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The last formal step on today's date for the integration of the natural gas distribution activities of Inrete and CMV Servizi and the energy sale activities of Hera Comm and CMV Energia e Impianti. The energy customers of CMV will receive a special communication in their bill with all the updates 110x150.1565011807.jpg Following the approval, on 20 December, by the associated shareholders' meetings, the transaction was formalised today which makes provision for the integration of the energy activities of CMV Servizi, including the subsidiary A Tutta Rete (ATR), and CMV Energia e Impianti in the Hera Group, respectively in Inrete Distribuzione Energia as regards natural gas distribution activities and in Hera Comm for energy sale activities. The integration in the Hera Group, operational from 1 March 2019, concerns around 30,000 redelivery points (26,500 in the Ferrara area and more than 3,100 in the Bologna area) for natural gas distribution and around 25,000 customers (21,300 gas and 3,500 electricity), who will receive a communication in their bill to welcome them and explain all the changes. In particular, for CMV energy customers, the customer service number 800.688.690 will remain active and the current branches will be retained, including that of Viale Cavour in the historical centre of Ferrara, recently renovated and already integrated with the services of the Hera Group. From 1 March, those who connect to the CMV website will automatically be redirected to the new dedicated pages. In addition to maintaining the regional coverage and current personnel employed in the two business units of CMV Servizi and CMV Energia e Impianti, with convergence with respect to the other activities of the multiutility in the same territory, the solutions and policies of the Hera Group will be applied, for the benefit of the quality and innovativeness of the service dedicated to customers. ATR_CMV_870.1551343251.png 20190226_Energy_activities_of_CMV_Servizi_and_CMV_Energia_e_Impianti_to_the_Hera_Group.1564395264.pdf 2019-02-26 11:55:56 2019-02-26

Formal procedures were completed today aimed at integrating Inrete and CMV Servizi's natural gas distribution services, and Hera Comm and CMV Energia e Impianti's energy sales activities. A specific notice with all relevant updates will be included in the bills sent to CMV's energy customers. Formal procedures were completed today aimed at integrating Inrete and CMV Servizi's natural gas distribution services, and Hera Comm and CMV Energia e Impianti's energy sales activities. A specific notice with all relevant updates will be included in the bills sent to CMV's energy customers. Following approval by the respective Shareholders Meetings on 20 December 2018, an operation was formalised today calling for the energy activities carried out by CMV Servizi, including the subsidiary A Tutta Rete (ATR), and CMV Energia e Impianti, to be integrated within the Hera Group, with natural gas distribution going to Inrete Distribuzione Energia and Hera Comm becoming responsible for energy sales. The integration within the Hera Group, in effect as of 1 March 2019, concerns roughly 30,000 delivery points (26,500 in the Ferrara area and over 3,100 in the Bologna area) for natural gas distribution and approximately 25,000 customers (21,300 gas and 3,500 electricity). The latter will receive a notice along with their bills, welcoming them and explaining all relevant updates. In particular, the Customer Service number 800 688 690 will continue to be available to CMV's energy customers and the current help desks will be maintained, including the one located in Viale Cavour in the historical centre of Ferrara, recently renovated and already integrated within the Hera Group's services. As of 1 March, all those accessing CMV's website will be automatically redirected to new, dedicated pages. In addition to maintaining local service points and the personnel currently employed in the two branches of activity, CMV Servizi and CMV Energia e Impianti, with a convergence towards the multi-utility's other activities in the same area, the Hera Group's offers and policies will be applied, to the advantage of quality and innovation in customer service. 20190226_integrazione_energy_CMV_eng.1551256803.pdf 2019-02-26 11:40:00 CMV Servizi and CMV Energia e Impianti's energy activities part of the Hera Group as of 1 March CMV Servizi and CMV Energia e Impianti's energy activities part of the Hera Group as of 1 March 2019-02-27

