Press releases

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

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

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

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

2016-07-28 Financial results as at 30 June 2016 Interim report at 30 June 2016 shows rising profits, positive cash flows and lesser borrowing. /documents/1514726/4210755/cs_1H2016_eng.1469698630.pdf/a9367756-c162-c04b-15cc-be5fef75523c?t=1597917855478 /documents/1514726/4210755/Hera_Group_Consolidate_half_year_financial_report_as_at_30_june_2016.1470389788.pdf/c10e9d21-76b4-2589-28b3-24d6c2bbef80?t=1597910997787 /documents/1514726/4210755/Dati_finanziari_operativi_di_sintesi_1H_2016_eng.1469542136.xls/3562a414-ad03-7f51-fa6e-7505d4ce5d0f?t=1597910989700 /documents/1514726/4210755/Analyst_presentation_1H2016.1469703526.pdf/cd804341-2bdb-7a71-66b9-af7b2fc2b474?t=1597910997228 /documents/1514726/4880888/audioconference+H12016+results.1470907152.mp3/dea26a04-edb1-d007-8cfc-aa7552b7f985?t=1610038453962 /group_eng/investor-relations/results-and-presentations/archive/financial-benchmark /documents/1514726/4210755/Hera_Newsletter_1H2016_eng.1469701438.pdf/0583d746-cfd6-9b22-d84d-466aa0dafcbb?t=1597910996793 /group_eng/investor-relations/results-and-presentations/interactive-data Press release Financial Report as at 30 June 2016 Financial data as at 30 June 2016 Analyst presentation: H1 2016 Audioconference H1 2016 Benchmark of consolidated results Newsletter: H1 2016 Interactive tool Financial highlights Revenues at € 2,152.7 million (-2.7%) EBITDA at € 470.1 million (+2.4%) Net profits for shareholders at € 121.0 million (+12.8%) Net financial position improves, amounting to € 2,624.4 million Operating highlights Regulated revenues affected by lower return on invested capital (WACC) M&A initiatives contribute to results Energy market expands, with total customers reaching almost 2.3 million Today, the Hera Group’s Board of Directors unanimously approved the consolidated economic results for H1, whose main indicators show positive figures and growth through to net profits. Revenues at € 2,152.7 million In the first half of 2016, revenues reached € 2,152.7 million, with a slight drop from the € 2,213.0 million seen at 30 June 2015 (-2.7%). Various factors are responsible for this decrease, including lower revenues in regulated services, most notably the gas and water cycle areas, owing to recent changes in regulations, lower revenues in electricity and gas sales and trading, due to a fall in the price of raw materials, and, lastly, lower volumes of sales in the gas service caused by the milder temperatures seen in the winter of 2016. EBITDA increases to € 470.1 million EBITDA grew, passing from € 459.1 million at 30 June 2015 to € 470.1 million in the first half of 2016 (+2.4%). This result is particularly significant considering that the semester felt the effects of lesser revenues in the gas, electricity and water distribution for € 17.9 million (5.3 in gas, 1.4 in electricity and 11.1 in water) following a reduction in return on invested capital in regulated sectors. Growth in electricity for € 26.7 million compensated for a decline in the other areas, thanks to both the recoveries involved in tariff application (resolution 654/15/R/eel) and greater margins coming from power plants. EBIT and pre-tax profits both up EBIT rose to € 257.4 million, +5.1% compared to the € 245.0 million seen one year earlier, while pre-tax profits amounted to € 199.4 million, up 8.5% compared to the € 183.7 million recorded at 30 June 2015, partially thanks to an improvement in financial management (down 5.4% compared to the same period in the previous year). These good performances can be traced to both lower average debt and greater efficiency in rates, obtained thanks to the reimbursement of a few loans, as well as an optimisation of cash and cash equivalents. Net profits for shareholders at € 121.0 million (+12.8%) Net profits recorded an 11.1% increase, going from € 115.4 million in the first half of 2015 to € 128.2 million in 2016, due to a reduced tax burden corresponding to an improved tax rate of 35.7%, against 37.2% in the previous year (thanks to the benefits derived from the application of the “patent box” and tax credits for research and development, in addition to tax concessions for maxi amortisations). Profits pertaining to Group Shareholders rose to € 121.0 million, up 12.8% compared to the € 107.3 million seen in the first half of 2015, thanks inter alia to a reduction in minority interests, mainly resulting from the complete acquisition of two subsidiaries in the