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Letter from the Chairman of the Board

Tomaso Tommasi di Vignano

The results achieved in 2008 and exactly detailed in the Sustainability Report confirm the validity of the strategy we have pursued as well as our ability to reach the targets presented at that time.

The coming on stream of plants developed in the waste management and energy sectors contributed to the positive financial results achieved. These plants fall within the plan for plant enhancement which will conclude at the end of 2009.

Also from the commercial point of view, our efforts and commitment were rewarded by more than satisfactory results: about 300 thousand electricity customers with sales volumes exceeding 5 terawatthours and excellent performance of commercial activities in the special waste sector.

These results were always pursued with a view to all the related implications. Since 2004, Hera has been a member of Global Compact, an international initiative aimed at obtaining consensus, supporting and applying certain fundamental principles relating to standards applying to work, human rights and environmental safeguards, and Hera continues to support this initiative today.

Discussing these results at this time is certainly delicate. We are all aware, and we see in our daily activities, that the world around us has been hit by a crushing crisis whose duration and intensity is still difficult to forecast.

Nonetheless, the Board of Directors decided to reconfirm, based on the soundness of the positive results achieved, its desire to continue with commitments proportionate to those which have made Hera’s history.

This will require further effort on our part, an even greater commitment as compared to the past in order to be able to face such a delicate situation. However, we are certain that we will be able to achieve the targets we have set, and once again confirm Hera’s positive contribution to the development of the local areas where it operates; a contribution which is illustrated in detail every year through the Sustainability Report.

Tomaso Tommasi di Vignano
Chairman of the Board of Directors