Press releases

2016-11-09 Financial results as at 30 September 2016 Financial results as at 30 September show improvement in key economic and financial indicators and a further reduction of debt. 9M2015 /documents/1514726/4210752/Gruppo_Hera_press_release_3q2016_eng.1478689798.pdf/9eb7d52c-488f-8a9a-59c5-936685e320cb?t=1597910524990 /documents/1514726/4210752/Hera_Group_Consolidate_quarterly_report_as_at_30_09_2016.1478687674.pdf/f56d788a-4921-6417-8532-9916164c91cf?t=1597910528451 /documents/1514726/4210752/9M_ANALYST_presentation.1478694304.pdf/8d55528b-fbb3-1e48-7431-f3a78f8a85e7?t=1597910527532 /documents/1514726/4210752/Gruppo_Hera_newsletter_3q2016_eng.1478690384.pdf/28d7b1fb-7496-1f0b-3d0b-ca438197e401?t=1597910526874 /documents/1514726/4880888/GruppoHera+9m2016+results+eng.1483550624.mp3/737f1dce-21c1-014e-c3ee-956bfec2835a?t=1610038186161 /documents/1514726/4210752/Dati_finanziari_ed_operativi_di_sintesi_9M_2016_eng.1478604446.xls/fc469d22-ddff-104d-3899-c17eeab3cb44?t=1597910526341 Press release Financial report as at 30 September 2016 Analyst presentation: Results as at 30 September 2016 Newsletter: Results as at 30 September 2016 Audioconference: Results as at 30 September 2016 Financial data: Results as at 30 September 2016 Financial highlights Revenues at € 3,104.8 million (-4.4%) EBITDA at € 650.6 million (+1.6%) Net profits for shareholders at € 142.2 million (+13.8%) Net financial position improves, reaching € 2,567.0 million Operating highlights Revenues reflect the fall in energy commodities and the impact of normative and regulatory factors, in particular the rate of return on invested capital (WACC) Benefits derived from recent acquisitions in sectors involving free market activities Healthy contributions to growth come from the electricity area and, in the third quarter, from the waste management area Today, the Hera Group’s Board of Directors unanimously approved the company’s consolidated financial results at 30 September 2016, with positive figures in key indicators and growth through to net profits, in line with the results forecast in the business plan. Financial and fiscal management, in particular, contributed to supporting growth in results by allowing increased investments to appear alongside a further reduction in debt, while entirely financing M&As and the payment of annual dividends. Note that the Hera Group has voluntarily decided to publish its interim financial statements, as in the past, taking into account the high value it gives to communicating with the market. Revenues at € 3,104.8 million In the third quarter of 2016, revenues amounted to € 3,104.8 million, dropping compared to the € 3,246.4 million seen at 30 September 2015. The reasons for this decrease include lower revenues in regulated services caused by recent regulatory changes, lower revenues from electricity, gas sales and trading. The drop was however partially compensated by both higher volumes of gas sold and revenues in the waste management area, above all in the third quarter. EBITDA increases, reaching € 650.6 million Group EBITDA at 30 September 2016 grew from € 640.2 to € 650.6 million (+1.6%), thanks in particular to the contribution of the electricity business. This result is particularly significant considering that in the first nine months of 2016 the overall outcome of lower revenues in gas, electricity and water distribution amounted to € 25.6 million (respectively: 14.9 in water, 8.5 in gas and 2.2 in electricity), following reductions in the rate of return on invested capital in regulated sectors and inflation. EBIT and pre-tax profits rise EBIT increased to € 329.2 million (+3.8%), while pre-tax profits rose to € 239.1 million (+9.5% compared to the € 218.4 seen at 30 September 2015), thanks among other things to improvements in financial management. At 30 September 2016 the results of financial management in fact came to € 90.2 million, dropping compared to the € 98.8 recorded at 30 September 2015 (-8.7%), owing to lower average debt and greater efficiency in interest rates, obtained thanks to the renegotiation of a few loans, in addition to an optimisation of cash and cash equivalents. The new bond issued in early October allowed Hera to obtain € 400 million in financing, with a 10 year maturity and a cost below 1%. Net profit post minorities at € 142.2 million (+13.8%) Due to a tax rate coming to 36.5%, a noteworthy improvement compared to the same period in the previous year (thanks to the benefits ensuing from the application of the “patent box” and tax credits for research and development, as well as tax concessions for maxi amortisations), net profits rose by 12.5%, going from € 134.9 million at 30 September 2015 to € 151.8 million at 30 September 2016. In the first nine months of 2016, net profit post minorities rose to € 142.2 million, with a 13.8% increase over the € 125.0 million seen at 30 September 2015. Over € 250 million in investments and an improved net financial position Group investments in the first nine months of 2016, including € 10.5 million in capital grants, amounted to € 251.5 million, growing by roughly € 20 million compared to the same period in 2015 and in line with the results forecast in the business plan. The water business accounted for € 93.1 million of the above and gas business for € 64.1 million. Investments were made above