it guarantees that as of this year all activities managed in Emilia Romagna will be 100% fuelled by "clean" electricity en pulita 110

WR 110 The Hera Group has earned a place on the podium at Webranking 2016, the Oscars of web communications. The multiutility company was awarded the "silver medal" based on the research conducted by Lundquist and the Swedish Comprend, digital communications experts. Every year, they screen the websites of the largest Italian companies listed on the stock exchange and their respective web communications strategies in order to draw up a national ranking, which this year included 70 companies. Hera finished in second place in this 15th edition of the report, with a score of 91.8/100, improving by a good two positions since last year and coming in ahead of large companies like Eni, which placed third. Snam was classified in first place. In addition, Hera was first in the utilities sector. All of the results can be viewed here. The multiutility company's strengths included its online publication of theSustainability Report - a report featuring non-financial information which is prepared by just half of the companies observed. Hera, however, has prepared this report for its stakeholders since 2002 and has made it available online since 2006. Lundquist also surveyed the history of the best companies on the web in Italy by analysing the Webranking results from 2011 to date. In this hall of fame encompassing 15 years of rankings, Hera came in third, just after Eni and Telecom. The Webranking study is also a kind of stress test on company transparency: it assesses their digital communications based on the needs of stakeholders, who seek out not only interesting content, but also simple forms of online navigation. According to the report accompanying the study, only slightly more than one company out of three passes the test, and this year the trend observed by Lundquist is that what counts is the commitment to transparency, not big budgets. Indeed, the best results were achieved precisely by midcaps like Hera, medium-sized companies that have a strong desire to improve and stand out in the market. The awards ceremony will be held on 30 November in the Buzzati room at the Corriere della Sera headquarters in Milan, during an event organised by Lundquist which will provide the opportunity to discuss the new frontiers of digital corporate communications. WR 870 2014-03-19 FOR FURTHER INFORMATION 870.1481122046.jpg The Oscars of online communications have been awarded. The multiutility company's website placed second, preceded only by Snam. The award is based on a national study of the websites of 70 companies conducted by the experts from Lundquist and Comprend WR 110

Once again it is time for Ecomondo, the much anticipated meeting that brings together national and international operators in the industry revolving around the world of environmental services and the green economy in the Rimini Fiera pavilions. The Hera Group will be located in Pavilion C1 at stand 120: an exhibition space of more than 300 m2 inspired by and designed with a view to reuse, in keeping with corporate sustainability principles and intended to bring to mind the idea of the circular economy. As the key topic of the entire 2016 edition of Ecomondo, the circular economy will indeed be the common thread of the stand and the communications that Hera, Herambiente and Waste Recyclingwill bring to the trade fair this year. These three companies will represent our Group at the Rimini event, reconfirming from one year to the next our leading role in activities relating to the recycling and disposal of municipal and special waste, with more than 80 plants within an integrated and complete model that is unique in Italy. It is precisely the integrated system between services and plants that provides Hera with full control over the entire waste management cycle, guaranteeing the recovery of materials and energy and making the Group a fundamental link in the chain of our country's circular economy. And since speaking of the circular economy also means talking about creativity in a certain sense, the Group's stand will also play host to the SCART project, by means of which the Herambiente subsidiary Waste Recycling will artistically interpret the concept of the circular economy. 2016-11-02 Link 870x278_eng.1478088980.png 8-11 November 2016, Rimini Fiera 110x150_eng.1478088116.png

Reichlin, "a European agreement on investments is needed for growth" [block]div:row-fluid::db:hr_press_comunicazione::box:59[/block] "It is useless to negotiate the flexibility of budget rules: we need to favour the liquidity of the capital held by Italian households and, at European level, an agreement for investments is needed". This was the claim made by Lucrezia Reichlin today at the conference "Resilience and innovation: a strategy for business and the community", organised by the HERA Group to present its Sustainability Report. The well-known Italian economist, a professor at the London Business School, took on the topic of the Eurozone's weak recovery, touching on Italy's traditional delays in innovation, efficiency and investments, which hinder the creation of conditions favourable to sustainable economic development. Sustainability was the real focus of the meeting, which throughout the morning featured the participation of important institutional, economic and academic experts. Presentations were given by, aside from the Group's top management, amongst others, Angelo Rughetti (Under-Secretary of State for Public Administration and Simplification), Valentina Orioli (Councillor for Urban Planning and Environment for the Municipality of Bologna), Francesco Ubertini (Rector of the University of Bologna), Gian Carlo Muzzarelli (Mayor of Modena) and Riccardo Illy (Chairman of the Illy Group). Two words at the very heart of these reflections - resilience and innovation - were used as a basis from which to comprehend the contribution that a multiutility company like Hera can make to the system of the communities it serves and to new development models, made even more urgent by the scenario outlined by Professor Reichlin. In this sense, positive signs emerge from the Sustainability Report of the Group, which in 2015 alone transferred over Euro 1.65 billion in wealth to the areas it serves, performing a fundamental countercyclical function in favour of the local economies, which is even more important considering the significant slowdown in GDP reported by ISTAT in its August monthly report. "If we look at the Group's entire history, from 2002 until today," said Stefano Venier, Hera's CEO, "investments exceed Euro 5 billion: this means that every resident served has received a significant structural contribution in his or her community". On the same wavelength, Chairman Tomaso Tommasi di Vignano also recalled the multiutility company's commitment to promoting and protecting considerable levels of employment: "The Group has more than 8,500 direct employees," he specified, "and in addition to them, there are more than 5,600 jobs created downstream". At the same time, Hera, defined by Reichlin as "an experience of success in a context of crisis", continues to improve its environmental and energy performance, anticipating important European objectives for 2025 (on the recycling of packaging, already at 66%) and 2030 (on the reduction of landfill use, which has declined to 8.6%), with separated collection rising to 55.4% and electricity production from renewable sources exceeding 70%. Confirming its dedication to local development, with more than Euro 127 million invested in the water sector alone in 2015, the Group is increasingly becoming a "healthy carrier of resilience", capable of transmitting its efficiencies to the system in which it is integrated. This is good news for everyone, but especially for the cities served by the multiutility company, seven of which are in the top 30 in Italy due to their level of innovation. This ranking was compiled by EY based on research conducted on 116 provincial capital municipalities and presented during the conference by Francois De Brabant, EY Senior Advisor. Analysing the strengths of the areas in which the HERA Group operates, the study highlighted the contribution its services have made to the development of smart cities. Based on a precise survey of innovation initiatives carried out, using the Smart City Index methodology, the study points to the excellent results achieved by Bologna (1st), Modena (8th), Ravenna (10th), Padua (14th), Forlì (18th), Ferrara (19th) and Rimini (21st), while Udine (31st), Trieste (46th) and Pesaro (50th) also performed well.Hera's contribution makes a difference primarily through waste collection and water cycle management, but it has also had important effects in terms of energy efficiency, smart building (with cogeneration and district heating systems) and renewable energies, without overlooking the 1,250 km of fibre optics available to Hera through the company Acantho. 2016-09-27 The well-known economist commented on the issue of recovery during the conference dedicated to the presentation of the HERA Group's Sustainability Report, devoted this year to resilience and innovation. The multiutility company has made a significant contribution to the development of smart cities, with seven cities served amongst the top 30 in Italy based on level of innovation. Bilancio di Sostenibilità

Sisma 110 Comieco (National Consortium for the Recovery and Recycling of Cellulose-based Packaging), in collaboration with Anci and the Consortium for the recovery of packaging - Conai - has launched a national campaign for the municipalities struck by the 24 August earthquake: in the month of September, for every additional 100 kg of paper, cardboard and paperboard collected compared to the same month of 2015, the Consortium will donate Euro 7. Hera has answered the call of Comieco and in themunicipalities it serves, it invites households and commercial and production businesses, in particular those which by their nature generate large quantities of paper, to support this solidarity campaign by recycling their paper materials using the services available in their area, street and residential collection bins and drop-off points. In this case, aside from being a choice that we make to defend and protect the environment, separate waste collection multiplies its value, as it offers all residents the possibility to contribute to a concrete action to support the populations affected by the earthquake. Sisma 870 2014-03-19 870.1473860874.jpg Hera has answered the call of Comieco, which will provide the areas of central Italy impacted by the August earthquake with Euro 7 for every 100 kg of paper collected this month Sisma 110

