Press releases

The Group has been certified for the eleventh consecutive year, rewarding a strategic management that focuses on people and gets them involved in pursuing shared goals. Investments in welfare, training, diversity and innovation continue. "Receiving this certification for the eleventh consecutive year proves that the path we have taken is valid", states Hera's Executive Chairman, Tomaso Tommasi di Vignano. "This does not lead us to believe, however, that it is sufficient. Indeed, we wish to continue dedicating significant resources to our employees, in terms of development, wellbeing and training. We will thus offer them the best working conditions possible, which also means guaranteeing an inclusive and participative workplace. Hera is a constantly growing company, and its results are due to the commitment shown by its employees, who with their daily activities create value in the areas we serve. The path before us leads to the best services for citizens and local communities, and without people, without putting them at the centre of value-creating processes, without giving them a sense of being protagonists in the business and the challenges of our times, no strategy could be converted into reality". Tomaso Tommasi di Vignano - Hera's Executive Chairman sinistra Tomaso Tommasi di Vignano - Hera's Executive Chairman 20200130_comunicato_Top_Employers_2020_eng.1580395393.pdf 2020-01-30 15:02:00 The Hera Group is once again a Top Employer The Hera Group is once again a Top Employer 2020-01-30

The multi-utility has now become part of this index, which measures gender equality and the promotion of diversity and inclusion, examining 325 listed companies, 10 of which Italian, in 42 countries worldwide The multi-utility has now become part of this index, which measures gender equality and the promotion of diversity and inclusion, examining 325 listed companies, 10 of which Italian, in 42 countries worldwide The Hera Group has once again been confirmed among the Italian and foreign companies most attentive to gender equality and diversity and inclusion promotion. It has indeed become part of the 2020 Bloomberg Gender-Equality Index, which examines 325 listed companies in 42 countries worldwide, committed to promoting and creating equal and inclusive workplaces, thanks to the development of specific policies and projects. Ten Italian companies are included in the index. Attention towards diversity is unquestionably an increasingly central issue for the international financial community, with investors showing a growing interest in listed companies with outstanding policies in this area. This index evaluates companies' diversity activities based on five main parameters, analysed both quantitatively and qualitatively: female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, specifically structured harassment prevention and sanctioning policies, a brand that recognisably and holistically supports the female gender. The evaluation criteria also include transparency in information provided on the issue of gender equality. The Hera Group reached particularly outstanding results in the latter area, with a score of 93.94%, outdoing the best practices of international companies (whose average comes to 89.92%) and the utility sector (with an average of 92.73%). Excellent results were also seen in the multi-utility's harassment prevention and sanctioning policies, with a score coming to 80.00% (as opposed to a national average of 57.75%, and 57.92% in the utility sector). Lastly, Hera also achieved quite good results in "female leadership and pipeline" (52.63%) and as a "brand that recognisably supports women" (65.00%). "The Hera Group is pleased to be included in the Bloomberg Gender-Equality Index", states Hera CEO Stefano Venier. "This fact recognises the quality and authenticity of the path taken by the Group, which over time has been enriched with new contents and dimensions, involving an ever-wider set of female and male colleagues, as well as external bodies committed toward these issues. Indeed, if advances of this type are made, they make sense above all when they are shared by the entire socio-economic system. We will thus interpret this as an invitation to continue along the same path and to consolidate an orientation that puts gender inclusion at the very heart of our development policies". Additional evidence of the Hera Group's attention towards promoting diversity, inclusion and people development comes from the score it achieved in the 2019 Refinitiv "Diversity & Inclusion Index" (formerly Thomson Reuters), that each year evaluates over 7,000 listed companies across the world. Last year, Hera ranked as the 3rd company in Italy and 14th internationally, further improving its position (after coming in 22nd in 2018) and confirming itself as the leading multi-utility in this global ranking. The Hera Group's commitment to diversity and inclusion policies, moreover, began quite some time ago and was consolidated in 2009 when it signed the Charter for equal opportunity and fairness on the workplace. A key element was the introduction, in 2011, of a Diversity Manager, whose goal is to additionally favour the development of inclusion policies and diversity valorisation. With these activities, Hera actively contributes to the United Nations' fifth sustainable development goal (SDG), specifically dedicated to gender equality. Furthermore, Hera continues to work on developing internal and personalised career paths, and this orientation has allowed it to reach a percentage of women with roles of responsibility that in 2019 came to 29%. The amount of female personnel, which increased overall, settled at 26.5%. In addition to this data, one must also add that the percentage of disable employees reaches 4.9% of the total, which corresponds to a significant amount of support for inclusion of people with special needs. A significant contribution also comes from training. 99% of the Group's workers were involved in training activities in 2019, with a per capita average of approximately 28.6 hours. The various initiatives include the extension of smart working and leadership courses, which favour the development of human resources based on the different characteristics of each employee (gender, age, training, aptitude and skills). Nor should one forget the introduction of innovative training activities that use the gamification methodology, such as the recent Diversity@work, conceived precisely to raise awareness of diversity and inclusion culture among the all of the company's employees. Other positive effects unquestionably come from the company welfare plan, Hextra, which in many ways supports employees and their families (the overall value of the services provided came to 4.5 million euro in 2019). Lastly, many significant projects give concrete shape to plurality management, such as scholarships, agreements with summer schools, work-life balance initiatives and the availability of parental leave, given not only to mothers and fathers but also those who care for elderly relatives. Not by chance, the results that emerge from enquiries on the company climate continue to be encouraging and are additionally confirmed by the absence of litigation involving diversity and inclusion. 20200124_Bloomberg_Gender_Equality_Index_engl.1579880776.pdf 2020-01-24 11:19:00 Hera Group included in the 2020 Bloomberg Gender-Equality Index Hera Group included in the 2020 Bloomberg Gender-Equality Index 2020-01-24

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: 25 March 2020 - Meeting of the Board of Directors to approve the previous year's preliminary financial statements. 29 April 2020 - Shareholders' Meeting to approve the previous year's financial statements. 13 May 2020 - Meeting of the Board of Directors to approve additional financial information for the period ending on 31 March 2020. 29 July 2020 - Meeting of the Board of Directors to approve the half-year financial report as at 30 June 2020. 11 November 2020 - Meeting of the Board of Directors to approve additional financial information for the period ending on 30 September 2020. 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 CS_CALENDAR_OF_CORPORATE_EVENTS_2020_ENG.1579599066.pdf 2020-01-21 09:48:00 Calendario degli eventi Calendar of events 2017-01-26

In light of the positive preliminary results for 2019, showing higher growth than expected in the previous Plan, and the M&A transactions carried out, the Group has presented its new five-year strategic document. This reflects its commitment towards further industrial development, sustained by investments, innovation and an eye to sustainability. Hera has confirmed its role as a "local multi-utility", capable of creating value for the areas in which it operates and for all stakeholders. In light of the positive preliminary results for 2019, showing higher growth than expected in the previous Plan, and the M&A transactions carried out, the Group has presented its new five-year strategic document. This reflects its commitment towards further industrial development, sustained by investments, innovation and an eye to sustainability. Hera has confirmed its role as a "local multi-utility", capable of creating value for the areas in which it operates and for all stakeholders. [block]div:row-fluid::db:hr_ir::box:177[/block] Operating and financial highlights 2023 Ebitda: 1,250 million euro (+219 million over 2018 Ebitda) Overall industrial and financial investments: roughly 2.9 billion euro 2023 Net debt/Ebitda ratio at 2.8 Further increase expected in dividends, reaching 12.0 cents per share in 2023 (+20% over the five years) Industrial highlights Strategy based on 3 directives: industrial growth, risk management and circular economy Development driven by a balanced mix between internal and external (M&A) growth Goal of 3.5 million energy customers by 2023, with strong growth thanks to the recent partnership with Ascopiave, which allowed the target included in the previous Business plan to be met 2 years in advance 2023 Shared Value: 530 million euro Preliminary results for 2019 show Ebitda at 1,081 million; a new Plan to accompany development Today, the Hera Group's Board of Directors, chaired by Tomaso Tommasi di Vignano, approved the Business plan to 2023. The year-end projections confirm results exceeding expectations, due to both the highly positive results seen in the third quarter report at 30 September 2019, and the performances projected for the last quarter of the year. Ebitda is expected to reach roughly 1,081 million euro, up 4.85% compared to the 1,031.1 million seen in 2018, with the Net debt/Ebitda ratio settling at roughly 2.5, before including the financial impact of the Ascopiave transaction, which brings this indicator to roughly 3.05. In light of these positive results - and following up on 17 years of uninterrupted growth, which has led Hera to consolidate a position of leadership in all businesses - the Group now presents its new five-year strategic document, which reflects its strong commitment towards further industrial growth, along with a renewed emphasis on circularity and risk management and mitigation. The new Business plan confirms and consolidates Hera's role as a "local multi-utility", which bases its own growth on the creation of increasing value for the ecosystem in which it operates and for all its stakeholders. The scenario: options for growth, along with a range of opportunities Even within a complex national economic scenario, marked by limited prospects for growth, Hera intends to continue along its path of development and maintain the resilience it has shown over time in this type of context. This will be achieved by relying on its noteworthy available asset portfolio, the skills of its employees, the diversified portfolio mix and the opportunities now emerging in its various business areas. The growing attention shown by European institutions towards promoting sustainable growth, with interventions such as the recent "A European Green Deal" program, will give further value to the goals already pursued by the Group in recent years, in terms of sustainability, innovation and circularity in its business management models. In regulated sectors, growth opportunities are linked to the reassignment of concessions through tenders and ongoing changes in Arera tariff regulation which, as of 2020, will be responsible for the waste management sector as well. In free market waste management activities, the persistent shortcomings in waste treatment plants on a national and European level sustains a positive trend in prices and demand, going to the advantage of operators provided with adequate infrastructures. As regards free market energy sales, over the period of time covered by the Plan, new yearly/two-year tenders for assigning last resort services are expected to be held and a process of liberalising protected electricity customers "maggior tutela" is expected to be gradually introduced. Growth, risk management and circular economy: the three pillars of the new Business plan In such context, Hera has defined its Plan to 2023 by elaborating marketing and industrial growth strategies based on an increasingly sustainable business model, making the most of the opportunities offered by new technologies and digital evolution. The new strategic document aims at leveraging upon the competitive advantages of its multi-utility portfolio: a wide service portfolio marked by a significant amount of regulated services; solidity in assets and finance; an ability to fund significant investments; a corporate environment and experience geared towards efficiency and innovation; and the investments constantly made in training its roughly 9,000 employees. In particular, the Group has set out its Plan to 2023 by following 3 strategic directives. Firstly, industrial growth, which is indispensable in order to be able to continue distributing value to an increasing degree. Secondly, risk management, with the medium- long-term approach required to anticipate the actions involved in mitigating the risks to which multi-utilities are exposed, first and foremost the ones tied to climate change. Lastly, circular economy, continuing to promote projects and concrete initiatives that are effective in orienting objectives including reduction, reuse, recycling, recovery or regeneration. Attention towards sustainability remains a fundamental aspect of the Group's strategy, reflecting the goals set out in the 2030 Agenda that concern the Group's activities (covering 11 of the UN's 17 SDGs): almost 3/4 of the growth expected over the period covered by the Plan will be sustained by projects that respond to this "call to action", thus bringing shared value Ebitda - i.e., the value of business activities which, in addition to generating operating income,respond to the drivers for sustainable growth - to reach 530 million euro in 2023 (or 42% of overall Ebitda). Almost 2.9 billion euro in investments; solidity confirmed in assets and finance The new Business plan foresees investments coming to roughly 2.9 billion euro, of which roughly 2 billion will go towards maintenance of currently owned plants and 900 million in plant expansion. In particular, investments for internal plant development are expected to rise, now coming to 540 million, 120 more (+30%) than in the previous plan. The investments included in the Plan, as usual, will mainly be concentrated in regulated activities, which have now acquired higher visibility thanks to the new tariff system recently approved by the Authority. 73% of the total will go towards networks and urban waste management, with interventions aimed at modernising and developing infrastructures, confirming the Group's particular attention towards resilience, innovation and quality in the services provided to local areas. The investment plan, lastly, is entirely covered from a financial point of view, thanks to both the results that exceeded expectations in 2019, and an increased cash generation foreseen over the period covered by the Plan, which will also be able to cover the dividends paid. On this matter, one must note that the attention Hera has shown over time to the solidity of its assets and its financial balance has allowed it to include projects for expansion through M&As in its new strategic document, in addition to the ones already finalised over the previous year, including the partnership with Ascopiave. At the same time, space to manoeuvre remains, as does the flexibility required to grasp any additional opportunities for external growth in the upcoming years, not included in the current Plan. The ratio between net debt and Ebitda is expected to settle at 2.8 in 2023, improving over the previous Plan, which forecasted this ratio at 2.9 in 2022. Ebitda up to 1,250 million, showing a balanced mix: between business areas and localities served, between regulated and free market activities, and between internal and external growth In line with these investments, the Hera Group expects Ebitda to reach 1,250 million euro in 2023, increasing by 219 million over the 1,031.1 million seen at the end of 2018, with an average annual increase coming to roughly 44 million, and 65 million higher than the final figure projected in the previous plan (in 2022). The trends expected in Ebitda are the result of contributions coming from all areas (networks, waste management and energy, but also telecommunications and public lighting), with evenly distributed and sustainable growth, and the usual balance between internal and external development, and between regulated and free market activities. Thanks to synergies, efficiency-enhancing initiatives, expansion in market share and investments supporting industrial development, the contribution to increased Ebitda coming from internal growth amounts to 112 million (123 including lower incentives for waste-to-energy activities), while external development is expected to provide an additional 107 million in growth. Value for shareholders and rising dividends The new Plan confirms the Group's attention towards creating shared value for all stakeholders, beginning with shareholders, and towards transparency in its dividend policies. The dividend due for 2019, set at 10.0 cents per share, will indeed rise to 10.5 cents per share in 2020, 11.0 in 2021 and 11.5 in 2022, ultimately reaching 12.0 cents per share in 2023 (+20% compared to the last dividend paid in 2018). The rate of growth is thus higher than the one included in the previous Business plan, which called for an increase in dividends every two years. Innovation, resilience and resource protection for networks: from new meters to interventions for the business continuity and the reuse of water Almost half of the Ebitda expected by the end of the period covered by the Plan will involve networks, which include services in electricity and gas distribution, the water cycle and district heating: Ebitda forecasted for 2023 comes to 537 million euro, up over the 464 million seen in 2018. The Hera Group will invest most of its resources from 2019 to 2023 in networks (roughly 1,900 million), dedicated to extending, modernising and technologically upgrading them, to guarantee resilience and business continuity in its services. A significant part of these resources will go towards renewing meters: over the period covered by the Plan, over 500,000 water meters are expected to be installed, along with 150,000 electricity meters and 650,000 gas meters, of which 300,000 NexMeter, Hera's new smart gas meter 4.0, provided with advanced technology and functions in the event of leaks or earthquakes. These interventions will help further improve the services provided to customers and will contribute to making localities we serve become smart cities. The greater resources available for networks is partially linked to changes in the timing expected for tenders in gas distribution in areas served by the Group. Indeed, based on an updated analysis of the state of progress the of activities of contracting authorities, as well as the timing and the outcome of the few tenders already concluded nationwide, a decision was made to postpone the expected tenders by roughly two years, thus shifting beyond 2023 part of the investments that the previous Plan had designated to detecting outgoing third party delivery points following the expected confirmation of the Group in the areas it serves. In the water cycle, the Group's main projects will be designed to provide a response to climate change, contributing to facing it through a notable reduction of the Group's "water footprint": "water management" responsibilities will be developed and reinforced both inside and outside the Group, interventions will take place supporting the resilience of water networks, even in case of drought or excessive precipitation, and projects favouring protection of water resources will be promoted. As regards the latter point, the focus will go to reusing purified water, as a fundamental tool to manage situations in which water is scarce. Among the initiatives already ongoing, note the projects launched in Bologna (Idar and other minor purifiers) and a potential extension in the area surrounding Modena (involving the Sassuolo and Savignano sul Panaro purifiers). Over the period covered by the Plan, these initiatives are expected to be extended to other areas as well (Rimini, Forlì, Ravenna, Ferrara), so as to reach an overall volume of purified and reusable waste water coming to roughly 20 million cubic metres per year. As regards the district heating sector, Hera has confirmed its growing interest in the technological solutions that will play a significant role in decarbonisation across the area, with 75% of the heat injected into networks by the Group coming from renewable and comparable sources. Among the projects currently under evaluation to extend the contribution coming from district heating networks, note the possible connection between the two district heating systems found in Bologna (in San Giacomo and the Pilastro CAAB system), in order to generate significant synergies and extract further environmental benefits that go to the advantage of the area. Leader in the waste management area, thanks to sorted waste, solutions for waste transportation and outstanding projects for a circular economy Increases are also expected for Ebitda in the waste management area, which will go from 252 million in 2018 to 307 in 2023, with 618 million in investments expected between 2019 and 2023. In this sector, the Group aims at confirming its commercial and technological leadership in the integrated waste cycle, thanks to its avant-garde set of plants which are in line with European best practices, which will be further developed in the years to come with the goal of increasing resource protection and maximising reuse. One example comes from biomethane production plants. The experience acquired from the Sant'Agata Bolognese (BO) plant - which transforms the organic portion of sorted waste into compost and biomethane which fuels buses, taxis and private vehicles - will lead new projects to be introduced in areas served by the Group, supporting the model of a circular economy. In particular, over the period covered by the Plan, the Voltana anaerobic digester, located in the area surrounding Ravenna, will also be partially reconverted to produce biomethane. Within 2023 the Hera Group furthermore expects an additional rise in sorted waste in the areas served, up from the 62.5% seen in 2018 to 75% in 2023. The Group's objective is to improve its quality as well, thanks to numerous campaigns designed to raise awareness and initiatives meant to get citizens involved. The circular model, indeed, in addition to the appropriate type of plants, also requires coherent individual and collective behaviour. A larger and better amount of sorted waste leads to further circular business opportunities. One example can be seen in the partnership between Hera and Eni intended to produce biofuel from waste oil brought by citizens, which is expected to be extended to other areas served by the Group, outside Emilia-Romagna, where the pilot project took place. A second example lies in the 62% growth, compared to 2017 and expected by the end of the period covered by the Plan, in the amount of plastic recycled by Aliplast, which results from the company's new activity in recycling rigid plastics. In this way, the Group will further contribute to a sustainable development of the plastic sector, a central issue in Italian and European policies, as well as current debate. The possibility, unique nationwide, of offering integrated and circular solutions and of extracting synergies between Herambiente and Aliplast's customer portfolio will boost growth in customers in the waste sector, with marketing offers adapted to specific needs and able to offer the largest customers a complete consultancy, with across-the-board solutions, also covering circularity in water resources and energy services. The energy sector: over 3.5 million customers in 2023, thanks to factors including the partnership with Ascopiave and new opportunities for growth In 2023, Ebitda for the energy sector will amount to 363 million euro, up compared to the 286 seen in 2018, while the investments foreseen over the period covered by the Plan will come to 295 million. In the next few years, the Group will continue along its path of enlarging its customer base, with the goal of reaching 3.5 million customers in the energy sector within 2023. This target has been revised with respect to the previous plan, now higher thanks to the effect of the recent partnership with Ascopiave, which consolidated the Groups presence in the North-East and allowed the previously defined target (3 million customers) to be met over 2 years in advance. The transaction with Ascopiave furthermore brought Hera to rank third in energy sales nationwide. This growing customer base will be achieved thanks to both marketing development - supported by innovative offers, services with added value and increasing customer experience for each type of customer - and the opportunities ensuing from new assignments of last resort services and the gradual disappearance of the protected electricity market. The most noteworthy marketing offers will be those oriented towards promoting circularity within the energy sector, i.e. accompanied by "green" supply or new initiatives in energy savings, with methods including the application of behavioural economics to modify individual habits. Energy efficiency interventions will affect not only Hera's customers, but Group companies as well: the new objective for 2023 in reducing Hera's consumption Hera comes to 6.5% compared to the amount required in 2013. Again reflecting a rationale of circularity and attention towards resources, and in line with national and European objectives, the Group aims at developing further solutions for energy saving in local authorities, industrial units and apartment buildings, with offers tailored to the specific needs of each category. Lastly, Hera also creates multi-business circular and energy-efficiency solutions, combining energy services and public lighting. In the latter area, over 560,000 lighting points, 25% of which Led, are expected to be managed by 2023. Tomaso Tommasi di Vignano, Hera Executive Chairman The goals set out in the Business plan we are presenting today are in line with our history: for 17 years, we have been growing uninterruptedly, creating value for the areas in which we operate and for all stakeholders, beginning with our shareholders. This value translates into concrete benefits, concerning for example the investments made in services and plants, which become assets of the area itself, and in the activities in which Hera involves citizens, institutions, workers, suppliers and members of the third sector, acting as an "enabler" for their own growth. Our Plan is able to rely on both a solid initial basis - with preliminary year-end results 3% higher than expected - and significant growth in 2020, sustained among other things by the transaction with Ascopiave, which will now begin to contribute to our results. At the same time, we expect our growth to continue thanks to further M&As, while maintaining the financial flexibility required to grasp additional opportunities. The Group's development has indeed been achieved by always maintaining, and even improving its financial soundness, now expecting the net debt/Ebitda ratio to reach 2.8 in 2023, instead of the 2.9 set down in the previous Plan. Dividends will also rise, with a rate of growth coming to 0.5 cents per year, ultimately reaching 12.0 cents per share pertaining to 2023. Stefano Venier, Hera CEO Our Business plan's orientations, just like the initiatives carried out by Hera in previous years, reflect our growing attention towards sustainable development, circular economy and decarbonisation. Within the Group, sustainability is built into our corporate strategies themselves: by 2023, 42% of Ebitda will involve "shared value", that is, projects that respond to the goals contained in the Un Agenda. In this area, investments will come to over 950 million euro over the period covered by the Plan, of which 330 million to make our cities increasingly smart, thanks to innovation and technological evolution, or again projects promoting energy efficiency, recovery and reuse of materials, air quality and network resilience, in order to face climate change. What's more, we are looking even farther into the future, with the objective of reducing the impact of our activities up to 2030, in all areas in which we operate: this involves our "footprint" not only as regards carbon, but also water and the use of natural resources. Our goals for 2030 include an increase in the amount of urban waste recycled, reaching 67% and thus overcoming the EU target set at 65%; a further reduction in the Group's energy consumption, which will fall by 10% compared to 2013; and eliminating linear leakage in the water cycle by 7% compared to 2018. These commitments are perfectly in line with the principles of a circular economy and the very nature of our businesses. 2020-01-10 13:10:00 2020-01-10

