Press releases

2016-10-11 sede_HERA.1501171971.jpg Hera: placement of new bonds under the EMTN programme for Euro 400 million Following the press releases dated respectively 29 September and 6 October 2016, notice is hereby given that today BNP Paribas S.A. announced the final results of the tender offer launched by it in its capacity as offeror (the "Offeror") on 29 September 2016 pursuant to the agreements entered into with Hera S.p.A. (the "Company"), addressed to the holders of the Existing Notes (as defined below) who are qualified investors and relating to (i) firstly, the "€500,000,000 4.5 per cent. Notes due 3 December 2019" issued by the Company and listed on the regulated market of the Luxembourg Stock Exchange (ISIN Code XS0471071133) (the "2019 Notes") and (ii) secondly, the "€500,000,000 3.25 per cent. Notes due 4 October 2021" (ISIN Code XS0976307040) issued by the Company and listed on the regulated market of the Luxembourg Stock Exchange (the "2021 Notes", and, together with the 2019 Notes, the "Existing Notes") (the "Tender Offer"). The Existing Notes validly tendered for purchase pursuant to the Tender Offer are equal to Euro 315,524,000, split as follows: Euro 105,373,000 in principal amount of 2019 Notes and Euro 210,151,000 in principal amount of 2021 Notes. The Offeror has announced its intention to accept for purchase all the Existing Notes validly tendered pursuant to the Tender Offer, equal to Euro 315,524,000; accordingly, in respect of the 2021 Notes no pro rating factor will apply. The payments due pursuant to the Tender Offer were settled today. Press_Release_conclusione_ENG.1476194067.pdf 2016-10-06 17:47:00 Gruppo Hera: via libera alla fusione di Marche Multiservizi e Megas.net

2016-10-06 heracomm_gransasso.1501232997.png The Hera Group consolidates its presence in the Abruzzo region, purchasing the gas and electricity sales company active primarily in the areas surrounding L'Aquila, Pescara and Chieti 100% of Gran Sasso goes to Hera Comm The Hera Group's presence in Abruzzo has now grown, thanks to the purchase by Hera Comm of 100% of Gran Sasso, the Gran Sasso Energie company with central offices in Pratola Peligna (in the province of L'Aquila) that is involved in free market gas and electricity sales. Gran Sasso serves approximately 15,000 gas customers and over 3,400 electricity customers, largely concentrated in the areas surrounding L'Aquila, Pescara and Chieti. In 2015 the company's revenues reached € 9.7 million, due to sales of 16.5 million m3 of gas and 8.5 GWh of electricity. Following the takeover, the extant contracts with clients will remain in force and the company will continue to operate in Abruzzowith bespoke personnel and contact channels. This operation contributes to the development of a model that brings together the Group's attention towards customers, seen in its physical presence across the areas served as is typical of local businesses, and the potentiality for innovation in services and offers and the competitiveness that derive from belonging to a Group that, with over 2.1 million customers, is among the foremost operators in the Italian energy market. This model has proven to be particularly effective and appreciated by customers who show a high and constantly growing level of satisfaction, and has led the number of customers to more than double over the past ten years. Hera Comm's experience will thus allow the needs of Gran Sasso's customers as well to be better satisfied, with the new offers and diversified services that will gradually be introduced, beginning in the upcoming months. The purchase of Gran Sasso, which follows upon those of Fucino Gas, Alento Gas and Julia Servizi, prolongs Hera Comm's path of growth in Abruzzo, consolidating its presence in this region by offering electricity and gas services to over 60 thousand clients, who are now to be added to the 155 thousand served in the neighbouring Marche region. "Our widespread presence across the areas served and the flexibility we have maintained, both typical of local businesses, come together with the innovative services and offers tailored to customers' needs, as developed while managing over 2 million customers. These are the keys to success that have led us to more than double our customers over the last ten years", explains Cristian Fabbri, CEO of Hera Comm. "We are convinced that Gran Sasso's current