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Letter to stakeholders

Tomaso Tommasi di Vignano and Maurizio Chiarini

On 22 March 2012, the Hera S.p.A. Board of Directors approved the tenth Sustainability Report published by the Hera Group. In fact, since its founding, Hera has decided to include a report with the financial statements which explains how the company's business benefits its stakeholders and the results achieved by the company in the name of sustainability in the area in which it operates.
Over the years, this reporting tool has evolved to become increasingly related to and integrated with other planning and control instruments, such as the business plan, the budget and the Balanced Scorecard. The business plan, for example, outlines the Group's objectives, also in terms of social and environmental sustainability, objectives which are then consistently included and reported on in the Sustainability Report and incorporated into the Balanced Scorecard system. The latter is used to assign objectives to management, thereby ensuring an effective link with the bonus system.
The fact that nowadays sustainability has become an opportunity for companies confirms the soundness of Hera's approach on these topics, an approach which involves strong integration between sustainability issues and ordinary business activities, which is able to satisfy the requirements of various stakeholders in a balanced manner.
2011 closes with an economic result in line with expectations, resulting in the confirmation of the proposal to distribute a dividend to the company's over 21,000 shareholders.
It is important to note that the economic results were pursued with a constant focus on all social and environmental, as well as economic, considerations. In fact, since 2004, Hera has been a member of the Global Compact, an international initiative with the purpose of sharing, supporting and applying a set of core principles regarding labour standards, human rights and environmental safeguards, and it continues to support this initiative today.
The fourth internal climate survey was conducted in 2011, with excellent results that were higher than those achieved in the last three surveys and also higher than the objectives we had set. The annual customer satisfaction survey also achieved positive results: the customer satisfaction index increased once again, and for the first time reached the level of "high satisfaction".
The positive results of these two surveys are certainly related to the many projects, presented throughout the Report, which were initiated following previous surveys precisely in order to improve satisfaction indices.
Therefore, we are pleased to present you with the Hera Group 2011 Sustainability Report, we hope you enjoy reading it and we are sure that it will help you to fully understand the reality in which Hera works, the results achieved and our goals for the future.

Tomaso Tommasi di Vignano
Chairman of the Board of Directors

Maurizio Chiarini
Chief Executive Officer