In light of the positive preliminary results for 2019, showing higher growth than expected in the previous Plan, and the M&A transactions carried out, the Group has presented its new five-year strategic document. This reflects its commitment towards further industrial development, sustained by investments, innovation and an eye to sustainability. Hera has confirmed its role as a "local multi-utility", capable of creating value for the areas in which it operates and for all stakeholders. In light of the positive preliminary results for 2019, showing higher growth than expected in the previous Plan, and the M&A transactions carried out, the Group has presented its new five-year strategic document. This reflects its commitment towards further industrial development, sustained by investments, innovation and an eye to sustainability. Hera has confirmed its role as a "local multi-utility", capable of creating value for the areas in which it operates and for all stakeholders. [block]div:row-fluid::db:hr_ir::box:177[/block] Operating and financial highlights 2023 Ebitda: 1,250 million euro (+219 million over 2018 Ebitda) Overall industrial and financial investments: roughly 2.9 billion euro 2023 Net debt/Ebitda ratio at 2.8 Further increase expected in dividends, reaching 12.0 cents per share in 2023 (+20% over the five years) Industrial highlights Strategy based on 3 directives: industrial growth, risk management and circular economy Development driven by a balanced mix between internal and external (M&A) growth Goal of 3.5 million energy customers by 2023, with strong growth thanks to the recent partnership with Ascopiave, which allowed the target included in the previous Business plan to be met 2 years in advance 2023 Shared Value: 530 million euro Preliminary results for 2019 show Ebitda at 1,081 million; a new Plan to accompany development Today, the Hera Group's Board of Directors, chaired by Tomaso Tommasi di Vignano, approved the Business plan to 2023. The year-end projections confirm results exceeding expectations, due to both the highly positive results seen in the third quarter report at 30 September 2019, and the performances projected for the last quarter of the year. Ebitda is expected to reach roughly 1,081 million euro, up 4.85% compared to the 1,031.1 million seen in 2018, with the Net debt/Ebitda ratio settling at roughly 2.5, before including the financial impact of the Ascopiave transaction, which brings this indicator to roughly 3.05. In light of these positive results - and following up on 17 years of uninterrupted growth, which has led Hera to consolidate a position of leadership in all businesses - the Group now presents its new five-year strategic document, which reflects its strong commitment towards further industrial growth, along with a renewed emphasis on circularity and risk management and mitigation. The new Business plan confirms and consolidates Hera's role as a "local multi-utility", which bases its own growth on the creation of increasing value for the ecosystem in which it operates and for all its stakeholders. The scenario: options for growth, along with a range of opportunities Even within a complex national economic scenario, marked by limited prospects for growth, Hera intends to continue along its path of development and maintain the resilience it has shown over time in this type of context. This will be achieved by relying on its noteworthy available asset portfolio, the skills of its employees, the diversified portfolio mix and the opportunities now emerging in its various business areas. The growing attention shown by European institutions towards promoting sustainable growth, with interventions such as the recent "A European Green Deal" program, will give further value to the goals already pursued by the Group in recent years, in terms of sustainability, innovation and circularity in its business management models. In regulated sectors, growth opportunities are linked to the reassignment of concessions through tenders and ongoing changes in Arera tariff regulation which, as of 2020, will be responsible for the waste management sector as well. In free market waste management activities, the persistent shortcomings in waste treatment plants on a national and European level sustains a positive trend in prices and demand, going to the advantage of operators provided with adequate infrastructures. As regards free market energy sales, over the period of time covered by the Plan, new yearly/two-year tenders for assigning last resort services are expected to be held and a process of liberalising protected electricity customers "maggior tutela" is expected to be gradually introduced. Growth, risk management and circular economy: the three pillars of the new Business plan In such context, Hera has defined its Plan to 2023 by elaborating marketing and industrial growth strategies based on an increasingly sustainable business model, making the most of the opportunities offered by new technologies and digital evolution. The new strategic document aims at leveraging upon the competitive advantages of its multi-utility portfolio: a wide service portfolio marked by a significant amount of regulated services; solidity in assets and finance; an ability to fund significant investments; a corporate environment and experience geared towards efficiency and innovation; and the investments constantly made in training its roughly 9,000 employees. In particular, the Group has set out its Plan to 2023 by following 3 strategic directives. Firstly, industrial growth, which is indispensable in order to be able to continue distributing value to an increasing degree. Secondly, risk management, with the medium- long-term approach required to anticipate the actions involved in mitigating the risks to which multi-utilities are exposed, first and foremost the ones tied to climate change. Lastly, circular economy, continuing to promote projects and concrete initiatives that are effective in orienting objectives including reduction, reuse, recycling, recovery or regeneration. Attention towards sustainability remains a fundamental aspect of the Group's strategy, reflecting the goals set out in the 2030 Agenda that concern the Group's activities (covering 11 of the UN's 17 SDGs): almost 3/4 of the growth expected over the period covered by the Plan will be sustained by projects that respond to this "call to action", thus bringing shared value Ebitda - i.e., the value of business activities which, in addition to generating operating income,respond to the drivers for sustainable growth - to reach 530 million euro in 2023 (or 42% of overall Ebitda). Almost 2.9 billion euro in investments; solidity confirmed in assets and finance The new Business plan foresees investments coming to roughly 2.9 billion euro, of which roughly 2 billion will go towards maintenance of currently owned plants and 900 million in plant expansion. In particular, investments for internal plant development are expected to rise, now coming to 540 million, 120 more (+30%) than in the previous plan. The investments included in the Plan, as usual, will mainly be concentrated in regulated activities, which have now acquired higher visibility thanks to the new tariff system recently approved by the Authority. 73% of the total will go towards networks and urban waste management, with interventions aimed at modernising and developing infrastructures, confirming the Group's particular attention towards resilience, innovation and quality in the services provided to local areas. The investment plan, lastly, is entirely covered from a financial point of view, thanks to both the results that exceeded expectations in 2019, and an increased cash generation foreseen over the period covered by the Plan, which will also be able to cover the dividends paid. On this matter, one must note that the attention Hera has shown over time to the solidity of its assets and its financial balance has allowed it to include projects for expansion through M&As in its new strategic document, in addition to the ones already finalised over the previous year, including the partnership with Ascopiave. At the same time, space to manoeuvre remains, as does the flexibility required to grasp any additional opportunities for external growth in the upcoming years, not included in the current Plan. The ratio between net debt and Ebitda is expected to settle at 2.8 in 2023, improving over the previous Plan, which forecasted this ratio at 2.9 in 2022. Ebitda up to 1,250 million, showing a balanced mix: between business areas and localities served, between regulated and free market activities, and between internal and external growth In line with these investments, the Hera Group expects Ebitda to reach 1,250 million euro in 2023, increasing by 219 million over the 1,031.1 million seen at the end of 2018, with an average annual increase coming to roughly 44 million, and 65 million higher than the final figure projected in the previous plan (in 2022). The trends expected in Ebitda are the result of contributions coming from all areas (networks, waste management and energy, but also telecommunications and public lighting), with evenly distributed and sustainable growth, and the usual balance between internal and external development, and between regulated and free market activities. Thanks to synergies, efficiency-enhancing initiatives, expansion in market share and investments supporting industrial development, the contribution to increased Ebitda coming from internal growth amounts to 112 million (123 including lower incentives for waste-to-energy activities), while external development is expected to provide an additional 107 million in growth. Value for shareholders and rising dividends The new Plan confirms the Group's attention towards creating shared value for all stakeholders, beginning with shareholders, and towards transparency in its dividend policies. The dividend due for 2019, set at 10.0 cents per share, will indeed rise to 10.5 cents per share in 2020, 11.0 in 2021 and 11.5 in 2022, ultimately reaching 12.0 cents per share in 2023 (+20% compared to the last dividend paid in 2018). The rate of growth is thus higher than the one included in the previous Business plan, which called for an increase in dividends every two years. Innovation, resilience and resource protection for networks: from new meters to interventions for the business continuity and the reuse of water Almost half of the Ebitda expected by the end of the period covered by the Plan will involve networks, which include services in electricity and gas distribution, the water cycle and district heating: Ebitda forecasted for 2023 comes to 537 million euro, up over the 464 million seen in 2018. The Hera Group will invest most of its resources from 2019 to 2023 in networks (roughly 1,900 million), dedicated to extending, modernising and technologically upgrading them, to guarantee resilience and business continuity in its services. A significant part of these resources will go towards renewing meters: over the period covered by the Plan, over 500,000 water meters are expected to be installed, along with 150,000 electricity meters and 650,000 gas meters, of which 300,000 NexMeter, Hera's new smart gas meter 4.0, provided with advanced technology and functions in the event of leaks or earthquakes. These interventions will help further improve the services provided to customers and will contribute to making localities we serve become smart cities. The greater resources available for networks is partially linked to changes in the timing expected for tenders in gas distribution in areas served by the Group. Indeed, based on an updated analysis of the state of progress the of activities of contracting authorities, as well as the timing and the outcome of the few tenders already concluded nationwide, a decision was made to postpone the expected tenders by roughly two years, thus shifting beyond 2023 part of the investments that the previous Plan had designated to detecting outgoing third party delivery points following the expected confirmation of the Group in the areas it serves. In the water cycle, the Group's main projects will be designed to provide a response to climate change, contributing to facing it through a notable reduction of the Group's "water footprint": "water management" responsibilities will be developed and reinforced both inside and outside the Group, interventions will take place supporting the resilience of water networks, even in case of drought or excessive precipitation, and projects favouring protection of water resources will be promoted. As regards the latter point, the focus will go to reusing purified water, as a fundamental tool to manage situations in which water is scarce. Among the initiatives already ongoing, note the projects launched in Bologna (Idar and other minor purifiers) and a potential extension in the area surrounding Modena (involving the Sassuolo and Savignano sul Panaro purifiers). Over the period covered by the Plan, these initiatives are expected to be extended to other areas as well (Rimini, Forlì, Ravenna, Ferrara), so as to reach an overall volume of purified and reusable waste water coming to roughly 20 million cubic metres per year. As regards the district heating sector, Hera has confirmed its growing interest in the technological solutions that will play a significant role in decarbonisation across the area, with 75% of the heat injected into networks by the Group coming from renewable and comparable sources. Among the projects currently under evaluation to extend the contribution coming from district heating networks, note the possible connection between the two district heating systems found in Bologna (in San Giacomo and the Pilastro CAAB system), in order to generate significant synergies and extract further environmental benefits that go to the advantage of the area. Leader in the waste management area, thanks to sorted waste, solutions for waste transportation and outstanding projects for a circular economy Increases are also expected for Ebitda in the waste management area, which will go from 252 million in 2018 to 307 in 2023, with 618 million in investments expected between 2019 and 2023. In this sector, the Group aims at confirming its commercial and technological leadership in the integrated waste cycle, thanks to its avant-garde set of plants which are in line with European best practices, which will be further developed in the years to come with the goal of increasing resource protection and maximising reuse. One example comes from biomethane production plants. The experience acquired from the Sant'Agata Bolognese (BO) plant - which transforms the organic portion of sorted waste into compost and biomethane which fuels buses, taxis and private vehicles - will lead new projects to be introduced in areas served by the Group, supporting the model of a circular economy. In particular, over the period covered by the Plan, the Voltana anaerobic digester, located in the area surrounding Ravenna, will also be partially reconverted to produce biomethane. Within 2023 the Hera Group furthermore expects an additional rise in sorted waste in the areas served, up from the 62.5% seen in 2018 to 75% in 2023. The Group's objective is to improve its quality as well, thanks to numerous campaigns designed to raise awareness and initiatives meant to get citizens involved. The circular model, indeed, in addition to the appropriate type of plants, also requires coherent individual and collective behaviour. A larger and better amount of sorted waste leads to further circular business opportunities. One example can be seen in the partnership between Hera and Eni intended to produce biofuel from waste oil brought by citizens, which is expected to be extended to other areas served by the Group, outside Emilia-Romagna, where the pilot project took place. A second example lies in the 62% growth, compared to 2017 and expected by the end of the period covered by the Plan, in the amount of plastic recycled by Aliplast, which results from the company's new activity in recycling rigid plastics. In this way, the Group will further contribute to a sustainable development of the plastic sector, a central issue in Italian and European policies, as well as current debate. The possibility, unique nationwide, of offering integrated and circular solutions and of extracting synergies between Herambiente and Aliplast's customer portfolio will boost growth in customers in the waste sector, with marketing offers adapted to specific needs and able to offer the largest customers a complete consultancy, with across-the-board solutions, also covering circularity in water resources and energy services. The energy sector: over 3.5 million customers in 2023, thanks to factors including the partnership with Ascopiave and new opportunities for growth In 2023, Ebitda for the energy sector will amount to 363 million euro, up compared to the 286 seen in 2018, while the investments foreseen over the period covered by the Plan will come to 295 million. In the next few years, the Group will continue along its path of enlarging its customer base, with the goal of reaching 3.5 million customers in the energy sector within 2023. This target has been revised with respect to the previous plan, now higher thanks to the effect of the recent partnership with Ascopiave, which consolidated the Groups presence in the North-East and allowed the previously defined target (3 million customers) to be met over 2 years in advance. The transaction with Ascopiave furthermore brought Hera to rank third in energy sales nationwide. This growing customer base will be achieved thanks to both marketing development - supported by innovative offers, services with added value and increasing customer experience for each type of customer - and the opportunities ensuing from new assignments of last resort services and the gradual disappearance of the protected electricity market. The most noteworthy marketing offers will be those oriented towards promoting circularity within the energy sector, i.e. accompanied by "green" supply or new initiatives in energy savings, with methods including the application of behavioural economics to modify individual habits. Energy efficiency interventions will affect not only Hera's customers, but Group companies as well: the new objective for 2023 in reducing Hera's consumption Hera comes to 6.5% compared to the amount required in 2013. Again reflecting a rationale of circularity and attention towards resources, and in line with national and European objectives, the Group aims at developing further solutions for energy saving in local authorities, industrial units and apartment buildings, with offers tailored to the specific needs of each category. Lastly, Hera also creates multi-business circular and energy-efficiency solutions, combining energy services and public lighting. In the latter area, over 560,000 lighting points, 25% of which Led, are expected to be managed by 2023. Tomaso Tommasi di Vignano, Hera Executive Chairman The goals set out in the Business plan we are presenting today are in line with our history: for 17 years, we have been growing uninterruptedly, creating value for the areas in which we operate and for all stakeholders, beginning with our shareholders. This value translates into concrete benefits, concerning for example the investments made in services and plants, which become assets of the area itself, and in the activities in which Hera involves citizens, institutions, workers, suppliers and members of the third sector, acting as an "enabler" for their own growth. Our Plan is able to rely on both a solid initial basis - with preliminary year-end results 3% higher than expected - and significant growth in 2020, sustained among other things by the transaction with Ascopiave, which will now begin to contribute to our results. At the same time, we expect our growth to continue thanks to further M&As, while maintaining the financial flexibility required to grasp additional opportunities. The Group's development has indeed been achieved by always maintaining, and even improving its financial soundness, now expecting the net debt/Ebitda ratio to reach 2.8 in 2023, instead of the 2.9 set down in the previous Plan. Dividends will also rise, with a rate of growth coming to 0.5 cents per year, ultimately reaching 12.0 cents per share pertaining to 2023. Stefano Venier, Hera CEO Our Business plan's orientations, just like the initiatives carried out by Hera in previous years, reflect our growing attention towards sustainable development, circular economy and decarbonisation. Within the Group, sustainability is built into our corporate strategies themselves: by 2023, 42% of Ebitda will involve "shared value", that is, projects that respond to the goals contained in the Un Agenda. In this area, investments will come to over 950 million euro over the period covered by the Plan, of which 330 million to make our cities increasingly smart, thanks to innovation and technological evolution, or again projects promoting energy efficiency, recovery and reuse of materials, air quality and network resilience, in order to face climate change. What's more, we are looking even farther into the future, with the objective of reducing the impact of our activities up to 2030, in all areas in which we operate: this involves our "footprint" not only as regards carbon, but also water and the use of natural resources. Our goals for 2030 include an increase in the amount of urban waste recycled, reaching 67% and thus overcoming the EU target set at 65%; a further reduction in the Group's energy consumption, which will fall by 10% compared to 2013; and eliminating linear leakage in the water cycle by 7% compared to 2018. These commitments are perfectly in line with the principles of a circular economy and the very nature of our businesses. 20200110_comunicato_Piano_industriale_al_2023_ENG.1578659562.pdf 2020-01-10 13:10:00 Hera Group included in the 2020 Bloomberg Gender-Equality Index Hera Group approves Business Plan to 2023 2020-01-10

(drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Bologna, 3 January 2020 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 31 December 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,251,438,785 1,489,538,745 2,251,436,801 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 727,638,705 727,638,705 727,640,689 727,640,689 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 761,900,040 1,523,800,080 761,898,056 1,523,796,112 20200103_Communication_overall_amount_of_voting_rights_art_85_bis_RE_eng.1578056395.pdf 2020-01-03 10:59:00 Comunicazione dell'ammontare complessivo dei diritti di voto Communication of the overall amount of voting rights 2019-07-03

