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Significant events after the end of the half-year and outlook

Hera Comm Marche S.r.l. / Sadori Gas S.r.l.

The merger by incorporation of Sadori Gas S.r.l. into Hera Comm Marche S.r.l., in which Hera Comm has a 60% stake and Marche Multiservizi S.p.A. controls the remaining 40%, was completed with effect from 1 July 2011.

As a result of this transaction, the share capital of Hera Comm Marche S.r.l. increased from 1,458,332 to 1,977,332.

Hera Comm S.r.l. now holds 57.38% of the share capital of Hera Comm Marche S.r.l., with Marche Multiservizi S.p.A. controlling 29.50% and Walter Sadori S.r.l. the remaining 13.12%.

Decree Law 138 of 13 August 2011

Decree Law 138 (additional urgent measures for financial stability and growth) was published in the Gazzetta Ufficiale on 13 August 2011. As well as extending the scope of application of the so-called Robin Hood Tax (companies with revenues of more than 10 million which are involved in the production, transmission and dispatch, distribution or sale of electricity, or in the transportation or distribution of natural gas, are now included), Article 7 of said Decree Law imposed a rise of 4 percentage points (from 6.5% to 10.5%) in the relative IRES surtax for 2011, 2012 and 2013.Having carefully considered how the Decree Law affects the various Group companies, and pending its actual conversion into law, Hera S.p.A. has estimated that the application of the aforementioned rate increase during preparation of this half year report would result in a lower net profit at Group level, equal to around 2 million.