EMGESA’S 1H 2018 Results Factsheet MAIN HIGHLIGHTS 2 as of June 2018 Enel Group in Generación: During the first half of 2018, Emgesa generated 6,746 GWh, -9.4% compared to the same period of 2017. The decrease is due to the company’s strategy to cover its commitments by purchasing energy in the spot market taking Enel Group in the World and in Colombia • #1 renewable operator advantage of a low prices scenario. Emgesa's generation Balance Sheet Income Statement Enel Today: evolution since 20141 ~ 40 GW managed capacity 2 reached 20.1% of the generation of the SIN, ranking as the (USD MM) 2016 2017 jun-2018 (USD MM) 2016 2017 jun-2018 second largest generator of the system, on the other hand, net ~ #1 private network Available and Investments Revenues installed capacity at the end of June 2018 presenting an increase 212 209 91 1.152 1.161 620 operator globally + 6 GW of 1.1% vs 1T2018 due to an increase in the capacity of the Property, Plant and Equipment 2.640 2.663 2.702 EBITDA** 650 693 368 65 mn end users + 80 % and 44 mn digital + 4.5 mn end users Additional capacity Tequendama plant to 56.8 MW. Therefore, currently Emgesa is Total Assets 3.012 3.026 2.969 EBIT 554 622 330 meters + 8.4 mn Smart meters 3 the largest generation company in terms of installed capacity in Total Debt 1.482 1.403 1.319 Net Financial Expenses -145 -119 -54 Colombia. (3.504 MW). Long Term Financial Liabilities* 1.327 1.248 1.128 Net Income 247 301 177 Total Liabilities 1.847 1.736 1.696 ~ 20 mn free retail ~ 47 GW thermal capacity + 5 mn free customers Sales: During the first half of 2018, Emgesa sold 8.843 GWH, Equity customers #1 in Highly flexible and efficient assets 1.165 1.290 1.273 +20 % electricity sold +1.7% higher than the volume sold during the same period of Italty, Iberia and top 3 in Latam in free market 2017. 81,9% of sales were made through contracts with 10 GW Capacity closure *Long term financial liabilities which include accrued interests wholesale and non-regulated customers (+3.4% compared to the ** Adjusted EBITDA is calculated by adding back the depreciation and amortization (included in cost of sales and administrative expenses) to operating income. same period of 2017), and the remaining 18,1% in the spot market (-5.2% compared to the same period of 2017), behavior e-Solutions Presencia Enel4 that reflects the company's strategy of increasing its sales in Installed Capacity (MW) Generation (GWh) Energy Sales By Type (GWh) +5,7 GW demand response long-term contracts in the wholesale market, at better price 1. 2014-2017 delivery. As of 2017E 2. Consolidated capacity equal to 37 GW (including 25GW of large hydro) conditions agains a context of low prices in the spot market, as a 22,70% 16.877 22,15% 3. Including replacement of smartmeters 2.0 in Italy equal to 1.4 mn. Enel global market share equal to 24% (BNEF 3Q17 Smart technologies market Outlook) result, the energy purchases increased 63.1% during the first 16.779 18.156 4. Presence with operating assets semester of 2018 compared to the same period in 2017, 16.518 2.455 70,5% 3.547 20,10% 18.015 5.10 GWh 3.509 3.509 14.975 Wholesale Market considering the lower generation observed over the period. 14.765 4.686 8.843 Enel S.p.A 1.605 29,5% 15.701 2.138 GWh 21,2% 20,9% 20,8% 6.746 13.329 Unregulated Market Financial Results: EBITDA reached $1,04 trillion pesos (US 7.238 51,8% 368 million), +7.1% compared to the first half of 2017, mainly explained by an increased of 9.9% in operating incoming, effect 2016 2017 jun-2018 2016 2017 jun-2018 2016 2017 jun-2018 48,5% Contracts Spot that is offset by an increase in cost of sales due to a greater Emgesa SIN Emgesa Generation % of System Enel Américas purchase of energy in the stock market (+18,3%) to meet supply Ownership Otros Accionistas Grupo Energía Bogotá S.A. ESP Minoritarios commitments taking advantage of market conditions. (Colombia) Operating Revenues (USDMM) EBITDA (USDMM) Net Income (USDMM) Overview On the other hand, fixed costs decreased 5.1%, mainly due to the Economic Power: 48,5% Voting Power: 56,4% Economic Power: 51,5% Economic Power: 0,1% elimination of the recognition of wealth tax, effect which was Emgesa Voting Power: 43,6% Voting Power: 0,1% partially offset by an increase in personnel expenses explained 693 1.152 1.161 301 by an increase in the workforce in order to leverage projects 650 247 under development. 