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

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

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

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