all in plants, networks and infrastructures, in addition to regulatory upgrading chiefly in gas distribution (with a large-scale substitution of gas metres) and in purification and sewerage. The Group’s net financial position at 30 September settled at € 2,567.0 million, improving compared to the € 2,651.7 recorded at 31 December 2015 thanks to the creation of positive cash flows which, in addition to financing M&As and entirely covering annual dividend payments in June (coming to € 132 million overall), provided room for a reduction in debt. Gas EBITDA of the gas business, which includes services in natural gas and LPG distribution and sales, district heating and heat management, came to € 186.5 million at 30 September 2016, down from the € 205.6 million at 30 September 2015, mainly due to a slight decrease in trading and the impact of the regulation that modified the method used in calculating the rate of return on invested capital for infrastructure services in the gas sector. These results were also sustained by the recent acquisition of Julia Servizi, a company operating in the Abruzzo region in gas and electricity sales and by the acquisition, once again in Abruzzo, of Gran Sasso, active in the same field, whose effects will be felt beginning in the final quarter of the current financial year. The gas business accounts for 28.7% of Group EBITDA. Water The figures seen in the water business, which includes aqueduct, purification and sewerage services, are in line with those recorded in the same period in 2015, with EBITDA stable at € 173.7 million as compared to € 174.7 million at 30 September 2015. The negative impact of the reduction in the rate of return and the redefinition of revenue restrictions, amounting to € 10.9 million, was almost entirely compensated by the operational efficiency achieved during the period in question. The water business accounts for 26.7% of Group EBITDA. Waste The results in the waste business, which includes services in collecting, treating, recovering and disposing of waste, also confirmed those of the previous year, with EBITDA going from € 172.5 million at 30 September 2015 to € 172.2 million at 30 September 2016. The results of the third quarter were particularly significant, as was, more generally, the contribution coming from the acquisition in late 2015 of Waste Recycling and the Geo Nova plants, which underpinned the special waste sector and compensated for the temporary closure of landfills currently being enlarged (the Ravenna landfill reopened in August). Good results also came from sorted waste collection, which rose to 55.8% of the total, compared to the 54.9% seen in the first nine months of 2015, thanks to the wide range of projects implemented across all areas served. The waste business accounts for 26.5% of Group EBITDA. Electricity EBITDA pertaining to the electricity business, which includes services in electric generation, distribution and sales, grew from € 72.7 million in Q3 2015 to € 104.3 million at 30 September 2016. The negative impact on the electricity services coming from the resolution on revenues and EBITDA (€ 2.2 million in the first nine months) was more than compensated by greater margins in both sales activities and electricity production, including the related dispatching services, as well as by continuous commercial expansion on the free market. The electricity area accounts for 16.0% 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 third quarter financial statement and related materials will be available to the public at the Company Headquarters and on the website www.gruppohera.it. Unaudited extracts from the Interim Financial Statements at 30 September 2016 are attached. Profit & Loss (m €) Sep 2016 Inc% Sep 2015 Inc.% Ch. Ch. % Sales 3,104.8 3,246.4 -141.6 -4.4% Other operating revenues 259.9 8.4% 226.0 7.0% +33.9 +15.0% Raw material (1,437.4) -46.3% (1,613.2) -49.7% -175.8 -10.9% Services costs (872.0) -28.1% (815.4) -25.1% +56.6 +6.9% Other operating expenses (34.7) -1.1% (40.9) -1.3% -6.2 -15.1% Personnel costs (390.1) -12.6% (380.5) -11.7% +9.6 +2.5% Capitalisations 20.0 0.6% 17.9 0.6% +2.1 +11.8% Ebitda 650.6 21.0% 640.2 19.7% +10.4 +1.6% Depreciation and provisions (321.3) -10.3% (323.0) -9.9% -1.7 -0.5% Ebit 329.2 10.6% 317.3 9.8% +11.9 +3.8% Financial inc./ (exp.) (90.2) -2.9% (98.8) -3.0% -8.6 -8.7% Pre tax profit 239.1 7.7% 218.4 6.7% +20.7 +9.5% Tax (87.2) -2.8% (83.5) -2.6% +3.7 +4.4% Net profit 151.8 4.9% 134.9 4.2% +16.9 +12.5% Attributable to: Shareholders of the Parent Company Minority shareholders 142.2 9.6 4.6% 0.3% 125.0 9.9 3.9% 0.3% +17.2 -0.3 +13.8% -2.8% Balance Sheet (m €) Sep 2016 Inc% Dec 2015 Inc.% Ch. Ch. % Net fixed assets 5,521.2 109.0% 5,511.3 106.9% +9.9 +0.2% Working capital 82.1 1.6% 157.0 3.1% (74.9) (47.7%) (Provisions) (535.8) (10.6%) (513.5) (10.0%) (22.3) +4.3% Net invested capital 5,067.5 100.0% 5,154.8 100.0% (87.3) (1.7%) Net equity 2,500.5 49.3% 2,503.1 48.6% (2.6) (0.1%) Long term net financial debt 2,729.0 53.9% 2,743.6 53.2% (14.6) (0.5%) Short term net financial debt (162.0) (3.2%) (91.9) (1.8%) (70.1) +76.3% Net financial debts 2,567.0 50.7% 2,651.7 51.4% (84.7) (3.2%) Net invested capital 5,067.5 100.0% 5,154.8 100.0% (87.3) (1.7%) Financial results as at 30 September 2016 2015-11-09 13:42:00 9M2015

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