Half financial results as at 30 june 2016 Financial highlights Revenues at € 2,152.7 million (-2.7%) EBITDA at € 470.1 million (+2.4%)Net profits for shareholders at € 121.0 million (+12.8%) Net financial position reduced to € 2,624.4 million Operating highlights Regulated revenues affected by lower return on invested capital (WACC) M&A initiatives contribute to results Energy market expands, with total customers reaching almost 2.3 million Today, the Hera Group's Board of Directors unanimously approved the consolidated economic results for H1, whose main indicators show positive figures and growth through to net profits. Gas The gas business EBITDA, which includes services in natural gas and LPG distribution and sales, remote heating and heat management, settled in the first half of 2016 at € 162 million, down from the € 172.5 recorded at 30 June 2015, mainly due to lower margins in trading and the negative impact of the mild winter, as well as a resolution that modified the method used to calculate the rate of return on invested capital for infrastructure services in the gas sector. The results were also sustained by the recent acquisition of Julia Servizi, a company in the Abruzzo region operating in gas and electricity sales. The gas business accounts for 34.5% of Group EBITDA. Water In the first half of 2016, the water business, which includes aqueduct, purification and sewerage services, recorded a slight drop compared to the same period in 2015, with EBITDA passing from € 107.6 million in the first half of 2015 to € 106.6 million at 30 June 2016. The negative impact of the resolution on revenues and on EBITDA for the WACC effect and the redefinition of the restriction on revenue, came to € 11.1 million, almost entirely compensated by the operative efficiencies implemented over the six months in question and, in particular, a series of optimisations concerning general management costs. The integrated water cycle accounts for 22.7% of Group EBITDA. Waste management EBITDA pertaining to the waste business, which includes services in collecting, treating and disposing of waste, went from € 119.8 million in the first half of 2015 to € 116.5 million at 30 June 2016, an essentially stable result in spite of the reduced operating capacities of a few landfills, which are currently being enlarged. Activities related to treatment of special waste showed a 20.1% growth in volume and a further improvement in prices. One fundamental contribution came from the acquisitions, dating to late 2015, of Waste Recycling and the Geonova plants, which gave greater impetus to management of industrial waste and compensated for the temporary closure of landfills presently being expanded (the Ravenna landfill is due to be reopened shortly). Good results also came from sorted waste collection, which rose to 56.9% of the total, compared to the 55.4% seen in the first half of 2015, thanks to the wide range of projects implemented across all areas served. The waste business accounts for 24.8% of Group EBITDA. Electricity The electricity business, which includes services in electricity production, distribution and sales, showed an EBITDA that grew from € 49.6 million for the first six months of the previous year to € 76.3 million at 30 June 2016. The negative impact on electricity services of the resolution on revenues and EBITDA, regarding WACC alone (€ 1.4 million in the first six months), was more than compensated by the balance payments involved in 654/15/R/eel, thanks to a revision of the criteria used for the treatment of investments made in previous years, and the continuous expansion of the customer base. The electricity business accounts for 16.2% of Group EBITDA. Statement of Executive Chairman Tomaso Tommasi di Vignano "The figures that appear in the 2016 interim report are once again positive, showing the extent to which the Group has been able to offer its shareholders a solid response in terms of both economic results and financial structure, which is all the more appreciable in light of a macroeconomic context still marked by instability. This outcome was also fuelled by M&A operations, that allowed waste treatment plants to be acquired and increased our customer base". Statement of the Managing Director Stefano Venier "We are highly satisfied, in that the operations introduced have led to the good results we expected, allowing us, in only six months, to compensate for the cut in regulated revenues. A good financial and fiscal performance also made it possible for us, in a difficult year, to close the first half with growth in net profits and other main indicators as well as a reduction in debt." 1H 2016 2015-08-26 For further information 1H 2016 Interim report at 30 June 2016 shows rising profits, positive cash flows and lesser borrowing. /documents/1514726/4210755/Hera_Group_Consolidate_half_year_financial_report_as_at_30_june_2016.1470389788.pdf/c10e9d21-76b4-2589-28b3-24d6c2bbef80?t=1597910997787 /-/hera-board-of-directors-approves-results-for-1h-2016-1 /documents/1514726/4210755/Hera_Newsletter_1H2016_eng.1469701438.pdf/0583d746-cfd6-9b22-d84d-466aa0dafcbb?t=1597910996793 /documents/1514726/4210755/Dati_finanziari_operativi_di_sintesi_1H_2016_eng.1469542136.xls/3562a414-ad03-7f51-fa6e-7505d4ce5d0f?t=1597910989700 /documents/1514726/4210755/Analyst_presentation_1H2016.1469703526.pdf/cd804341-2bdb-7a71-66b9-af7b2fc2b474?t=1597910997228 /documents/1514726/4880888/audioconference+H12016+results.1470907152.mp3/dea26a04-edb1-d007-8cfc-aa7552b7f985?t=1610038453962 /group_eng/investors First Half 2016 report Press release Newsletter 1H 2016 Financial data 1H 2016 Analyst presentation 1H 2016 Conference 1H 2016 Go to IR section centrata Half financial results as at 30 june 2016

quologo 110 Use your smartphone to read your own water metre, receive prompt notifications about temporary water service interruptions for scheduled work, report leaks in the road and discover average tap water quality values, all with a simple click. Starting today, all of this is possible with the Acquologo (Water Expert), the new free app created by Hera. After the success of the Rifiutologo (Waste Expert), which helps to best separate waste and makes it possible to send geolocalised photo-reports about litter, the multiutility company is offering yet another app dedicated to residents in the communities it serves, to put a new, innovative and immediate tool in the palm of their hands, with all of the information about the local water service. The Acquologo is available for iOS, Android and Windows Phone operating systems. Water metre self-reading with one click With the Acquologo, customers that have a contract with Hera can simply and quickly read their own water metres and report their actual water consumption using a smartphone. All they need to do is select "Water metre reading", enter the contract code and then send the numbers from their metre. The self-reading function is valid for all users that receive a Hera bill for their water service. It is not available for customers that rely on other metre reading companies. The app provides advance notification of water service interruptions The Acquologo can also notify residents beforehand about water service interruptions for scheduled work (for example, pipeline upgrades or replacements). The notifications system can be activated on any smartphone by simply choosing the post code, allowing customers to always stay informed. Hera customers can also receive a notification by SMS by entering their mobile phone number in addition to the post code. The Acquologo provides information about tap water quality Hera manages the water service while guaranteeing its customers good drinking water, in line with regulatory requirements and with careful oversight along the entire purification and distribution chain. The Acquologo provides additional confirmation of this, as it allows users to use theirsmartphones to check the average values (calcium, pH, hardness, dry residue and much more) of the quality of the water provided in each municipality served by the multiutility company, and also compare them with legal limits. There is also a function that calculates the financial savings generated by consuming tap water rather than bottled water: in the "How much do you save" section, users can enter how many litres of water they drink per week and select the brand they typically buy. The Acquologo will estimate how much they can save. Water leaks can be reported to Emergency Services by sending a photo In the future, it will also be possible to use the Acquologo to send reports, for example about water leaks on public land due to pipe breakages below the road. To do this, users can simply take a photo with their own smartphone and, if necessary, attach a brief description. The report will be sent directly to Hera Emergency Services and, using geolocalisation, the system will identify the exact location where the report was sent, to notify Emergency Services technicians. This service is already active on a trial basis in Bologna. Ask the expert Lastly, the application can be used to contact the Hera experts with questions and requests about the local water service and to read the answers to the most frequently asked questions in this area. This system is synchronised with information available on the Group's website. To ensure that the Acquologo loads all content from the central database, the app should be updated periodically. Acquologo 870 2014-03-19 FOR FURTHER INFORMATION acquologo_870.1469179950.jpg Thanks to this new free application, with just a few clicks you can find out about tap water quality, receive notifications about service interruptions for scheduled work, report leaks in the road and read your own water metre quologo 110

Inrete Hextra is born... It is called Hextra, and it is the new integrated company welfare plan that has been in place since July 2016 for everyone working at the Hera Group. Also thanks to recent tax incentives introduced for welfare initiatives, every year the employees of all of the Hera Group's consolidated companies, which today number more than 8,500, can benefit from the same standardised plan. This is an important commitment which works alongside other employee welfare activities in which the Group has already invested for some time now (canteen, car parks, nurseries, summer programmes, etc.). The welfare plan encompasses a wide range of thematic areas to choose from, corresponding to just as many local sectors for the supply of goods and services: health and healthcare, insurance and social security, support for the education of children, services for individuals, welfare and income support. The investment in education for children is particularly significant and involves an additional contribution provided by the company to employees who meet specific requirements. The goal of this policy is to highlight the importance placed by the Group on culture and education, traditional values underlying the company's mission, which are confirmed in the success of Heracademy, the corporate university designed to develop and enhance worker skills. Lastly, those who choose to do so may allocate part of the value of their own welfare plan to Hera Solidale, the Group project which for years has involved workers in supporting a wide range of solidarity initiatives throughout the communities served by the multiutility company. The plan's investments are also expected to have positive impacts on the communities, thanks to the downstream business generated by the services provided. Therefore, this company welfare approach places the families of workers at the very centre while also developing positive relationships with local communities. Tommasi: "We invest in the welfare of families and the community" "We began with a long phase of listening, using questionnaires and focus groups, to understand how to put together a welfare plan that could improve our commitment to our employees" explains Tomaso Tommasi di Vignano, Chairman of the Hera Group. "We are satisfied with the solution we've developed as, aside from increasing resources, it also allows for a more streamlined use of them and, especially, it allows our workers to decide how to manage their contribution based on their own personal and family needs. If we consider the expansion and consolidation of the Group, Hextra represents a significant step forward, which enables us to create value and efficiency in the interest of everyone involved, while contributing towards protecting the wallets of families during this financially difficult time". Inrete 2014-03-19 870.1469179507.jpg A transversal plan for all Group companies from Emilia-Romagna to the Triveneto region to the Marche, aiming for flexibility to meet the needs of more than 8,500 workers and their families. Inrete