94,95% 620 368 Sociedad Portuaria Central Net income increased 20.1% compared to the same period of 177 Cartagena S.A. 2017, reaching COP $971.562 million (USD 177 million). This increase is explained by the positive behavior of the EBITDA, a 2016 2017 jun-2018 2016 2017 jun-2018 2016 2017 jun-2018 reduction in the net financial expense of 9.7%, explained by lower debt balances and lower average CPI rates, indicator to which 67% of the debt is indexed, as well as a lower tax rate Ownership compared to the previous year. Energy Sales Financial Debt (USDMM) Leverage Enel S.p.A 51,8% Unregulated Overview 6,28x During the first half 2018, Emgesa invested COP Other 5,40x Investments: Market 15% 4,03x $73.439 million, +1.2% compared to the same period of 2017, the Contracts 3,7x 48,3% 2,2x 127,2% resources have been allocated to meet the Capex maintenance 17% 2,0x Codensa Enel Américas Reliability 1.482 108,8% 103,6% needs of the power generation plants. 1.403 Otros Accionistas Payments Grupo Energía Bogotá S.A. ESP 1.270 1.319 Minoritarios 14% (Colombia) 1.253 49,2% 1.194 46,4% Financial Debt: At the end first half 2018, Emgesa's financial 44,4% AGC 2% Wholesale Economic Power: 48,3% Voting Power: 56,7% debt including interest expenses accrued and payable, Market Economic Power: 51,3% Economic Power: 0,4% 2016 2017 jun-2018 2016 2017 jun-2018 Voting Power: 42,8% Voting Power: 0,5% amounted to COP $3.7 trillion, showing a decrease of 7.6% Spot 9% Contracts compared to the balance as of December 31, 2017. During the 42% Ebitda/Interest Expenses of P&L Financial Debt Debt/Ebitda Net Financial Debt Financial Debt /Assets Financial Debt / Equity first half of the year i) COP $100.000 million were amortized *LTM: Last twelve months corresponding to the maturity of the international bank loan with 2 The figures in the financial statements of Emgesa used in this presentation to December 31, 2017 were prepared in Colombian pesos in accordance with the IFRSs officially applied in Colombia since January 2015. 100% 4,9% Sociedad Portuaria Banco de Crédito del Peru, ii) Repurchase of a 147,000 million Enel X Colombia S.A.S. Inversora Codensa S.A.S. Central cartagena S.A. bond maturing on July 2 and iii) $ 20,000 in amortization of bank 100% loans, obligations that were paid in full with the company's internal cash generation. Aggregated figures Enel Group in Colombia Aggregated figures for Codensa and Emgesa June 2018 Results CODENSA’S 1H 2018 Enel Group in Colombia for June 2018 (1) 3 MAIN HIGHLIGHTS June 2018 Revenues June 2018 EBITDA as of June 2018

Emgesa Generation Emgesa 42% COP 59% COP Codensa $4,18 International: $1,78 41% One of the most important players Demand: Energy demand in Codensa’s area of influence Bill Codensa BBB / BBB Bill 58% in the Colombian power sector due during the first half of 2018 reached 7.324 GWh, which to its competitive position, strong Balance Sheet Income Statement represented a positive variation of 1.1% with respect to the June 2018 Assets June 2018 Equity financial performance, low leverage same period of the previous year, which is mainly explained (USD MM) 2016 2017 jun-2018 (USD MM) 2016 2017 jun-2018 and operational excellence. by the growth in regulated demand, especially in the Available and Investments 207 190 163 Operating Revenues 1.373 1.544 847 commercial and residential segments, in the industrial Codensa Distribution COP Codensa Property, Plant and Equipment 1.427 1.581 1.655 EBITDA** 462 525 256 COP 42% 40% segment there is a trend of higher consumption, which $ 15,03 $6,22 Total Assets 1.909 2.072 2.160 EBIT 373 416 192 Emgesa Bill Bill could be in line with an improvement in economic activity. 