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Financial highlights Revenues of € 3,246.4 million (+8.5%) EBITDA of € 640.2 million (+2.2%) Net profit post minorities at € 125.0 million (+12.3%) Net debt stable at € 2,638.6 million Operational highlights Benefits deriving from the consolidation ofAmga Udine Excellent performance of the gas business, also in relation to greater volumes sold Good contribution of the water business to growth The Board of Directors of the Hera Group approved today unanimously the consolidated financial statements as of 30 September 2015, which show positive and growing results in all its figures, including net profit, thanks to the good performance of the Hera perimeter alone, external growth with the merger of Amga Udine (dated 1 July 2014) and the extraction of synergies from integration activities, thus contributing to improve the Group’s financial strength. Gas For the period ended 30 September 2015, EBITDA in the gas business - which includes distribution and sales of gas methane, LPG, district heating and heat management – stood at € 203.6 million, +11.8%, compared to € 182.2 million at 30 September 2014. The excellent performance of the gas business was due to greater volumes sold, the consolidation of Amga Udine and the default gas contract awarded to Hera Comm for two years starting 1 October 2014 in Emilia Romagna, Friuli Venezia-Giulia, Toscana, Umbria and Marche. The segment accounted for 31.8% of the Group’s EBITDA, reflecting an increase on the comparable period of 2014. Water In the first nine months of 2015, this segment – which includes aqueduct, purification and sewerage services - grew on the comparable year earlier period, both in absolute terms and in terms of contribution to the Group’s EBITDA. EBITDA rose from € 165.2 million at 30 September 2014 to € 174.7 million at 30 September 2015 (+5.7%), benefitting in particular from the coming into force of the new water tariff method set by AEEGSII for the 2014-2015 period and the efficiency improvement activities undertaken by the Group. The segment accounted for 27.3% of the Group’s EBITDA. Waste management EBITDA for the waste management business – which includes waste collection, treatment and disposal – went from € 176.5 million for the period ended 30 September 2014 to € 172.5 million for the period ended 30 September 2015 (-2.3%). This decline, which reflects a slight improvement on the comparable figure for the first quarter 2015, was due mainly to the lower number of landfills available, which had an impact on volumes processed; this effect was partly offset by positive trends in the waste treatment market prices and the improved efficiency of waste collection. The percentage of sorted waste collection in the geographies served by the Group was up again, as it went from 52.8% for the first nine months of 2014 to 54.9% at 30 September 2015, thanks to the large number of projects implemented in the different areas. The segment accounted for 26.9% of the Group’s EBITDA. Electricity EBITDA for the electric energy business – which includes production, distribution and sales of electricity - went from € 87.3 million for the first nine months of 2014 to € 74.7 million for the nine months ended 30 June 2015. The lower EBITDA (-14.5%) was due mainly to non-recurring effects, such as lower extraordinary revenues from the regulated distribution business determined bythe specific equalization effect occurred in the area of Gorizia in 2014. In the first nine months of 2015, volumes of elecricity sold rose thanks to a larger marketing effort and higher consumption, especially in the summer months. Margins in commercial activities improved while the contribution from the market for dispatching services was down. The segment accounted for 11.7% of the Group’s EBITDA. 9M 2015 2015-11-11 9M 2015 The financial report as of 30 September 2015 showsimprovement in all the main indicators, thanks to internal growth, external growth and the synergies deriving from integration M&A centrata 110x150.1447241996.jpg