Inrete The Board of Directors of Hera S.p.A. today approved, with effect from 1 July 2016, the transfer of the gas and electricity distribution line of business to the company Inrete Distribuzione Energia, a wholly owned subsidiary of the multi-utility. This marks the completion of the "unbundling" process required by Italian legislation governing the sector (AEEGSI Resolution 296/2015) in order to separate the management of regulated business activities (gas and electricity distribution) from the management of liberalised activities (production, sale and procurement). Distributing gas and electricity in the Emilia-Romagna region, Inrete will serve more than 1.1 million gas users in 140 municipalities, with a gas network covering approximately 14,000 km, and more than 260,000 electricity users in 29 municipalities, with an electricity network of over 10,000 km. In line with the approach always followed by the Group, Inrete will continue to work with commitment in the field of safety and network control, with the aim of confirming the highest possible standards of service quality, consistently above the minimum levels demanded by the Authority. Inrete will draw on the multi-utility's innovative Remote Control Technology Centre, a structure at the cutting edge within Europe. Based in Forlì, this provides integrated management of all the gas plants and networks, as well as receiving and coordinating emergency calls. Similar services for all Inrete's electricity plants and networks will be provided by the Group's Electricity Remote Control Operations Centre in Modena. Alessandro Baroncini, former Director of Energy Networks at the parent company, has been appointed as Inrete's Chief Executive Officer. Inrete 2014-03-19 870.1467015950.jpg A wholly owned subsidiary of the multi-utility, the company will be operational from 1 July 2016 pic.1466602715.bmp

The Hera Group takes the podium for the value it places on female workers: this was the important outcome of the XXVIII edition of the Maria Bellisario "Donne ad Alta Quota" (high-flying women) Award which presented the multi-utility company with the Golden Apple for the "Women-Friendly Company" category. A prestigious award, with Hera selected unanimously by the Bellisario Foundation's awarding commission for its important and innovative policies and strategies to promote the growth and well-being of women in the company. Diversity management, fighting discrimination and support for families: these are the main fronts on which the Group has been working for years to promote the value of a company culture that, rooted in present challenges, always achieves excellence, from all perspectives. And everything starts with equal opportunities. Whilst the utility sector, due to the characteristics of the services provided, has historically seen a prevalently male workforce, the percentage of female employees on permanent contracts in 2015 is at a healthy 23.7%, compared to a national average for the sector, not rising above 16.5% (2010 ISTAT data). This has been a long-term process for Hera, launched back in 2009 with the signing of the "paper for equal opportunities and equality in the workplace". Together with other entities, both public and private, Hera undertook to fight against all forms of discrimination in the workplace. Another fundamental step was the introduction in 2011 of the Diversity Manager, Susanna Zucchelli, supported by an "entirely female" working group made up of women holding very different roles united by the shared objective of further developing and consolidating equal opportunities whilst also managing and promoting diversity. Hera runs many initiatives which consolidate diversity management: from company nurseries and intercompany nurseries, with long opening hours to support the careful balance of home and work life, to provisions regarding family leave, not only available for maternity and paternity but also for those who need to assist other family members or elderly relatives. A particularly good example is "the smooth return to work policies" project, founded and realised by Hera and aimed at improving the management of family leave. This project also saw investment from the Prime Minister's Office, due to the innovative and socially important nature of the approaches employed. "The Golden Apple of the Bellisario Award presented to Hera for the Women-Friendly Company category makes us hugely proud because it represents a recognition of the long and methodical commitment which we have maintained for years in terms of time, enthusiasm, resources and ideas, involving companies of all different levels" - declared Tomaso Tommasi di Vignano, Chairman of the Hera Group. "Our attention to women in the workplace is not our only commitment in terms of personnel policies and diversity management, but this certainly represents an important moment, also because of the genuinely original talent that female employees demonstrate in their work." "A talent that we support through a series of articulated measures aimed at translating rights into practices, to help women in the performance of their daily work and in the management of their time." 2014-03-19 USEFUL LINKS 870Bellisario.1466439403.png The Maria Bellisario Foundation has awarded the multi-utility company with the Golden Apple for Women-Friendly Company. Here are the motivations for this award which recognises the Group's dedication to promoting equal opportunities in the work place. 110.1466439405.png