The prize was given today in Milan at the seventh edition of the award, which analyses and enhances the performances of the most important public service companies in the country top_utility_110 top_utility_110 The Hera Group focuses on communication to create a direct relationship and open dialogue with the local area in which it operates. A commitment that saw it achieve first place in the "Communication" category of the seventh edition of the Top Utility award which, each year, analyses and enhances the evolution and performance of the top 100 Italian utility companies. The award ceremony was held today in Milan, during the Top Utility Analysis convention entitled "Utilities, the driver of sustainable growth". Quality and transparency: Top Utility rewards Hera communication "Capacity to establish relationships with all stakeholders and listen to the numerous requests from the communities in which it operates, as well as a high level of administrative transparency": these are the factors that have made the difference for the members of the Scientific Community (lecturers and researchers at the most important Italian universities) who chose to give the award to Hera. In particular, indicators relating to the quality of the website, transparency and exhaustiveness of financial, institutional and environmental communications were used for the evaluation. But also the quality of communication with customers and the various stakeholders. The recognition this year for communication is a repeat of the one obtained in the same area in 2014 and augments the Top Utility Assoluto award received in 2012 and the Top Utility Sostenibilità award in 2015 and 2018. The website, apps and social channels: Hera close to citizens An always updated and highly interactive website, with dedicated on-line services for customers, plus numerous channels for dialogue with citizens and operating support for services, including social and the app. "My Hera", an extremely valuable application that Hera Group customers can use to manage their utilities; but also "Rifiutologo" and l'"Acquologo", which turn smartphones and tablets into digital assistants for separate waste collection and water services: these are some of the strong points of communication that have brought the multiutility to the summit of the Top Utility classification. Not only these, numerous initiatives constantly implemented in the field to spread awareness of the economic and sustainability data. Together with multiple editorial activities to inform citizens about particularly important themes, an example of which are the annual reports on the themes of water, energy, waste and initiatives for citizens and customers. "For the Hera Group, incisive and consistent communication helps to build a long-lasting relationship with the local area in which it operates - said Giuseppe Gagliano, General Manager of External Relations of the Hera Group -. Receiving this award is reason to be proud and recognition of the huge commitment in this area over time. Now, in particular, communication is extensive and people are swamped with information Providing them with useful, simple but effective content has to be a core objective for public service companies and Hera has decided to invest heavily in this area. In fact, citizens - concludes Gagliano - inhabit a multitude of media spaces, which we have decided to target by focusing on messages that make recognisability their strength". top_utility_870.1550754098.png 20190221_CSpremioTopUtility_DEF.1564394971.pdf 2019-02-21 15:29:26 2019-02-21

The prize was given today in Milan at the seventh edition of the award, which analyses and enhances the performances of the most important public service companies in the country The Hera Group focuses on communication to create a direct relationship and open dialogue with the local area in which it operates. A commitment that saw it achieve first place in the "Communication" category of the seventh edition of the Top Utility award which, each year, analyses and enhances the evolution and performance of the top 100 Italian utility companies. The award ceremony was held today in Milan, during the Top Utility Analysis convention entitled "Utilities, the driver of sustainable growth". Quality and transparency: Top Utility rewards Hera communication "Capacity to establish relationships with all stakeholders and listen to the numerous requests from the communities in which it operates, as well as a high level of administrative transparency": these are the factors that have made the difference for the members of the Scientific Community (lecturers and researchers at the most important Italian universities) who chose to give the award to Hera. In particular, indicators relating to the quality of the website, transparency and exhaustiveness of financial, institutional and environmental communications were used for the evaluation. But also the quality of communication with customers and the various stakeholders. The recognition this year for communication is a repeat of the one obtained in the same area in 2014 and augments the Top Utility Assoluto award received in 2012 and the Top Utility Sostenibilità award in 2015 and 2018. The website, apps and social channels: Hera close to citizens An always updated and highly interactive website, with dedicated on-line services for customers, plus numerous channels for dialogue with citizens and operating support for services, including social and the app. "My Hera", an extremely valuable application that Hera Group customers can use to manage their utilities; but also "Rifiutologo" and l'"Acquologo", which turn smartphones and tablets into digital assistants for separate waste collection and water services: these are some of the strong points of communication that have brought the multiutility to the summit of the Top Utility classification. Not only these, numerous initiatives constantly implemented in the field to spread awareness of the economic and sustainability data. Together with multiple editorial activities to inform citizens about particularly important themes, an example of which are the annual reports on the themes of water, energy, waste and initiatives for citizens and customers. top_utility_870.1550754098.1563431900.png toputility_870 Read more http://www.toputility.it/ Visit Top Utility website https://twitter.com/GruppoHera Visit Hera Group Twitter profile https://www.instagram.com/gruppohera/ Visit Hera Group Instagram profile 20190221_CSpremioTopUtility_DEF.1563431901.pdf toputility_110 toputility_110 2019-07-18