customers as well will appreciate our services and integrated offers". "Gran Sasso developed over the years thanks to the quality of its services and the value of the offers it proposes. We believe that becoming part of a structure as solid and successful as the Hera Group can bring further benefits to our clients" explains Vincenzo Santacroce, Managing Director and owner of Gran Sasso. "Precisely in order to pursue our path of development, we have decided to continue to collaborate with Hera Comm, even following the purchase." The Hera Group is one of Italy's leading multi-utilities, operating in the energy (electricity and gas distribution and sales), waste (collection and treatment) and water (aqueduct, sewerage and purification) sectors. The Group's over 8,500 employees are at work every day in order to meet the numerous needs of 4.4 million citizens in over 350 municipalities, mainly found in the Emilia-Romagna, Marche, Abruzzo and Triveneto regions. Hera Comm is the gas and electricity sales company, 100% controlled by Hera Spa, that operates across the nation with over2.1 million customers. press_release.1475770430.pdf 2016-10-06 12:30:00 Hera Group: control of Aliplast reaches 80%

2016-10-06 sede_HERA.1501171971.jpg Hera: placement of new bonds under the EMTN programme for Euro 400 million Not increased the overall indebtedness of the Group Today, Hera S.p.A (the "Company") successfully placed on the Euromarket a Euro 400 million, 10-year bond offered to qualified investors at Mid Swap Rate + 60 basis points. The credit spread at which the Group has priced the new issue is 45 basis points below the 10-year Italian BTP. Investors' demand was over 2 times above the offer and has allowed to improve the initial price by 15 basis points. The bonds will be issued under the Euro Medium Term Notes Programme, will bear a coupon of 0.875% and will be listed on the regulated market managed by the Luxembourg Stock Exchange. The settlement date of the new issue is expected to fall on 14 October 2016. The transaction was carried out in the context of the tender offer on the Company's outstanding bonds due 2019 (ISIN Code XS0471071133) and 2021 (ISIN Code XS0976307040) listed on the regulated market of the Luxembourg Stock Exchange, launched by BNP Paribas, as offeror, pursuant to the agreements entered into with the Company. The transaction allows for a proactive management of the Company's indebtedness, with the aim of optimizing its cost and average duration, extended from 8.2 years to approximately 9 years, without increasing the overall indebtedness of the Group. The placement has been arranged by Banca IMI, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Deutsche Bank AG, London Branch, Mediobanca - Banca di Credito Finanziario S.p.A. and UniCredit Bank AG in their capacity as Joint Bookrunners. The Company was assisted by Legance - Avvocati Associati, the Joint Bookrunners have been assisted by Linklaters. Documents will be available on Hera's website www.gruppohera.it under the Investor Relations section and at the authorised storage mechanism on the website www.1info.it. emissione_bond_Hera_eng.1475774673.pdf 2016-10-06 18:50:00 Hera: placement of new bonds under the EMTN programme for Euro 400 million

2016-09-29 sede_HERA.1501171881.jpg Hera SpA 1 For information purposes only, the purchase price for the 2019 Notes will, as determined in the manner described in the Tender Offer Memorandum on the basis of a settlement date of 11 October 2016, be 114.843 per cent. Should the settlement date in respect of the 2019 Notes accepted for purchase pursuant to the Tender Offer differ from 11 October 2016, the relevant purchase price will be recalculated, all as further described in the Tender Offer Memorandum. 