environment sector. Over € 150 million in investments and a solid financial position, with improvements compared to 2015 In the first half of 2016, the Group’s gross investments amounted to € 157.2 million, in line with the contents of the business plan and mainly involving interventions on plants, networks and infrastructures. Of these, over € 60 million were dedicated to the integrated water cycle and roughly € 40 million to the gas area. The Group’s net financial position at 30 June 2016 decreased from € 2,651.7 million in 2015 to € 2,624.4 at 30 June 2016, mainly thanks to a positive trend in working capital. The positive cash flows generated by management increased and allowed dividend payment in June and M&A activities to be entirely covered. Gas The gas business EBITDA, which includes services in natural gas and LPG distribution and sales, remote heating and heat management, settled in the first half of 2016 at € 162 million, down from the € 172.5 recorded at 30 June 2015, mainly due to lower margins in trading and the negative impact of the mild winter, as well as a resolution that modified the method used to calculate the rate of return on invested capital for infrastructure services in the gas sector. The results were also sustained by the recent acquisition of Julia Servizi, a company in the Abruzzo region operating in gas and electricity sales. The gas business accounts for 34.5% of Group EBITDA. Water In the first half of 2016, the water business, which includes aqueduct, purification and sewerage services, recorded a slight drop compared to the same period in 2015, with EBITDA passing from € 107.6 million in the first half of 2015 to € 106.6 million at 30 June 2016. The negative impact of the resolution on revenues and on EBITDA for the WACC effect and the redefinition of the restriction on revenue, came to € 11.1 million, almost entirely compensated by the operative efficiencies implemented over the six months in question and, in particular, a series of optimisations concerning general management costs. The integrated water cycle accounts for 22.7% of Group EBITDA. Waste EBITDA pertaining to the waste business, which includes services in collecting, treating and disposing of waste, went from € 119.8 million in the first half of 2015 to € 116.5 million at 30 June 2016, an essentially stable result in spite of the reduced operating capacities of a few landfills, which are currently being enlarged. Activities related to treatment of special waste showed a 20.1% growth in volume and a further improvement in prices. One fundamental contribution came from the acquisitions, dating to late 2015, of Waste Recycling and the Geonova plants, which gave greater impetus to management of industrial waste and compensated for the temporary closure of landfills presently being expanded (the Ravenna landfill is due to be reopened shortly). Good results also came from separated waste, which rose to 56.9% of the total, compared to the 55.4% seen in the first half of 2015, thanks to the wide range of projects implemented across all areas served. The waste business accounts for 24.8%of Group EBITDA. Electricity The electricity business, which includes services in electricity production, distribution and sales, showed an EBITDA that grew from € 49.6 million for the first six months of the previous year to € 76.3 million at 30 June 2016. The negative impact on electricity services of the resolution on revenues and EBITDA, regarding WACC alone (€ 1.4 million in the first six months), was more than compensated by the balance payments involved in 654/15/R/eel, thanks to a revision of the criteria used for the treatment of investments made in previous years, and the continuous expansion of the customer base. The electricity business accounts for 16.2%of Group EBITDA. Statement by the Executive Chairman, Tomaso Tommasi di Vignano "The figures that appear in the 2016 interim report are once again positive, showing the extent to which the Group has been able to offer its shareholders a solid response in terms of both economic results and financial structure, which is all the more appreciable in light of a macroeconomic context still marked by instability. This outcome was also fuelled by M&A operations, that allowed waste treatment plants to be acquired and increased our customer base". Statement by the CEO, Stefano Venier "We are highly satisfied, in that the operations introduced have led to the good results we expected, allowing us, in only six months, to compensate for the cut in regulated revenues. A good financial and fiscal performance also made it possible for us, in a difficult year, to close the