Over 11 years, with 507 projects, with a saving of 753 thousand toe (tonnes of oil equivalent), equal to annual consumption of 529 thousand households and benefits in terms of tackling climate change. The multiutility looks to 2020, aiming to reduce consumption by 5%. All the available data in the Value to Energy report, dedicated to the Hera Group's commitment to energy efficiency Giving "Value to energy", because the advantageous effects of the circular economy model are actually visible in energy savings. And this is one of the objectives of the Hera Group which, on Monday 18 February, celebrates International Energy Efficiency Day. An imperative that is also the title of the sustainability report in which the Hera Group details the results obtained over the last eleven years on the energy efficiency front. Now in its fourth edition, the report - verified by an independent certification body - analyses all the aspects which embody the multiutility's commitment to energy savings and efficient energy use, focusing on environmental and economic sustainability and to the interests of the local areas and more than 4 million customers. Decarbonisation is actually crucial for tackling climate change. Both the multiutility's energy efficiency initiatives and the other projects for promoting the production of renewable energy are implemented with this in mind.The Hera Group also contributes to 6% of the national white certificates target, by incentivising energy efficiency and financing projects with measurable and certified savings. The figures are telling: 507 projects have been implemented in the field by the Group over the last 11 years to save energy (of which 133 in companies in the local area), with 753 thousand toe (tonnes of oil equivalent) saved, corresponding to annual consumption of 529 thousand households, and 1.4 million tonnes of avoided CO2, equivalent to approximately one million less cars in circulation (with 10,000 km of travel). In order to reach these energy efficiency objectives, Hera therefore makes all its know-how available to local companies, by supporting them in carrying out energy analyses, with the objective of encouraging the implementation of energy efficiency initiatives. In the Bologna area alone, the last two projects, which concerned the construction and management of a new technology-energy hub for a company which produces bioplastics and a new cooling plant for a well-known company that produces salami and cold pork meat, generated a total energy saving of 413 toe per year. The confirmation of the multiutility's general objective of cutting its energy consumption by 5% by 2020 (with respect to 2013 consumption) should also be emphasised, following the increase from 3% to 5% which occurred last year. These initiatives generated a saving of over Euro 8 million, of which Euro 4.5 million relating to the water service, with subsequent benefits on citizens' bills. The results have been made possible by integrated efficiency programmes, implemented in the field continuously by the Hera Group, first and foremost within its plants and offices and which, in 2017 alone, enabled the company to improve the heating energy efficiency index of its premises by 6.3%. As regards plants, an important example is on show in the water sector, in which Hera implemented 115 efficiency initiatives, for a total of 2,876 toe saved. Significant efforts were expended in the public lighting sector, in which Hera manages more than 518 thousand lighting points scattered throughout Italy, 71% low consumption and 51% with consumption optimisation, augmented by 65% of traffic lights with led lights. Stratagems which, in 2017, contributed to an energy saving of 10.2%. value_to_energy_870.1563431442.jpg valuetoenergy_870 Read more 20190215_CS_Hera_per_la_giornata_internazionale_dell_efficienza_energetica_BO_DEF.1563431443.pdf valuetoenergy_110 valuetoenergy_110 2019-07-18

81 Fiorenza Bavieri Comunicazione redattore Tucci 1 0 9 Innovative human resource strategies, excellent working conditions, initiatives for personal and professional development for the entire company and the new generations: this is how Hera achieved the prestigious certification for the tenth consecutive year "To receive the Top Employers certification for the tenth consecutive year makes us particularly proud because it acknowledges our commitment in the field of training and investments directed to the well-being of our workers, our primary resource - declared Tomaso Tommasi di Vignano, Executive Chairman of Hera. Moreover, it confirms our front-line involvement on behalf of the new generations, to whom we try to hand down the distinctive values of our corporate culture: integrity, transparency, personal accountability and continuous improvement". tommasi_cv_opt_v2.1548922224.png sinistra 20190131_comunicato_Top_Employers_2019_EN_DEF.1549895618.pdf top_employer_2019_110x150.1548922291.png 2018-11-12