The transaction between the two companies, finalised today, marks the birth, through EstEnergy, of the largest energy operator in North-Eastern Italy, whose BoD was also appointed. Ascopiave acquires new assets in gas distribution, reinforcing its position in the sector and reaching 775,000 users served. The Hera Group now has roughly 3.3 million energy customers overall, meeting the target included in its Business plan well ahead of time. The transaction between the two companies, finalised today, marks the birth, through EstEnergy, of the largest energy operator in North-Eastern Italy, whose BoD was also appointed. Ascopiave acquires new assets in gas distribution, reinforcing its position in the sector and reaching 775,000 users served. The Hera Group now has roughly 3.3 million energy customers overall, meeting the target included in its Business plan well ahead of time. The Hera Group and Ascopiave S.p.a. have finalised the transaction that formalises, as of today, the birth of the largest operator in the energy sector in North-Eastern Italy, with over one million customers, while at the same time redefining gas distribution between the two partners. Today's closing, which follows up on the framework agreement signed on 30 July and the subsequent approvals granted by the appropriate authorities and bodies, involves an exchange of assets having an equal value between the Hera Group and Ascopiave, in energy sales on the one hand, and gas distribution on the other. The economic aspects of the transaction did not change with respect to what had been made public previously, except for adjustments in the closing date included in last July's framework agreement, and settlements defined for governance and management options for Ascopiave's shareholdings in EstEnergy and Hera Comm. This transaction is an important step along the evolution of the Hera Group and Ascopiave's business portfolios, and fully respects the orientations in development approved by their respective Boards of Directors. The Hera Group, indeed, will achieve the goal set out in its Business plan to 2022 in advance, reaching roughly 3.3 million customers in energy sales. Ascopiave, instead, will implement its own strategic repositioning plan, through a sales agreement with a leading figure and a consolidation of its own position in the core business of gas distribution. As regards energy sales, EstEnergy will manage commercial activities in the Veneto, Friuli-Venezia Giulia and Lombardy regions, with over one million customers (including roughly 795,000 gas contracts and roughly 265,000 electricity contracts). More specifically, the new company, whose value before the transaction came to 191.7 million euro, now includes the sales companies of the Ascopiave Group (Ascotrade S.p.a., Ascopiave Energie S.p.a. and Blue Meta S.p.a. as well as the joint ventures Asm Set S.r.l. and Etra Energia S.r.l.) and a shareholding in Sinergie Italiane S.r.l., for an overall value of 474.2 million euro, as well as those of the Hera Group (Hera Comm Nord-Est S.r.l), whose value comes to 159.0 million euro. The Hera Group holds 52% of the share capital of the new EstEnergy, while 48% is held by Ascopiave (which purchased this amount for a price of 395.9 million euro, based on the total equity value of EstEnergy, equivalent to 824.9 million euro). The Board of Directors is made up of 5 members, 3 appointed by Hera and 2 by Ascopiave, in line with the Shareholders Agreement signed today. The members, appointed today, are, for the Hera Group: Stefano Venier, CEO of the Hera Group; Cristian Fabbri, Group Market Manager and CEO of Hera Comm, who will also act as CEO of the new EstEnergy; Isabella Malagoli, Director of Sales and Marketing at Hera Comm. Ascopiave's members are: Giovanni Zoppas, CEO of Thelios, who will also act as Chairman, and Nicola Cecconato, Chairman and CEO of Ascopiave Group. As regards the reorganisation of gas distribution, Ascopiave purchased from the Hera Group, for a price set at 168 million euro, an area of concessions comprising roughly 188,000 users in the Veneto and Friuli-Venezia Giulia regions, which as of 31 December 2019 will come together in the newly created company named AP Reti Gas Nord-Est. Thanks to this transaction, the Ascopiave Group will manage roughly 775,000 users and a network with a total length of over 12,000 Km, thus consolidating its position in the national ranking. Lastly, as indicated in the agreement signed in late July, 3% of the share capital of Hera Comm was purchased by Ascopiave today, for a price of 54 million euro. Furthermore, Chairman and CEO Nicola Cecconato was appointed in the company's Board of Directors. Furthermore, as part of the overall redefinition of energy sales activities, Hera Comm directly acquired 100% of the share capital of Amgas Blu, a company entirely held by Ascopiave, which operates in the province of Foggia and has roughly 50,000 customers, for a price of 42.5 million euro. "We are very satisfied with the positive conclusion of this transaction, one of the sector's largest in recent years and highly significant for our multi-utility as well, as regards the quality of the assets involved and the geographical area in question" states Tomaso Tommasi di Vignano, Executive Chairman of the Hera Group. "This transaction is entirely in line with our strategic goals and allows us to reach one of the main targets contained in our Business plan well in advance. Today, we have consolidated our presence in an area, the Triveneto region, where we have operated for years and where we count on further extending the concrete benefits that our business model has proved able to generate for some time now: increasing quality in services, investments, innovation and environmental and resource protection. Transactions such as this, moreover, fully respect our own history: Hera's growth has been sustained by mergers and acquisitions that have contributed to our development. Lastly, I would like to take this chance to thank the people who have worked with us in gas distribution, showing passion and commitment, and who, now within AP Reti Gas Nord-Est, will continue to operate as they had in the past, taking up new challenges in a Group such as Ascopiave, equally solid and with strong local roots". "This transaction has great strategic significance for us" states the Chairman and CEO of the Ascopiave Group, Nicola Cecconato. "Indeed, it allows us to meet two primary goals: on the one hand, reinforcing our core business of gas distribution, and on the other giving greater value to our sales activities, through the creation of a partnership with a valid figure in this market. We believe that the transaction finalised today, which respects a choice made at the end of a period of deep reflection in which we evaluated various opportunities and alternatives, represents the best solution for our Group, since it reinforces its prospects for industrial development. Thanks to this close commercial partnership with Hera, we are jointly participating in an enterprise that has reached a significant critical mass, able to meet the necessary requirements for this sort of business. In gas distribution, instead, we have reinforced our presence in highly important geographical areas, close to the ones we already serve. This will allow us to create synergies and efficiencies in management, maintaining and, if possible, improving the level of quality, continuity and safety in this service. If necessary, this will lead us to invest significantly in order to preserve and improve the functionality of our networks and plants. This strategic repositioning raises new challenges for Ascopiave, which we will face by giving ever greater attention towards the interests of our shareholders and by respecting our corporate mission, alongside local administrations, serving communities and local areas". The Ascopiave Group mainly operates in two segments of the natural gas sector, distribution and sales to end customers. Thanks to its wide customer base and the amount of gas sold, Ascopiave is currently one of the nation's foremost operators in this sector. The Group holds concessions and direct assignments for managing distribution activities in over 228 Municipalities, offering this service to a customer base that includes 1.5 million inhabitants, through a distribution network that covers a length of 10,000 kilometres. Activities in natural gas sales are carried out through various companies, some of which jointly controlled. Taken as a whole, in 2018 the Group's companies sold over 1 billion cubic metres of gas to end customers. As of 12 December 2006, the company Ascopiave has been listed on the Star segment of Borsa Italiana. The Hera Group is one of Italy's leading multi-utilities and operates in the waste management (waste collection and treatment), energy (electricity and gas distribution and sales) and water (aqueduct, sewerage and purification) sectors. Almost 9,000 employees work within the Group, committed every day to meeting the various needs of over 4.4 million citizens. The over 350 municipalities served are mainly located in the Emilia-Romagna, Marche, Toscana, Abruzzo, Veneto and Friuli-Venezia Giulia regions. Listed in 2003, as of 18 March 2019 the Group was included in the FTSE MIB. Gruppo Hera e Ascopiave Gruppo Hera e Ascopiave 20191219_closing_Hera_Group_Ascopiave_ENG.1576776135.pdf 2019-12-19 18:09:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance Partnership between Hera and Ascopiave now operational 2019-12-19

(drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Bologna, 3 December 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 30 November 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,251,436,801 1,489,538,745 2,251,468,601 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 727,640,689 727,640,689 727,608,889 727,608,889 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 761,898,056 1,523,796,112 761,929,856 1,523,859,712 20191203_Communication_overall_amount_of_voting_rights_art_85_bis_RE_eng.1575385385.pdf 2019-12-03 15:35:00 Communication of the overall amount of voting rights Communication of the overall amount of voting rights 2019-07-03

The 2019 European Utility Week includes a preview of the new smart gas meter 4.0, provided with advanced technology and functions, and features that are unique on the international scene. Thanks to investments coming to 45 million euro, the first 300,000 units will be installed in some areas served by Hera. NexMeter, the new gas meter 4.0 conceived by the Hera Group, looks towards the future, today: provided with avant-garde technology and functions, above all concerning safety, and "environment friendly", its features cannot be found elsewhere on the international scene. This "smart" device was born out of the experience gained by Hera, one of Italy's largest multi-utilities. The fruit of the know-how accumulated over time in gas distribution service management, it also owes much to the continuous investments made in innovation and research and development. The Hera Group has already allocated roughly 45 million euro in investments to install the first 300,000 meters over the upcoming three years. The companies chosen as partners are among the most qualified, nationally and internationally: the Japanese multinational Panasonic, a global leader in electronic product and component manufacturing, and Pietro Fiorentini, one of Italy's foremost enterprises involved in providing products and services for the entire natural gas sector. Precisely because of its advanced functions and the international team involved in its development, a preview of NexMeter was given yesterday afternoon in Paris, in the prestigious setting of the 2019 European Utility Week, the sector's most important showcase. A "mini-computer", leading the way in innovation and safety NexMeter is much more than a gas meter: it's a "mini-computer" whose features outperform the other devices now seen on the market. Provided with advanced technology - now, for the first time, contained within the device itself and based on algorithms, sensors and ultrasounds - and characteristics giving it an unrivalled precision, it offers advanced safety functions, supporting a fundamental aspect of gas services. The specific monitoring and warning tools with which it is provided allow it to prevent accidents in a range of situations, offering greater protection to buildings and citizens, along the lines of electric circuit breakers. For example, the system's regular functioning is constantly checked by verifying supply and network pressure, immediately reporting any excess or drop. The meter is able to signal any kind of gas leak: not only large, short-term losses due to breakage or voluntary damage, but also the smaller, continuous leaks that customers might not notice right away. It can thus interrupt supply in case of irregularities, making the system safe. Furthermore, it is able to detect tremors caused by earthquakes in real time, and in this case as well it interrupts gas supply and thus acts towards providing better safety. Real time communication between metres, control systems and users In addition to periodically sending ordinary information as to actual consumption, like other smart gas meters, in case of emergency NexMeter is activated and contacts the Group's central remote control facility in Forlì. This avant-garde technological centre is one of Europe's largest, and monitors Hera's networks and plants across the entire area served in real time. In turn, the remote control facility, if it has a certain way to contact the user, attempts to send them an warning signal. In any event, the device's status can be checked by customers themselves on the meter's display, thanks to a simple and immediately comprehensible interface. NexMeter is environment friendly Not only is NexMeter "smart" and precise, it's also a green assistant who will help cut spending for consumption. Thanks to its ability to detect even slight gas leaks and signal them to users, NexMeter contributes to reducing the cost of bills. Furthermore, it benefits the environment by promoting a smart use of energy and favouring a rational use of resources. By eliminating leaks, indeed, it also reduces methane dispersion, which is highly pollutant, while the entire process of optimising gas network management has a positive effect on the performance and emissions of many devices, first and foremost hot water heaters. NexMeter - in addition to being entirely compatible with all kinds of networks and plants - is already suitable for future "clean gas" systems, such as biomethane. One can only add that it is the first meter built out of materials that contain recycled plastic, reflecting Hera's long-standing attention towards the environment and a circular economy. Moving in this same direction, Hera was the first company in Italy to introduce recycled plastic materials into the tubes of its own networks. An opportunity for local areas: the first installations and the next steps Following up on the opportunities offered by the large-scale gas meter substitution foreseen by Italian regulations (resolution ARG/gas 155/08), Hera's new 4.0 meter meets possible developments in legislation in advance, introducing features that go beyond current requirements and putting innovative technology at the service of the needs shared by household and non-household users. As early as the next few months, installation of the device will be launched in some areas served by the Group: overall, during the next three years, 300,000 devices will be installed in localities served by Hera, mainly in Friuli-Venezia Giulia and Emilia-Romagna, in the provinces of Modena and Ferrara, areas classified as being at risk of earthquakes or in which similar events have recently occurred. A valuable project NexMeter's features respect the interventions outlined in the 2019-2021 strategic framework drafted by Italy's Energy, Network and Environment Authority (ARERA). These objectives are challenging in terms of innovation, safety and attention towards the environment, with respect to which the Italian authority orients sector companies. The presentation of NexMeter confirms that the Hera Group is fully able and ready to act on these indications, making the most of its employees' professional skills and potential for innovation. "With NexMeter", states Stefano Venier, CEO of the Hera Group, "we are bringing a new wave of innovation into a business, gas distribution, that is still quite traditional. To develop it in the best way possible, we have brought together our considerable experience in the gas distribution sector together with the skills of the most qualified national and international partners. In a broader sense, innovation is one of our strategic priorities, sustained by a significant economic investment, coming to over 380 million euro in the five years covered by our latest Business plan. It is with initiatives such as this, indeed, that the Hera Group carries out its own mission, already today, with technology coming from the future, meeting the needs of the citizens who live in the areas we serve. All of this is accompanied by constant attention towards the environment: our meter in fact promotes a smart use of energy and an efficient use of resources, which are two of the drivers according to which the Hera Group has established its commitment towards sustainability". "This project could not be accomplished without Gruppo Hera's solid desire and intention to develop and deploy new gas smart meter which equipped with safety functions. It is honourable for Panasonic to contribute as a key devices supplier of which technology had been proven more than 35 years with 120 million sets delivered in Japan and will enormously enhance the safety level in the gas distribution network in Italy" said Anton Terasaki, Managing Director of Smart Energy System Business Division Appliances Company, Panasonic Corporation. "We are very enthusiastic about our work on this innovative project for smart meters with advanced features in safety and reliability. It will provide Hera's customers and the entire supply chain with a significant amount of data, fundamental for a safe, efficient and enlightened use of gas", states Cristiano Nardi, Executive Chairman of the Pietro Fiorentini Group. "Our collaboration with Panasonic fully respects our policy of open innovation that leads us to collaborate with many international partners, universities and research centres". The Hera Group is among Italy's largest multi-utilities, working mainly in the environment (waste collection and treatment), energy (electricity and gas distribution and sales, energy services) and water (aqueduct, sewerage and purification) sectors. Other services offered include public lighting and telecommunications. The Group employs almost 9,000 employees who meet the needs of 4.4 million citizens in over 350 municipalities mainly located in Emilia-Romagna, Veneto, Friuli-Venezia Giulia, Marche, Tuscany and Abruzzo. A listed company since 2003, as of 18 March 2019 Hera has been included in the FTSE MIB. Panasonicis worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 8.0 Trillion Yen for the year ended in March 31 2019. The Company's shares are listed on the Tokyo, Osaka, Nagoya, and New York (NYSE: PC) stock exchanges. Pietro Fiorentini is an international group comprising twenty-six branches and subsidiaries. Based in Arcugnano (Vicenza), it provides a wide range of products, systems and services to the Oil & Gas sector, with eleven manufacturing facilities worldwide. It was recently included by the Centro Studi ItalyPost in a list of the one hundred Italian companies having an annual turnover coming to between 120 and 500 million euro who have performed the best operationally and financially from 2011 to the present. Pietro Fiorentini's mission is strongly oriented towards customer centricity and environmental protection, applying the most modern technologies to meet the needs of the market and to promote the development of clean and safe energy, thanks to new solutions including renewable gas and hydrogen. NexMeter_450x.1573641982.jpg sinistra NexMeter 20191113_comunicato_NexMeter_eng_DEF.1573641879.pdf 2019-11-13 10:50:24 NexMeter NexMeter 2019-11-11