Hera Board of Directors approves 1st quarter 2016 results Financial highlights Revenues at € 1,235.4 million (-5.8%) EBITDA at € 278.4 million (+0.4%) Net profit post minorities at € 91.2 million (+5.3%) Net debt improves, reaching € 2,504.5 million Operational highlights Management focus on extracting efficiencies and synergies Simultaneously, commercial expansion into new markets continues Solid customer base in energy markets, with approximately 2.2 million customers Good contribution to growth coming from the electricity business Today, the Hera Group’s Board of Directors unanimously approved the consolidated financial statements at 31 March 2016, which confirm the trend of growth in all main indicators, in spite of a difficult first quarter. On the one hand, organic growth aimed at achieving efficiencies and synergies, along with complementary efforts towards market expansion, succeeded in compensating for 75% of the cut in remuneration for regulated activities; on the other, M&A operations, involving above all acquisitions made in late 2015, contributed to growth in results. Note in particular that, with reference to legislative decree 25/2016, an implementation of Directive 2013/50/EU (so-called Transparency Directive), the Hera Group has voluntarily decided to publish its interim financial statements, as in the past, taking into account the high value given to communicating with the stakeholders. This decision may be modified in the future, based on changes in regulations. Revenues amounting to € 1,235.4 million In the first quarter of 2016 revenues came to € 1,235.4 million, dropping compared to the € 1,311.9 million seen in the corresponding period of 2015. The reasons for this decrease include lesser volumes of gas sold, owing to particularly mild temperatures; lesser revenues in electricity and gas sales and trading following a drop in the price of raw materials; the impact on regulated gas, electricity and water cycle services caused by the new method for calculating return on invested capital. These negative effects were only partially compensated by an increase in revenues due to greater volumes of electricity sold and higher revenues due to an increase in disposed waste. EBITDA rises to € 278.4 million EBITDA went from € 277.2 million after the first three months of 2015 to € 278.4 million at the end of March 2016, showing a growth of € 1.2 million (+0.4%). This result is particularly significant if one recalls that it was achieved in the first quarter, the period of the year in which decreases in WACC for gas, electricity and water distribution have, due to seasonal factors, a greater negative impact on revenues and EBITDA, reaching – in the case at hand – € 9.5 million (respectively: 3.9 in gas, 0.7 in electricity and 4.9 in water). The increase in EBITDA was mainly sustained by energy activities, which maintained their margins and more than compensated for the performance of regulated activities. Growth in Ebit and pre-tax profits, improvement in liability management Ebit at 31 March 2016 came to € 170.8 million, up compared to the € 170.1 million seen in the first quarter of 2015 (+0.4%), in spite of higher depreciation due to changes in the operating area, partially compensated by lesser provisions. Liability management improved by € 3.7 million, coming to € 25.7 million at the end of the first quarter (-12.6% compared to the same period in 2015), thanks in particular to lower average debt and greater efficiency in rates. In light of this situation, pre-tax profits went from € 140.7 million in the first three months of 2015 to € 145.1 million in the first quarter of 2016, showing a further increase in the rate of growth (+3.1%). Increased net profits post minorities, reaching € 91.2 million (+5.3%) Net profits recorded an increase of 4.7%, going from € 92.5 million in the first three months of 2015 to € 96.8 million in the corresponding period in 2016, on account of a reduction of the tax burden leading to a tax rate of 33.3% (an improvement compared to the 34.3% applied in the same period in 2015, thanks to the benefits obtained in 2016 deriving from the application of the “patent box” and tax credits for research and development, in addition to tax concessions for maxi amortisations). Profits post minorities came to € 91.2 million, rising by € 4.6 million on the first three months of 2015 (+5.3%), due among other things to reduced minority interests, mainly caused by the complete acquisition of Akron and Romagna Compost. Over 70 million of capital expenditure, reduction of net debt In the first three months of 2016, the Group’s operating capex amounted to 73 million, including 4.5 million in capital grants, with an increase on the same period in 2015 (€ 64.1 million), as foreseen by the business plan. These investments mainly concerned interventions on plants, networks and infrastructures, in addition to regulatory upgrading above all in the gas area, due to a massive meter substitution, and water purifying and sewerage plants. Net debt reduced by no less than € 147 million, going from 2,651.7 in 2015 to 2,504.5 at 31 March 2016 (-5.6%). This result, which is partially natural, tied to seasonal factors in the gas business, was sustained by both a reduction in working capital, owing to a continuous and constant attention in trade receivables management, and the generation of a higher operating cash flow. The debt/equity ratio thus dropped below 0.96x, showing an improvement in financial solidity. Gas EBITDA for the gas business, which includes services in distribution and sales of natural gas and LPG, district heating and heat management, reached € 128.7 million in the first quarter of 2016, with a slight growth compared to the € 128.4 seen at 31 March 2015, thanks to greater margins for activities in sales and trading and greater margins for district heating and heat management services. These positive effects more than compensate for the lesser volumes of gas sold on account of mild temperatures, and the € 3.9 million drop in gas distribution revenues, an effect of the WACC reduction. The gas area accounted for 46.2% of Group EBITDA. Water cycle EBITDA for the integrated water cycle business, which includes aqueduct, purification and sewerage services, went from € 50.5 million in the first three months of 2015 to € 49.8 million in the first quarter of 2016. This result was impacted above all by € 4.9 million in lesser revenues for delivery, an effect of the WACC reduction, which in turn were almost entirely compensated by the operational efficiencies created. The integrated water business accounted for 17.9% of Group EBITDA. Waste management EBITDA for the waste business, which includes services in waste collection, treatment and disposal, went from € 64.9 million in the first quarter of 2015 to € 62.4 million in the corresponding period in 2016. Among the factors with a negative influence, particular attention must go to the tariffs for waste collection and street sweeping, which have not as yet been updated and are currently under local authorities’ approval. As regards activities in waste recycle, treatment and disposal, results were equal to those seen in the previous year, thanks to the contribution obtained from acquisitions carried out in 2015, which compensated for the temporary stall in landfills currently being enlarged, the reduction in prices for energy certificates, and the lower amount of green certificates for the Ferrara WTE plant. Good results were seen in sorted waste, which rose to 56.2%, compared to 55.2% in the first three months of 2015, thanks to the many projects implemented across all geographical areas served. The waste business accounted for 22.4% of Group EBITDA. Electricity EBITDA for the electricity business, which includes services in electricity production, distribution and sales, rose from € 29.3 million in the first quarter of 2015 to € 33.2 million at 31 March 2016 (+13.3%), thanks above all to greater margins both in sales and trading activities and in electricity generation. This increase was only partially reduced by lesser revenues in the regulated distribution service, coming to € 0.7 million. In this area, furthermore, an increase in both customers (almost 60,000 more than in 2015) and volumes sold was seen, thanks among other things to reinforced commercial initiatives. The electricity business accounted for 11.9% of Group EBITDA. The person responsible for drafting the company’s accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The interim financial statements and related materials are available to the public at the Company Headquarters and on the website www.gruppohera.it. Unaudited extracts from the Interim Financial Statements at 31 March 2016 are attached. PROFIT & LOSS (M€) MAR 2016 INC% MAR 2015 INC.% CH CH % Sales 1,235.4 1,311.9 -76.5 -5.8% Other operating revenues 73.7 6.0% 71.4 5.4% +2.3 +3.2% Raw material (608.5) -49.3% (702.3) -53.5% -93.8 -13.4% Services costs (281.7) -22.8% (266.6) -20.3% +15.1 +5.7% Other operating expenses (12.1) -1.0% (9.9) -0.8% +2.2 +22.2% Personnel costs (132.9) -10.8% (131.4) -10.0% +1.5 +1.1% Capitalisations 4.6 0.4% 4.1 0.3% +0.5 +12.1% Ebitda 278.4 22.5% 277.2 21.1% +1.2 +0.4% Depreciation and provisions (107.6) -8.7% (107.1) -8.2% +0.5 +0.5% Ebit 170.8 13.8% 170.1 13.0% +0.7 +0.4% Financial inc./(exp.) (25.7) -2.1% (29.4) -2.2% -3.7 -12.6% Pre tax profit 145.1 11.7% 140.7 10.7% +4.4 +3.1% Tax (48.4) -3.9% (48.2) -3.7% +0.2 +0.4% Net profit 96.8 7.8% 92.5 7.0% +4.3 +4.7% Attributable to: Shareholders of the Parent Company Minority shareholders 91.2 5.6 7.4% 0.5% 86.6 5.9 6.6% 0.4% +4.6 -0.3 +5.3% -4.8% BALANCE SHEET (M€) MAR 2016 INC% MAR 2015 INC.% CH CH % Net fixed assets 5,509.0 108.0% 5,511.3 106.9% (2.3) 0.0% Working capital 105.0 2.1% 157.0 3.0% (52.0) (33.1%) (Provision) (512.7) 10.1% (513.5) (9.9%) +0.8 (0.2%) Net invested capital 5,101.3 100.0% 5,154.8 100.0% (53.5) (1.0%) Net equity (2,596.8) 50.9% (2,503.1) 48.6% (93.7) +3.7% Long term net financial debt (2,746.5) 53.8% (2,743.6) 53.2% (2.9) +0.1% Short term net financial debt 242.0 (4.7%) 91.9 (1.8%) +150.1 +163.3% Net financial debts (2,504.5) 49.1% (2,651.7) 51.4% +147.2 (5.6%) Net invested capital (5,101.3) 100.0% (5,154.8) 100.0% +53.5 (1.0%) 1Q 2016 2014-03-19 FOR FURTHER INFORMATION 1Q 2016 The interim results at 31 March show positive figures and growth in all main indicators, despite a difficult first quarter, affected by the lesser revenues in gas, electricity and water distribution caused by recent regulatory changes. /documents/1514726/4210758/Hera_Group_Consolidated_quarterly_report_as_at_31_march_2016.1462960176.pdf/dcbc0211-3b72-fa0c-3a16-e9a3b70afea4?t=1597911168892 /-/hera-board-of-directors-approves-1st-quarter-2016-results-1?inheritRedirect=true /documents/1514726/4210758/Hera_Newsletter_Q1_2016.1462957906.pdf/2d938b8c-ba16-4e50-6a1e-888659f993b2?t=1597911167130 /documents/1514726/4210758/Dati_finanziari_ed_operativi_di_sintesi_1Q_2016_eng.1462877519.xls/f1199f02-3765-b6f0-acd6-6714dac6f163?t=1597911166445 Financial report as at 31/03/2016 Press release Newsletter as at 31/03/2016 Financial data as at 31/03/2016 centrata Hera Board of Directors approves 1st quarter 2016 results

Shareholders' meeting 2016 Approval of the financial statements and the sustainability report. Dividend at 9 cent./share In the ordinary session the Meeting approved the financial statements and the sustainability report for 2015, along with the Board of Directors’ proposal to pay dividends of 9 euro cents per share, matching those paid in the previous financial year, as priorly announced in the business plan to 2019. In particular, the 2015 financial year closed with positive economic results and a rise in all main indicators, thanks to the Group’s solid business model and a good operational, financial and fiscal management: revenue reached € 4,487.0 million (+7.1% over the previous year), EBITDA settled at € 884.4 million (+1.9%) and net profit post minorities came to € 180.5 million (+9.5%). The ex coupon date was set at 20 June 2016, with payment beginning on 22 June 2016. The dividend paid, based on the price of Hera stock at 31/12/2015, corresponds to an annual return of approximately 3.7%. Amendment of article 4 of the Articles of Association In the extraordinary session the Meeting approved amendments to article 4 of Hera’s Articles of Association, consisting in an explicit statement that Hera S.p.A.’s company purpose also includes the possibility of engaging in activities involving management and/or supply of integrated energy services. The activities in question are already practiced by the Company, but this must now be specified in the Articles of Association in order for Hera S.p.A. to obtain certification pursuant to UNI CEI 11352 regulations. This is because legislative decree 102/14, which implements EU directive 2012/27, requires companies, as of July 2016, to obtain this certification in order to be qualified to carry out a number of activities in the field of energy efficiency promotion, such as energy diagnosis, and to obtain white certificates. Other resolutions approved The Shareholders’ Meeting, in addition to the report on corporate governance and compensation policy, lastly approved the renewal of the Board of Directors’ authorisation to purchase treasury shares (along with the conditions of their disposal), for a maximum exchange value of € 180 million, for 18 months. This authorisation was requested so as to pursue the goals allowed by current regulations and accepted market practices, among which investment opportunities involving the use of treasury shares to increase the creation of value and possible acquisitions of stakeholdings that also include share exchanges. Shareholders' meeting 2016 2014-03-19 For further information sito_1.1461855533.jpg The Hera Shareholders' Meeting was held in Bologna this morning, with both ordinary and extraordinary sessions. /-/hera-shareholders-meeting-dividend-at-9-cents-1?inheritRedirect=true /group_eng/governance Press release Corporate Governance centrata sede hera piloni.png