Innovative human resource strategies, excellent working conditions, initiatives for personal and professional development for the entire company and the new generations: this is how Hera achieved the prestigious certification for the tenth consecutive year. The Hera Group firmly holds its place among the companies that set themselves apart for their commitment to providing the best working conditions for their employees and for implementing best practices focused on the development and well-being of its people. It was certified by the Dutch organisation Top Employers Institute which, since 1991, has been carrying out research focused on quality standards in terms of human resources management. Moreover, with this year's achievement, Hera has achieved ten consecutive Top Employers certifications: a factor that further enhances the value of the recognition and confirms the Group's ongoing focus on the development and continuous improvement of its strategies in this field. For the Dutch institute, in fact, what qualifies Hera for certification are "the working conditions offered to employees and the ability to develop a human resources strategy focused on putting people first". Top Employers is one of the most prestigious international awards. Its selection and certification process requires in-depth data surveys and validation. The parameters the Institute analyses include: investment in learning and development, corporate welfare and on-boarding, career and succession management, talent strategy, corporate culture and the working environment. The level required for each of them is very high, which makes access to certification very challenging. Hera's best practices include: Hextra, the integrated corporate welfare plan for the Group's almost 9,000 employees, in which workers can "customise" a quota of economic resources according to his or her needs, as well as the possibility of converting part of one's performance bonus into an additional welfare quota; work-life balance measures and initiatives to raise awareness on health, safety and well-being issues. Also, Hera Group's commitment to equal opportunity and the appreciation of diversity is paramount. Hera is once again among the leading Italian companies that invest in the personal and professional development of its employees, with 29 hours of training per capita per year, well above the national average for multi-utilities. Heracademy, the corporate university that facilitates the Group's interaction with companies and the main public local organisations, has played a pivotal role in this context. It has also provided targeted training opportunities, such as workshops focused on the macrotrends of business and society. Not to mention the significant investments to increase organisational agility and to develop digital skills. Hera has also implemented many projects thanks to partnerships with important local and national companies, focussing on innovation and circular economy. The new generations are also at the heart of Hera's commitments, to train tomorrow's employees today and pass on the Group's values and mission. An example is the ever-increasing number of joint school-work experiences that Hera has organised, based on adding business skills to those acquired in secondary schools, which starting this year will also take place in the Veneto and Friuli-Venezia Giulia regions. In addition, the focus on sustainability and generating shared value remains strong, as reflected by Hera's participation in the network of companies involved in the "Insieme per il Lavoro" [Together for Work] project, in which the Group engaged in implementing horizontal cooperation, training and mentoring practices to help people in need or scarcely independent and seeking employment. "To receive the Top Employers certification for the tenth consecutive year makes us particularly proud because it acknowledges our commitment in the field of training and investments directed to the well-being of our workers, our primary resource - declared Tomaso Tommasi di Vignano, Executive Chairman of Hera. Moreover, it confirms our front-line involvement on behalf of the new generations, to whom we try to hand down the distinctive values of our corporate culture: integrity, transparency, personal accountability and continuous improvement". top_employer_2019_870x320.1548921797-2.png centrata Top employer 2019 https://www.top-employers.com/it/ Go to the Top Employer site 20190131_comunicato_Top_Employers_2019_EN_DEF.1549895226.pdf top_employer_2019_110x150.1549895228.png 2019-01-10