The Group closed the first nine months of the year with particularly positive results, higher than expectations, and with the third quarter showing further improvement over the previous quarters. All main operating and financial figures showed growth, as did investments, with a special focus on innovation as a lever for development. Financial highlights Revenues at 5,063.2 million euro (increased by 16.4%) Ebitda at 785.8 million (increased by 5.0%) Net result at 242.0 million (increased by 12.1%) Net debt at 2,740.7 million, with Net debt/Ebitda reduced to 2.57x Operating highlights Good contribution to growth coming from business areas, especially the gas, water and waste management sectors Positive results thanks to both internal growth and M&A Sharp increase in energy customers, now almost 2.65 million, more than triple the historical average Today, the Hera Group’s Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the consolidated financial results at 30 September 2019, which shows particularly positive results and further improved the growth already seen in the previous quarters. The trends seen over the first nine months of the year, which were higher than expected, reflected the Group’s effective implementation of its Business plan to 2022, having already reached 42% of the expected 200 million euro growth in Ebitda, ahead of the projected timeline. Some strategic projects, including M&As to be concluded in the near future, will be included in the upcoming Business plan to 2023. An excellent contribution came from internal growth, both in free market activities – which saw an increase in energy customers, now almost 2.65 million, and further expansion in the area of waste treatment – and regulated ones. The M&A operations carried out during the first nine months include the integrations of ATR in gas distribution and CMV Energia e Impianti’s energy sales operations, both of which are companies operating in the Ferrara area, the acquisition of Cosea Ambiente, with the Cosea Consorzio landfill in the Tuscan-Emilian Apennine area, and Pistoia Ambiente in Tuscany. Furthermore, a definitive formalisation of the Ascopiave deal is underway, according to the timeline previously set out. In general, the results for the first nine months confirm the Group’s winning strategy, based on a business model that balances regulated and free market activities, and brings internal growth together with an eye towards M&A opportunities. Sustainability and innovation have proven to be increasingly important competitive levers underpinned higher amount of investments, focused on “circular economy model” and “resource regeneration”, with the goal of creating value for the local area and all stakeholders. Revenues increase to 5,063.2 million euro In the first nine months of 2019, revenues came to 5,063.2 million euro, increased by 16.4% over the 4,348.4 million recorded at 30 September 2018, thanks to the contribution coming from all business areas. Trading operations and higher revenues and volumes sold in gas and electricity were particularly significant. Ebitda rises to 785.8 million Consolidated Ebitda at 30 September 2019 increased from 748.6 million euro to 785.8 (increased by 5.0%). This growth mainly came from the good performance seen in the Group’s various business areas, especially the gas and water businesses. Positive results were also recorded in the waste treatment business. Operating result and pre-tax profit up thanks to factors including financial operations The operating result grew to 405.5 million euro, compared to the 376.5 seen at 30 September 2018 (increased by 7.7%), and pre-tax profit rose to 338.4 million compared to the 311.0 recorded one year earlier (increased by 8.8%). Financial income and expenses at the end of the first nine months of 2019 settled at 67.1 million euro, substantially in line with the figure seen at 30 September 2018. Net result increases to 242.0 million (increased by 12.1%) The net result at 30 September 2019 rose to 242.0 million euro (increased by 12.1%), compared to the 215.9 million seen at the same date one year earlier, while the Net profit post minorities increased to 230.8 million, compared to the 208.7 million recorded at 30 September 2018 (increased by 10.6%). These results benefitted from factors including an average tax rate that came to 28.5%, an improvement over the 30.1% seen in the same period of the previous year, thanks in particular to the Group’s commitment to investing in technological and digital transformation, along the lines of Utility 4.0. Over 343 million euro in investments and reduction in the Net debt/Ebitda ratio At 30 September 2019, the Group’s operating investments, including capital grants, amounted to 343.1 million euro, increased by 15.7% over the same date in 2018 and in line with the indications set out in the Business plan to 2022. Operating investments mainly involved interventions on plants, networks and infrastructures, furthering their development and resilience in order to better face the challenges coming from climate change. Investments also went to regulatory upgrading above all in the purification and sewerage area, in addition to gas distribution, with a large-scale gas smart meter installation. These interventions also include Hera’s increasing investments in the field of innovation: yesterday, at Paris’ European Utility Week, the most important conference in the sector, NexMeter was launched, the innovative smart gas meter 4.0 created by the Hera Group alongside leading national and international partners and provided with advanced safety functions and technology. Thanks to investments coming to 45 million euro, the first 300,000 smart meters will be installed over the next three years. At 30 September 2019, net debt came to 2,740.7 million euro, remaining basically stable, thanks to a cash flow that entirely financed the investments made, including those aimed at development, and the annual dividend payment. The change compared to the 2,585.6 million recorded at 31 December 2018 was mainly due to figurative debts booked in application of accounting standard IFRS16 and, to a lesser degree, the M&A operations carried out recently, which will contribute to growth in results in the fourth quarter as well. Financial leverage reduced, with the net debt/Ebitda ratio coming to 2.57x, compared to the 2.62x seen at 30 September 2018. Gas Ebitda for the gas business – which includes services in natural gas distribution and sales, district heating and heat management – came to 239.8 million euro at 30 September 2019, increased by 7.9% over the same period in the previous year, in terms of both revenues and volumes sold. These results were obtained thanks to a larger amount of trading activities and the market expansion in the default and last resort supply services. A very significant rise was seen in gas customer base – almost 1.5 million overall, at the end of the third quarter of 2019 – with growth coming to 52,400 (increased by 3.7%) compared to the same period in the previous year, mainly due to the consolidation of the companies Sangroservizi and CMV Servizi, new customers in the default and last resort markets and marketing initiatives. The gas area accounted for 30.5% of Group Ebitda. Water The water business – which includes aqueduct, purification and sewerage services – showed a 7.4% growth in Ebitda, which reached 200.0 million euro, compared to the 186.2 million seen in September 2018. This growth was caused above all by higher revenues for new connections and supply; the latter reflected the results of the tariffs introduced by the Authority for the period from 2016 to 2019 and bonuses for contract quality. The integrated water cycle business accounted for 25.4% of Group Ebitda. Waste management In the waste management business – which includes services in waste collection, treatment, recovery and disposal – the Hera Group further consolidated its leadership, with a set of avant-garde plants that offers solutions across the board and supporting the evolution of activities towards “circular economy model”. Important results were also reached in sorted waste, which went from 61.4% in the first nine months of 2018 to 63.4% in the same period of the current year. At 30 September 2019, Ebitda rose to 192.0 million euro, showing a 2.0% increase over the 188.2 million seen at 30 September 2018, mostly achieved in the third quarter. This positive trend – which fully offset lower revenues due to a drop in volumes treated – was sustained among other things by trends in prices for special and industrial waste treatment, the contribution coming from Aliplast and new structures such as the waste treatment plant inaugurated in Cordenons (PN) and the innovative biomethane production plant in Sant’Agata Bolognese (BO), both having progressively become fully operational. These results furthermore benefitted from the acquisitions of Cosea Ambiente, including the landfill in Gaggio Montano (BO), and Pistoia Ambiente. As regards the higher efficiency reached, moreover, also note the merger of Waste Recycling into Herambiente Servizi Industriali, which thus became Italy’s largest company involved in industrial waste management, and Aliplast, which continued to show growth through market development and the extraction of synergies through integrations. The waste management business accounted for 24.4% of Group Ebitda. Electricity Ebitda for the electricity business – which includes services in electricity generation, distribution and sales – went from 133.2 million in the first nine months of 2018 to 129.1 million at 30 September 2019. This result is even more appreciable considering the effects of the new tender for 2019-2020 safeguarded services, in which a high degree of competition led to lower prices than the previous two-year period. This factor was almost entirely offset by higher volumes sold and higher revenues, as well as the positive contribution coming from activities in electricity trading and generation. Significant growth was also seen in the number of customers, which came to 132,400, up 12.7% over the same period in 2018, thanks above all to marketing initiatives in the free market area. At 30 September 2019, customers amounted to almost 1.2 million. The electricity business accounted for 16.4% of Group Ebitda. The manager responsible for drafting the company’s accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The third-quarter management report and related materials are available to the public at Company Headquarters and on the website www.gruppohera.it. Unaudited extracts from the Intermediate Management Report at 30 September 2019 are attached. Profit & Loss (m€) 30/09/19 Inc.% 30/09/18 Inc.% Ch. Ch. % Sales 5,063.2 4,348.4 +714.8 +16.4% Other operating revenues 366.7 7.2% 321.1 7.4% +45.6 +14.2% Raw material (2,504.9) (49.5%) (1,966.6) (45.2%) +538.3 +27.4% Services costs (1,698.4) (33.5%) (1,529.2) (35.2%) +169.2 +11.1% Other operating expenses (45.6) (0.9%) (42.9) (1.0%) +2.7 +6.3% Personnel costs (418.7) (8.3%) (410.1) (9.4%) +8.6 +2.1% Capitalisations 23.5 0.5% 28.0 0.6% (4.5) (16.1%) Ebitda 785.8 15.5% 748.6 17.2% +37.2 +5.0% Depreciation and provisions (380.3) (7.5%) (372.2) (8.6%) +8.1 +2.2% Ebit 405.5 8.0% 376.5 8.7% +29.0 +7.7% Financial inc./(exp.) (67.1) (1.3%) (65.5) (1.5%) +1.6 +2.4% Pre tax profit 338.4 6.7% 311.0 7.2% +27.4 +8.8% Tax (96.4) (1.9%) (95.1) (2.2%) +1.3 +1.4% Net profit 242.0 4.8% 215.9 5.0% +26.1 +12.1% Special items - 0.0% 4.8 0.1% (4.8) (100.0%) Net profit 242.0 4.8% 220.7 5.1% +21.3 +9.7% Attributable to: Shareholders of the Parent Company 230.8 4.6% 208.7 4.8% +22.1 +10.6% Minority shareholders 11.2 0.2% 11.9 0.3% (0.7) (6.0%) Balance Sheet (m€) 30/09/19 Inc.% 31/12/18 Inc.% Ch. Ch. % Net fixed assets 6,151.2 108.9% 5,905.1 108.7% +246.1 +4.2% Working capital 109.6 1.9% 115.4 2.1% (5.8) (5.0%) (Provisions) (610.0) (10.8%) (588.2) (10.8%) (21.8) +3.7% Net invested capital 5,650.8 100.0% 5,432.3 100.0% +218.5 +4.0% Net equity 2,910.1 51.5% 2,846.7 52.4% +63.4 +2.2% Long term net financial debt 2,846.5 50.4% 2,558.8 47.1% +287.7 +11.2% Short term net financial debt (105.8) (1.9%) 26.8 0.5% (132.6) (494.8%) Net financial debts 2,740.7 48.5% 2,585.6 47.6% +155.1 +6.0% Net invested capital 5,650.8 100.0% 5,432.3 100.0% +218.5 +4.0% Results as at 30 September 2019 Results as at 30 September 2019 /documents/1514726/4210689/Hera_Group_Consolidate_quarterly_report_30_09_2019.1573637094.pdf/defd4ead-13a2-5287-e021-e98632136f4f?t=1597849421357 Financial report as at 30 September 2019 /documents/1514726/4210689/Dati_finanziari_ed_operativi_di_sintesi_9M2019_eng.1573554938.xls/5d5959ed-5c5e-5629-d45e-f55bb509685e?t=1597849419918 Financial data: Results as at 30 September 2019 /documents/1514726/4210689/GruppoHera_Analyst_presentation_9M_2019.1573652645.pdf/160d8073-d000-e92e-8721-f959debafed8?t=1597849420673 Analyst presentation: Results as at 30 September 2019 http://investornews.gruppohera.it/en/?n=174 Newsletter: Results as at 30 September 2019 /documents/1514726/4880888/GruppoHera+9M+2019+eng.1573723184.mp3/847e4cdb-1900-e9b1-5be8-7359534b94b5?t=1610038221010 Audioconference: Results as at 30 September 2019 Results as at 30 September 2019 2019-11-13 13:36:24 Il Gruppo Hera approva i risultati al 31/03/2019 2019-11-11

(drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Bologna, 3 October 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 30 September 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,251,468,601 1,489,538,745 2,265,606,939 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 727,608,889 727,608,889 713,470,551 713,470,551 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 761,929,856 1,523,859,712 776,068,194 1,552,136,388 20191003_COMMUNICATION_OF_THE_OVERALL_AMOUNT_OF_VOTING_RIGHTS_art_85_bis_RE_eng.1570098629.pdf 2019-10-03 11:18:00 Hera acquires 2.5% of Ascopiave's share capital from Amber Communication of the overall amount of voting rights 2019-07-03

Press release issued upon request and on behalf of n. 8 Public Shareholders of Hera S.p.A. ANNOUNCEMENT OF SALE OF MAXIMUM OF 14,426,407 ORDINARY SHARES OF HERA S.P.A. 26 September 2019 - The Municipalities of Bologna, Castelfranco Emilia, Maranello, Montefiorino, Palagano, Pavullo nel Frignano and Ravenna Holding S.p.A., Rimini 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. 111 Hera shareholders on 26 June 2018, announce the sale of maximum n. 14,426,407 Hera ordinary shares equal to approximately 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"). Mediobanca - Banca di Credito Finanziario S.p.A. will act as Sole Bookrunner of the Transaction. Public Shareholders reserve the right to terminate the sale at any time. Public Shareholders will announce the results of the sale only once completed. 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. PROMETEIA ADVISOR SIM S.p.A. is acting as financial advisor to the Public Shareholders. COMUNICATO_STAMPA_LANCIO_ABB_eng.1569517915.pdf 2019-09-26 18:39:34 Hera acquires 2.5% of Ascopiave's share capital from Amber Announcement of sale of maximum of 14,426,407 ordinary shares of Hera S.p.A. 2019-09-26

Press release issued upon request and on behalf of n. 8 Public Shareholders of Hera S.p.A. CONCLUSION SALE OF ORDINARY SHARES OF HERA S.P.A. 26 September 2019 - The Municipalities of Bologna, Castelfranco Emilia, Maranello, Montefiorino, Palagano, Pavullo nel Frignano and Ravenna Holding S.p.A., Rimini 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. 111 Hera shareholders on 26 June 2018, announce the sale of n. 14,426,407 Hera ordinary shares equal to approximately 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"). Mediobanca - Banca di Credito Finanziario S.p.A. acted as Sole Bookrunner of the Transaction. The aggregate proceeds from the sale of Public Shareholders' shares is equal to EUR 53,521,970. The settlement of the transaction is 1st October 2019. 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. PROMETEIA ADVISOR SIM SIM S.p.A. acted as financial advisor to the Public Shareholders. COMUNICATO_STAMPA_CHIUSURA_ABB_eng.1569526762.pdf 2019-09-26 21:09:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance Conclusion sale of ordinary shares of Hera S.p.A. 2019-09-26

This index, conceived to orient investors interested in companies committed to promoting diversity, inclusion and people development, carries out an annual evaluation of over 7,000 listed companies worldwide. In 2019 as well, the Hera Group reached outstanding results, further improving its raking compared to 2018, confirming itself as the world's leading multi-utility. The "Diversity & Inclusion Index", conceived and carried out by the international financial information giant Refinitiv(the new name for Thomson Reuters' Financial and Risk division), analyses the performance of companies based on a range of ESG (environmental, social and governance) factors, mainly focusing on four areas: diversity, inclusion, people development and news controversy. 150 researchers participate in one of the world's largest and most accurate projects in data collection and analysis concerning companies committed towards these issues, which find significant room in the Hera Group. The multi-utility, indeed, continues to invest in developing internal and personalised career paths, an orientation that has allowed it to reach a percentage of women having roles of responsibility that in 2018 came to 32.3%, increasing over the previous year. The amount of female personnel, which grew overall, is once again higher than the national sector average (24.7%, as compared to 15.9%). Alongside this figure, one must also consider that workers with disabilities account for 4.5% of the company's employees, significantly moving in the direction of inclusion for people with special needs. In terms of work-life balance as well, notably, in 2018 all 71 requests for part-time jobs were accepted. An important contribution also came from training. In 2018, 99.4% of Group employees were involved in training activities, with a per capita average of roughly 30 hours, yet another figure that is higher than the sector average. Among the various initiatives, mention must go to further promotion of smart working and leadership courses, that encourage human resource development based on each worker's characteristics (sex, age, training, ability, aptitude and skills). Nor can one forget the introduction of innovative training activities that use gamification methods, such as the recent Diversity@work, specifically conceived to raise awareness among the company's entire workforce as to a diverse and inclusive environment. Other positive effects unquestionably come from Hera's corporate welfare plan, Hextra, which supports employees and their families in many ways (the overall value of services claimed in 2018 came to 4.2 million euro). Lastly, numerous significant projects give concrete reality to managing plurality, such as scholarships, agreements with summer schools, work-life balance initiatives and arrangements for paid family leave, not only for mothers and fathers but also those who must take care of relatives or the elderly. Not by chance, the results of surveys on the company climate continue to be encouraging and are further confirmed by the lack of news controversies involving diversity and inclusion. The Hera Group's commitment to policies promoting inclusion and diversity, in any case, has a long history. It first took concrete shape in 2009, when the Charter for equal opportunity and equality on the workplace was signed. The introduction in 2011 of a Diversity Manager, whose task involves giving even greater emphasis to developing policies aimed at inclusion and the valorisation of diversity, was also fundamental. With these initiatives, Hera actively contributes to the fifth of the United Nation's objectives for sustainable development (SDG), specifically dedicated to gender equality. "The confirmation of our presence among the world's top 25 companies in the 'Diversity & Inclusion Index' reflects the many policies we have promoted over the years", comments Tomaso Tommasi di Vignano, Executive Chairman of Hera Group. "Our workersare one of the company's key resources and this is why we continually invest in projects aimed at personal and professional wellbeing and development, paying close attention to innovation and inclusion. For the Hera Group, diversity is a value, an integral part of its corporate strategy, and this recognition encourages us to reinforce our commitment in this area to an even greater degree, with projects aimed at supporting the inclusion, integration and growth of our employees." logo_diversity_inclusion_2019_350x.1568272576.png sinistra Diversity and Inclusion Index 20190916_Hera_nel_Diversity_Inclusion_Index_ENG.1568275442.pdf 2019-09-16 12:35:00 Diversity and Inclusion Index Diversity and Inclusion Index 2019-07-03

(drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Bologna, 1 August 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 31 July 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,265,606,939 1,489,538,745 2,266,332,400 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 713,470,551 713,470,551 712,745,090 712,745,090 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 776,068,194 1,552,136,388 776,793,655 1,553,587,310 20190801_COMMUNICATION_OF_THE_OVERALL_AMOUNT_OF_VOTING_RIGHTS_art_85_bis_RE_eng.1564661783.pdf 2019-08-01 13:04:00 Comunicazione dell'ammontare complessivo dei diritti di voto Communication of the overall amount of voting rights 2019-07-03

The Hera Group extends the scope of its activities in Tuscany and consolidates its leadership in environmental services for businesses by acquiring the Serravalle Pistoiese landfill and the associated liquid waste treatment plant. The Hera Group extends the scope of its activities in Tuscany and consolidates its leadership in environmental services for businesses by acquiring the Serravalle Pistoiese landfill and the associated liquid waste treatment plant. Herambiente, a Hera Group company and Italian leader in waste treatment, has acquired Pistoia Ambiente, which manages the Serravalle Pistoiese landfill and the associated liquid waste treatment plant. This transaction, which follows up on others brought to a conclusion in previous years (from Waste Recycling and Teseco in Tuscany, to Geo Nova and Aliplast in Treviso), is part of Herambiente's path of growth in the sector of industrial waste treatment and environmental services for businesses. More specifically, Herambiente has further consolidated its own set of plants dedicated to companies, which is unique nationwide, having over 15 poly-functional sites active in treating industrial waste. The Serravalle landfill and the liquid treatment plant will mainly treat waste coming from industrial contexts, guaranteeing new opportunities for marketing and technical synergies with other the plants and services managed by the Group, furthermore allowing Herambiente to become the reference operator in the waste sector in Tuscany as well. The strategic priority pursued by Herambiente, which can rely on the roughly ninety plants it owns, all certified and at the forefront in bringing together efficiency, competitiveness in costs and sustainability, is to provide companies with waste treatment solutions that follow the principles of a circular economy. The technology currently used in rounding off the circle of waste treatment still requires final waste disposal sites such as landfills, able to safely deal with non-recoverable waste coming from treatment plants. The acquisition of Pistoia Ambiente is therefore in line with this strategic orientation and will guarantee positive results in this area. "With this acquisition, we are continuing to pursue an important strategic development in the industrial waste sector", comments Tomaso Tommasi di Vignano, Chairman of the Hera Group's Board of Directors. "We have completed the waste management chain, which begins with recovery of waste from businesses and comes to a close with the actual disposal of the portion that cannot be recovered. We thus guarantee service continuity and competitiveness to companies that would otherwise be forced to find final solutions abroad or in other regions of Italy, with a significant increase in logistical costs for the industrial sector." 20190730_comunicato_Pistoia_Ambiente_eng.1564502043.pdf 2019-07-30 14:08:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance 100% of Pistoia Ambiente goes to Herambiente 2019-07-30

Today, the Boards of Directors of Hera S.p.A. and Ascopiave S.p.A., the latter based on the favourable opinion of its committee of independent administrators, following the binding agreement signed this last June 17th and in full compliance with the timescales indicated therein, resolved to sign the framework agreement that will launch this commercial partnership through the joint venture EstEnergy aimed at developing an energy sector leader in the North-East with over one million customers, while at the same time restructuring the two partners' respective gas distribution activities. As already announced on June 17th, on the occasion of the signing of the binding term sheet, the operation involves exchanging assets of equal value between Hera and Ascopiave, considered strategic for the development of the two companies in the fields of both energy sales and gas distribution, in keeping with the strategic objectives of the two groups. On the commercial energy front, a single operator will be created to handle the respective commercial activities in the regions of Veneto, Friuli-Venezia Giulia and Lombardy, through EstEnergy S.p.a., already jointly controlled by Ascopiave S.p.a. and Hera Comm S.r.l., which will thus hold approximately 795,000 gas contracts and approximately 265,000 electrical contracts, bringing it over the threshold of one million contracts. EstEnergy, when fully operational, will have a consolidated EBITDA of approximately € 69 million - on a 2018 basis and excluding the participation of companies held with minority interests. 52% of EstEnergy's share capital will be held by the Hera Group and 48% by Ascopiave. In addition, on the closing date Ascopiave will acquire a 3% stake in the capital of Hera Comm, acquiring the right to appoint a member of the Board of Directors; while Hera Comm will directly acquire 100% of the capital of Amgas Blu, a company operating in the province of Foggia. The reorganisation of gas distribution activities, on the other hand, will involve Ascopiave purchasing from the Hera Group a series of concessions covering 188,000 users in Veneto and Friuli-Venezia Giulia. As a result of this operation, the Ascopiave Group will directly manage approximately 775,000 users and over 12,000 km of network. Following the completion of due diligence activities, the economic elements of the operation have not changed with respect to what was already communicated on June 17th, and neither have the closing adjustment mechanisms or agreements defined for the governance and options for handling Ascopiave's shareholdings in EstEnergy and Hera Comm. The operation will be subject to the usual conditions established for this type of operation and to all the required notifications and approvals by the authorities and agencies in charge, as well as, with regard to the only shareholdings involved, to the non-exercise of the right of pre-emption and approval by the other shareholders in relation to the shareholdings held by Ascopiave S.p.a. in the joint ventures ASM Set S.r.l., Etra Energia S.r.l. and Sinergie Italiane S.r.l. in liquidation. The parties expect to finalise the transaction by December 31st 2019. Through this operation Ascopiave is carrying out a strategic repositioning plan, drawing up an agreement on commercial areas with a key player and consolidating its presence in the core business of gas distribution. The Hera Group, for its part, expects to reach the target of 3 million energy sales customers (3.2 million with reference to 31.12.2018) as established in the 2019-2022 business plan through these agreements with Ascopiave. Ascopiave is being assisted with the financial component of this operation by the Rothschild&Co. team and with the legal component by Bonelli Erede, while Hera is availing itself of Lazard and the Grimaldi firm. The Ascopiave Group operates in the natural gas sector, mainly in the segments of distribution and sale to end users. Thanks to its broad customer base and the quantity of gas sold, Ascopiave is currently one of the main operators in the industry at a national level. The Group owns concessions and direct assignments for the management of distribution activities in over 228 Towns, supplying the service to a market segment of 1.5 million inhabitants, through a distribution network which spreads over 10,000 kilometres. The sale of natural gas is performed through different companies, some under joint control. Overall, in 2018, the companies of the Group sold over 1 billion cubic metres of gas to end users. Ascopiave has been listed under the Star segment of Borsa Italiana since 12th December 2006. Hera Group is one of Italy's largest multi-utility providers working in environment (waste collection and treatment), energy (electricity and gas distribution and sale) and water (aqueduct, sewerage and purification) sectors. The Group employs over 9,000 people and works every day to meet the many and varied needs of over 4.4 million citizens. It serves over 350 local municipalities mainly in the Emilia-Romagna, Marche, Tuscany, Abruzzo, Veneto and Friuli-Venezia Giulia regions. Listed since 2003, on March 18th 2019 Hera shares were included in the FTSE MIB of Borsa Italiana. GH_ASCOPIAVE_870.1565010551.jpg 20190730_comunicato_GruppoHera_Ascopiave_eng.1564510591.pdf 2019-07-30 23:38:46 Hera acquires 2.5% of Ascopiave's share capital from Amber Energy partnership between Hera and Ascopiave in the North-East gets the green light 2019-07-30