first half with growth in net profits and other main indicators as well as a reduction in debt." The manager responsible for drafting the company’s accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The half-year financial statement and related materials will be available to the public pursuant to the terms established by law at the Company Headquarters, on the website www.gruppohera.it and on the authorised storage platform 1Info (www.1info.it). Unaudited extracts from the Interim Financial Statements at 30 June 2016 are attached. Profit & Loss(m€) 30/06/2016 Inc. % 30/06/2015 Inc. % Ch. Ch. % Sales 2,152.7 2,213.0 -60.3 -2.7% Other operating revenues 162.0 7.5% 155.9 7.0% +6.1 +3.9% Raw material (998.0) -46.4% (1,103.9) -49.9% -105.9 -9.6% Services costs (570.3) -26.5% (530.7) -24.0% +39.6 +7.5% Other operating expenses (20.8) -1.0% (26.9) -1.2% -6.1 -22.7% Personnel costs (266.7) -12.4% (260.7) -11.8% +6.0 +2.3% Capitalisations 11.2 0.5% 12.4 0.6% -1.2 -9.7% Ebitda 470.1 21.8% 459.1 20.7% +11.0 +2.4% Depreciation and provisions (212.7) -9.9% (214.0) -9.7% -1.3 -0.6% Ebit 257.4 12.0% 245.0 11.1% +12.4 +5.1% Financial inc./(exp.) (58.0) -2.7% 61.3 -2.8% -3.3 -5.4% Pre tax profit 199.4 9.3% 183.7 8.3% +15.7 +8.5% Tax (71.2) -3.3% (68.3) -3.1% +2.9 +4.2% Net profit 128.2 6.0% 115.4 5.2% +12.8 +11.1% Attributable to: Shareholders of the Parent Company 121.0 5.6% 107.3 4.8% +13.7 +12.8% Minority shareholders 7.2 0.3% 8.1 0.4% -0.9 -11.4% Balance Sheet (m€) 31/06/2016 Inc.% 31/12/2015 Inc.% Ch. Ch. % Net fixed assets 5,506.5 108.0% 5,511.3 106.9% (4.8) (0.1%) Working capital 116.4 2.3% 157.0 3.1% (40.6) (25.9%) (Provisions) (525.1) (10.3%) (513.5) (10.0%) (11.6) +2.3% Net invested capital 5,097.8 100.0% 5,154.8 100.0% (57.0) (1.1%) Net equity 2,473.4 48.5% 2,503.1 48.6% 29.7 1.2% Long term net financial debt 2,719.5 53.3% 2,743.6 53.2% (24.1) (0.9%) Short term net financial debt (95.1) (1.9%) (91.9) (1.8%) (3.2) +3.5% Net financial debts 2,624.4 51.5% 2,651.7 51.4% (27.3) (1.0%) Net invested capital 5,097.8 100.0% 5,154.8 100.0% (57.0) (1.1%) Financial results as at 30 June 2016 2016-07-26 14:13:26 9M2015

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

2016-06-22 inrete.1469545883.jpg Inrete will be operational as of 1st July 2016. Nasce INRETE per la distribuzione di gas ed energia elettrica The Hera S.p.A. Board of Directors has approved today, with effect from 1 July 2016, a transferral of the corporate branch responsible for gas and electricity distribution to Inrete Distribuzione Energia, a company 100% held by the multi-utility. This marks the final stage of the process of unbundling foreseen by national sector regulations (Aeegsi resolution 296/2015), in order to separate management of regulated activities (gas and energy distribution) from management of deregulated activities (production, sales and procurement). Operating in gas and electricity distribution in Emilia-Romagna, Inrete will serve over 1.1 million gas customers across 140 municipalities, with a gas network totalling approximately 14 thousand km and over 260 thousand electricity customers in 29 municipalities, thanks to an over 10 thousand-km electrical grid. In keeping with the guidelines that the Group has always followed, Inrete will continue to show full commitment in the field of network safety and control, with the aim of confirming its excellent service quality standards, consistently above the minimum levels required by the Authority. Inrete will furthermore be able to make use of Hera's innovative Remote Control Centre, a state-of-the-art facility located in Forlì that meets the highest European standards and guarantees, across the entire area served, an integrated management of all the Group's plants and water, gas and remote heating networks, receiving and coordinating rapid response calls. Similar services for all Inrete's plants and power grids will be provided by the Group's Electricity Remote Control Centre, located in Modena. Alessandro Baroncini has been nominated CEO of Inrete, after having previously acted as Energy Networks Manager in the parent company. INRETE: a new Hera Group company for gas and energy distribution press_release.1466608732.pdf 2016-04-05 18:21:00 Nasce Inrete per la distribuzione di gas ed energia elettrica