CALENDAR OF CORPORATE EVENTS (*) In accordance with art. 2.6.2 (Required Reporting) of the "Rules of the markets organised and managed by Borsa Italiana S.p.A.", please find below our annual calendar of corporate events: 27 March 2019 - Meeting of the Board of Directors to approve the previous year's preliminary financial statements. 30 April 2019 - Shareholders Meeting to approve the previous year's financial statements. 15 May 2019 - Meeting of the Board of Directors to approve additional financial information for the period ending on 31 March 2019. 30 July 2019 - Meeting of the Board of Directors to approve the half-year financial report as at 30 June 2019. 13 November 2019 - Meeting of the Board of Directors to approve additional financial information for the period ending on 30 September 2019. The Board of Directors, as communicated for the previous financial year and in line with the past, in order to guarantee regularity in the information provided to the financial market and investors, has decided to continue preparing and publishing this information quarterly, on a voluntary basis and in line with current regulations. (*) barring changes Related contents 20190128_Gruppo_Hera_calendario_eventi_societari_ENG.1548674495.pdf 2019-01-28 11:45:00 Calendar of events Calendar of events 2017-01-26

Based on solid forecast for 2018, which significantly exceeded the goal of one billion in Ebitda, this new strategic plan confirms the path of uninterrupted growth achieved by the Group since 2002. The focus on investments and innovation will guarantee a place at the forefront of its evolving services, further improving resilience and rising to the challenges of the sector. Efficiency and increased attention towards investment allocation, including a higher level of sustainability, will favour internal growth, with financial solidity fuelling external growth. Operating and financial highlights 2022 Ebitda: 1,185 million euro (+200 million over 2017 Ebitda) Overall industrial and financial investments: over 3.1 billion euro (+9% over the investments foreseen by the previous Business Plan) Net debt/Ebitda ratio to remain below 3 Further increases expected in dividends, reaching 11 cents per share in 2022 (+16% over the last dividend paid) Business highlights Business strategy once again based on 5 priorities: growth, efficiency, excellence, innovation and agility, all reworked and enhanced to meet the challenges involved in Ecosystems, Circularity and Technology Development driven by a balanced mix of internal and external (M&A) growth Confirmation of tenders currently awarded for gas distribution and urban waste management Goal of reaching over 3 million energy customers by 2022, thanks to leadership in last resort services, the end of the protected market and actions taken towards commercial growth Shared Value coming to over 470 million euro Preliminary consolidated 2018 Ebitda at roughly 1,020 million and a plan geared towards growth This morning the Hera Group's Board of Directors, which met to discuss the Business Plan to 2022, also examined the forecast of consolidated results for 2018, with year-end Ebitda reaching 1.02 billion euro, up 3.6% over the 984.6 million seen at 31 December 2017 and higher than expected by the previous business plan. The net debt/Ebitda ratio settled at roughly 2.54x, in line with the previous year. On the solid basis of this achievement and the results previously reached, which reflect an uninterrupted path of growth lasting 16 years, the Board approved the new Plan to 2022, which shows a strong commitment towards the Group's further development in the industry, in spite of an increasingly complex scenario. A deeply changing scenario The macro-economic scenario now appears to be less favourable than in the past (with interest rates rising and an economic outlook less positive than during the previous year), and yet this should not significantly influence the Group's prospects, thanks to the breakdown of its service portfolio, the changes introduced in its business models in recent years and its large degree of regulated activities. The upcoming years will witness many important events, perhaps most decisively the process, already underway, involving tenders in gas distribution, which is expected to lead to a significant rationalisation in the number of operators. In the waste collection sector as well, the five years covered by the Plan are expected to see the beginning of tenders for service concessions that have already expired or will do so in the near future. Regulatory changes for customer segments in protected services are also foreseen, intended to promote an additional increase in the added value of services offered and higher competition on the marketplace. Mention must also go to continued progress towards consolidation in multi-utility sectors, energy sales and waste treatment services, which are still among the most fragmentary in Europe. Investments amounting to over 3.1 billion euro, financial solidity confirmed In light of the opportunities offered by the scenario, the new Plan to 2022 foresees investments coming to over 3.1 billion euro, up roughly 260 million over the previous strategic document. Three quarters of these investments will be concentrated in regulated activities: approximately 70% will continue to be dedicated to the network system and roughly 6% to urban waste collection. Significant interventions in infrastructure modernisation and development will be deployed, confirming the Group's commitment to investing in its reference areas and thus offering increasingly innovative, resilient and high-quality services. Investments intended for tenders for gas distribution have thus been confirmed, in order to maintain the major tenders currently managed. Overall, considering the expansion in plants, gas tenders and M&As, roughly 1.1 billion in investments will be dedicated to supporting development in