A highly positive half-year, thanks to the organic growth achieved in all business areas. At the same time, intense activity in external development and an increase in the Group's set of plants will support further expansion as early as the second half-year, leading the targets included in the Business plan to be reached ahead of time. Financial highlights Revenues at 3,371.6 million euro (+13.6%) Ebitda at 545.9 million euro (+4.3%) Net profit at 173.9 million euro (+7.1%) Net debt at 2,685.2 million euro Operating highlights Excellent contribution from all business areas Growth mainly internal, generally in free market activities Further increase in energy customers, now above 2.6 million Today, the Hera Group’s Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the consolidated economic results at 30 June 2019, which confirm the multi-utility’s positive trend, with indicators rising in all business areas: gas, water cycle, waste management and electricity. An excellent contribution came from internal growth, both in free market activities – which benefitted from an increase in energy customers, now 2.6 million, and from further expansion in waste treatment – and in regulated activities, above all the water sector. The first six months saw acquisitions including the company ATR in gas distribution and CMV Energia e Impianti’s energy sales activities, both operating in the Ferrara area and both acquired in March, as well as Cosea Ambiente, acquired in May with the concession of the Cosea Consorzio landfill, located in the Tuscan-Emilian Apennine area, assigned as of the second half of 2019. The effects of additional M&A transactions are expected to arrive in the second half of the year, along with constantly increasing waste treatment capacity, thanks to the new waste treatment plants coming from Pistoia Ambiente in Tuscany and Cordenons in Friuli-Venezia Giulia. Furthermore, work on formalising the definitive agreement with Ascopiave is ongoing, as set out in the binding Term Sheet signed on 17 June and respecting its timeline. Overall, the half-year results confirm the Group’s winning strategy, based on a business model that balances regulated and free-market activities, and brings internal growth together with attention towards the opportunities in external growth offered by the market. Revenues increase to almost 3.4 billion euro In the first half of 2019, revenues came to 3,371.6 million euro, up 404.9 million (+13.6%) over the 2,966.7 million seen in the same period of 2018. This result was reached above all thanks to growth in revenues for trading and higher revenues and higher volumes in gas and electricity sales. The remaining growth was due to higher revenues in electricity generation and waste treatment. Ebitda rises to 545.9 million euro Ebitda settled at 545.9 million euro, increasing by 22.3 million (+4.3%) over the 523.6 million recorded at 30 June 2018. This result is particularly remarkable considering the 22 million euro drop in Ebitda coming from last resort markets, and the growth ensued from the good performances in all Group activities, in particular the water cycle and gas. Positive results also came from the electricity, waste management and other services areas, including public lighting. Operating result and pre-tax profits show growth Operating profits increased to 288.9 million euro, up 15.3 million (+5.6%) over the 273.6 million seen one year earlier. Financial operations came to 44.9 million euro, owing to lower non-recurring income and lower profits from affiliated companies and joint ventures, as well as the application of international accounting standard IFRS16 on operating leases. Pre-tax profit grew by 9.6 million (+4.1%), going from 234.4 million euro in the first half of 2018 to 244.0 million euro at 30 June 2019. Net result rises to 173.9 million euro (+7.1%) The net profit at 30 June 2019 rose to 173.9 million, with growth coming to 11.5 million (+7.1%) over the 162.4 million recorded at the same date one year earlier, without the non-recurring effects coming from the transfer of Medea to Italgas in April 2018. This result is due to factors including a further improvement in the tax rate, which went from 30.1% to 28.7%, thanks to the Group’s continuous commitment towards investing in assets moving towards technological and digital transformation and utility 4.0, which benefitted from “super and iper” amortisations, alongside additional incentives and tax credits. Profits pertaining to Group shareholders amounted to 166.2 million euro, with an 8.1 million (+5.1%) increase over the 158.1 million recorded in the first half of 2018. Almost 215 million in investments, and financial position stable In the first six months of 2019, the Group’s operating investments, including capital grants, amounted to 214.6 million euro, up 30.8 million (+16.8%) over the 183.8 million seen in June 2018, and mainly went to interventions on plants, networks and infrastructures, in addition to regulatory upgrading above all in gas distribution, with an intensive meter substitution, and the purification and sewerage areas. The Group’s financial solidity is confirmed by the net debt/Ebitda ratio, which in the first half of 2019 settled at 2.55x, improving compared to both the 2.62x seen at 30 June 2018 and the 2.74x recorded at the same date in 2017. Further confirmation comes from the Roe and Roi indicators, which respectively came to 10.2% and 9.5%. Net debt remained stable, thanks to a cash generation that entirely financed investments and the yearly dividend payment. Net debt closed at 2,685.2 million at 30 June 2019, up 100 million compared to the 2,585.6 million recorded at 31 December 2018, exclusively due to the new accounting standard IFRS16 on leasing contracts. Gas Ebitda for the gas area, which includes services in natural gas distribution and sales, district heating and heat management, reached 195.6 million euro in the first half of 2019, improving over the 188.4 million seen at 30 June 2018 (+3.8%). This growth is essentially due to higher volumes sold, due to increases in the scope of operations, and better results in default and last resort supply services. Customers, now totalling almost 1.5 million, rose by 4% over the first half of 2018, for reasons including the higher number of default and last resort supply tenders awarded, as well as the effectiveness of marketing programs. The gas area accounted for 35.8% of Group Ebitda. Water cycle In the first half of 2019, the integrated water cycle area, which includes aqueduct, purification and sewerage services, recorded Ebitda amounting to 122.8 million euro, up 8.8% over the 112.8 million euro seen one year earlier, mainly owing to higher revenues from supply and new connections, as well as operating efficiencies. As was the case one year earlier, these results benefitted from the bonuses awarded by the Authority for high service standards. The integrated water cycle accounted for 22.5% of Group Ebitda. Waste In the first half of 2019, Ebitdafor the waste management area, which includes waste collection, treatment and disposal services, settled at 126.3 million euro, in line (+0.3%) with the 125.9 million recorded at 30 June 2018. This result benefitted from the launch of the new Sant’Agata Bolognese (BO) biomethane production plant, fully operational as of October 2018; the expansion and full integration within the Group of Aliplast, a national and international leader in plastic recycling and regeneration according to the model of a circular economy; and the positive trend in prices for special waste treatment seen across all European markets. These positive growth factors more than offset the limited availability of some of the Group’s waste-to-energy plants, undergoing both regular and non-recurring maintenance, and the more general lack of landfills affecting Italy and other large European countries. Sorted waste went from 59.8% in the first half of 2018 to 63.4% in the same period of 2019, up 3.6 percentage points. The waste management area accounted for 23.1% of Group Ebitda. Electricity Ebitda for the electricity area, which includes services in electricity generation, distribution and sales, went from 84 million in the first half of 2018 to 86.3 million at 30 June 2019, rising by 2.8%. This result only partially reflects the higher revenues coming from electricity generation, secondary services and volumes sold compared to the previous year, which proved able to more than offset the lower revenues coming from the safeguarded market. A significant increase in customers, which now reach over 1.1 million, up 134.5 thousand (+13.3%) over 30 June 2018, thanks in particular to expansion in the free market and reinforced marketing initiatives, above all in Central Italy. The electricity area accounted for 15.8% of Group Ebitda. Significant transactions in the waste management area: the Cordenons and Serravalle Pistoiese plants The waste management area saw important events recently, whose effects will be felt in the second half of the year. The Hera Group, the nation’s leader in the waste management sector with over 6 million tons of waste treated each year, thanks to investments totalling over 60 million euro has further enlarged its set of plants, which already includes around ninety structures nationwide. In particular, on 29 June a new plant was inaugurated in Cordenons (PN) for non-dangerous special waste treatment, and on 17 July Pistoia Ambiente was acquired, which manages the Serravalle Pistoiese (PT) landfill and the associated liquid waste treatment plant. Both are located in strategic positions that allow the Group to additionally reinforce its activities in industrial waste treatment and environmental services for businesses. These transactions, along with the fully operational status of the new Sant’Agata Bolognese biomethane production plant, built with investments coming to 37 million euro, provide a concrete response to the country’s overall lack of plants, which in many cases leads waste to be exported, causing increased costs especially for businesses. Furthermore, Hera can now rely on increased plant capacity in waste treatment (coming to an additional 2.4 million tons, considering the enlargement of the Ravenna landfill as well), which will allow it to continue pursuing its plans for expansion over the years in markets characterised by increasing demand and higher prices. Statement by Executive ChairmanTomaso Tommasi di Vignano “These half-year results confirm the Hera Group’s trend of uninterrupted growth and fully respect its track record, thanks to organic growth and the numerous projects implemented in internal and external development. The increase in Ebitda, the profits gained and the attentive management of financial operations allowed the Group to fully cover both investments and annual dividend payments to our Shareholders, which rose to 10 cents per share (+5.3%). The further increase in waste treatment plants managed and the joint venture with Ascopiave in the energy sector, currently being formalised, will allow us to implement plans for growth as early as the second half of 2019 on the one hand, and on the other to expand in the Triveneto area, strategically important for a further development of the Group’s activities, already ensuring at present, after only 18 months, 60% of the growth in Ebitda foreseen within 2022 by the Business plan.” Statement by CEO Stefano Venier “The results for the first half of 2019 confirm the solid financial management that has allowed the Group to maintain stability in both debt and the net debt/Ebitda ratio, which now comes to 2.55x, providing evidence of its high financial flexibility. The debt profile has also improved, thanks to the placement, on 26 June, of our second green bond, amounting to 500 million euro, intended for projects in environmental sustainability. This has allowed us to grasp available M&A opportunities and confirm our leadership through further consolidation in the markets, still fragmentary, in which all of our businesses operate. One factor that cannot be overlooked, in continuing to pursue our strategy of growth, is the attention given to sustainability, which for us is a true business lever, and the principles underlying a circular economy, in order to continue creating shared value for all our stakeholders.” 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 report and related materials will be made available to the public pursuant to the terms established by law at Company Headquarters, on the website www.gruppohera.it and on the authorised storage platform 1Info (www.1info.it). Unaudited extracts from the Abbreviated Consolidated Half-Year Financial Statements at 30 June 2019 are attached. Profit & Loss (m€) 30/06/2019 Inc.% 30/06/2018 Inc.% Ch. Ch. % Sales 3.371,60 2.966,70 404,9 13,60% Other operating revenues 249 7,40% 209,8 7,10% 39,2 18,70% Raw material -1.699,20 -50,40% -1.327,60 -44,70% 371,6 28,00% Services costs -1.075,10 -31,90% -1.031,60 -34,80% 43,5 4,20% Other operating expenses -29,8 -0,90% -30,3 -1,00% -0,5 -1,70% Personnel costs -286,6 -8,50% -281,7 -9,50% 4,9 1,70% Capitalisations 16 0,50% 18,3 0,60% -2,3 -12,60% Ebitda 545,9 16,20% 523,6 17,60% 22,3 4,30% Depreciation and provisions -257 -7,60% -250 -8,40% 7 2,80% Ebit 288,9 8,60% 273,6 9,20% 15,3 5,60% Financial inc./(exp.) -44,9 -1,30% -39,2 -1,30% 5,7 14,50% Pre tax profit 244 7,20% 234,4 7,90% 9,6 4,10% Tax -70,1 -2,10% -72 -2,40% -1,9 -2,60% Net profit 173,9 5,20% 162,4 5,50% 11,5 7,10% Special items - 0,00% 4,8 0,20% -4,8 -100,00% Net profit 173,9 5,20% 167,2 5,60% 6,7 4,00% Attributable to: Shareholders of the Parent Company 166,2 4,90% 158,1 5,30% 8,1 5,10% Minority shareholders 7,7 0,20% 9,1 0,30% -1,4 -15,40% Balance Sheet (m€) 30/06/2019 Inc.% 31/12/2018 Inc.% Ch. Ch. % Net fixed assets 6.064,10 109,80% 5.905,10 108,70% 159 2,70% Working capital 59,8 1,10% 115,4 2,10% -55,6 -48,20% (Provisions) -599,9 -10,90% -588,2 -10,80% -11,7 2,00% Net invested capital 5.524,00 100,00% 5.432,30 100,00% 91,7 1,70% Net equity 2.838,80 51,40% 2.846,70 52,40% -7,9 -0,30% Long term net financial debt 2.754,30 49,90% 2.558,80 47,10% 195,5 7,60% Short term net financial debt -69,1 -1,30% 26,8 0,50% -95,9 -357,80% Net financial debts 2.685,20 48,60% 2.585,60 47,60% 99,6 3,90% Net invested capital 5.524,00 100,00% 5.432,3 100,00% 91,7 1,70% Results for 1H 2019 Results for 1H 2019 Related contents /group_eng/investor-relations/results-and-presentations/1h2020 First Half 2019 report in HTML format /documents/1514726/4210501/Financial+report+as+at+30+June+2020.pdf/a5287bfa-a98e-420f-d73f-23e47c51a443?t=1604674186742 Financial Report as at 30 June 2019 http://investornews.gruppohera.it/en/?n=66 Newsletter: H1 2019 /documents/1514726/4210501/Analyst+presentation+financial+results+as+a+30+June+2020.pdf/7b5a868c-d996-ebe1-629f-fde7749501b9?t=1600699756543 Analyst presentation: H1 2019 /documents/1514726/4210501/Financial+data+as+at+30+June+2020.xls/50fdccac-c5bc-dcab-9bf5-585bd6e4f4d2?t=1600699670816 Financial data as at 30 June 2019 /documents/1514726/4210501/Audioconference+financial+results+as+at+30+June+2020.mp3/a1c5bc2b-6a0e-1690-6cf5-66d1ac58cdf7?t=1600699652407 Audioconference H1 2019 Press release results for 1H 2019 2019-07-30 13:31:53 Il Gruppo Hera approva i risultati al 31/03/2019 Hera BoD approves 1H 2019 results 2017-05-08

Following the press releases dated 19 June 2019 and 2 July 2019, notice is hereby given that as at the date hereof Hera S.p.A. (the "Company") repurchased some of the €500,000,000 3.25 per cent. Notes due 4 October 2021 (Codice ISIN: XS0976307040) (the "2021 Notes") and of the €500,000,000 2.375 per cent. Notes due 4 July 2024 (Codice ISIN: XS1084043451) (the "2024 Notes" and, together with the 2021 Notes, the "Existing Notes"), previously subject to the tender offer launched by BNP Paribas S.A. as offeror (the "Offeror") on 19 June 2019 pursuant to the agreements entered into with the Company, settled on 1 July 2019 (the "Offer"). Following the repurchase, the Company requested the cancellation of the portion of Existing Notes so repurchased. Denomination ISIN Notes tendered for purchase Notes accepted by the Offeror Outstanding Principal Amount €500,000,000 3.25 per cent. Notes due 4 October 2021 XS0976307040 39,994,000 39,994,000 249,855,000 €500,000,000 2.375 per cent. Notes due 4 July 2024 XS1084043451 170,610,000 170,610,000 329,390,000 CS_HERA_Repurchase_and_cancellation_Press_Release.1562340635.pdf 2019-07-05 17:08:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance Repurchase and cancellation of certain notes 2019-07-05

New Hera S.p.A. 500 million euro green bond listed on the ExtraMOT PRO segment This green bond hasa 0.875% coupon rate and a 1.084% rate of return The funds raised will finance projects involving energy efficiency, circular economy, sustainable waste management and water infrastructures Today, Borsa Italiana welcomes Hera S.p.A.'s new green bond to the segment dedicated to green and/or social bonds of the ExtraMOT PRO. This is the second green bond issued on Borsa Italiana's markets by Hera, an Italian multi-utility specialised in providing energy, water and environmental services. The issue has a nominal value of 500 million euro, repayable over 8 years, with a coupon rate set at 0.875% and a rate of return coming to 1.084%. The funds raised will be used to finance or refinance numerous projects, already ongoing or included in the Business plan to 2022, that seek to meet one or more of the goals on the UN's 2030 Agenda, in areas including energy efficiency, circular economy, sustainable waste management and water infrastructures. The bond has been included in the segment of Borsa Italiana's ExtraMOT PRO dedicated to green and/or social bonds, created to allow institutional and retail investors to identify the instruments whose return is destined to finance projects with special environmental and/or social benefits or impacts. With Hera S.p.A.'s new bond, the list of bonds oriented towards sustainable development on Borsa Italiana's bond markets increases by yet another corporate issue, reaching 83 financial instruments listed since the segment was created. Pietro Poletto, Head of Borsa Italiana's bond markets, commented: "The sustainable investment market continues to display strong dynamism and constant growth. The increasing attention shown by investors worldwide towards ESG issues, as defined by their own investment policies, confirms Borsa Italiana's winning strategic choice of dedicating a specific segment to green and social bonds, within the range of bonds we offer. Indeed, Borsa Italiana plays an active role in promoting sustainable finance, and has included among its institutional goals its wish to make a concrete contribution towards promoting a financial culture increasingly built around a circular economy. We believe in developing a sustainable market, thanks to issuers such as Hera, who have sensed and embraced the values involved in ESG matters, as is demonstrated by the issue of their second green bond listed on our market". Stefano Venier, Hera's CEO, stated: "Green, or ESG financial instruments are a fundamental lever used to sustain the Hera Group's commitment towards acting on a business model that is increasingly regenerative and resilient. Able to meet the goals contained in the UN's 2030 Agenda, this model will also respond to the many challenges currently facing us, first and foremost climate change, that require innovative solutions and long-term investments. The green bond that we have issued fully respects these standards and aims". PressRelease_Borsa_Italiana_ExtraMOT_PRO_eng.1562333432.pdf 2019-07-05 15:32:00 Borsa Italiana welcomes Hera S.p.A.'s new bond to the green & social segment of ExtraMOT PRO Borsa Italiana welcomes Hera S.p.A.'s new bond to the green & social segment of ExtraMOT PRO 2019-07-05

(drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Bologna, 3 July 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 30 June 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,266,332,400 1,489,538,745 2,261,322,400 Ordinary shares (regular dividend rights: 01.01.2019) - cod. ISIN IT0001250932 Current coupon: n. 18 712,745,090 712,745,090 717,755,090 717,755,090 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2019) - cod. ISIN IT0005159972 Current coupon: n. 18 776,793,655 1,553,587,310 771,783,655 1,543,567,310 20190703_Hera_comunicazione_ammontare_complessivo_diritti_di_voto_ENG.1562164016.pdf 2019-07-03 16:03:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance Communication of the overall amount of voting rights 2019-07-03

Following the press release dated 19 June 2019, notice is hereby given that on 1 July 2019 BNP Paribas S.A. announced the final results of the tender offer launched by it, in its capacity as offeror (the "Offeror"), on 19 June 2019 pursuant to the agreements entered into with Hera S.p.A. (the "Company"), addressed to qualified investors only and relating to (i) the"€500,000,000 3.25 per cent. Notes due 4 October 2021" issued by the Company (ISIN Code XS0976307040) (the "2021 Notes") and (ii) the "€500,000,000 2.375 per cent. Notes due 4 July 2024" (ISIN Code XS1084043451) (the "2024 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 210,604,000, split as follows: Euro 39,994,000 in principal amount of 2021 Notes and Euro 170,610,000 in principal amount of 2024 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 210,604,000. The payments due pursuant to the Tender Offer were settled on 1 July 2019. 20190702_Gruppo_Hera_esito_tender_offer_ENG.1562059640.pdf 2019-07-02 11:04:00 Borsa Italiana welcomes Hera S.p.A.'s new bond to the green & social segment of ExtraMOT PRO Final results of the tender offer relating to certain notes 2019-07-02

Strong interest shown by international investors for the multi-utility's second "green" bond, which will finance environmental sustainability projects in 3 areas: energy efficiency, circular economy and sustainable water resource management. Subscriptions have reached seven times the amount offered. Strong interest shown by international investors for the multi-utility's second "green" bond, which will finance environmental sustainability projects in 3 areas: energy efficiency, circular economy and sustainable water resource management. Subscriptions have reached seven times the amount offered. The Hera Group aims to continue in its role as a reference point for sustainable finance in Italy and, five years after issuing the country's first "green" bond, it is now launching its second. The bond is being announced at the end of a road show in Europe's main financial centres, aimed at illustrating the structure of the transaction to investors and analysts, in addition to the way in which the resources will be allocated, i.e. by investing in environmental sustainability projects in the waste, water and energy sectors. Considering that it also launched Italy's first ESG-linked revolving line of credit last year, Hera is carrying on with its activity in identifying and implementing innovative instruments. The latter are indeed able to valorise the company's commitment and the results it has reached hereto in this area, along with its future investment policies, thus meeting the market's growing attention towards this sort of endeavour. The characteristics of the new green bond and the projects financed The second green bond issued by the Hera Group (Moody's rating Baa2 with stable outlook and Standard & Poor's rating BBB with positive outlook) amounts to 500 million euro overall, repayable over 8 years with a 0.875% coupon and a 1.084% return. The date of payment for the newly issued bond has been set at 5 July 2019. Furthermore, the new green bond is expected to have the same rating as the Hera Group. A strong demand, coming to seven times the amount offered, and the quality of the orders received have allowed the price to be fixed at an excellent level. The transaction has seen significant participation from international investors (France, Germany, United Kingdom and Holland), most of whom follow green and sustainable criteria. The bond is expected to be listed on the Irish Stock Exchange and the Luxembourg Stock Exchange's regulated markets, and on Borsa Italiana's ExtraMOT PRO. The funds will be used to finance or refinance numerous projects, already implemented or included in the Business plan to 2022, that pursue one or more of the goals in the UN's 2030 Agenda. These projects have been subdivided into 3 areas: energy efficiency (in line with SDGs 7 and 13): from installing smart metres to developing district heating networks and projects in the area of public lighting; circular economy and sustainable waste management (responding to SDG 12): innovative projects in the waste collection systems, further use of unit pricing, creating plants and structures for recycling, recovering and reusing materials, plants for biological/chemical waste treatment and plants for transforming waste into energy, similar to the Sant'Agata Bolognese (BO) biomethane production plant; water infrastructures (meeting SDGs 6 and 14): waste water management projects, sewerage and water infrastructures furthering resilience and adaptation to climate change. In order to guarantee that the funds are correctly and transparently allocated, Hera has introduced a monitoring and reporting process. The amount actually dedicated to each intervention will be published in the Group's Sustainability Report, along with data concerning the environmental performances reached. "Green Financing Framework": Hera transparent in sustainability as well The Hera Group, furthermore, is among the first companies in Europe to have provided itself with a "Green Financing Framework" (GFF). The GFF is a particularly innovative programming document, in line with "Green Bond Principles", that covers not only aspects linked to issuing the green bond, but also sustainable loans and other ESG instruments on the market. The GFF is accompanied by a "Second Party Opinion", drafted by ISS-oekom, which ranked Hera "Prime" in terms of ESG performance (sixth in a panel of 43 worldwide companies), in particular giving an excellent opinion of Hera's contribution to the water sector. Hera's partners in the transaction The Hera green bond issue was coordinated by BNP Paribas, Credit Agricole CIB, Mediobanca and UniCredit, acting as Joint Bookrunners, and BBVA, acting as Bookrunner. The law firm Legance provided Hera with assistance, while the law firm Linklaters assisted the Bookrunners. ISS-oekom is the world's leading rating firm in the field of responsible investment. Based in Rockville (US), it has branches in 30 countries, with over 2,000 institutional clients and 1,800 consultants. Statement by CEO Stefano Venier "Green, or ESG financial instruments are a fundamental lever used to sustain the Hera Group's commitment towards acting on a business model that is increasingly regenerative and resilient. Able to meet the goals contained in the UN's 2030 Agenda, this model will also respond to the many challenges currently facing us, first and foremost climate change, that require innovative solutions and long-term investments. The green bond we are issuing today fully respects these standards and aims". 20190626_CS_Nuovo_green_bond_Hera_final_eng.1561565392.pdf 2019-06-26 17:43:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance Hera: new 500 m€ green bond 2019-06-26

1 For information purposes only, the purchase price for the 2021 Notes will, when determined in the manner described herein on the basis of a Settlement Date of 1 July 2019, be 107.704 per cent. Should the Settlement Date in respect of the 2021 Notes accepted for purchase pursuant to the Offer differ from 1 July 2019, the relevant purchase price will be recalculated, all as further described herein. If the aggregate principal amount of the Existing Notes validly tendered for purchase pursuant to the Tender Offer is greater than the amount of the Existing Notes that the Offeror intends to purchase, the Offeror will accept the relevant tenders on a pro rata basis. The Tender Offer, which starts today, will expire on 26 June 2019, 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 1 July 2019. Further information on the terms and conditions of the Tender Offer are set out in the Tender Offer Memorandum. Simultaneously with, by separately from, the Tender Offer, the Company may also consider, at its sole discretion, to purchase, through the Offeror, in whole or in part, one or more series of the following series of notes issued by the Company and privately placed to a limited number of investors: (i) €32,000,000 3.5 per cent. Fixed Rate Notes due 22 May 2025 (ISIN Code: XS0935947977); (ii) €30,000,000 5.25 per cent. Fixed Rate Notes due 14 May 2027 (Namesschuldverschreibung); and (iii) €30,000,000 5.25 per cent. Fixed Rate Notes due 14 May 2027 (ISIN Code: XS0782473556). 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. 20190619_comunicato_Lancio_nuova_emissione_ENG.1560927472.pdf 2019-06-19 08:09:00 Hera acquires 2.5% of Ascopiave's share capital from Amber The BoD of Hera S.p.A. authorises the issue of new notes and the refinancing of certain notes 2019-06-19

The business partnership, through the joint venture EstEnergy, involves over 1 million customers, with the new entity's overall value coming to 864.5 million euro and its Ebitda amounting to 69 million euro. With this transaction, the Hera Group reaches over 3 million energy customers. Ascopiave grows in gas distribution by 188,000 delivery points, becoming North-East Italy's leading operator with 775,000 delivery points managed and an added Ebitda amounting to 15.9 million euro. The business partnership, through the joint venture EstEnergy, involves over 1 million customers, with the new entity's overall value coming to 864.5 million euro and its Ebitda amounting to 69 million euro. With this transaction, the Hera Group reaches over 3 million energy customers. Ascopiave grows in gas distribution by 188,000 delivery points, becoming North-East Italy's leading operator with 775,000 delivery points managed and an added Ebitda amounting to 15.9 million euro. Today, the Boards of Directors of Hera S.p.a. and Ascopiave S.p.a. approved the signing of a binding Term Sheet intended to develop a major entity in areas of North-East Italy, which will be able to rely on over one million energy customers, while at the same time redefining their respective activities in gas distribution. The Term Sheet, which will be finalised by a framework agreement within 31 July 2019, defines the geographical areas involved, the economic terms of the agreement and related elements of governance. The agreement reached represents an important strategic transition in the evolution of the two Groups' activity portfolios and fully respects the strategic lines of development approved by the Boards of Directors of Hera S.p.a. and Ascopiave S.p.a., as communicated to investors. More specifically, as regards the gas and electricity marketing area, the agreement calls for a single operator to be created, bringing together the respective sales operations in the Veneto, Friuli Venezia Giulia and Lombardy regions, acting through EstEnergy S.p.a., a company currently jointly controlled by Ascopiave S.p.a. and Hera Comm S.r.l., the Hera Group's sales company. EstEnergy S.p.a.'s activities in the geographical areas indicated will be considerably increased, coming to include the Ascopiave Group's sales activities carried out by the subsidiaries Ascotrade S.p.a., Ascopiave Energie S.p.a. and Blue Meta S.p.a. as well as the joint ventures Asm Set S.r.l. (49%) and Etra Energia S.r.l. (51%), in addition to the liquidating Sinergie Italiane S.r.l. (30.94%) and the company Energia Base Trieste S.r.l. (92,000 contracts managed) and Hera Comm's Veneto and Friuli customers (96,000 gas contracts and 68,000 electricity contracts). A major operator rooted in the North-East will thus emerge with a portfolio totalling over 795,000 gas contracts and 265,000 electricity contracts, based on 31 December 2018 data, which considering the joint venture pro rata component amounts to over 1 million contracts. This new entity, which will take shape through EstEnergy, when fully operational, will have a consolidated Ebitda coming to roughly 69 m€, based on 2018 data, not including the contribution coming from owned companies with minority shareholdings. 52% of EstEnergy's share capital will be held by the Hera Group, and 48% by Ascopiave. The parties involved have disclosed that the overall equity value of the new EstEnergy amounts to 864.5 m€ (with a corresponding enterprise value of 797 m€), based on 31 December 2018 data, and may be subject to standard adjustments following the closing date; of this amount, 601 m€ (543 m€ enterprise value)pertains to sales activities originating from Ascopiave and 263 m€ to activities originating from HeraComm. In order to regulate the new EstEnergy's governance, a Shareholders Agreement will be signed that calls for a Board of Directors made up of 5 members - 3 appointed by Hera, who will also appoint the CEO, and 2 by Ascopiave, who will also appoint the Chairman and the Chairman of the Board of Auditors - and that furthermore includes standard clauses protecting a minority shareholder, a 7-year right of transfer that may be exercised annually, granted to Ascopiave and reaching its entire shareholding in Est Energy S.p.a. and a right of acquisition, granted to Hera Comm in the event that Ascopiave S.p.a. reaches a residual holding in Est Energy S.p.a. coming to less than or equal to 5% of the company's capital. In particular, the transfer option concerning the minority shareholding of EstEnergy may be exercised, wholly or in part, up to the seventh year from the closing date, at a price set at the higher amount between (i) the fair market value of the shareholding, calculated at the exercise date, and (ii) the value of the shareholding, revised by applying a 4% annual interest rate, net of the amount of dividends received and in any case not lower than the value of the shareholding itself. Furthermore, Amgas Blu, a sales company operating in the province of Foggia with roughly 50,000 customers, entirely owned by Ascopiave, will also be involved in the overall reorganisation of the gas and electricity customer marketing area. This company will be directly acquired by Hera Comm at a price coming to roughly 44 m€, including its financial position, once again with reference to 31 December 2018 data. At the closing date, Ascopiave will acquire a shareholding coming to roughly 3.6% of Hera Comm for the price of 65 m€, gaining the right to appoint one member of the company's Board of Directors. For this shareholding as well, a mechanism is expected to grant Ascopiave the right to transfer its shareholding in Hera Comm, extending over the same period of 7 years. As regards the reorganisation of gas distribution activities, instead, Ascopiave is expected to acquire, from the Hera Group, an area of concessions including 188,000 delivery points in the Veneto and Friuli Venezia Giulia regions, with an investment value amounting to 171 m€ and a proforma Ebitda coming to 15.9 m€, both defined by 31 December 2018 data. Through this transaction, the Ascopiave Group will serve roughly 775,000 users and manage over 12,000 km of network, thus becoming the largest operator in the Triveneto Region and consolidating its position in the national ranking. With this transaction, Ascopiave will proceed with its strategic repositioning plan, establishing a marketing agreement with a major player and reinforcing its presence in the core business of gas distribution. As regards the Hera Group, through these agreements with Ascopiave it will reach its target of 3 million energy customers (3.2, according to 31 December 2018 data) set in its business plan to 2022. This represents a further step along the path of growth in this area, that has seen the Group double its energy customer base over the last 10 years, by way of internal growth and M&As. The transaction, in addition to setting a deadline for the final agreement at 31 July 2019, will be subject to the standard conditions foreseen for this type of transaction and all communications and approvals given by authorities and responsible institutions, as well as, solely concerning the shareholdings in question, the consent of other shareholders in the case of Ascopiave S.p.a.'s shareholdings in the joint ventures ASM Set S.r.l., Etra Energia S.r.l. and the liquidating Sinergie Italiane S.r.l.. The parties involved expect the transaction to be concluded within 31 December 2019. Ascopiave is assisted in the transaction by the teams of Rothschild&Co., for the financial part, and by the Bonelli Erede studio, for the legal part, while Hera has called on Lazard and the Grimaldi studio. The Ascopiave Group operates in the natural gas sector, mainly in the segments of distribution and sale to end users. Thanks to its broad customer base and the quantity of gas sold, Ascopiave is currently one of the main operators in the industry at a national level. The Group owns concessions and direct assignments for the management of distribution activities in over 228 Towns, supplying the service to a market segment of 1.5 million inhabitants, through a distribution network which spreads over 10,000 kilometres. The sale of natural gas is performed through different companies, some under joint control. Overall, in 2018, the companies of the Group sold over 1 billion cubic metres of gas to end users. Ascopiave has been listed under the Star segment of Borsa Italiana since 12th December 2006. Hera Group is one of Italy's largest multi-utility providers working in environment (waste collection and treatment), energy (electricity and gas distribution and sale) and water (aqueduct, sewerage and purification) sectors. The Group employs over 9,000 people and works every day to meet the many and varied needs of over 4.4 million citizens. It serves over 350 local municipalities mainly in the Emilia-Romagna, Marche, Tuscany, Abruzzo, Veneto and Friuli-Venezia Giulia regions. Listed since 2003, on 18 March 2019 Hera shares have been included in the FTSE MIB of Borsa Italiana. 20190617_press_release_GruppoHera_Ascopiave_ENG_final.1560793161.pdf 2019-06-17 19:19:00 2020 Integrated Governance Index: Hera once again ranked at the top of sustainable finance The Hera Group and Ascopiave: a large energy partnership in North-East Italy 2019-06-17

The Hera Group ranks fourth in the 2019 edition of the index that measures the integration of ESG factors within the strategies of Italy's main companies, and first, for the second consecutive year, in the area of sustainable finance. The Hera Group has firmly maintained its excellent position among Italian companies who unite their own strategies with a commitment towards sustainability. Full confirmation of this has come from the 2019 edition of the Integrated Governance Index, an eminent model that analyses the degree to which ESG (Environmental, Social, Governance) factors are integrated within corporate strategies. These factors represent activities that, in addition to pursuing traditional business objectives, take social and environmental aspects into consideration. This year, the Hera Group came fourth in the overall IGI ranking, one position higher than in 2018, and was confirmed, for the second consecutive year, second to none in the special category dedicated to sustainable finance. This result shows once again the multi-utility's attention towards sustainability and the creation of shared value, two key factors in its strategy and top priority elements in defining its financial operations and investments. The Group's best practices Environmental, social and governance objectives have played a significant role in the Hera Group's strategic planning for some time now and contribute to defining its future path, in line with the UN's 2030 Agenda. Evidence of this can be seen in the Group's shared value Ebitda, i.e. the portion of overall Ebitda that derives from business activities able to meet these same goals, globally: in 2018 this indicator came to 375.2 million euro, or 36% of total Ebitda, with the aim - included in the Business plan - of rising to 40% by 2022. The Group's financial instruments also respect both this vision and the market's increasingly acute awareness of ESG issues. Hera has proven able to move within this framework ahead of time, interpreting ongoing changes and providing itself with innovative models which are attractive on the market. This is precisely why the Hera Group has been recognised, within the Italian scenario, as a reference point for new strategies in the area of sustainable finance. After being the first company in Italy to issue a green bond, in 2014, following the example given by other large corporations internationally, last May it introduced the first sustainable revolving line of credit, thanks to a system that offers bonuses for reaching specific environmental sustainability goals. The latter include, for example, a further reduction in the carbon footprint for energy production, new targets in energy efficiency and improvement in sorted waste, all areas in which the Group has been at the forefront for years, as is documented in its sustainability report. The 2019 Integrated Governance Index The Integrated Governance Index (IGI) is currently the only project that quantitatively evaluates the degree to which ESGs are integrated within corporate management (integrated governance). Developed by ETicaNews, with research and legal support provided by associations and specialised advisors, this year marks its fourth edition. In 2019, the IGI invited Italy's top 100 listed companies to participate, along with businesses that publish non-financial statements and the country's top 50 non-listed companies. The Index's overall analysis and ranking process is based on a survey containing 70 questions, subdivided into eight areas, with an additional area of research that changes each year (dedicated to "ESG and human capital" in 2019). TOP10_4_Hera_300.1560183835.png sinistra 2019 Integrated Governance Index CS_20190610_IGI2019_eng.1560184159.pdf 2019-06-10 15:55:00 Integrated Governance Index 2019 2019 Integrated Governance Index 2019-06-10

(drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Bologna, 5 June 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 31 May 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,261,322,400 1,489,538,745 2,261,329,400 Ordinary shares (regular dividend rights: 01.01.2018) - cod. ISIN IT0001250932 Current coupon: n. 17 717,755,090 717,755,090 717,748,090 717,748,090 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2018) - cod. ISIN IT0005159972 Current coupon: n. 17 771,783,655 1,543,567,310 771,790,655 1,543,581,310 20190605_COMMUNICATION_OF_THE_OVERALL_AMOUNT_OF_VOTING_RIGHTS_art_85_bis_RE_eng.1559743880.pdf 2019-06-05 15:22:00 Hera SpA 2019-02-04

