Significant facts occurring during the reporting period

Acea SpA AGCM Antitrust Authority Order - Proceeding no. A 513

On 8 January 2019, the Acea Group was notified of an order of the Italian Antitrust Authority with an administrative fine of € 16.2 million against Acea SpA, Acea Energia SpA and areti SpA, jointly and severally among them, with reference to proceeding no. A 513 for abuse of a dominant position in the electricity sales market, which the Acea Group challenged at the Lazio administrative court.

Acea SpA Completion of the acquisition of 51% of the share capital of the company - Pescara Distribuzione Gas

On 18 March 2019 Acea and the companies Alma C.I.S. Srl and Mediterranea Energia Soc. Cons.a rl, having obtained approval from the Municipality of Pescara, completed Acea's acquisition of 51% of the share capital of Pescara Distribuzione Gas Srl, a business engaged in the distribution of methane gas in the Municipality of Pescara.

Acea SpA The Board of Directors approves the 2019-2022 Business Plan

On 2 April the Board of Directors approved the 2019-2022 Business Plan.

Acea SpA The Shareholders' Meeting of Acea approves the Financial Statements as at 31 December 2018 and approves the payment of a dividend of € 0.71 per share. Appointment of the Board of Statutory Auditors and a Director

On 17 April 2019 the Acea SpA Shareholders' Meeting approved the Financial statements and presented the Consolidated financial statements at 31 December 2018.

The Shareholders' Meeting also appointed the new Board of Statutory Auditors, defining the fees of the same. The members of the new Board of Statutory Auditors are Maurizio Lauri, Chairman, and Pina Murè and Maria Francesca Talamonti as standing auditors.

The Shareholders' Meeting also appointed the lawyer Maria Verbena Sterpetti to the Board of Directors.

Acea SpA Successful placement of a non-convertible bond issued under the EMTN Programme for a total of € 500 million over 9 years

Following the Board of Directors' resolution of 6 May 2019 and the completion of bookbuilding, on 16 May 2019 Acea SpA successfully completed the placement of a non-convertible bond loan for a total principal amount of € 500 million, maturing on 23 May 2028 and at a rate of 1.75%, under the € 3.0 billion Euro Medium Term Notes (EMTN) programme, with the Base Prospectus as last amended on 18 July 2018 and subsequently supplemented on 15 May 2019 (the "Bonds"). The Bonds are intended exclusively for institutional investors in the Euromarket. The issue was successful, receiving requests equal to 3.75 times the amount of the Bonds offered, by investors of primary rank and representative of many geographical areas.

Acea SpA Fitch Ratings confirms Acea's "BBB+" rating and "stable" outlook

On 16 May 2019 Fitch Ratings confirmed its Long-Term Issuer Default Rating (IDR) for Acea of "BBB+" with "Stable" outlook, and the Short-Term IDR of "F2". The Long-Term Senior Unsecured Rating of "BBB+" was also confirmed. The opinion reflects Acea's strategic focus on regulated activities and the positive results achieved to this point.

Acea enters the plastics treatment sector

On 4 July 2019 Acea SpA, through its subsidiary Acea Ambiente, finalised an agreement with DE.CO.RO. srl, a company of the Dentis Recycling srl group, for the acquisition of 90% of the share capital held in the company Demap srl, owner of a plastic treatment plant with an authorised capacity of 75,000 tonnes per year.

The plant is located in the province of Turin and affiliated with the Corepla Consortium, and since 2004 has been engaged in sorting and recycling plastic and plastic/metal packaging from separate urban waste collection, particularly in Valle d'Aosta and Piedmont.

Acea SpA Update of the EMTN Programme Ceiling

On 15 July 2019, Acea SpA completed the update of its Euro Medium Term Note Programme (EMTN) of bond issues, filed with the Luxembourg Stock Exchange and reserved for institutional investors. With this update Acea SpA increased the ceiling of the Programme up to € 4 billion, signing the documentation with 15 dealer banks.