these activities over the next five years. This investment plan is financially sustainable thanks to an increasing cash generation, able to cover investments and pay dividends. The ratio between net financial debt and Ebitda is expected to settle at 2.9 by 2022, in line with the figure seen in the previous plan. Without including the effect of tenders, financial balance will remain similar to the present, guaranteeing sufficient leeway to be able to grasp any possible opportunities for growth not included in the Plan, without harming the Group's financial solidity. A strategy aimed at grasping opportunities, with a focus on Shared Value as an additional source of competitive advantages The Group's strategy is focused on Ecosystems, Circularity and Technology, achieved by activating its time-tested principles of efficiency, excellence, growth, innovation and agility, in addition to creating coherent projects that guarantee the full implementation of the Business Plan. Always giving close attention to issues regarding sustainability, the Group has recently defined some lines of development intended to pursue the goals on the UN Agenda which apply to the activities carried out by this multi-utility (covering at least 10 of the 17 goals indicated). Almost 3/4 of the growth expected over the five years covered by the Plan will thus be sustained by projects introduced in order to respond to this "call to action", thus bringing the amount of shared value Ebitda to exceed 470 million euro by 2022 (corresponding to 40% of overall Ebitda). Ebitda targets growing, balanced among the various business areas, between regulated and free market activities and between internal and external growth Matching the investments implemented over the next five years, 2022 Ebitda is expected to reach 1,185 million euro, with an over 200 million increase compared to the 984.6 million recorded in 2017 and with an average annual increase of roughly 40 million over the period of time covered by the Plan. All areas of activity (networks, waste management, energy and other services such as telecommunications and public lighting) will contribute to this growth, with the Group's usual balance between income from regulated and free market activities, as well as between internal and external growth. Thanks to higher levels of efficiency and ever more substantial investments, the overall contribution to the increase in Ebitda coming from internal growth is expected to reach 120 million over the period of time covered by the Plan (130 million, taking into account 10 million due to lower incentives), while an 80 million increase in Ebitda is expected from external growth. These goals are in line with the five-year growth of the previous Plan and that benefit from the already consolidated outperformance linked to the trends seen in 2018 and the outcome of tenders for last resort markets, in which Hera has become the leader in all segments. Value for shareholders to increase, with a bold dividend policy The Plan confirms the Group's attention towards the creation of value and transparency in dividend policies, which have become more challenging than in the past and compared to the content of the previous Business Plan. The dividend established, which had already risen to 9.5 cents per share in 2017, will indeed reach 10 cents per share in 2018 and 2019, 10.5 in 2020 and 2021 and 11 in 2022 (+16% over the most recent dividend payment), with a 0.5 cent increase every 2 years. Networks: efficiency and resilience intended to tackle climate change; innovation and excellence to become a leading figure in a smart economy Most of the growth foreseen by the Plan is expected to come from the networks area: Ebitda related to electricity and gas distribution, the water cycle and district heating will increase from the 424 million euro seen in 2017 to 581 million in 2022, thus making up roughly half of the Group's overall Ebitda. Many initiatives have been introduced to make networks increasingly "smart", boosting their efficiency, circularity and resilience as well as contributing to their ability to meet the growing challenges coming from climate change and the environment. These projects include a large-scale installation of "smart" meters, understood as factors able to promote the evolution towards smart cities. One example lies in the new and evolved functions shown by the last-generation gas meters developed by the Group in a partnership with Panasonic, which will allow the service to be constantly monitored and increase safety in case of leaks, earthquakes or network disruptions. In electricity distribution, network upgrading is expected to benefit the continuity of this service, by constructing new primary transformer rooms and carrying out targeted interventions on secondary transformer rooms, also involving network automation and digitalisation to support on-field interventions by personnel. District heating will play a significant role in decarbonising the area, since over 70% of the heat produced over the duration of the Plan will be generated from renewable and comparable sources. As regards the gas area, an opportunity for expansion lies in the tenders to be awarded for grants in gas services; after countless postponements, this should take place within 2022, beginning as of