In buone acque You can trust tap water: it is good, safe and scrupulously controlled (on average, 99.9% of annual analyses meet legal parameters). It is also good for the environment, since it avoids the CO2 generated by the bottled water production cycle. All of this information can be found in the new "In buone acque" report: a unique document in Italy (now in its seventh edition), in which the multi-utility company presents data on water quality in the areas in which it manages the water supply service. Many good reasons to drink tap water Aside from safety, there are many reasons to prefer tap water. It is environmentally friendly, since it limits the use of plastics: Italy is in fact one of the largest bottled water consumers. In 2013 alone, at least 6 billion bottles were produced, with significant environmental impact, including in terms of CO2 emissions caused by the transport and recovery of packaging. It is cost effective: by not purchasing bottled water, you can save up to €300 per year. On the other hand, for less than €2, one thousand litres of water are available to you from the supply network. Lastly, it is safe, convenient and good: it saves you the effort of transporting cases of water home, since it comes straight from the tap, and it is also excellent to drink. Does it taste too much like chlorine? Just leave it in a pitcher for a while, or drink it cold. The numbers illustrating the dimensions of Hera's integrated water services paint an impressive picture: over 230 municipalities in Emilia-Romagna, the Northeast and Le Marche and 3.6 million residents served, an aqueduct network of over 35,000 km, 464 water treatment plants and a further 356 production and purification plants. This entire "machine" is kept efficient thanks to daily operations and investments amounting to €114.8 million in 2014. "In buone acque" was developed in collaboration with the Emilia-Romagna regional local government authority, the ARPA regional environmental protection authority, regional AUSL health authorities and Romagna Acque. The report includes a map that identifies the plants and sampling points, as well as tables broken down by province that provide the results of analyses based on 13 parameters, including a comparison with mineral water values. The full online report is enhanced by the contribution of Vincenzo Cennamo, Head of Gastroenterology at the Bologna Local Health Authority. The expert seeks to debunk some common misconceptions about water, such as the idea that tap water causes kidney stones, or that sparkling water is bad for your health. In buone acque 2015-11-02 Copia_di_LAYOUT_IN_BUONE_ACQUE_v0_pagina_interna.1446451314.jpg Over 1,900 controls per day, savings of up to €300 per year, investments of over €100 million in 2014: the new "In buone acque" report contains all of the data on the quality of tap water. LAYOUT_IN_BUONE_ACQUE_v0_2.1446451174.jpg

Real demonstration 2015-09-30 IMG_2002.1443625059.JPG An innovative information system for the integrated management of all the Environmental Services activities of the HERA Group, enhancing their quality, effectiveness and efficiency and ensuring flow traceability. hergoambiente_110.bmp

Sulle tracce dei rifiuti Tracking the recycling chain, giving guarantees on the effective recovery of separate waste collection, contributing to the transparency of the process, which is in progress thanks to the efforts of citizens and the support of the company. These are the goals of "Sulle tracce dei rifiuti" ("Tracking down waste"), the report now in its sixth edition in which Hera Group annually illustrates the data on the effective recovery of separate waste collection. Efforts to be transparent to highlight the company's strong commitment with regards to sustainability, which unfolds during the entire waste management process, from collection until the final recovery: a key chain in the so-called circular economy and the green economy. The data in "Sulle tracce dei rifiuti" ("Tracking down waste"), verified this year too by the independent DNV-GL certification body, take into account the results achieved in Emilia-Romagna, Le Marche and the North East, which speak for themselves: in 2014 94.3% of green, organic, paper, plastic, glass, wood, metal and iron waste was recovered, a 93.8% increase compared with the previous year. On average, therefore, the quantity of waste rejected by the plants in the recovery process (because, for example, it is unsuitable for recycling or it is polluted by foreign bodies) is barely 5.7% in total. The report contains 8 maps, one for each type of material collected, which make it possible to discover the main plants involved in the final recovery of waste and where they are located. In total, 188 plants are involved, 6 of which in the Bologna area (mainly composting plants), run by 167 companies, 46 of which are located in the area served by the Hera Group. The 188 plants, with a turnover of around € 10 billion, provide employment for a total of 17,000 people. Figures which demonstrate a high degree of progress in the transition from a linear economy, in which products are destined to become waste and end up in landfills, to an economy with more recovery, known for this reason as "circular". The improvement in the percentage of waste collected is also connected to the good progress in separate waste collection: in the provinces of Emilia-Romagna served by Hera the figure reached 56% in the first 8 months of 2015 (14 percentage points above the national average of 42.3%), thanks to the numerous projects activated in the various areas. In Bologna, the figure for separate waste collection reached 51.6% in August 2015, also thanks to the first results of the projects in the provincial capital. All the data is available online in the interactive section, which can be found at www.gruppohera.it/sulletraccedeirifiuti. Sulle tracce dei rifiuti 2015-09-23 banner_870x320.1443003650.jpg Sulle tracce dei rifiuti