2016-05-11 Financial results as at 31 March 2016 The interim results at 31 March show positive figures and growth in all main indicators, despite a difficult first quarter, affected by the lesser revenues in gas, electricity and water distribution caused by recent regulatory changes. Hera Group's financial results /documents/1514726/4210758/press_release.1462960343.pdf/a8fafee9-2cd9-fb9d-d0f9-ab96546a41bf?t=1597911165314 /documents/1514726/4210758/Hera_Group_Consolidated_quarterly_report_as_at_31_march_2016.1462960176.pdf/dcbc0211-3b72-fa0c-3a16-e9a3b70afea4?t=1597911168892 /documents/1514726/4210758/Dati_finanziari_ed_operativi_di_sintesi_1Q_2016_eng.1462877519.xls/f1199f02-3765-b6f0-acd6-6714dac6f163?t=1597911166445 /documents/1514726/4210758/Analyst_presentation_1Q_2016.1462959720.pdf/461f8d35-59ee-3928-8301-3badfd65128b?t=1597911168003 /documents/1514726/4880888/audioconference+Q12016+results.1471015099.mp3/c8674296-1218-731f-89a6-bed1fd5b272e?t=1610038444174 /group_eng/investor-relations/results-and-presentations/archive/financial-benchmark /documents/1514726/4210758/Hera_Newsletter_Q1_2016.1462957906.pdf/2d938b8c-ba16-4e50-6a1e-888659f993b2?t=1597911167130 /documents/1514726/4210758/Transcript_1Q2016.1468502631.pdf/6a1a406c-c3b0-c87d-9028-545ae6b2f828?t=1597911166026 /group_eng/investor-relations/results-and-presentations/interactive-data Press release Financial results as at 31 March 2016 Financial data as at 31 March 2016 Analyst presentation: financial results as at 31 March 2016 Audioconference Q1 2016 Benchmark of consolidated results Newsletter: financial results as at 31 March 2016 Transcript: first quarter 2016 results Interactive tool Financial highlights Revenues at € 1,235.4 million (-5.8%) EBITDA at € 278.4 million (+0.4%) Net profit post minorities at € 91.2 million (+5.3%) Net debt improves, reaching € 2,504.5 million Operational highlights Management focus on extracting efficiencies and synergies Simultaneously, commercial expansion into new markets continues Solid customer base in energy markets, with approximately 2.2 million customers Good contribution to growth coming from the electricity business Today, the Hera Group’s Board of Directors unanimously approved the consolidated financial statements at 31 March 2016, which confirm the trend of growth in all main indicators, in spite of a difficult first quarter. On the one hand, organic growth aimed at achieving efficiencies and synergies, along with complementary efforts towards market expansion, succeeded in compensating for 75% of the cut in remuneration for regulated activities; on the other, M&A operations, involving above all acquisitions made in late 2015, contributed to growth in results. Note in particular that, with reference to legislative decree 25/2016, an implementation of Directive 2013/50/EU (so-called Transparency Directive), the Hera Group has voluntarily decided to publish its interim financial statements, as in the past, taking into account the high value given to communicating with the stakeholders. This decision may be modified in the future, based on changes in regulations. Revenues amounting to € 1,235.4 million In the first quarter of 2016 revenues came to € 1,235.4 million, dropping compared to the € 1,311.9 million seen in the corresponding period of 2015. The reasons for this decrease include lesser volumes of gas sold, owing to particularly mild temperatures; lesser revenues in electricity and gas sales and trading following a drop in the price of raw materials; the impact on regulated gas, electricity and water cycle services caused by the new method for calculating return on invested capital. These negative effects were only partially compensated by an increase in revenues due to greater volumes of electricity sold and higher revenues due to an increase in disposed waste. EBITDA rises to € 278.4 million EBITDA went from € 277.2 million after the first three months of 2015 to € 278.4 million at the end of March 2016, showing a growth of € 1.2 million (+0.4%). This result is particularly significant if one recalls that it was achieved in the first quarter, the period of the year in which decreases in WACC for gas, electricity and water distribution have, due to seasonal factors, a greater negative impact on revenues and EBITDA, reaching – in the case at hand – € 9.5 million (respectively: 3.9 in gas, 0.7 in electricity and 4.9 in water). The increase in EBITDA was mainly sustained by energy activities, which maintained their margins and more than compensated for the performance of regulated activities. Growth in Ebit and pre-tax profits, improvement in liability management Ebit at 31 March 2016 came to € 170.8 million, up compared to the € 170.1 million seen in the first quarter of 2015 (+0.4%), in spite of higher depreciation due to changes in the operating area, partially compensated by lesser provisions. Liability management improved by € 3.7 million, coming to € 25.7 million at the end of the first quarter (-12.6% compared to the same period in 