the current year, in all geographical areas in which the contracting authorities have already defined the networks' VIR (residual industrial value). In this sector, the Hera Group aims at growth mainly by confirming the areas already served, thanks to investments amounting to roughly 470 million. In the water area, lastly, the focus will go to protecting this resource, by upgrading the search for leakage and developing the districtualization of the network, also including innovative projects in water management to promote, both inside and outside the company, increasing sustainability and awareness regarding the use of water. Special attention will go to the reuse of purified water, already implemented with excellent results in the Bologna area and currently being extended to other zones. Consolidating leadership in the waste management sector, by enhancing resource protection and maximising reuse Ebitda in the waste management area is expected to grow from the 246 million euro seen in 2017 to almost 300 million in 2022. The goal set for this area is to be confirmed at the forefront as an operator in the integrated waste cycle, offering concrete solutions for businesses and citizens. Protecting environmental resources will remain a top goal, as will maximising their reuse. Special attention will continue to go to promoting sorted waste, expected to rise from 57.7% in 2017 to over 73% in 2022 and to see qualitative improvement as well, through specific communication campaigns and initiatives designed to get citizens involved. Unit pricing should provide citizens with an incentive to improve the quality of their sorted waste as well, as has been demonstrated by the excellent results, exceeding expectations, reached in a few municipalities where it has already been introduced (attaining over 85% of SW in a local capital such as Ferrara and peaks of close to or over 90% in some municipalities in the Modena area). In waste treatment and recovery, the Herambiente Group will be able to consolidate its national leadership by offering complete and integrated commercial packages. The latter consist in solutions for large industrial clients, including waste and energy services as well as purification and through an avant-garde group of plants able to offer solutions supporting a circular economy. These range from the biomethane production plant recently opened in the Bologna area, to reinforcing Aliplast's outstanding capabilities in plastic recycling, creating new business opportunities, and lastly launching important partnerships, such as the ones with Eni in biofuel and Bio-on in developing new natural and 100% biodegradable plastic materials. Collecting and analysing data coming from on-field infrastructures (bins, vehicles, etc.) and WTE plants will allow all activities to be optimised, automating processes and reducing costs. Energy: over 3 million customers, thanks to customer experience and new "sustainable" solutions Ebitda for the energy area will settle at 268 million in 2022, showing a slight growth over the objective set in the previous strategic document. The challenging goal the Group has set for itself is to reach over 3 million customers by the end of the period covered by the Plan, confirming its place among the sector's leaders with a more substantial and loyal customer base, thanks to positive results in customer experience and new solutions geared towards savings and respect for the environment. In addition to internal growth in the customer base and the hypothesis of additional development along the Adriatic coast, the Group can rely on an excellent result that saw it confirmed, in recent months, as a leading player in last resort services in the energy market. One significant opportunity to reinforce the customer base will come from the end of the protected market (i.e. maggior tutela), which according to Hera's estimates will lead it to gain at least 500,000 customers. Commercial development will depend on offers bringing added value, from those in support of smart homes (smart thermostats, remote sensors, etc.) to combinations of insurance and maintenance products, or again services involving energy efficiency or electric mobility. The country's objectives in energy efficiency themselves provide an opportunity to develop the Group's energy services through its specialised companies, able to offer solutions tailored for public administrations, apartment buildings and industrial clients. The Group will furthermore give increasing attention to customer experience, turning to process and payment digitalisation to meet the needs of customers who are ever more "online", as well as adopting efficient systems for data management and analysis, to guarantee an excellent service and accelerate the "time to market". Applying behavioural science, combined with precise interventions (such as reporting consumption in bills), will lastly allow an increasingly efficient use of energy to be promoted. Tomaso Tommasi di Vignano, Hera Executive Chairman The growth we have foreseen over the duration of the Plan is entirely visible, considering our track record. Our investment program is significant, increasing by 260 million, and the rise in cash generation will allow the Net debt/Ebitda ratio to be maintained at 2.9x, as had been predicted