Hera Group The European Investment Bank (EIB) and the Hera Group signed a loan agreement for €129 million, a sum that will be used to support the 2015-2019 development plans of the Italian multi-utility company listed on the Milan Stock Exchange. The loan from the bank of the European Union will be utilized for several projects on networks and plants located in the North-East of Italy: Emilia-Romagna, Veneto and Friuli Venezia Giulia. In particular, the funds will be invested to upgrade and expand the gas and electric energy distribution networks and public lighting plants. This loan is consistent with the EIB's policy of providing finance for industrial activities, with an impact on employment levels, a crucial aspect in this particular phase of the Italian economy. In fact, it is estimated that the Hera Group's implementation of its multi-year investment plans will have positive spillover effects in terms of job creation. The new loan will enable the Hera Group to strengthen further its financial structure and marks another milestone in the collaboration between the EIB and the multi-utility. In fact, in the last three years the EIB and Hera signed three other loan agreements (for investments in waste management and the network) for a total of €600 million. 2015-09-10 The loan will be used to upgrade networks and plants in the markets served Hera Group

Half financial results as at 30 june 2015 Financial highlights Revenues of €2,213.0 million (+6.1%) EBITDA of €459.1 million (+2.5%) Net profit post minorities €107.3 million (+11.4%) Net debt stable at €2,655.9 million Operational highlights Benefits deriving from the consolidation ofAmga Udine Excellent performance of the gas segment, also in relation to greater volumes sold Good contribution of water to growth, thanks to improved efficiency Expanded footprint in gas and electricity as customer base exceeds 2.2 million The Board of Directors of the Hera Group approved today unanimously the consolidated financial statements for the six months ended 30 June 2015, which show positive and growing results in all its metrics, including net profit. Gas For the six months ended 30 June 2015, EBITDA in the gas segment - which includes distribution and sales of gas methane, LPG, district heating and heat management – stood at €172.5 million, + 14.2%, compared to €151.0 million at 30 June 2014, increasing also its contribution to the Group’s EBITDA in both absolute and percentage terms, compared to a year ago. The excellent performance of the gas segment was due to greater volumes sold (it is worthy of note that the same period of the previous year was affected by the exceptionally mild weather of the early months of 2014), the consolidation of Amga Udine and the default gas contract awarded to Hera Comm for two years starting 1 October 2014 in Emilia Romagna, Friuli Venezia-Giulia, Toscana, Umbria and Marche. The number of gas customers went up to 1.3 million, with an increase of nearly 100,000 from the comparable year-earlier period. The segment’s EBITDA accounted for 37.6% of the Group’s EBITDA. Water In the first half 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 €102.7 million in the first half of 2014 to €107.6 million for the first six months of 2015 (+ 4.7%), benefitting in particular from the coming into force of the new water tariff method set by AEEGSI for the 2014-2015 period and the efficiency improvement activities undertaken by the Group. The segment accounted for 23.4% of the Group’s EBITDA. Waste management EBITDA for the waste management business – which includes waste collection, treatment and disposal – went from €122.3 million for the first half of 2014 to €119.8 million for the six months ended 30 June 2015 (-2.0%), mainly due to the reduction of energy operation incentives and the concentration in the first quarter of maintenance activities on four WTE plants. In the period under review recycling and disposal activities focused on types of waste which commanded slightly rising average market prices, compared to the same period of the previous year. In particular, in the second quarter waste treatment activities returned to their normal level. The percentage of sorted waste collection in the geographies served by the Group was up again, as it went from 53.3% for the first half of 2014 to 54.6% at 30 June 2015, thanks to the large number of projects implemented in all the areas. The segment accounted for 26.1% of the Group’s EBITDA. Electricity EBITDA for the electric energy segment – which includes production, distribution and sales of electric energy - went from €62.7 million for the first half of 2014 to €49.6 million for the six months ended 30 June 2015. The lower EBITDA (- 20.9%) was due mainly to extraordinary items, including lower regulated revenues from the distribution servicedetermined by the specific equalization effect occurred in the area of Gorizia in 2014. In the period under review, the electricity sales activities showed improvement on the comparable year-earlier period, thanks to a growing customer base. In fact, total customers exceeded 826,000, up 11.1%, thanks to growth in the free market and the contribution of Amga Energia & Servizi. The segment accounted for 10.8% of the Group’s EBITDA. Statement of Executive Chairman Tomaso Tommasi di Vignano “The results of the first half of 2015 were positive once again and show how the Group has been able to deliver solid financial and operating performance for its shareholders, which is even more remarkable in light of an economic picture that is still marked by uncertainty. The period in question benefited both from the efficiency improvement actions and the M&A activities undertaken in a balanced way and in line with the guidelines outlined in the Group’s business plan”. Statement of the Managing Director Stefano Venier "The results obtained especially in the second quarter are satisfactory. The performance of the commercial energy area was quite remarkable, as it exceeded expectations related only to a greater demand due to colder weather, in a context marked by growing competition. Further growth was posted also by regulated activities, due mainly to effective cost curbing actions, which made it possible for the waste management business to perform in line with expectations. In the first half of 2015 the quality of service improved, as shown by the environmental and sustainability indicators adopted, which is evidence to the Group's ability to set and reach excellence targets also in these regards". 1H 2015 2015-08-26 For further information 1H2015_870x320_eng.1440574524 (1).jpg The financial report for the six months ended 30 June 2015 shows improvement in all the main financial and operating figures, thanks in particular to internal growth and the effects of the consolidation of Amga Udine /-/hera-s-board-of-directors-approves-the-results-for-the-first-half-of-2015-1?inheritRedirect=true /group_eng/investors Price sensitive press Go to IR section centrata Half financial results as at 30 june 2015