Financial Results 2015 The year comes to a close with growth in all main indicators, thanks to the Group’s solid business model and its constantly and continuously improving operational, financial and fiscal management. Internal and external growth confirmed as the key factors of development. Proposed dividends set at9 euro cents per share, as forecasted by the business plan. Financial Highlights Revenue at € 4,487.0 million (+7.1%) EBITDA at € 884.4 million (+1.9%) Adjusted net Group profits at € 202.6 million (+11.8%) Net profit post minorities at € 180.5 million (+9.5%) Net debt at € 2,651.7 million Proposed dividends confirmed at 9 cents/euro per share Operational Highlights Growth remains driven by continuous improvement in operational, financial and fiscal management Excellent performance in the gas area, due to greater volumes sold Solid customer base in energy markets, with approximately 2.2 million customers Today, the Hera Group’s Board of Directors unanimously approved the consolidated economic results as at 31 December 2015, along with the Sustainability Report. The 2015 financial year concluded for the Hera Group with all main indicators up from 2014. These positive results are the fruit of a solid business model that has always been distinguished by its balanced multi-service portfolio, focused on core activities, continuous improvement in efficiency across all fields and synergies extracted from integrations. On the one hand the Group’s multi-business strategy guarantees a balanced range of economic and financial actions; on the other, a combination of two forms of leverage, internal growth and M&A, has allowed it to continue to expand in spite of an increasingly challenging scenario from an economic, regulatory and competitive point of view. The results reached confirm, furthermore, the Group’s attention towards the various facets of sustainability: environmental, social and economic. Our purely economic results are in fact flanked by data that bears witness to a reduction in environmental impact, an increase in sorted waste, greater care towards energy efficiency and continuous improvement in customer service, all of which provides further confirmation of the company’s attention towards all stakeholders and the localities in which it operates. Waste Management The waste management business EBITDA, which includes waste collection, treatment and disposal services, reached € 230 million compared to € 241.8 million in 2014. Results in the field of sorted urban waste are positive, with further progress from 54.0% in 2014 to 55.4% in 2015. In addition to a qualitative and quantitative improvement in gathering, activities in the waste management area were focused on increasing the efficiency of and enlarging the plant base, to complete the Group’s presence in new national markets with demand and prices in continuous expansion. In particular, the market position and the new plants deriving from the acquisition in late 2015 of Waste Recycling in Tuscany and some activities of Geo Nova in the Veneto region will fully contribute to operating results in 2016. Water The integrated water cycle business, which includes aqueduct, purification and sewerage services, recorded an EBITDA of € 232.5 million (+7.1%) compared to € 217.1 million in 2014. Net investments in the integrated water cycle area amounted to € 114.9 million, with an increase of € 21.3 million on the previous year. Including capital grants, investments in this area came to € 127.2 million, of which € 59.1 million in aqueducts, € 34.3 million in sewerage and € 33.8 million in purification. The integrated water cycle area accounts for 26.3% of Group EBITDA. Gas The gas business EBITDA, which includes services in natural gas distribution and sales, district heating and heat management, rose to € 295.8 million (+7.2%) from € 276 million in 2014. This result was obtained above all thanks to an increase in volumes of natural gas sold to final customers (332.1 million m3). In 2015, investments in the gas area came to € 86.5 million, with an increase of € 7.4 million compared to 2014. Electricity The electricity business, which includes services in electricity production, distribution and sales, recorded an EBITDA of € 104.7 million, with an improvement of € 4 million compared to the 2014 data. This result was reached thanks to the efficiency enhancement initiatives introduced and the greater volumes sold to end customers. Driven above all by growth in the free market area, the number of electricity customers reached over 850,000 (+7.7% compared to 2014), confirming the trend seen in recent years, mainly due to a reinforcement of commercial action. “The year came to an end with positive results and a rising trend, in line with our history. Confirming the validity of our multi-business model, this allows us to put to the Shareholders’ Meeting a payment of dividends per share in line with both the previous year and that which we had announced in our business plan” affirms Tomaso Tommasi di Vignano, Executive Chairman of Hera. “External growth was concentrated in late 2015 on mono-business enterprises whose contribution will become fully visible in the 2016 results, leading the Hera Group to widen its reference markets. We continue, concurrently, to analyse the best opportunities among multi-utilities bordering on the geographical areas in which we operate, to increase synergies and create ever greater value for our shareholders.” “Thanks to our commitment to innovation and greater efficiency in operational and financial structure management, the Hera Group has been able to generate sufficient financial resources to self-finance both its own activities and an enlargement of its operating area”, explains Stefano Venier, CEO at Hera. “These results are all the more appreciable considering that they are accompanied by a creation of value for the entire area in which we operate, amounting to €1.6 billion, and an increase in customer and employee satisfaction, as testified this year as well by surveys carried out by third parties, and the improvement of the various indicators of social and environmental sustainability that appear in the Sustainability Report, approved today by the Board of Directors”. 2014-03-19 For further information Growth in all main indicators, thanks to the Group's solid business model. Internal and external growth confirmed as the key factors of development. Proposed dividends set at 9 euro cents per share. /-/hera-group-approves-results-as-at-31/12/2015-1?inheritRedirect=true Press release Financial Results 2015

Business Plan 110x150 Global warming, air quality, the production of renewable energy, the use of water are just some of the energy and economic environmental emergencies to think about in"A Well of Science", the scientific discovery programme entirely dedicated to high schools and colleges, promoted by Hera Group under the patronage of the Emilia-Romagna Local Educational Authority. The initiative is celebrating its tenth birthday with two months of meetings with more than thirty experts, including exponents from the field of popular science, university lecturers and journalists, to promote the culture of science among young people through an innovative, simple and interactive approach to grab their attention and steer them towards building a better future. This year the "A Well of Science" project aims to familiarise students with therevolutionary power of ideas. The subject that will be discussed is the current and important topic of natural resources and their use on a global scale: it will be an opportunity to take an in-depth look at the most innovative ideas on managing resources, examining at the most daring and visionary international case histories in the field of energy, water and environmental research. After the first stage in Modena on 22 February, the project will involve young people from Ferrara, Bologna, Rimini, Cesena, Faenza, Forlì, Ravenna, ending up in Imola on 20 April. Some numbers From the first editions the "Well" has attracted very keen participation from students, which is continuing to grow year on year. The figures bear witness to this participation. In 2015, 52 schools were involved with a total of 14,000 students taking part, while this year 58 scientific high schools and colleges will be participating, with the project going into 600 classrooms and involving 16,000 students. The 10th edition of "A Well of Science" is brought about with the collaboration of ComunicaMente, the University of Bologna and the Immaginario Scientifico Science Centre of Trieste. Un Pozzo di scienza - Decima edizione https://www.youtube.com/watch?v=Ms_xzu1oC5w#prettyPhoto 2015-11-11 unpozzodiscienza_banner_box_laterale.1456314723.png Global warming, air quality, the production of renewable energy, the use of water are just some of the energy and economic environmental emergencies to think about in"A Well of Science", the scientific discovery programme entirely dedicated to high schools and colleges, promoted by Hera Group under the patronage of the Emilia-Romagna Local Educational Authority. Pozzo scienza 2016

Business Plan 110x150 The Hera Group's Board of Directors approved its Business Plan to 2019. A Plan oriented towards growth, thanks to the solid positioning of the Group - whose activities are concentrated in areas it has uninterruptedly covered since it was established - aimed at creating value within its current operating area and making the most of future prospectives for sector consolidation. The strategies that have guided the Group until present have been reconfirmed, with a focus above all on expansion and efficiency, as a response to today's challenging scenario, without neglecting the cornerstones of innovation and excellence. From an operating and financial point of view, for 2019 the Plan foresees a total revenue of over € 5.8 billion compared to € 4.7 billion in 2014, an EBITDA of € 1,030 million against the € 868 million recorded in 2014. The ratio of net debt to EBITDA, which is already among the best in the industry, is expected to decrease to 2.9x (vs. 3.04x in 2014), confirming the Group's sustainable growth in terms of financial strength, with an increase in cash flow. Moreover, the Business Plan to 2019 confirms that one of the strategic elements at the root of Hera's business model is sustainability, in all its aspects: environmental, social and economic. The strictly economic objectives are flanked by targets such as reduced environmental impact, greater attention towards energy efficiency and a continual improvement of customer service, fully aware of the important role played by the company across its operating area. Operating and financial highlights 2019 EBITDA: € 1,030 million Capital expenditures and financial investments: € 2.2 billion Net debt/EBITDA by 2019: 2.9x Operating highlights Group strategy based on a balanced mixture of organic growth and M&As 4 priorities: growth, efficiency, excellence and innovation Confirming current concessions as the outcome of gas distribution tenders in reference areas Target of over 2.3 million energy customers by 2019 Sustainability as the main strategic element underlying Hera's business model Business Plan_870x320 2015-11-11 FOR FURTHER INFORMATION piano_industriale_870x320_1452532780.1452676785.png A Plan once again envisaging growth, aimed at a 2019 EBITDA of over € 1 billion. /group_eng/investors /-/hera-group-approves-business-plan-to-2019-1 Investor Relations Press release Results for the third quarter of 2015