Acea SpA The Acea Group returns to growth in the renewable energy market - acquires photovoltaic plants with an installed capacity of 25MWp

During the month of July, Acea completed acquisitions of photovoltaic plants incentivised by the Feed-in tariff for a total installed capacity of approximately 25 MWp, reaching 50% of the plan target ahead of schedule.

The operations have an Enterprise Value of approximately € 75 million and will contribute to an increase in the Group's EBITDA of approximately € 11 million on an annual basis.

The most significant portfolio refers to the acquisition of 65% of the share capital of seven vehicle companies owning 18 photovoltaic plants, with a total installed capacity of about 20MWp, owned by the Belenergia Group. The other photovoltaic systems will be acquired 100%.

Acea Group - Gori financing

On 23 July 2019, the structured long-term financing operation of € 80 million in favour of the subsidiary Gori, a company of the Acea Group, was successfully concluded. The loan, granted by UBI Banca, Intesa Sanpaolo, MPS Capital Services Banca per le Imprese, Banco BPM, Banca del Mezzogiorno - MedioCredito Centrale, Banca di Credito Popolare di Torre del Greco and Banca IMI as agent, together with the loan of € 20 million granted by the Parent Acea, represents the most important project-based structured finance operation in the integrated water service sector in Campania.

Acea SpA Moody's confirms Acea's "Baa2" rating and "stable" outlook

On 9 August 2019 Moody's Investors Service confirmed Acea's ''Baa2'' Long-Term Issuer Rating and the Senior Unsecured Rating. Moody's also confirmed the "(P)Baa2" rating of Acea's EMTN Programme. The outlook remains "stable". The rating agency's opinion reflects the positive results achieved by Acea and the Group's strategic focus on regulated activities.

Acea SpA AdF: modification of the by-laws and of the shareholders' agreements

On 7 October 2019 the Shareholders' Meeting of the AdF, a company that manages the integrated water service of 55 Municipalities in the provinces of Grosseto and Siena (together making up Ato 6 "Ombrone") and 40% owned by Acea, approved the amendment to the company's by-laws and shareholders' agreements, which will therefore make it possible to consolidate the company on a line-by-line basis, which until now had been consolidated within the scope of the Acea Group at the level of shareholders' equity. The Meeting's decision is part of a positive context of industrial collaboration between Acea and the institutions representing the territories the AdF operates in, with a focus on growth and sustainable development.

Acea SpA: New investment in the circular economy

On 10 October 2019 one of the largest composting plants with anaerobic digestion, treatment of organic waste and production of biogas in Central Italy was inaugurated.

The plant, located in Monterotondo Marittimo in the province of Grosseto, took about two years to build and has an authorised capacity for the treatment of 70,000 tonnes of waste per year, for a total annual electricity production of about 6 GWh. The investment was approximately € 22 million, with an expected contribution to EBITDA on an annual basis of approximately € 2.5 million.

Equipped with the most advanced technologies on the market, the plant will provide significant environmental benefits including less organic waste in landfills as it is instead transformed into fertilisers useful for agriculture (compost) and the production of electricity from renewable sources through the energy exploitation of biogas produced by the process of anaerobic waste digestion.

Acea SpA: Regional Administrative Court of Lazio cancels antitrust fine of € 16 million

On 17 October 2019 two separate sentences were published, referring respectively to the appeals filed by the companies Acea SpA, Acea Energia SpA and areti SpA, by which the Lazio Regional Administrative Court completely annulled the fine of € 16.2 million imposed jointly and severally on the aforementioned companies by the Antitrust Authority (AGCM), by order no. 27496 of 20 December 2018, which referred to alleged anti-competitive conduct in the electricity sales market.

Acea SpA Resignation and co-optation of new Acea SpA director

On 11 December 2019 the Board of Directors of Acea SpA took note of the resignation of Mr Fabrice Rossignol from the position of Director for professional reasons. On the recommendation of the Appointments and Remuneration Committee and with the favourable opinion of the Board of Statutory Auditors, the Board of Directors co-opted Ms Diane Galbe, a new director to replace the resigning director pursuant to art. 2386 of the Italian Civil Code and art. 15, paragraph 3 of the by-laws, as the first of the unelected candidates on the same list.