2015), thanks in particular to lower average debt and greater efficiency in rates. In light of this situation, pre-tax profits went from € 140.7 million in the first three months of 2015 to € 145.1 million in the first quarter of 2016, showing a further increase in the rate of growth (+3.1%). Increased net profits post minorities, reaching € 91.2 million (+5.3%) Net profits recorded an increase of 4.7%, going from € 92.5 million in the first three months of 2015 to € 96.8 million in the corresponding period in 2016, on account of a reduction of the tax burden leading to a tax rate of 33.3% (an improvement compared to the 34.3% applied in the same period in 2015, thanks to the benefits obtained in 2016 deriving from the application of the “patent box” and tax credits for research and development, in addition to tax concessions for maxi amortisations). Profits post minorities came to € 91.2 million, rising by € 4.6 million on the first three months of 2015 (+5.3%), due among other things to reduced minority interests, mainly caused by the complete acquisition of Akron and Romagna Compost. Over 70 million of capital expenditure, reduction of net debt In the first three months of 2016, the Group’s operating capex amounted to 73 million, including 4.5 million in capital grants, with an increase on the same period in 2015 (€ 64.1 million), as foreseen by the business plan. These investments mainly concerned interventions on plants, networks and infrastructures, in addition to regulatory upgrading above all in the gas area, due to a massive meter substitution, and water purifying and sewerage plants. Net debt reduced by no less than € 147 million, going from 2,651.7 in 2015 to 2,504.5 at 31 March 2016 (-5.6%). This result, which is partially natural, tied to seasonal factors in the gas business, was sustained by both a reduction in working capital, owing to a continuous and constant attention in trade receivables management, and the generation of a higher operating cash flow. The debt/equity ratio thus dropped below 0.96x, showing an improvement in financial solidity. Gas EBITDA for the gas business, which includes services in distribution and sales of natural gas and LPG, district heating and heat management, reached € 128.7 million in the first quarter of 2016, with a slight growth compared to the € 128.4 seen at 31 March 2015, thanks to greater margins for activities in sales and trading and greater margins for district heating and heat management services. These positive effects more than compensate for the lesser volumes of gas sold on account of mild temperatures, and the € 3.9 million drop in gas distribution revenues, an effect of the WACC reduction. The gas area accounted for 46.2% of Group EBITDA. Water cycle EBITDA for the integrated water cycle business, which includes aqueduct, purification and sewerage services, went from € 50.5 million in the first three months of 2015 to € 49.8 million in the first quarter of 2016. This result was impacted above all by € 4.9 million in lesser revenues for delivery, an effect of the WACC reduction, which in turn were almost entirely compensated by the operational efficiencies created. The integrated water business accounted for 17.9% of Group EBITDA. Waste management EBITDA for the waste business, which includes services in waste collection, treatment and disposal, went from € 64.9 million in the first quarter of 2015 to € 62.4 million in the corresponding period in 2016. Among the factors with a negative influence, particular attention must go to the tariffs for waste collection and street sweeping, which have not as yet been updated and are currently under local authorities’ approval. As regards activities in waste recycle, treatment and disposal, results were equal to those seen in the previous year, thanks to the contribution obtained from acquisitions carried out in 2015, which compensated for the temporary stall in landfills currently being enlarged, the reduction in prices for energy certificates, and the lower amount of green certificates for the Ferrara WTE plant. Good results were seen in sorted waste, which rose to 56.2%, compared to 55.2% in the first three months of 2015, thanks to the many projects implemented across all geographical areas served. The waste business accounted for 22.4% of Group EBITDA. Electricity EBITDA for the electricity business, which includes services in electricity production, distribution and sales, rose from € 29.3 million in the first quarter of 2015 to € 33.2 million at 31 March 2016 (+13.3%), thanks above all to greater margins both in sales and trading activities and in electricity generation. This increase was only partially reduced by lesser revenues in the regulated distribution service, coming to € 0.7 million. In this area, furthermore, an increase in both customers (almost 60,000 more than in 2015) and volumes sold was seen, thanks among other things to reinforced commercial initiatives. The electricity business accounted for 11.9% of Group EBITDA. The person 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 interim financial statements and related materials are available to the public at the Company Headquarters and on the website www.gruppohera.it. Unaudited extracts from the Interim Financial Statements at 31 March 2016 are attached. Profit & Loss (m€) Mar 2016 Inc% Mar 2015 Inc.