Financial highlights Revenues of € 3,246.4 million (+8.5%) EBITDA of € 640.2 million (+2.2%) Net profit post minorities at € 125.0 million (+12.3%) Net debt stable at € 2,638.6 million Operational highlights Benefits deriving from the consolidation ofAmga Udine Excellent performance of the gas business, also in relation to greater volumes sold Good contribution of the water business to growth The Board of Directors of the Hera Group approved today unanimously the consolidated financial statements as of 30 September 2015, which show positive and growing results in all its figures, including net profit, thanks to the good performance of the Hera perimeter alone, external growth with the merger of Amga Udine (dated 1 July 2014) and the extraction of synergies from integration activities, thus contributing to improve the Group’s financial strength. Gas For the period ended 30 September 2015, EBITDA in the gas business - which includes distribution and sales of gas methane, LPG, district heating and heat management – stood at € 203.6 million, +11.8%, compared to € 182.2 million at 30 September 2014. The excellent performance of the gas business was due to greater volumes sold, the consolidation of Amga Udine and the default gas contract awarded to Hera Comm for two years starting 1 October 2014 in Emilia Romagna, Friuli Venezia-Giulia, Toscana, Umbria and Marche. The segment accounted for 31.8% of the Group’s EBITDA, reflecting an increase on the comparable period of 2014. Water In the first nine months of 2015, this segment – which includes aqueduct, purification and sewerage services - grew on the comparable year earlier period, both in absolute terms and in terms of contribution to the Group’s EBITDA. EBITDA rose from € 165.2 million at 30 September 2014 to € 174.7 million at 30 September 2015 (+5.7%), benefitting in particular from the coming into force of the new water tariff method set by AEEGSII for the 2014-2015 period and the efficiency improvement activities undertaken by the Group. The segment accounted for 27.3% of the Group’s EBITDA. Waste management EBITDA for the waste management business – which includes waste collection, treatment and disposal – went from € 176.5 million for the period ended 30 September 2014 to € 172.5 million for the period ended 30 September 2015 (-2.3%). This decline, which reflects a slight improvement on the comparable figure for the first quarter 2015, was due mainly to the lower number of landfills available, which had an impact on volumes processed; this effect was partly offset by positive trends in the waste treatment market prices and the improved efficiency of waste collection. The percentage of sorted waste collection in the geographies served by the Group was up again, as it went from 52.8% for the first nine months of 2014 to 54.9% at 30 September 2015, thanks to the large number of projects implemented in the different areas. The segment accounted for 26.9% of the Group’s EBITDA. Electricity EBITDA for the electric energy business – which includes production, distribution and sales of electricity - went from € 87.3 million for the first nine months of 2014 to € 74.7 million for the nine months ended 30 June 2015. The lower EBITDA (-14.5%) was due mainly to non-recurring effects, such as lower extraordinary revenues from the regulated distribution business determined bythe specific equalization effect occurred in the area of Gorizia in 2014. In the first nine months of 2015, volumes of elecricity sold rose thanks to a larger marketing effort and higher consumption, especially in the summer months. Margins in commercial activities improved while the contribution from the market for dispatching services was down. The segment accounted for 11.7% of the Group’s EBITDA. 9M 2015 2015-11-11 9M 2015 The financial report as of 30 September 2015 showsimprovement in all the main indicators, thanks to internal growth, external growth and the synergies deriving from integration M&A centrata 110x150.1447241996.jpg

In buone acque You can trust tap water: it is good, safe and scrupulously controlled (on average, 99.9% of annual analyses meet legal parameters). It is also good for the environment, since it avoids the CO2 generated by the bottled water production cycle. All of this information can be found in the new "In buone acque" report: a unique document in Italy (now in its seventh edition), in which the multi-utility company presents data on water quality in the areas in which it manages the water supply service. Many good reasons to drink tap water Aside from safety, there are many reasons to prefer tap water. It is environmentally friendly, since it limits the use of plastics: Italy is in fact one of the largest bottled water consumers. In 2013 alone, at least 6 billion bottles were produced, with significant environmental impact, including in terms of CO2 emissions caused by the transport and recovery of packaging. It is cost effective: by not purchasing bottled water, you can save up to €300 per year. On the other hand, for less than €2, one thousand litres of water are available to you from the supply network. Lastly, it is safe, convenient and good: it saves you the effort of transporting cases of water home, since it comes straight from the tap, and it is also excellent to drink. Does it taste too much like chlorine? Just leave it in a pitcher for a while, or drink it cold. The numbers illustrating the dimensions of Hera's integrated water services paint an impressive picture: over 230 municipalities in Emilia-Romagna, the Northeast and Le Marche and 3.6 million residents served, an aqueduct network of over 35,000 km, 464 water treatment plants and a further 356 production and purification plants. This entire "machine" is kept efficient thanks to daily operations and investments amounting to €114.8 million in 2014. "In buone acque" was developed in collaboration with the Emilia-Romagna regional local government authority, the ARPA regional environmental protection authority, regional AUSL health authorities and Romagna Acque. The report includes a map that identifies the plants and sampling points, as well as tables broken down by province that provide the results of analyses based on 13 parameters, including a comparison with mineral water values. The full online report is enhanced by the contribution of Vincenzo Cennamo, Head of Gastroenterology at the Bologna Local Health Authority. The expert seeks to debunk some common misconceptions about water, such as the idea that tap water causes kidney stones, or that sparkling water is bad for your health. In buone acque 2015-11-02 Copia_di_LAYOUT_IN_BUONE_ACQUE_v0_pagina_interna.1446451314.jpg Over 1,900 controls per day, savings of up to €300 per year, investments of over €100 million in 2014: the new "In buone acque" report contains all of the data on the quality of tap water. LAYOUT_IN_BUONE_ACQUE_v0_2.1446451174.jpg

Real demonstration 2015-09-30 IMG_2002.1443625059.JPG An innovative information system for the integrated management of all the Environmental Services activities of the HERA Group, enhancing their quality, effectiveness and efficiency and ensuring flow traceability. hergoambiente_110.bmp

Sulle tracce dei rifiuti Tracking the recycling chain, giving guarantees on the effective recovery of separate waste collection, contributing to the transparency of the process, which is in progress thanks to the efforts of citizens and the support of the company. These are the goals of "Sulle tracce dei rifiuti" ("Tracking down waste"), the report now in its sixth edition in which Hera Group annually illustrates the data on the effective recovery of separate waste collection. Efforts to be transparent to highlight the company's strong commitment with regards to sustainability, which unfolds during the entire waste management process, from collection until the final recovery: a key chain in the so-called circular economy and the green economy. The data in "Sulle tracce dei rifiuti" ("Tracking down waste"), verified this year too by the independent DNV-GL certification body, take into account the results achieved in Emilia-Romagna, Le Marche and the North East, which speak for themselves: in 2014 94.3% of green, organic, paper, plastic, glass, wood, metal and iron waste was recovered, a 93.8% increase compared with the previous year. On average, therefore, the quantity of waste rejected by the plants in the recovery process (because, for example, it is unsuitable for recycling or it is polluted by foreign bodies) is barely 5.7% in total. The report contains 8 maps, one for each type of material collected, which make it possible to discover the main plants involved in the final recovery of waste and where they are located. In total, 188 plants are involved, 6 of which in the Bologna area (mainly composting plants), run by 167 companies, 46 of which are located in the area served by the Hera Group. The 188 plants, with a turnover of around € 10 billion, provide employment for a total of 17,000 people. Figures which demonstrate a high degree of progress in the transition from a linear economy, in which products are destined to become waste and end up in landfills, to an economy with more recovery, known for this reason as "circular". The improvement in the percentage of waste collected is also connected to the good progress in separate waste collection: in the provinces of Emilia-Romagna served by Hera the figure reached 56% in the first 8 months of 2015 (14 percentage points above the national average of 42.3%), thanks to the numerous projects activated in the various areas. In Bologna, the figure for separate waste collection reached 51.6% in August 2015, also thanks to the first results of the projects in the provincial capital. All the data is available online in the interactive section, which can be found at www.gruppohera.it/sulletraccedeirifiuti. Sulle tracce dei rifiuti 2015-09-23 banner_870x320.1443003650.jpg Sulle tracce dei rifiuti

Hera Group The European Investment Bank (EIB) and the Hera Group signed a loan agreement for €129 million, a sum that will be used to support the 2015-2019 development plans of the Italian multi-utility company listed on the Milan Stock Exchange. The loan from the bank of the European Union will be utilized for several projects on networks and plants located in the North-East of Italy: Emilia-Romagna, Veneto and Friuli Venezia Giulia. In particular, the funds will be invested to upgrade and expand the gas and electric energy distribution networks and public lighting plants. This loan is consistent with the EIB's policy of providing finance for industrial activities, with an impact on employment levels, a crucial aspect in this particular phase of the Italian economy. In fact, it is estimated that the Hera Group's implementation of its multi-year investment plans will have positive spillover effects in terms of job creation. The new loan will enable the Hera Group to strengthen further its financial structure and marks another milestone in the collaboration between the EIB and the multi-utility. In fact, in the last three years the EIB and Hera signed three other loan agreements (for investments in waste management and the network) for a total of €600 million. 2015-09-10 The loan will be used to upgrade networks and plants in the markets served Hera Group