2 For information purposes only, the purchase price for the 2021 Notes will, as determined in the manner described in the Tender Offer Memorandum on the basis of a settlement date of 11 October 2016, be 116.188 per cent. Should the settlement date in respect of the 2021 Notes accepted for purchase pursuant to the Tender Offer differ from 11 October 2016, the relevant purchase price will be recalculated, all as further described in the Tender Offer Memorandum. The Tender Offer, which starts today, will expire on 5 October 2016, subject to the right of the Offeror to extend, re-open, amend and/or terminate it. The settlement date for the Tender Offer is expected to fall on 11 October 2016. Further information on the terms and conditions of the Tender Offer are set out in the Tender Offer Memorandum. Documents are available on Hera website www.gruppohera.it in the Investor Relations section as well as at the authorized storage on website www.1info.it This notice does not constitute an invitation to participate in the Tender Offer in any jurisdiction in which, or to any person to whom, it is unlawful to make such invitation or for there to be such participation under applicable securities laws and regulations. The distribution of this notice or the Tender Offer Memorandum in certain jurisdictions may be restricted by law and regulations. Persons into whose possession this notice comes are required to inform themselves about, and to observe, any such restrictions. Specific restrictions are included in the Tender Offer Memorandum. Press_release_Hera_29092016.1475131480.pdf 2016-09-28 08:48:00 110x150_heraspa.1475082913.jpg

2016-07-28 Financial results as at 30 June 2016 Interim report at 30 June 2016 shows rising profits, positive cash flows and lesser borrowing. /documents/1514726/4210755/cs_1H2016_eng.1469698630.pdf/a9367756-c162-c04b-15cc-be5fef75523c?t=1597917855478 /documents/1514726/4210755/Hera_Group_Consolidate_half_year_financial_report_as_at_30_june_2016.1470389788.pdf/c10e9d21-76b4-2589-28b3-24d6c2bbef80?t=1597910997787 /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/investor-relations/results-and-presentations/archive/financial-benchmark /documents/1514726/4210755/Hera_Newsletter_1H2016_eng.1469701438.pdf/0583d746-cfd6-9b22-d84d-466aa0dafcbb?t=1597910996793 /group_eng/investor-relations/results-and-presentations/interactive-data Press release Financial Report as at 30 June 2016 Financial data as at 30 June 2016 Analyst presentation: H1 2016 Audioconference H1 2016 Benchmark of consolidated results Newsletter: H1 2016 Interactive tool 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 improves, amounting 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. Revenues at € 2,152.7 million In the first half of 2016, revenues reached € 2,152.7 million, with a slight drop from the € 2,213.0 million seen at 30 June 2015 (-2.7%). Various factors are responsible for this decrease, including lower revenues in regulated services, most notably the gas and water cycle areas, owing to recent changes in regulations, lower revenues in electricity and gas sales and trading, due to a fall in the price of raw materials, and, lastly, lower volumes of sales in the gas service caused by the milder temperatures seen in the winter of 2016. EBITDA increases to € 470.1 million EBITDA grew, passing from € 459.1 million at 30 June 2015 to € 470.1 million in the first half of 2016 (+2.4%). This result is particularly significant considering that the semester felt the effects of lesser revenues in the gas, electricity and water distribution for € 17.9 million (5.3 in gas, 1.4 in electricity and 11.1 in water) following a reduction in return on invested capital in regulated sectors. Growth in electricity for € 26.7 million compensated for a decline in the other areas, thanks to both the recoveries involved in tariff application (resolution 654/15/R/eel) and greater margins coming from power plants. EBIT and pre-tax profits both up EBIT rose to € 257.4 million, +5.1% compared to the € 245.0 million seen one year earlier, while pre-tax profits amounted to € 199.4 million, up 8.5% compared to the € 183.7 million recorded at 30 June 2015, partially thanks to an improvement in financial management (down 5.4% compared to the same period in the previous year). These good performances can be traced to both lower average debt and greater efficiency in rates, obtained thanks to the reimbursement of a few loans, as well as an optimisation of cash and cash equivalents. Net profits for shareholders at € 121.0 million (+12.8%) Net profits recorded an 11.1% increase, going from € 115.4 million in the first half of 2015 to € 128.2 million in 2016, due to a reduced tax burden corresponding to an improved tax rate of 35.7%, against 37.2% in the previous year (thanks to the benefits derived from the application of the “patent box” and tax credits for research and development, in addition to tax concessions for maxi amortisations). Profits pertaining to Group Shareholders rose to € 121.0 