% Ch Ch % Sales 1,235.4 1,311.9 -76.5 -5.8% Other operating revenues 73.7 6.0% 71.4 5.4% +2.3 +3.2% Raw material (608.5) -49.3% (702.3) -53.5% -93.8 -13.4% Services costs (281.7) -22.8% (266.6) -20.3% +15.1 +5.7% Other operating expenses (12.1) -1.0% (9.9) -0.8% +2.2 +22.2% Personnel costs (132.9) -10.8% (131.4) -10.0% +1.5 +1.1% Capitalisations 4.6 0.4% 4.1 0.3% +0.5 +12.1% Ebitda 278.4 22.5% 277.2 21.1% +1.2 +0.4% Depreciation and provisions (107.6) -8.7% (107.1) -8.2% +0.5 +0.5% Ebit 170.8 13.8% 170.1 13.0% +0.7 +0.4% Financial inc./(exp.) (25.7) -2.1% (29.4) -2.2% -3.7 -12.6% Pre tax profit 145.1 11.7% 140.7 10.7% +4.4 +3.1% Tax (48.4) -3.9% (48.2) -3.7% +0.2 +0.4% Net profit 96.8 7.8% 92.5 7.0% +4.3 +4.7% Attributable to: Shareholders of the Parent Company Minority shareholders 91.2 5.6 7.4% 0.5% 86.6 5.9 6.6% 0.4% +4.6 -0.3 +5.3% -4.8% Balance sheet (m€) Mar 2016 Inc% Mar 2015 Inc.% Ch Ch % Net fixed assets 5,509.0 108.0% 5,511.3 106.9% (2.3) 0.0% Working capital 105.0 2.1% 157.0 3.0% (52.0) (33.1%) (Provision) (512.7) 10.1% (513.5) (9.9%) +0.8 (0.2%) Net invested capital 5,101.3 100.0% 5,154.8 100.0% (53.5) (1.0%) Net equity (2,596.8) 50.9% (2,503.1) 48.6% (93.7) +3.7% Long term net financial debt (2,746.5) 53.8% (2,743.6) 53.2% (2.9) +0.1% Short term net financial debt 242.0 (4.7%) 91.9 (1.8%) +150.1 +163.3% Net financial debts (2,504.5) 49.1% (2,651.7) 51.4% +147.2 (5.6%) Net invested capital (5,101.3) 100.0% (5,154.8) 100.0% +53.5 (1.0%) Financial results as at 31 March 2016 2015-05-12 13:07:34 9M2015

2016-04-28 assemblea_azionisti_870x320_eng.1462442256.1469545447.jpg 2015 financial statements approved and dividends confirmed matching those of recent years, as foreseen by the business plan. Hera Shareholders' Meeting: dividend at 9 cents The Hera Shareholders' Meeting was held in Bologna this morning, with both ordinary and extraordinary sessions. Approval of the financial statements and the sustainability report. Dividend at 9 cent./share In the ordinary session the Meeting approved the financial statements and the sustainability report for 2015, along with the Board of Directors' proposal to pay dividends of 9 euro cents per share, matching those paid in the previous financial year, as priorly announced in the business plan to 2019. In particular, the 2015 financial year closed with positive economic results and a rise in all main indicators, thanks to the Group's solid business model and a good operational, financial and fiscal management: revenue reached € 4,487.0 million (+7.1% over the previous year), EBITDA settled at € 884.4 million (+1.9%) and net profit post minorities came to € 180.5 million (+9.5%). The ex coupon date was set at 20 June 2016, with payment beginning on 22 June 2016. The dividend paid, based on the price of Hera stock at 31/12/2015, corresponds to an annual return of approximately 3.7%. Amendment of article 4 of the Articles of Association In the extraordinary session the Meeting approved amendments to article 4 of Hera's Articles of Association, consisting in an explicit statement that Hera S.p.A.'s company purpose also includes the possibility of engaging in activities involving management and/or supply of integrated energy services. The activities in question are already practiced by the Company, but this must now be specified in the Articles of Association in order for Hera S.p.A. to obtain certification pursuant to UNI CEI 11352 regulations. This is because legislative decree 102/14, which implements EU directive 2012/27, requires companies, as of July 2016, to obtain this certification in order to be qualified to carry out a number of activities in the field of energy efficiency promotion, such as energy diagnosis, and to obtain white certificates. Other resolutions approved The Shareholders' Meeting, in addition to the report on corporate governance and compensation policy, lastly approved the renewal of the Board of Directors' authorisation to purchase treasury shares (along with the conditions of their disposal), for a maximum exchange value of € 180 million, for 18 months. This authorisation was requested so as to pursue the goals allowed by current regulations and accepted market practices, among which investment opportunities involving the use of treasury shares to increase the creation of value and possible acquisitions of stakeholdings that also include share exchanges. Shareholders' Meeting of 28 April 2016 https://youtu.be/znGVJ5LKw58?rel=0#prettyPhoto GH_AS_AssembleaSoci_2016_eng.1461846119.pdf 2016-04-05 13:49:00 Hera Shareholders' Meeting: dividend at 9 cents