Half financial results as at 30 june 2015 Financial highlights Revenues of €2,213.0 million (+6.1%) EBITDA of €459.1 million (+2.5%) Net profit post minorities €107.3 million (+11.4%) Net debt stable at €2,655.9 million Operational highlights Benefits deriving from the consolidation ofAmga Udine Excellent performance of the gas segment, also in relation to greater volumes sold Good contribution of water to growth, thanks to improved efficiency Expanded footprint in gas and electricity as customer base exceeds 2.2 million The Board of Directors of the Hera Group approved today unanimously the consolidated financial statements for the six months ended 30 June 2015, which show positive and growing results in all its metrics, including net profit. Gas For the six months ended 30 June 2015, EBITDA in the gas segment - which includes distribution and sales of gas methane, LPG, district heating and heat management – stood at €172.5 million, + 14.2%, compared to €151.0 million at 30 June 2014, increasing also its contribution to the Group’s EBITDA in both absolute and percentage terms, compared to a year ago. The excellent performance of the gas segment was due to greater volumes sold (it is worthy of note that the same period of the previous year was affected by the exceptionally mild weather of the early months of 2014), the consolidation of Amga Udine and the default gas contract awarded to Hera Comm for two years starting 1 October 2014 in Emilia Romagna, Friuli Venezia-Giulia, Toscana, Umbria and Marche. The number of gas customers went up to 1.3 million, with an increase of nearly 100,000 from the comparable year-earlier period. The segment’s EBITDA accounted for 37.6% of the Group’s EBITDA. Water In the first half of 2015, this segment – which includes aqueduct, purification and sewerage services - grew on the comparable year earlier period, both in absolute terms and in terms of contribution to the Group’s EBITDA. EBITDA rose from €102.7 million in the first half of 2014 to €107.6 million for the first six months of 2015 (+ 4.7%), benefitting in particular from the coming into force of the new water tariff method set by AEEGSI for the 2014-2015 period and the efficiency improvement activities undertaken by the Group. The segment accounted for 23.4% of the Group’s EBITDA. Waste management EBITDA for the waste management business – which includes waste collection, treatment and disposal – went from €122.3 million for the first half of 2014 to €119.8 million for the six months ended 30 June 2015 (-2.0%), mainly due to the reduction of energy operation incentives and the concentration in the first quarter of maintenance activities on four WTE plants. In the period under review recycling and disposal activities focused on types of waste which commanded slightly rising average market prices, compared to the same period of the previous year. In particular, in the second quarter waste treatment activities returned to their normal level. The percentage of sorted waste collection in the geographies served by the Group was up again, as it went from 53.3% for the first half of 2014 to 54.6% at 30 June 2015, thanks to the large number of projects implemented in all the areas. The segment accounted for 26.1% of the Group’s EBITDA. Electricity EBITDA for the electric energy segment – which includes production, distribution and sales of electric energy - went from €62.7 million for the first half of 2014 to €49.6 million for the six months ended 30 June 2015. The lower EBITDA (- 20.9%) was due mainly to extraordinary items, including lower regulated revenues from the distribution servicedetermined by the specific equalization effect occurred in the area of Gorizia in 2014. In the period under review, the electricity sales activities showed improvement on the comparable year-earlier period, thanks to a growing customer base. In fact, total customers exceeded 826,000, up 11.1%, thanks to growth in the free market and the contribution of Amga Energia & Servizi. The segment accounted for 10.8% of the Group’s EBITDA. Statement of Executive Chairman Tomaso Tommasi di Vignano “The results of the first half of 2015 were positive once again and show how the Group has been able to deliver solid financial and operating performance for its shareholders, which is even more remarkable in light of an economic picture that is still marked by uncertainty. The period in question benefited both from the efficiency improvement actions and the M&A activities undertaken in a balanced way and in line with the guidelines outlined in the Group’s business plan”. Statement of the Managing Director Stefano Venier "The results obtained especially in the second quarter are satisfactory. The performance of the commercial energy area was quite remarkable, as it exceeded expectations related only to a greater demand due to colder weather, in a context marked by growing competition. Further growth was posted also by regulated activities, due mainly to effective cost curbing actions, which made it possible for the waste management business to perform in line with expectations. In the first half of 2015 the quality of service improved, as shown by the environmental and sustainability indicators adopted, which is evidence to the Group's ability to set and reach excellence targets also in these regards". 1H 2015 2015-08-26 For further information 1H2015_870x320_eng.1440574524 (1).jpg The financial report for the six months ended 30 June 2015 shows improvement in all the main financial and operating figures, thanks in particular to internal growth and the effects of the consolidation of Amga Udine /-/hera-s-board-of-directors-approves-the-results-for-the-first-half-of-2015-1?inheritRedirect=true /group_eng/investors Price sensitive press Go to IR section centrata Half financial results as at 30 june 2015

Over the next 5 years, the plant will treat all the wastewater of the area, which includes the Municipalities of Rimini, Coriano, Santarcangelo, Verucchio, Poggio Torriana, Bellaria Igea Marina, San Leo, Borghi (of the province of Forlì-Cesena) and the wastewater of the Republic of San Marino, centrally. The doubling in size of the purification plant received the green light from Arpa which had already conducted many checks on the purified water. The old plant will remain operational and will continue to serve 220,000 inhabitants, plus the 340,000 served by the new purification plant (giving the total figure of theequivalent of 560,000 inhabitants): this figure corresponds to the requirements of Rimini when the tourists in the summer season are included. In addition to all of this, there will be odour control, improved management flexibility and reliability compared with the old system and natural, sustainable filters will be used. The purification route of the new system has been organised in the following way: the pre-treatments to separate sand and oil will take place in an initial sedimentation compartment, while in the second stage the wastewater will be "cleaned" by the actual bacteria present in the water to be purified. This process is known as the biological cycle: a process in which the main protagonists are living organisms which, literally, feed on the pollutant substances in the wastewaters, with the residues being easy to isolate. The ultrafiltration membranes are activated in the third stage: they operate as tiny "straws" (0.04 microns in diameter, in other words millionths of a millimetre) and are capable of intercepting microscopic particles, for example viruses, bacteria or flakes of mud. The water that comes out is already clean, but before being returned to the rivers it goes through the last purification or final disinfection to entirely remove any last micro-organisms that might be present. In this way, the purification plant complies with the latest restrictive legal limits when discharging the water into the Marecchia River. As well as this, Hera has installed efficient remote control and remote management systems, paying special attention to the mechanisms that enable the protection of the environment in emergency conditions. The centralised control system is equipped with two CPUs (central processing units), each one providing back up for the other one, which will allow all the wastewater collection networks for the Bellaria - Igea Marina area and the northern part of Rimini to be controlled from a single place. This allows prompt intervention if there is a breakdown or emergency situation. Santa Giustina purification plant 2015-06-23 P6230963.1435066074.jpg The new (upgraded) Santa Giustina purification plant has been opened. It is the biggest in Europe with membrane technology ultrafiltration. It is the most important technological operation in the sewage system redevelopment plan for the coastal city promoted by the Municipality, Hera, Romagna Acque and Amir, which will eliminate discharges into the sea by 2020. IMG_1261.1435064666.JPG

Results for the first quarter of 2015 Financial highlights Revenues of €1,311.9 million (+7.1%) EBITDA of €277.2 million (+1.1%) Net profit of €92.5 million (+3.8%) Net debt of €2,556.7million Operational highlights Benefits deriving from the consolidation of Amga Udine Excellent performance of the gas business, not only thanks to Amga’s consolidation, but also to increase in volumes sold Good contribution of water to growth, thanks to improved efficiency and alignment of tariffs to the new regulated method Expanded footprint in electricity as customer base exceeds 800,000 The Board of Directors of the Hera Group approved today unanimously the consolidated financial statements for the three months ended 31 March 2015. Results were up compared to the same period of 2014, thanks to the consolidation of new companies and the good performance of the Hera operations. Gas For the three months ended 31 March 2015,EBITDA in the gas segment - which includes distribution and sales of gas methane, LPG, district heating and heat management – enhanced to €128.4 million, +10.2%, compared to €116.6 million at 31 March 2014, increasing also its contribution to the Group’s EBITDA in both absolute and percentage terms, compared to first quarter 2014. This result was due to the consolidation of AMGA Udine operations, greater volumes sold - thanks to colder weather, compared to the first quarter of 2014 – and the default gas contract awarded to Hera Comm for two years starting 1 October 2014 in Emilia Romagna, Friuli Venezia-Giulia, Toscana, Umbria and Marche. Thanks to the default gas activities and the integration of Amga, the number of gas customers went up to 1.315 million, with an increase of nearly 100,000 customers from the comparable year-earlier quarter. The segment’s EBITDA accounted for 46.3% of the Group’s EBITDA. Water In the first quarter of 2015, this segment – which includes aqueduct, purification and sewerage services - grew on the comparable year earlier period, both in absolute terms and in terms of contribution to the Group’s EBITDA. EBITDA rose from €47.3 million in the first quarter of 2014 to €50.5 million for the first quarter of 2015 (+6.9%), due to greater revenues from works subcontracted by third parties and the coming into force of the new water tariff method set by AEEGSII for the 2014-2015 period (resolution number 643/2014), which calls for full cost coverage. The segment accounted for 18.2% of the Group’s EBITDA. Waste management EBITDA for the waste management business – which includes waste collection, treatment and disposal – went from €69.8 million for the first quarter of 2014 to €64.9 million for the three months ended 31 March 2015 (-7%), mainly due to earlier-than-scheduled maintenance activities on 4 WTE plants (out of 10 Group plants) and the decline in the results of the energy activities. Recovery and disposal activities focused on higher-value-added waste, which highlighted slightly increase in market prices, compared to the same period of the previous year. All of the Company’s plants have been operating at full capacity since the end of the quarter, benefiting also from the expansion of Herambiente Servizi Industriali’s customer base. The percentage of sorted waste collection in the geographies served by the Group is markedly higher, as it went from 52% for the first quarter of 2014 to 55.2% at 31 March 2015, thanks to the large number of projects implemented in all the areas, especially in the new markets of Veneto and Friuli Venezia-Giulia. The segment accounted for 23.4% of the Group’s EBITDA. Electricity EBITDA for the electric energy segment - which includes electricity production, distribution and sales - wentfrom €36.2 million for the first quarter of 2014 to €29.3 million for the three months ended 31 March 2015. The lower EBITDA (-19.1%) was due mainly to extraordinary items, including lower regulated revenues from the distribution service determined by the equalization effect in the area of Gorizia in the first quarter of 2014. Without considering these extraordinary effects, the results would have been largely in line with those of the comparable quarter in 2014. Electricity customer base rose to 808,200, up 9.3%, thanks to the contribution of Amga Energia & Servizi and to the growth in the free market. The segment accounted for 10.6% of the Group's EBITDA. Electricity 2015-05-13 FOR FURTHER INFORMATION The financial report for the quarter ended 31 March 2015 shows positive and rising amounts, up to and including net profit, thanks in particular to gas and water /-/hera-s-board-of-directors-approves-the-results-for-the-first-quarter-of-2015-1?inheritRedirect=true Press release Results for the first quarter of 2015