million, up 12.8% compared to the € 107.3 million seen in the first half of 2015, thanks inter alia to a reduction in minority interests, mainly resulting from the complete acquisition of two subsidiaries in the environment sector. Over € 150 million in investments and a solid financial position, with improvements compared to 2015 In the first half of 2016, the Group’s gross investments amounted to € 157.2 million, in line with the contents of the business plan and mainly involving interventions on plants, networks and infrastructures. Of these, over € 60 million were dedicated to the integrated water cycle and roughly € 40 million to the gas area. The Group’s net financial position at 30 June 2016 decreased from € 2,651.7 million in 2015 to € 2,624.4 at 30 June 2016, mainly thanks to a positive trend in working capital. The positive cash flows generated by management increased and allowed dividend payment in June and M&A activities to be entirely covered. 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 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 separated waste, 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 by the 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 by the CEO, 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." 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 half-year 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 2016 are attached. Profit & Loss(m€) 30/06/2016 Inc. % 30/06/2015 Inc. % Ch. Ch. % Sales 2,152.7 2,213.0 -60.3 -2.7% Other operating revenues 162.0 7.5% 155.9 7.0% +6.1 +3.9% Raw material (998.0) -46.4% (1,103.9) -49.9% -105.9 -9.6% Services costs (570.3) -26.5% (530.7) -24.0% +39.6 +7.5% Other operating expenses (20.8) -1.0% (26.9) -1.2% -6.1 -22.7% Personnel costs (266.7) -12.4% (260.7) -11.8% +6.0 +2.3% Capitalisations 11.2 0.5% 12.4 0.6% -1.2 -9.7% Ebitda 470.1 21.8% 459.1 20.7% +11.0 +2.4% Depreciation and provisions (212.7) -9.9% (214.0) -9.7% -1.3 -0.6% Ebit 257.4 12.0% 245.0 11.1% +12.4 +5.1% Financial inc./(exp.) (58.0) -2.7% 61.3 -2.8% -3.3 -5.4% Pre tax profit 199.4 9.3% 183.7 8.3% +15.7 +8.5% Tax (71.2) -3.3% (68.3) -3.1% +2.9 +4.2% Net profit 128.2 6.0% 115.4 5.2% +12.8 +11.1% Attributable to: Shareholders of the Parent Company 121.0 5.6% 107.3 4.8% +13.7 +12.8% Minority shareholders 7.2 0.3% 8.1 0.4% -0.9 -11.4% Balance Sheet (m€) 31/06/2016 Inc.% 31/12/2015 Inc.% Ch. Ch. % Net fixed assets 5,506.5 108.0% 5,511.3 106.9% (4.8) (0.1%) Working capital 116.4 2.3% 157.0 3.1% (40.6) (25.9%) (Provisions) (525.1) (10.3%) (513.5) (10.0%) (11.6) +2.3% Net invested capital 5,097.8 100.0% 5,154.8 100.0% (57.0) (1.1%) Net equity 2,473.4 48.5% 2,503.1 48.6% 29.7 1.2% Long term net financial debt 2,719.5 53.3% 2,743.6 53.2% (24.1) (0.9%) Short term net financial debt (95.1) (1.9%) (91.9) (1.8%) (3.2) +3.5% Net financial debts 2,624.4 51.5% 2,651.7 51.4% (27.3) (1.0%) Net invested capital 5,097.8 100.0% 5,154.8 100.0% (57.0) (1.1%) Financial results as at 30 June 2016 2016-07-26 14:13:26 9M2015

2016-07-08 riunione_.1469543703.jpg Sale of ordinary shares of Hera S.p.A. ABB - July 2016 The Municipalities of Castelfranco Emilia, Cesena, Frassinoro, Fiorano Modenese, Formigine, Maranello, Padova, Pavullo nel Frignano, San Lazzaro di Savena, San Mauro Pascoli, Serramazzoni e Ravenna Holding S.p.A., public shareholders ("Public Shareholders") of Hera S.p.A. ("Hera" or the "Company") subscribers of a shareholder agreement signed by n. 118 Hera shareholders on 23 June 2015, announce the sale of n. 15.689.133 Hera ordinary shares equal to approximately 1.1% of the share capital of the Company by means of an accelerated bookbuilding procedure addressed to qualified institutional investors in Italy and institutional investors abroad (the "Transaction"). UniCredit Corporate & Investment Banking acted as Sole Bookrunner of the Transaction. The aggregate proceeds from the sale of Hera's shares approximately amount to approximately Euro 37 million. The settlement of the transaction is 12th July 2016. The Public Shareholders agreed with the Sole Bookrunner not to sell further shares of Hera for a period of 90 days, without the prior written consent of the Sole Bookrunner. EQUITA SIM S.p.A. acted as financial advisor to the Public Shareholders. ABB july 2016 press_release.1467965422.pdf 2016-04-05 07:29:00 Hera: placement of new bonds under the EMTN programme for Euro 400 million