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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