Consolidated 1Q report shows growing results and a positive contribution coming from all main business areas, in particular the water cycle and gas. Focus on sustainability and circular economy confirmed. Financial highlights Revenues at 1,940.4 million euro (+11.4%) Ebitda at 330.8 million euro (+2.5%) Net profit at 129.7 million euro (+3.0%) Net financial position at 2,622 million euro Operating highlights Good contribution to growth coming from all main business, above all the water cycle and gas Solid customer base in energy sectors, rising to approximately 2.6 million customers Today, the Hera Group’s Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the Group’s consolidated economic results for the first quarter of 2019, which improved over the same period of the previous year, showing constant growth in all main indicators. The company’s winning multi-business strategy was thus confirmed, balanced as it is between regulated and free market activities, with high attention given to sustainability and a circular economy. The Hera Group, indeed, pursues this model through both internal and external growth, always prepared to grasp the opportunities offered by the market also thanks to the financial solidity. The Group’s path of 16 years of uninterrupted growth took a step further on 18 March 2019, when it was included in Borsa Italiana’s FTSE MIB index, which brings together the 40 companies with the highest capitalisation on the Italian stock exchange. In general, the results for the first quarter of 2019 benefited from the higher tariffs on regulated services introduced by the Authority’s updates, in addition to commercial expansion and the creation of efficiencies. Among the changes in the Group’s scope of operations compared to the first quarter of 2018, mention must go to Blu Ranton and Sangroservizi in Abruzzo, Megas Net in the Marche region and, as of March 1st 2019, the integration, in the Ferrara area, of the energy sales activities carried out by CMV Energia e Impianti and the natural gas distribution activities carried out by CMV Servizi, including the subsidiary company ATR. Furthermore, 9 May saw the formal acquisition of 100% of the shares of Cosea Ambiente, a company that manages urban and similar waste services owned by 20 municipalities in the Tuscan-Emilian Apennine. This operation also involved a ten-year concession for the Cosea Consorzio landfill in Gaggio Montano, effective as of the second quarter of 2019. Revenues reach 1.94 billion euro In the first quarter of 2019, revenues amounted to 1,940.4 million euro, rising compared to the 1,741.3 million seen in the same period of 2018. Contributions to this result came above all from growth in revenues from trading activities, power generation and waste treatment business, as well as higher revenues and higher volumes in gas and electricity sales. Ebitda rises to 330.8 million euro Ebitda went from 322.7 million euro in the first quarter of 2018 to 330.8 million at 31 March 2019, showing an 8.1 million increase (+2.5%). This growth is due to the good performances in all Group’s main areas, in particular the water cycle and gas. Improvement was also seen in the results from the waste management area and in other services, while the electricity area remained essentially stable. Operating results and pre-tax profits grow Net operating results also increased, coming to 205.0 million euro at 31 March 2019, up compared to the 197.6 million seen in the same period of 2018 (+3.7%). The change in financial operations came to 3.6 million euro, amounting to 21.1 million at the end of the first quarter, owing to lower dividends received and the application of accounting standard IFRS 16 on operating leases. Pre-tax profits grew by 2.1%, going from 180.1 million in the first quarter of 2018 to 183.9 million euro in the same period in 2019. Net profits up, settling at 129.7 million (+3.0%) Net profits for the first quarter of 2019 increased to 129.7 million euro, as compared to the 125.9 million recorded one year earlier (+3.0%). Profits pertaining to Group Shareholders, instead, came to 124.2 million euro, with a 3.1% growth over the 120.5 million seen in the same period of 2018. These results, considered alongside the improved tax rate (which came to 29.5%, compared to 30.1% in the first quarter of the previous year), are due to factors including the Group’s continuous commitment towards grasping the benefits offered by current legislation, in particular through the depreciations involved in the significant investments made in the direction of Utility 4.0. Over 96 million in investments, net debt stable Including capital grants, overall investments in the first 3 months of 2019 amounted to 96.3 million euro, up 7.4% over the same period of the previous year, and mainly concerned interventions on plants, networks and infrastructures. Additionally, investments were made in a large-scale metre substitution and in the purification and sewerage areas. Net debt remained essentially stable, coming to 2,622.0 million euro at 31 March 2019, compared to the 2,585.6 million seen at 31 December 2018. Excluding the changes ensuing from the application of accounting standard IFRS 16 on operating leases, a positive operating cash flow were seen in the first quarter. The 12-month rolling net debt/Ebitda ratio settled at 2.52x, confirming the Group’s financial solidity. Gas Ebitda for the gas area, which includes services in natural gas distribution and sales, district heating and heat management, settled at 151.0 million euro in the first quarter of 2019, rising compared to the 148.2 million seen at 31 March 2018 (+1.9%), thanks to the new portions of the default and last resort markets obtained. Gas customers increased by almost 80 thousand or 5.6% over the amount seen one year earlier, reaching 1.5 million, for reasons including the incorporation of the companies Blu Ranton, Sangroservizi and CMV Energia e Impianti, new customers in the last resort and default markets, and marketing initiatives. The gas area accounted for 45.6% of Group Ebitda. Water cycle The integrated water cycle area, which includes aqueduct, purification and sewerage services, showed strong growth in Ebitda, which went from 55.6 million euro in the first quarter of 2018 to 58.9 million in the same period in 2019 (+6.0%), thanks to higher revenues from new connections and lower operating costs. As was the case for the previous year, these results benefitted from bonuses awarded by the Authority for high service standards. The integrated water cycle area accounted for 17.8% of Group Ebitda. Waste Ebitda for the waste management area, which includes waste collection, treatment and disposal services, went from 66.5 million euro in the first quarter of 2018 to 67.3 million at 31 March 2019 (+1.2%), thanks in particular to higher revenues coming from waste treatment, the contribution made by Aliplast and the street sweeping business. In this sector, the Hera Group has consolidated its national leadership thanks to complete and integrated service offers, commercial partnerships, participation in tenders, and its roughly 90 avant-garde plants, able to provide efficient and sustainable solutions that support a circular economy. Good results were also achieved in the area of sorted waste, which rose to 64.1%, compared to the 59.5% seen in the first quarter of 2018, thanks to the numerous projects implemented across all areas served. The waste management area accounted for 20.3% of Group Ebitda. Electricity Ebitda for the electricity area, which includes services in electricity production, distribution and sales, went from 45.3 million euro in the first quarter of 2018 to 45.2 million at 31 March 2019, owing to lower income in the last resort market, which was however largely offset by a higher amount of electricity generation. Customers reached over 1.1 million, increasing by 10.3% over 31 March 2018, with over 100 thousand new customers: this significant growth mainly occurred on the free market, due to reinforced marketing initiatives, above all in central Italy, and the incorporation of the company CMV Energia e Impianti. The electricity area accounted for 13.7% of Group Ebitda. The manager responsible for drafting the company’s accounting statements, Luca Moroni, declares, pursuant to article 154-bis paragraph 2 of the TUF, that the information contained in the present press release corresponds to the documentation available and to the account books and entries. The first-quarter management report and related materials are available to the public at Company Headquarters and on the website www.gruppohera.it. Unaudited extracts from the Intermediate Management Report at 31 March 2019 are attached. Profit & Loss (m€) 31/03/2019 Inc.% 31/03/2018 Inc.% Ch. Ch. % Sales 1,940.4 1,741.3 +199.1 +11.4% Other operating revenues 121.0 6.2% 95.3 5.5% +25.7 +27.0% Raw material (1,024.6) (52.8%) (831.4) (47.7%) +193.2 +23.2% Services costs (556.7) (28.7%) (538.5) (30.9%) +18.2 +3.4% Other operating expenses (13.1) (0.7%) (12.7) (0.7%) +0.4 +3.1% Personnel costs (142.9) (7.4%) (140.0) (8.0%) +2.9 +2.1% Capitalisations 6.7 0.3% 8.7 0.5% (2.0) (23.1%) Ebitda 330.8 17.0% 322.7 18.5% +8.1 +2.5% Depreciation and provisions (125.8) (6.5%) (125.0) (7.2%) +0.8 +0.6% Ebit 205.0 10.6% 197.6 11.3% +7.4 +3.7% Financial inc./(exp.) (21.1) (1.1%) (17.5) (1.0%) +3.6 +20.6% Pre tax profit 183.9 9.5% 180.1 10.3% +3.8 +2.1% Tax (54.2) (2.8%) (54.2) (3.1%) +0.0 +0.0% Net profit 129.7 6.7% 125.9 7.2% +3.8 +3.0% Attributable to: Shareholders of the Parent Company 124.2 6.4% 120.5 6.9% +3.7 +3.1% Minority shareholders 5.5 0.3% 5.4 0.3% +0.1 +2.3% Balance Sheet(m€) 31/03/2019 Inc.% 31/12/2018 Inc.% Ch. Ch.% Net fixed assets 6,042.1 108.5% 5,905.1 108.7% +137.0 +2.3% Working capital 118.9 2.1% 115.4 2.1% +3.5 +3.0% (Provisions) (591.8) (10.6%) (588.2) (10.8%) (3.6) +0.6% Net invested capital 5,569.2 100.0% 5,432.3 100.0% +136.9 +2.5% Net equity 2,947.2 52.9% 2,846.7 52.4% +100.5 +3.5% Long term net financial debt 2,760.4 49.6% 2,558.8 47.1% +201.6 +7.9% Short term net financial debt (138.4) (2.5%) 26.8 0.5% (165.2) (616.4%) Net financial debt 2,622.0 47.1% 2,585.6 47.6% +36.4 +1.4% Net invested capital 5,569.2 100.0% 5,432.3 100.0% +136.9 +2.5% Results as at 31 March 2019 Results as at 31 March 2019 /documents/1514726/4210695/GruppoHera_Consolidate_quarterly_report_as_at_31_March_2019.1557915124.pdf/31dd1b53-c44f-3516-add7-13f6c692d301?t=1597849550053 Financial results as at 31 March 2019 /documents/1514726/4210695/GruppoHera_Analyst_presentation_1Q2019.1557920950.pdf/65d853c3-56d3-3fc2-6473-718d22ce5506?t=1597849549649 Analyst presentation: financial results as at 31 March 2019 http://investornews.gruppohera.it/en/?n=60 Newsletter: financial results as at 31 March 2019 /documents/1514726/4210695/Dati_finanziari_ed_operativi_di_sintesi_1Q_2019_eng.1557820941.xls/62c8b86a-5153-9325-f0b7-b2a872128604?t=1597849548933 Financial data as at 31 March 2019 https://www.slideshare.net/Gruppo_Hera/analyst-presentation-q1-2019-146001380 Slideshare Q1 2019 /group_eng/investor-relations/results-and-presentations/interactive-data Interactive data Press release as at 31 March 2019 2019-05-15 13:32:43 Il Gruppo Hera approva i risultati al 31/03/2019 2019-03-25

Kindly note that as of today the minutes of the Shareholders Meeting held on 30 April 2019 are available at company headquarters, on the Hera Group's website (www.gruppohera.it), in the section dedicated to Corporate Governance, and on the authorised storage website 1info. 20190510_Gruppo_Hera_COMUNICATO_VERBALE_ASSEMBLEA_ENG.1557496121.pdf 2019-05-10 15:12:00 110_assemblea.1393520601.jpg 2014-04-24

The multi-utility has consolidated its leadership in the waste management area by acquiring the entire shareholding of the company operating in waste management, owned by 20 Municipalities in the Tuscan-Emilian Apennine area. The Hera Group has been definitively awarded the tender for purchasing 100% of the shares of Cosea Ambiente S.p.A., a company managing urban and similar waste services owned by 20 Municipalities in the Tuscan-Emilian Apennine area (15 in the province of Bologna, already Hera Group shareholders, and 5 in the province of Pistoia). The documents involved were signed today, 9 May 2019. The tender was accompanied by a ten-year concession for the Cosea Consorzio's Ca' dei Ladri landfill, in the Municipality of Gaggio Montano, also covering assets and resources involved in its operation. The concession, also dated today, was stipulated between Herambiente and Cosea Consorzio. The 18 Municipalities owning Cosea Consorzio are also shareholders in Cosea Ambiente, even while holding different percentages in the two companies, with the exception of two Municipalities with no shareholding. Thanks to this acquisition, the Hera Group will be able to manage its waste management services in an increasingly synergic way across the entire Province of Bologna. These services will be integrated with the others already offered in the Apennine area (mainly water and gas), guaranteeing at the same time that the personnel currently employed is maintained. As for the Municipalities previously served by Cosea Ambiente, they will benefit from the scale economies ensuing from an advanced industrial approach in service management and fully meet the goals set by the regional law on recycling and recovery. Further benefits will also come from the multi-utility's many infrastructures, which already guarantee a high level of environmental performance in the areas served by Hera (selection, disposal and biomethane production plants, etc.). Additionally, the Hera Group will invest in currently existing infrastructures and activities over the next few months. This operation is to be counted alongside the acquisitions made in previous years of Treviso's Aliplast and Geo Nova and Tuscany's Waste Recycling and Teseco, finding its place along the Hera Group's path of growth and the consequent enlargement of its scope of operations, as pursued for a number of years. It furthermore allows the multi-utility to consolidate to a greater degree its national leadership in the waste management sector, in which it serves 3.3 million citizens in over 170 Municipalities and manages all types of waste, thanks to roughly 90 plants that bring together efficiency, competitiveness in costs and the sustainability dictated by the principles of a circular economy. "This transaction represents another milestone in the ongoing enlargement of our activities in waste management, with the aim of optimising resources and processes, extracting synergies and creating value for the areas served and for all our stakeholders", comments Tomaso Tommasi di Vignano, Executive Chairman of the Hera Group. "All of this allows us to offer quality services and increasingly integrated solutions to citizens and industrial customers, bringing reliability together with sustainability in the collection and treatment of any type of waste." Romano Franchi, Chairman of Consorzio Cosea's Shareholders Meeting, has stated that "All shareholder municipalities have resolved in favour of this operation. There are a number of reasons for this: it allows us to safeguard the system's economic sustainability and to guarantee employment through a local presence, while at the same time reaching regulatory aims. We are leaving Hera a healthy system, confident that the Group will be able to further improve it." Nuova_Palazzina_1_870x.1533219432.jpg Hera Group acquires 100% of Sangroservizi Read more 20190509_press_release_COSEA_acquisition.1557413719.pdf 2019-05-09 16:14:00 Borsa Italiana welcomes Hera S.p.A.'s new bond to the green & social segment of ExtraMOT PRO Hera Group acquires 100% of Sangroservizi 2018-03-09

(drafted pursuant to article 85-bis, paragraph 4-bis, of Consob Regulation 11971 / 14 May 1999) Bologna, 7 May 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 30 April 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,261,329,400 1,489,538,745 2,261,381,952 Ordinary shares (regular dividend rights: 01.01.2018) - cod. ISIN IT0001250932 Current coupon: n. 17 717,748,090 717,748,090 717,695,538 717,695,538 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2018) - cod. ISIN IT0001250932 Current coupon: n. 17 771,790,655 1,543,581,310 771,843,207 1,543,686,414 20190507_COMMUNICATION_OF_THE_OVERALL_AMOUNT_OF_VOTING_RIGHTS_eng.1557219263.pdf 2019-05-07 09:47:00 Hera SpA 2019-02-04

The multi-utility, included in the FTSE MIB as of 18 March 2019, improved all its main operating-financial and sustainability indicators, with results exceeding expectations and Ebitda amounting to over one billion for the first time. Commitment towards creating shared value also confirmed The Hera Ordinary Shareholders Meeting called to approve the 2018 financial statements was held in Bologna this morning, and the 2018 sustainability report (a consolidated non-financial statement drafted pursuant to legislative decree 254/2016) was presented. 2018 financial statements approved with strong growth in results In the ordinary session, the Shareholders Meeting approved the balance sheets pertaining to 2018, which showed improvement in all main operating-financial indicators: turnover reached € 6,626.4 million, up 8% over the previous year, Ebitda exceeded one billion euro for the first time - coming to € 1,031.1 million (+4.7%) - and net profits amounted to € 296.6 million (+11.2%). Overall Group investments in 2018, including capital grants, reached € 462.6 million (+5% over 2017). Net debt settled at € 2,585.6 million, essentially stable compared to the previous year (2,523.0 million in 2017). The quality of these results was confirmed by a drop in the net debt/Ebitda ratio, which fell to 2.51x (compared to the 2.56x seen in 2017), providing further confirmation of the Group's financial solidity, which was also reflected in the opinions released by leading rating agencies (Baa2 with stable outlook from Moody's and BBB with positive outlook from Standard & Poor's). The positive results for 2018, in line with the Business plan to 2022 and higher than the forecasts communicated last January, confirm the Hera Group's ranking among Italy's major multi-utilities and lay the foundations to grasp further opportunities for expansion in the fragmentary markets in which it operates. These figures furthermore bear witness yet again to the strengths of its multi-business strategy: a model balanced between regulated and free market activities, which brings internal growth together with external development, creating efficiencies and synergies that benefit the regions served, while remaining constantly in contact with the main stakeholders. For 16 years, the Hera Group has indeed pursued a path of uninterrupted growth: Ebitda has quintupled and net profits have grown eightfold. The multi-utility has thus reached an outstanding position nationwide in all activities managed (raking first in the waste management sector, second in the integrated water service and third in both gas distribution and energy sales to final customers). This growth was crowned on 18 March 2019, when the stock was included in the FTSE MIB, Borsa Italiana's foremost stock exchange index. Increase in dividends paid, now reaching 10 cents/share The Meeting thus approved the Board of Directors' proposal to pay a dividend of 10 cents per share, up over the amount seen in the past. The ex coupon date has been set at 24 June, with payment beginning on 26 June 2019. The dividend paid, based on the price of Hera shares at 31/12/2018, corresponds to an annual return of 3.7%. This confirms once again the Group's strong commitment to creating value for shareholders, as is also underlined by the most recent Business plan, whose dividend policy expects further growth to occur, reaching 11 cents in 2022. The sustainability report: shared value Ebitda reaches 375.2 million The 2018 sustainability report, presented during the meeting, highlights the Group's attention towards creating shared value, reporting information on those businesses that, in addition to creating operating margins for the company, work towards the objectives for sustainable growth contained in the UN Agenda. The areas in which Group's commitment takes shape fall under three main drivers: a smart use of energy, an efficient use of resources, along with innovation and contribution to local development. The Hera Group's 2018 shared value Ebitda came to 375.2 million euro (+14% over 2017), representing 36% of overall Ebitda: a result which is perfectly in line with the path set out in the Business plan, in which this indicator is projected to reach 40% by 2022. Furthermore, in 2018 the Group invested over 180 million euro (approximately 40% of the total) in initiatives and projects aimed at creating shared value. As regards the smart use of energy, the initiatives introduced allowed internal energy consumption to be reduced by 4.4% compared to 2013, while the Group also made a commitment to reducing CO2 emissions, through means including the use of entirely renewable electricity for the company's activities. Another important projects concern the production of biomethane from the organic part of waste in the Sant'Agata (BO) plant, the production of 600 GWh of renewable energy and a 16% reduction in the Group's carbon footprint in energy production. The amount of greenhouse gasses avoided thanks to the Group's initiatives have been estimated at 2.3 million tonnes, a figure which increased for reasons including its choice to guarantee a supply of electricity coming from renewable sources for all family customers, not only for those who have chosen the "Nature package" option. As regards the efficient use of resources, sorted waste destined to be recycled saw an unprecedented increase in 2018, rising to 62.5% (against 57.7% in 2017, and compared to the national average of 55.5%). Another outstanding example is the amount of packaging recycled, which came to 70%, meaning that the Hera Group has already reached the goal for 2030. A strong commitment towards sustainability was also seen in the sewerage and purification sector, with interventions including the Rimini seawater protection plan and the upgraded Servola purifier in Trieste, fully operational as of June 2018. Lastly, significant results also came from innovation and contribution to local development, with positive repercussions on local economies and their rate of employment. In 2018, the Group created an economic value of almost 2 billion euro in the areas in which it operates, equivalent to 78% of the total economic value (+4% over the previous year). Investments in innovation and digitalisation amounted to 62.4 million in 2018 and went towards projects in four areas: smart city, circular economy, utility 4.0 and customer experience. Other resolutions approved The Meeting furthermore approved the renewal of authorisation for the Board of Directors to purchase treasury shares (and arrangements for their disposal), for a maximum amount of € 200 million over 18 months, at the same time annulling the unimplemented part of the prior resolution, dating to the previous year. This renewed authorisation to use treasury shares was requested to pursue the aims recognised by current regulations and accepted market practices, in order to increase the creation of value through operations giving rise to investment opportunities and transactions involving financial instrument issuance. The Meeting, lastly, approved the remuneration policy report, in line with international best practices, and the corporate governance report was also presented. HERA_assemblea_azionisti.1556626141.jpg Hera Shareholders Meeting 20190430_CS_Assemblea_Soci_Hera_eng.1556625182.pdf 2019-04-30 13:10:29 Hera Shareholders Meeting 2019-04-30