Over the next 5 years, the plant will treat all the wastewater of the area, which includes the Municipalities of Rimini, Coriano, Santarcangelo, Verucchio, Poggio Torriana, Bellaria Igea Marina, San Leo, Borghi (of the province of Forlì-Cesena) and the wastewater of the Republic of San Marino, centrally. The doubling in size of the purification plant received the green light from Arpa which had already conducted many checks on the purified water. The old plant will remain operational and will continue to serve 220,000 inhabitants, plus the 340,000 served by the new purification plant (giving the total figure of theequivalent of 560,000 inhabitants): this figure corresponds to the requirements of Rimini when the tourists in the summer season are included. In addition to all of this, there will be odour control, improved management flexibility and reliability compared with the old system and natural, sustainable filters will be used. The purification route of the new system has been organised in the following way: the pre-treatments to separate sand and oil will take place in an initial sedimentation compartment, while in the second stage the wastewater will be "cleaned" by the actual bacteria present in the water to be purified. This process is known as the biological cycle: a process in which the main protagonists are living organisms which, literally, feed on the pollutant substances in the wastewaters, with the residues being easy to isolate. The ultrafiltration membranes are activated in the third stage: they operate as tiny "straws" (0.04 microns in diameter, in other words millionths of a millimetre) and are capable of intercepting microscopic particles, for example viruses, bacteria or flakes of mud. The water that comes out is already clean, but before being returned to the rivers it goes through the last purification or final disinfection to entirely remove any last micro-organisms that might be present. In this way, the purification plant complies with the latest restrictive legal limits when discharging the water into the Marecchia River. As well as this, Hera has installed efficient remote control and remote management systems, paying special attention to the mechanisms that enable the protection of the environment in emergency conditions. The centralised control system is equipped with two CPUs (central processing units), each one providing back up for the other one, which will allow all the wastewater collection networks for the Bellaria - Igea Marina area and the northern part of Rimini to be controlled from a single place. This allows prompt intervention if there is a breakdown or emergency situation. Santa Giustina purification plant 2015-06-23 P6230963.1435066074.jpg The new (upgraded) Santa Giustina purification plant has been opened. It is the biggest in Europe with membrane technology ultrafiltration. It is the most important technological operation in the sewage system redevelopment plan for the coastal city promoted by the Municipality, Hera, Romagna Acque and Amir, which will eliminate discharges into the sea by 2020. IMG_1261.1435064666.JPG

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