General Meeting of Hera Shareholders Approved financial statements for 2014, confirming the same dividend as last year, reflecting a yield of 4.6%. Approved certain amendments to the articles of association. Hera’s ordinary and extraordinary General Meeting of Shareholders was held in Bologna this morning. Among other resolutions, the Shareholders approved certain amendments to the articles of association, in addition to the financial statements and the sustainability report for 2014 and the consequent distribution of a dividend of €0.09 per share. Introduction of the prevalence of voting rights of Public-sector Shareholders The Shareholders approved the amendment to article 7 of the Articles of Association, removing the restriction whereby 51% of the Company had to be held by Public-sector Shareholders. To ensure public-sector control, however, provisions were made in the same article to attribute the majority of the votes to Public-sector Shareholders. Thus, since Hera is a public majority-owned company, despite the removal of the 51% restriction, there will be no changes in the Company’s governance, also in relation to the unchanged restrictions in the articles of association which place a limit on the holdings of private investors. Introduction of double voting rights The Shareholders approved the amendment to article 6 of the Articles of Association with the introduction of so-called double voting right, which makes it possible to attribute to each share up to two votes. In particular, double voting applies to shares held by the same shareholder (public- or private-sector investor) for at least 24 months, as entered in a specific list. Within Hera, double voting will be applied only to votes cast for the appointment and/or termination of the Board of Directors and the Board of Statutory Auditors, for the change to shareholding limits and the amendment of the article that introduced double voting rights. The choice to adopt double voting is designed to foster the participation, in certain decisions with medium/long-term consequences, of shareholders that are loyal to the Company, including minority shareholders. This is even more important from the standpoint of a company like Hera, whose strategic objective is to create value and operates in the public utility sector, with service concession arrangements and long-term capital expenditure programmes in place. Accordingly, the Company is interested in developing a shareholder base aligned with its medium- and long-term interests, so as to firm up its ties with local stakeholders and long-term investors. An additional seat on the board for minorities To achieve a better governance balance between the voting rights of Public-sector Shareholders, on one side, and voting rights of private shareholders, on the other, the Shareholders approved the increase, starting in 2017, of the members of the Board of Directors from 14 to 15, with 4 directors (instead of 3) to be elected from the slates submitted by minority shareholders. Approval of financial statements and sustainability report. Dividend of €0.09 per hare The Shareholders approved the financial statements and the sustainability report for 2014, as well as the Board of Directors' proposal to distribute a dividend of €0.09 per share (unchanged from last year), thanks to operating results which, for the year ended 31 December 2014, showed revenues for €4,189.2 million, EBITDA of €867.8 million and net profit attributable to the owners of the Parent Company of €164.8 million. The share will go ex-dividend on 22 June 2015, with the dividend payment taking place starting 24 June 2015. The dividend amount, based on the Hera share price at 31 December 2014, reflects a yield of approximately 4.6%. Mila Fabbri (Group Director of Legal and Corporate Affairs), Tomaso Tommasi di Vignano (Executive Chairman), Stefano Venier (CEO) 2015-04-28 For further information Mila Fabbri (Group Director of Legal and Corporate Affairs), Tomaso Tommasi di Vignano (Executive Chairman), Stefano Venier (CEO) Approved financial statements for 2014, confirming the same dividend as last year, reflecting a yield of 4.6%. Approved certain amendments to the articles of association. Mila Fabbri (Group Director of Legal and Corporate Affairs), Tomaso Tommasi di Vignano (Executive Chairman), Stefano Venier (CEO) /-/general-meeting-of-hera-shareholders-dividend-of-%E2%82%AC0.09-approved-1?inheritRedirect=true /group_eng/governance Press release Go to Corporate Governance 110x150.1430215605.jpg

M&A Award Stefano Venier (CEO) and Tomaso Tommasi di Vignano (Executive Chairman) 2015-04-15 consegna_premio_M_A_bassa_bis.1429116311.jpg The Group received the award from KPMG and Fineurop Soditic - XI edition, for the merger with Amga Udine Stefano Venier (CEO) and Tomaso Tommasi di Vignano (Executive Chairman) sinistra M&A Award

Financial Results 2014 Financial Highlights Revenues of € 4,189.1 million (-6%) EBITDA of € 867.8 million (+7.1%) Operating income of € 441.2 million (+10.4%) Adjusted net profit € 181.2 million (+24.7%) Net debt of € 2.640.4 million Proposed dividend confirmed at 9 cents per share Operational Highlights Market share in special waste continues to grow despite the scenario Good performance of customer base in energy markets, which rose to 2.1 million (compared to about 1.9 million in 2013) Operating performance, as well as financial income and tax benefits, more than offset the decline in revenues due to the mild winter and trends in energy prices The Hera Group Board of Directors today unanimously approved the consolidated financial results as at 31 December 2013, together with the corresponding Sustainability Report. Overall consolidated results Despite a 6% decrease in revenues, due mainly to the mild winter and lower energy prices, the Hera Group’s results were better than in 2013, following improving performance quarter after quarter. The resilience of the balanced multi-utility portfolio, the focus on core activities, the constant market expansion and the extraction of synergies from merged operations were able to offset the negative impact of the winter weather, the mildest for the past 30 years. In addition, sector consolidation continued in Friuli Venezia Giulia, with the integration of Est Reti Elettriche. Isontina Reti Elettriche and Amga Udine, which contributed to the acceleration of results. Waste management The EBITDA of the waste management business, which includes waste collection, treatment and disposal services, stood at € 241.8 million (slightly up on the € 239.3 million for 2013). This figure was affected by the interruption of operations of two WTE plants (Bologna and Trieste) and the comparison with the previous year, which benefited from non-recurring income generated by the recognition of green certificates related to previous years. The business area’s results improved thanks to the increase in special waste volumes (+10.6%), as a consequence of the commercial effort and an increase in intermediation activities, due also to the creation of Herambiente Servizi Industriali in March 2014. The contribution of the waste management business to Group EBITDA was 27.9%. Water The EBITDA of the water business, which includes mains water, purification and sewerage services, stood at 217.1 million (+12.2% compared to 2013). This business area rose on 2013, in terms of both contribution to Group EBITDA and in absolute terms. The contribution of the Integrated Water Cycle segment to Group EBITDA was 25%. Gas The EBITDA of the gas business, which includes methane gas distribution and sales services, district heating and heat management, increased to € 276 million (+3.9% on 2013). Despite lower trading volumes determined by changed market conditions and the substantial drop of natural gas and district heating volumes sales, as a result of the extraordinarily mild weather in 2014, EBITDA rose thanks to the inclusion in the scope of consolidation of business operations in Gorizia and Udine for € 20 million, the greater margins of energy efficiency certificates for €4 million and the operating efficiencies achieved in distributions. The contribution of the gas business to Group EBITDA was 31.8%. Electricity The EBITDA of the electricity business, whose services include the production, distribution and sale of electricity, stood at € 111.4 million (+27.6% on 2013). Positive effects include higher margins on selling activities, especially in the free market and in safeguard services, greater revenues from regulated services and the inclusion of business operations in Gorizia in the scope of consolidation. Capex in this area amounted to € 27.5 million, slightly up on the previous year. “Despite the economic recession and the particularly mild winter of 2014, the results for the year just ended are in line with the business plan, showing even better figures, thus confirming the soundness of Hera’s multi-business model”, said Tomaso Tommasi di Vignano, Hera’s Executive Chairman. “Organic growth and positive results in all of the Group’s main business areas, on one side, and the integration activities, which allow for the extraction of synergies also from the newly-acquired companies in addition to AcegasAps, on the other, were paramount. With Amga Udine, in particular, we further expanded the number of Friuli Venezia Giulia companies included in the Group’s scope of consolidation. In 2014 EBITDA per employee exceeded €100,000, also considering the expanded scope of consolidation, even though the integration of three consolidated companies is still in the initial phase. Thus, we end our twelfth year in operation in a satisfactory manner, as we were able once again to overcome the effects of the persisting unfavourable economic conditions and to achieve as early as the first year a substantial part of the growth projected in the business plant to 2018, with results rising at every level of the income statement”. “The positive results achieved received a significant boost from regulated activities but they also reflect the Hera Group’s ability to operate in liberalized markets, as shown by the constantly growing market share both in special waste volumes and in energy customers”, said Stefano Venier, Hera’s CEO. “Important effects are also being determined by the management of the debt structure over the past 18 months, especially the issue of the first Green Bond. This process created value for all of the Group’s stakeholders, as shown by all the main sustainability ratios: wealth distributed to the territory was close to €1.6 billion, capex rose for the third consecutive year and all the indicators concerning customers, employees and the environment improved.” Interactive annual report 2014 2014-03-19 For further information The year ended with growth in all the main figures, improving the performance of the previous quarters. /-/hera-group-approves-2014-results?inheritRedirect=true Press release Financial Results 2014