for the end of the period covered by the previous plan. We have confirmed our strong attention towards creating value for shareholders and a transparent dividend payment policy, year by year. This solidity and visibility is also guaranteed by the prospects offered by the external scenario (M&As, protected services and gas tenders) and taken into account in the Plan, based on a conservative estimate which consists in maintaining current market shares. Stefano Venier, Hera CEO In a five-year period that will see a remarkable expansion in our plant facilities, a new phase is taking shape, with important events on the horizon in almost all our businesses. The Plan's premise lies in affirming our leadership in services for our reference area and continuing in technological evolution, in order to persist in increasing regeneration in management models for activities and their resilience. Our risk/return tradeoff will improve thanks to a significant development in regulated activities, complemented by trends in free market activities. The Business Plan has been built around globally relevant issues, since we are perfectly aware of our role in enabling circular smart cities, but also the need to adequately respond to the new needs of our customers and the local ecosystem, brought about by digital evolution and environmental challenges. GH_press_release_business_plan_2022.1547121232.pdf 2019-01-10 14:01:17 Hera Group approves Business Plan to 2022 Hera Group approves Business Plan to 2022 2019-01-07

Following up on the steps taken during the past few weeks in all Town Councils involved, the project aimed at integrating natural gas distribution between Inrete and CMV Servizi, as well as energy sales between Hera Comm and CMV Energia e Impianti, was approved today by the respective Shareholders Meetings. Following up on the steps taken during the past few weeks in all Town Councils involved, the project aimed at integrating natural gas distribution between Inrete and CMV Servizi, as well as energy sales between Hera Comm and CMV Energia e Impianti, was approved today by the respective Shareholders Meetings. After the go-ahead given by the Boards of Directors on 24 October and the following phases completed in the Town Councils involved, today the Shareholders Meetings of the companies involved approved the project aimed at integrating the energy activities carried out by CMV Servizi and CMV Energia e Impianti into the Hera Group, respectively becoming part of Inrete Distribuzione Energia for natural gas distribution and Hera Comm for energy sales. Following the operation, which will allow a solid industrial project to be developed in the area surrounding Ferrara, the Municipality Shareholders of CMV Servizi and CMV Energia e Impianti, including the majority shareholder Municipality of Cento and the Municipalities of Vigarano Mainarda, Bondeno, Poggio Renatico, Terre del Reno and Goro, will increase their shareholding in the Hera Group. The integration concerns roughly 25,000 customers (21,300 in gas and 3,500 in electricity) and approximately 30,000 delivery points (26,500 in the Ferrara area and over 3,100 in the Bologna area) for natural gas distribution. The personnel currently employed in the two branches of operations carried out by CMV Servizi e CMV Energia e Impianti is expected to be maintained, as are the local service points, which will come together with other Hera Group activities in the same area. The integrated activities will be able to take advantage of Group solutions and policies, benefitting the quality and innovativeness of the services offered to customers. "The Ferrara area is one to which we are historically tied, and this double operation allows us to consolidate our presence here, following a rationale of valorising services that gives centre stage to the customers and communities concerned, creating efficiency and maintaining our local presence" states Stefano Venier, CEO of the Hera Group. "The actual integration of the companies involved will become operational within the first quarter of 2019. Our objective is to extend to the province of Ferrara a business model that, over time, has amply demonstrated the advantages it brings to all those participating, whether public or private." "I am particularly satisfied with the excellent outcome of the operation, and would like to thank all those who made efforts towards it, as well as Hera, for its precious collaboration" states the Mayor of Cento, Fabrizio Toselli. "Unquestionably strategic for our companies, it will allow them to become more balanced, and will guarantee the continuity provided by an industrial project, for the Local Administration, which among other things will free up a 6 million euro surplus for 2019. This will allow us to lower our debt (in loans) and implement significant investments for the entire area, in terms of employment, services, local presence and spin-offs. The path undertaken will now continue with the merger of Cmv Energia & Impianti into Area Impianti, as defined since the birth of Clara." 20181220_Gruppo_Hera_su_integrazione_attivita_energy_CMV_eng.1545991863.pdf 2018-12-20 16:50:00 CMV Servizi and CMV Energia e Impianti's energy activities part of the Hera Group as of 1 March Hera Group: CMV Servizi and CMV Energia e Impianti 2018-12-20