2016-04-08 riunione_.1469545191.jpg Hera Comm has completed its acquisition of 100% ownership of the gas and electricity sales company. Through this purchase, the Hera Group acquires new customers and consolidates its presence in Abruzzo. Julia Servizi Più enters the Hera Group Following the definitive sale approved by the City Council, today in Bologna the final steps were carried out to transfer ownership of the gas and electricity sales company Julia Servizi Più, owned at 100% by the City of Giulianova (TE), through the signing of the divestiture contract with Hera Comm, an Hera Group company already active in Abruzzo and Marche through the activities of Hera Comm Marche. Julia Servizi Più, which reported over EUR 7.3 million in revenues in 2014, has approximately 14,700 customers distributed throughout the municipality and the province of Teramo. Existing contracts with customers will remain in place and the operation will not lead to any changes in the sales and customer support structure: indeed, the company will continue to operate in the Giulianova area with specific personnel and channels of communication. In addition, new services and offers will gradually be introduced. As a matter of fact, Hera Comm's experience in managing more than 2.1 million customers throughout Italy will enable it to effectively meet local area requirements through a variety of options tailored to its specific needs, in terms of both gas and electricity, taking advantage of Hera's network of qualified agents. The Hera Group is a major Italian multi-utility company active in the sectors of energy (distribution and sale of electricity and gas), the environment (waste collection and treatment) and water (water supply, sewerage and wastewater treatment). Over 8,500 employees work for the Group and strive every day to respond to the multiple needs of 4.4 million people in more than 350 municipalities, mainly located in Emilia-Romagna, the Marche and Triveneto. The sales company Hera Comm, controlled at 100% by Hera S.p.A., operates throughout the country and also maintains a presence in Abruzzo and Marche, selling gas to more than 130,000 customers and electricity to over 50,000 customers. "This operation allows us to further develop our presence in the liberalized gas and electricity market and represents an important step forward in a process of development in the Adriatic regions, an established area of activity for us," explains Cristian Fabbri, CEO of Hera Comm. "Our local roots, our continual efforts to improve the services we offer, the availability of affordable options designed to meet the needs of customers: these are the ingredients that have led to a progressive increase in the number and satisfaction of our clients in recent years. We are thus confident that the existing customers of Julia Servizi will appreciate the new services and integrated options offered by the Hera Group in its effort to be ever more customer-centered." "With the contract signed today, the 8th of April," declared Francesco Mastromauro, the Mayor of Giulianova, "the Hera Group formally becomes 100% owner of Julia Servizi Più. The transfer of Julia, required by the provisions regarding municipally-owned affiliates, has allowed the City to earn 850 thousand euros over the asking price set at auction, for a total of 5.387 million euros. This is not just an economic matter, however. The current employment levels will also be safeguarded, and the headquarters will remain in Giulianova, based on a decision I and the majority made, as established in a specific clause of the call for tenders. With the transfer of Julia to the Hera Group, one of Italy's leading operators in this sector, not only will the company's presence in the local area be maintained, but customers will also be able to enjoy significant benefits thanks to additional services and new jobs." Julia Servizi Più enters the Hera Group 20160408_CS_acquisizione_Julia_Servizi_eng.1460121964.pdf 2016-04-05 12:58:00 Hera Group: control of Aliplast reaches 80%