Bologna, 18 April 2019 - The following table contains the data concerning the shares outstanding and the number of voting rights representing the share capital at 17 April 2019. Updated situation Previous situation Number of shares constituting the Share capital Number of voting rights Number of shares constituting the Share capital Number of voting rights Total of which: 1,489,538,745 2,261,381,952 1,489,538,745 2,264,486,952 Ordinary shares (regular dividend rights: 01.01.2018) - cod. ISIN IT0001250932 Current coupon: n. 17 717,695,538 717,695,538 714,590,538 714,590,538 Ordinary shares with increased voting rights (regular dividend rights: 01.01.2018) - cod. ISIN IT0001250932 Current coupon: n. 17 771,843,207 1,543,686,414 774,948,207 1,549,896,414 20190418_Hera_comunicazione_ammontare_complessivo_diritti_di_voto_ENG.1555592350.pdf 2019-04-18 13:26:00 piloni_110x150.1461840758.png 2019-02-04

Kindly note that the following documentation, pertaining to the Shareholders Meeting convened for 30 April 2019, is available to the public at company headquarters, the authorised storage website 1INFO (www.1Info.it) and on the Hera Group's website (www.gruppohera.it/gruppo/corporate_governance/assemblee/): Hera S.p.A. Board of Directors' Explanatory Report regarding item 3 on the Agenda. 20190328_Publication_of_documents_pertaining_to_the_Shareholders_Meeting_of_30_April_2019.1553762005.pdf 2019-03-28 11:22:00 110x150_heraspa.1475082913.jpg 2019-03-28

The multi-utility, included as of Monday 18 March in the FTSE MIB, closed the year with all main results improving beyond expectations, reaching the milestone of a one billion-euro Ebitda and crowning a history of 16 years of uninterrupted growth. Proposed dividends also rise to 10 cents per share, in line with the content of the business plan. Financial highlights Turnover at 6,626.4 million euro (+8.0%) Ebitda at 1,031.1 million euro (+4.7%) Net profits at 296.6 million euro (+11.2%) Net debt at 2,585.6 million euro Net debt/Ebitda ratio improves to 2.51x Proposed dividends increase to 10 cents per share Operating highlights Good contribution to growth coming from all businesses, in particular the integrated water cycle and the gas area Management marked by good results achieved in internal growth Solid customer base in energy sectors (over 2.5 million), up by roughly 150,000 Sorted waste increases to a 62.5% average over all areas served Improvement seen in all sustainability indicators, with shared value Ebitda growing to 375.2 million euro (+14%) Today, the Hera Group’s Board of Directors, chaired by Tomaso Tommasi di Vignano, unanimously approved the consolidated economic results at 31 December 2018, along with the Sustainability Report. 16 years of uninterrupted growth and winning strategies, with all main operating-financial and sustainability indicators improving The Hera Group closed the 2018 financial year with improved results, exceeding expectations. All business areas contributed to this growth, which was largely sustained by regulated activities. The results achieved confirm the Hera Group’s position of leadership among multi-utilities and the solidity of its business model, preparing it to grasp additional opportunities for expansion in the fragmentary markets in which it operates. The Group’s sixteen-year track record of uninterrupted development combining internal and external growth has allowed it to reach significant economies of scale and ever-increasing synergies thanks to its multi-business industrial approach, balanced between regulated and free-market activities, which has proved to be a winning strategy. Since its birth in 2002, the Hera Group has quintupled its Ebitda, with net profits increasing eightfold: it now ranks among the Nation’s leaders in all business areas (first in waste management, second in the integrated water cycle, third in gas distribution and in energy sales to end customers). These results are accompanied by a strong commitment towards social and environmental sustainability and towards creating shared value, both of which are competitive levers in all respects and bring the company’s development into line with the targets defined in the UN’s 2030 Agenda and the most advanced European goals. Turnover exceeds 6.6 billion, increasing by 8.0% The Hera Group’s 2018 turnover rose to 6,626.4 million euro, up 489.5 million (+8.0% over the 6,136.9 seen in 2017), thanks above all to higher revenues in gas and electricity sales owing to volumes sold, in addition to higher revenues in the waste management area and water services. Ebitda grows to 1,031.1 million (+4.7%) Group Ebitda exceeded one billion euro for the first time, reaching 1,031.1 million (+4.7%), up 46.5 million over the 984.6 million recorded in 2017 and above the forecast released on 10 January 2019 (indicating an estimated 1,020 million 2018 Ebitda). This result was due to the good performances seen in the Group’s various business areas, first and foremost the integrated water cycle and the gas area. Operating results and pre-tax profits increase, financial management improves Net operating results also rose, coming to 510.1 million euro, up 30.8 million (+6.4% compared to the 479.3 seen in 2017), despite higher operating amortisation, depreciation and provisions for new investments in regulated distribution and changes in the scope of operations. Pre-tax profits went from 377.8 million euro in 2017 to 418.4 million (+10.7%), rising by 40.6 million euro thanks to a 9.8 million improvement in financial management. Sharp rise in net profits, reaching 296.6 million euro (+11.2%) Group net profits increased to 296.6 million euro (+11.2%), with a 29.8 million euro rise over the 266.8 seen one year earlier. The average tax rate settled at 29.1%, as against 29.6% at 31 December 2017; the latter moreover benefitted from several exemptions, without which it would have come to 30.8%. The improvement is thus equivalent to 1.7% and is linked to the benefits coming from the Group’s considerable investments in assets going towards technological and digital transformation. Profits pertaining to Group Shareholders came to 281.9 million euro (+12.1%), up 30.4 million over 2017. Investments rise to 462.6 million euro, Net debt/Ebitda ratio further improves to 2.51 Including capital grants, the Group’s overall 2018 investments came to 462.6 million euro, up 5% over the 440.5 million seen the previous year. They mainly went to interventions on plants, networks and infrastructures, to guarantee efficiency, safety, resilience and innovation, in addition to regulatory upgrading above all in gas distribution, with an intensive meter substitution, and the purification and sewerage areas. Net investments came to 431.8 million. Net debt settled at 2,585.6 million euro, improving compared to the 30 September 2018 figure and essentially stable with respect to the previous year (2,523.0 million in 2017), despite higher investments, the M&A operations seen during the year and the treasury shares repurchased. Further improvement was seen in the Net debt/Ebitda ratio, which dropped to 2.51 (compared to 2.56 in 2017). The Group’s financial solidity is reflected by the opinions expressed by major rating agencies: Baa2 with a stable outlook from Moody’s and BBB with a positive outlook from Standard & Poor's. Further improvement in the Group’s sustainability, shared value Ebitda up to 36% These positive operating results were matched by an ever-increasing attention towards sustainability. The Hera Group was among the first to introduce, in 2016, shared value reporting, covering all business activities that in addition to generating Ebitda for the company respect the drivers of sustainable development defined by the UN’s 2030 Agenda and, more generally speaking, various national and international policies. The Hera Group’s 2018 shared value Ebitda came to 375.2 million euro, accounting for 36% of overall Ebitda (+14% compared to the 329 million seen the previous year). This result is perfectly in line with the path set out by the Business plan, in which this indicator is projected to reach 40% by 2022. The Group’s attention towards sustainability is also proven by the fact that 40% of total investments made by the Group – coming to over 180 million euro – go towards initiatives and projects aimed at creating shared value, distributed among the three drivers within which the Hera Group has organised this commitment: 71.3 million invested in innovation and contributions to development, 68.9 million in a more efficient use of resources and 48.3 million in a smarter use of energy. Proposed dividends rise to 10 cents per share, inclusion within the FTSE MIB In 2019 Hera became part of the Borsa Italiana FTSE MIB index, which includes the 40 largest companies listed on the Italian stock exchange, thanks to the amount of free float capitalisation and the value of the shares traded over the last six months. The Board of Directors, considering the positive results achieved and the Group’s sound financial profile, has decided to put a dividend of 10 cents per share to the Shareholders Meeting to be held on 30 April 2019, higher than last June (9.5 cents per share) and in line with the content of the Business plan. The ex-dividend date has been set at 24 June 2019, with payment as of 26 June 2019. Gas Ebitda for the gas area, which includes services in natural gas distribution and sales, district heating and heat management, grew significantly over the previous year in terms of both margins and volumes sold: it indeed reached 316.5 million euro (+4.9%), 14.8 million more than the 301.7 million seen in 2017. This result was reached thanks to commercial development on the free market, increased activity on the default market and in last resort supply, greater efficiency in distribution and the positive effect on consumption coming from the colder winter temperatures. The number of customers rose by 59.6 thousand (4.3%), now totalling 1.5 million users, partially due to the acquisitions of 100% of the Abruzzo companies Blu Ranton and Sangroservizi. Volumes sold increased by 18.2%. In 2018 net investments amounted to 115.4 million euro (+14.3% compared to 2017), to guarantee and improve the high-quality standards in networks and plants, with non-recurring maintenance and work involving cathodic protection for the Trieste network. Investments also rose for heat management and the number of new connections in district heating grew. The gas area accounted for 30.7% of Group Ebitda. Water cycle In 2018, the integrated water cycle area, which includes aqueduct, purification and sewerage services, recorded Ebitda amounting to 249.7 million euro, up 19.8 million euro (+8.6%) over the 229.9 seen over the previous year. This result was mainly obtained through the efficiencies reached, higher revenues resulting from the tariffs introduced by the Authority, the bonuses awarded for high service standards and the change in scope of operations resulting from the operational status of the new Servola (Trieste) purifier and a few items from previous years. Net investments amounted to 127.6 million euro (increasing by 12.8% over 2017). Including capital grants, investments totalled 157.9 million, mainly dedicated to extensions, network and plant upgrading and reclamations, in addition to regulatory upgrading concerning above all purification and sewerage. The main investments also included work on the Rimini seawater protection plan, one of the Group’s most important and at the forefront nationwide as regards sewerage and purification. The integrated water cycle area accounted for 24.2% of Group Ebitda. Waste Ebitda for the waste management area, which includes waste collection, treatment and disposal services, also grew, coming to 252.0 million euro (+2.4%), up 6 million over the 246.0 million recorded in 2017. In the waste treatment sector, in which the Group ranks once again as the nation’s leader with roughly 90 plants handling all types of waste, the positive results were mainly due to fluctuations in the price of special waste and revenues from electricity generation. In waste management and recovery, it is worth mentioning, Hera works with complete and integrated offers, providing its partner companies with all-inclusive solutions that bring together efficiency and sustainability, in line with the principles of a circular economy. This is the strategy underlying the biomethane production plant inaugurated in October in Sant’Agata Bolognese thanks to a 37 million euro investment, which as of 2019 will contribute to results in the waste management area, and the contribution coming from Aliplast, a national and international leader in plastic collection and recycling. Sorted waste going towards recycling showed an unprecedented increase in 2018: almost five percentage points, going from 57.7% in 2017 to 62.5%, thanks to the numerous projects implemented across all areas served. The positive performance in sorted waste is also due to a few municipalities where services have been modified as preparation for the shift to unit pricing, with Ferrara representing one outstanding example. Investments coming to 77.7 million euro were mainly dedicated to maintaining and upgrading plants. The waste management area accounted for 24.4% of Group Ebitda. Electricity The electricity area, which includes services in electricity production, distribution and sales, recorded an Ebitda coming to 183.5 million, essentially in line with the 184.5 million recorded the previous year. This result was mainly due to higher revenues from sales and distribution, along with higher margins and operating efficiencies which largely offset lower revenues in trading and the lower income from electricity generation caused by regulatory modifications and temporarily suspended plants in Campania. Electricity customers rose to 1.1 million (+8.9%), up 87.1 thousand, with significant growth seen above all on the free market thanks to reinforced marketing initiatives, in particular in regions of Central Italy. Investments amounting to 23 million euro went mainly to non-recurring maintenance on plants and networks in the Modena, Imola, Trieste and Gorizia areas. The amount of Group Ebitda accounted for by the electricity area came to 17.8%. Statement by Executive Chairman Tomaso Tommasi di Vignano “We are particularly satisfied with the results achieved, since the various indicators confirm that the Hera Group’s growth is a healthy one: it corresponds, indeed, to further increases in the rates of return, with ROI and ROE continually progressing over the last 4 years. This is due to a growing and efficient capital allocation, expansion on free markets, the enhanced efficiency attained, and the innovations introduced, all of which has brought about a 6% growth in Ebitda per employee. Furthermore, we have confirmed our tendency to create value for all stakeholders, beginning with our shareholders, to whom we will pay a 10 cent per share dividend, showing a further increase with respect to the past and in line with what we have presented in our Business plan. They will additionally benefit from a higher stock liquidity, thanks to our recent entry in the FTSE MIB.” Statement by CEO Stefano Venier “The Hera Group’s excellent results, largely produced by internal growth, bear witness to the actions we have undertaken to improve efficiency and sustainability to an even greater degree, and also to broaden our reference market through tenders and boost our ability to compete on free markets. Our positive operating management has been matched by an improved financial management and tax optimisations, as is fully reflected by the Group’s growing profits. I feel it is important to mention that our growth is proceeding at the same rate as our attention towards sustainability and creating shared value, both fundamental levers in our strategy. Evidence of this can be seen in both the Group’s rising Ebitda that, in 2018 as well, was fully in line with the principles of shared value, and in our innovative financial operations, such as launching the first sustainable revolving line of credit last May, after we pioneered the first green bond on the Italian market in 2014.” 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. From 8 April 2019 the Y18 financial report and related materials will be made available to the public pursuant to the terms established by law at Company Headquarters, on the website www.gruppohera.it and on the authorised storage platform 1Info (www.1info.it ). Unaudited extracts from the Abbreviated Consolidated Y18 Financial Statements are attached. PROFIT & LOSS (M€) 31/12/2018 INC.% 31/12/2017 INC.% CH. CH. % Sales 6,134.4 5,612.1 +522.3 +9.3% Other operating revenues 492.0 8.0% 524.8 9.4% (32.8) (6.3%) Raw material (2,984.1) (48.6%) (2,606.8) (46.4%) +377.3 +14.5% Services costs (2,040.5) (33.3%) (1,952.2) (34.8%) +88.3 +4.5% Other operating expenses (62.5) (1.0%) (84.6) (1.5%) (22.1) (26.1%) Personnel costs (551.4) (9.0%) (551.6) (9.8%) (0.2) (0.0%) Capitalisations 43.3 0.7% 43.0 0.8% +0.3 +0.7% Ebitda 1,031.1 16.8% 984.6 17.5% +46.5 +4.7% Depreciation and provisions (521.0) (8.5%) (505.3) (9.0%) +15.7 +3.1% Ebit 510.1 8.3% 479.3 8.5% +30.8 +6.4% Financial inc./(exp.) (91.7) (1.5%) (101.5) (1.8%) (9.8) (9.7%) Pre tax profit 418.4 6.8% 377.8 6.7% +40.6 +10.7% Tax (121.8) (2.0%) (111.8) (2.0%) +10.0 +8.9% Net profit before special items 296.6 4.8% 266.0 4.7% +30.6 +11.5% Special items 0.0 0.0% 0.8 0.0% (0.8) (100.0%) Net profit 296.6 4.8% 266.8 4.8% +29.8 +11.2% Attributable to: Shareholders of the Parent Company 281.9 4.6% 251.5 4.5% +30.4 +12.1% Minority shareholders 14.7 0.2% 15.3 0.3% (0.6) (3.9%) BALANCE SHEET(M€) 31/12/2018 INC.% 31/12/2017 INC.% CH. CH.% Net fixed assets 5,905.1 108.7% 5,780.6 110.5% +124.5 +2.2% Working capital 115.4 2.1% 23.2 0.4% +92.2 +397.4% (Provisions) (588.2) (10.8%) (574.8) (10.9%) (13.4) +2.3% Net invested capital 5,432.3 100.0% 5,229.0 100.0% +203.3 +3.9% Net equity 2,846.7 52.4% 2,706.0 51.7% +140.7 +5.2% Long term net financial debt 2,558.8 47.1% 2,735.4 52.4% (176.6) (6.5%) Short term net financial debt 26.8 0.5% (212.4) (4.1%) +239.2 (112.6%) Net financial debts 2,585.6 47.6% 2,523.0 48.3% +62.6 +2.5% Net invested capital 5,432.3 100.0% 5,229.0 100.0% +203.3 +3.9% Self-assessment of the Board of Statutory Auditors It should be noted that today the Board of Directors has taken note of the self-assessment report of the Board of Statutory Auditors of Hera S.p.A. that has carried out, according to the current legislation, its own self-assessment, based on the analysis of the suitability of its own members and the proper composition of the body. The Board has ascertained in particular that its members meet the requirements of professionalism, competence, integrity and experience. Results at 31/12/2018 Results at 31/12/2018 https://eng.gruppohera.it/group_eng/investor-relations/results-and-presentations/y2018 HTML Y2018 results /documents/1514726/4880892/GruppoHera_Consolidated_Financial_Statements_31_12_2018.1554724349.pdf/44a36885-d73d-277e-aff2-53db3830e0b2?t=1610019133226 Financial results as at 31/12/2018 /documents/1514726/4880892/GruppoHera_Analyst_Presentation_Y2018.1553697207.pdf/9c5e4a91-9a6f-6051-3cc1-9bf082022a93?t=1610019129901 Analyst presentation: Y2018 results http://investornews.gruppohera.it/en/?n=59 Newsletter: Y2018 results /documents/1514726/4210707/Dati_finanziari_31_12_2018_eng.1553529410.xls/d37906ea-869f-f70e-61cc-aef86dc37c28?t=1597907641160 Financial data as at 31 December 2018 https://www.slideshare.net/Gruppo_Hera/analyst-presentation-y2018 Slideshare Y2018 /group_eng/investor-relations/results-and-presentations/interactive-data Interactive data Press release as at 31 December 2018 2019-03-27 13:01:43 be_110x150.1553681463.png 2019-03-25

As of today, Monday 18 March, the multi-utility is part of the index comprising the 40 largest companies listed on the Italian stock exchange. Hera has been included, as of today, Monday 18 March, in the FTSE MIB, the main index of Borsa Italiana, which comprises the 40 largest stocks listed on the Italian stock exchange in terms of capitalisation, liquidity and trading volume. Hera, one of Italy's leading multi-utilities, has become part of this index based on the amount of free-float capitalisation and the value of shares traded over the last six months (+52% compared to the 2018 average). This achievement was made possible by Hera's path of uninterrupted growth, which began 16 years ago and is based on a multi-business model that combines internal and external growth and shows a mix of activities offering resilience towards the main macro-variables seen in its reference scenario. The new Business plan to 2022 shows further prospects for growth in Ebitda (+200 million euro in the period from 2018 to 2022), sustained by 3.1 billion in investments (of which 1.1 going towards development). Increases in cash generation will also ensure the Group's ability to maintain its financial soundness (with the 2022 target for the net debt/Ebitda ratio coming to 2.9). The Plan also confirms the importance of creating value for shareholders, with a dividend policy aimed at paying 11 cents per share in 2022 (compared to the 9.5 cents paid in 2018). Related contents 20190318_comunicato_Hera_in_FTSE_MIB_eng.1553093323.pdf 2019-03-18 09:00:00 Hera Group included in the 2020 Bloomberg Gender-Equality Index Calendar of events 2017-01-26