58% Emgesa 60% Total Debt 541 616 743 Net Financial Expenses -52 -56 -28 Long Term Financial Liabilities* 389 503 482 Net Income 178 211 102 Energy Losses Index: It stood at 7.90% in the last twelve Total Liabilities 1.062 1.185 1.309 months with closing to June 2018, this was mainly (*) Corresponds to the audited figures of Codensa and Emgesa, added to June, 2018. Equity 849 888 851 explained by a higher demand at a low voltage level that requires further transformation and is therefore subject to *Long term financial debt (maturity greater than one year) From the adoption of the IFRS, the Operational Leasing operations are considered financial debt.liabilities greater energy losses. Distribution Generation ** EBITDA equals the Gross Operational Profit, and is the result of adding back the depreciation and amortization and the impairment losses to the Operational Profit (EBIT) Codensa Summary June 2018 Emgesa Summary Results June 2018 Operational and financial solidity that ratifies Operational and financial solidity that ratifies Clients (MM) & Codensa’s Area Energy Demand National Vs. Codensa’s Area Demand Losses Index Financial Results: EBITDA during the first half of 2018 the local AAA risk rating the local AAA risk rating reached COP $728.852 million (USD 256 million), -4.5%

3,39 National Codensa compared to the same period of 2017. The previous result is No.2 in Colombia in June 2018 No.1 in Colombia 14.769 GWh Installed Capacity 3.546 MW 3,34 7,88% Electricity Distributed 21,8% market share. 20,69% market share. 3,25 a product of 8.7% increase in revenues by higher energy 2,39% 7,84% 2,28% 2,17% CODENSA: 2,24% demand (+1.1%) mainly in the regulated and commercial RED MT + BT +1,04% Vs. June 2017 Generation 6.746 GWh - 9,38% decrease VS 1H 2017 1,97% 7,06% 70.706 KM 14.689 14.954 1,75% 14.593 1,50% 1,38% market offset by an increase in cost of sales (+17.1%), 1,22% 1,35% CODENSA: + 95.872 new clients 81,9% in contracts and 18,1% 1,19% Sales 8.843 GWh 0,85% 0,79% 1,09% Clients 0,94% 1,03% 3.388.428 Vs. June 2017 in the spot market. explained by an increase level of energy purchases at a 0,68% 0,30% 0,55% -0,09% 0,03% The non-regulated market increased by mar-17 may-17 jun-17 jul-17 sep-17 oct-17 nov-17 dic-17 jan-18 feb-18 mar-18 apr-18 may-18 jun-18 higher average price compared to the prices recorded in the apr-17 Unregulated clients 1.109 ago-17 AAA COP $1.72 Billion COP of 1,5% ompared over March 2017 -0,27% Credit Risk Rating -0,34% (Fitch Ratings) -0,81% -0,27% outstanding bonds -0,97% first half of 2017 that there is a lag between the recognition Bond issue $2.85 billon COP in 2016 2017 jun-2018 -1,23%-1,30% 2016 2017 jun-2018 Rating AAA (Local) -0,93% -1,15% of costs and additionally an increase in personnel expenses BBB (International) current bonds. -1,75% EBITDA USD $256 Million 4,5% growth vs June 2017 Codensa's Area Number of Clients 7,0 % increase compared -1,78% EBITDA USD$ 386 Energy Demand (GWh) (10,4%) and operation and maintenance expenses (+ 9.4%) Million to June 2017. Net Income USD $102 Million 6,27% decrease vs June 2017 due to the hiring of new personnel to carry out the USD$ 177 20% increase compared Net Income company's 2018 investment plan and particular cases such 87,3% ratio of finantial Million to June 2017. Financial Debt USD $743 Million debt/equity USD $ 1,3 as the increase in provisions related to labor litigation and Financial Debt Trillon 103,6% ratio of financial Debt/Equity Operating Revenues (USDMM) EBITDA (USDMM) Net Income (USDMM) Total Assets USD$ 2,16 Trillion Solid Balance Sheet compensation for the termination of a contract with a Total Assets USD$ 2,9 Trillon Solid Balance Sheet. supplier.

256 Codensa’s net income during the first half of 2018 reached Distribution Assets 1.544 525 211 Large Scale Presence in the Distribution Business Generation Assets COP $290.071 billion (USD 102 million), -6.3% compared to 1.373 462 178 Diversified Generation Portfolio in three different the same period of 2017, as a result of to the fall in EBITDA rivers basins 847 102 and greater depreciation due to an increase in the asset base by the important investment plan that was carried out ZIPAQUIRA RIONEGRO CAPARRAPI BOGOTÁ CHIQUINQUIRA DEPARTAMENTO in 2017, as well as the increase in net financial expense ZONA NORTE SUSA 2016 2017 jun-2018 2016 2017 jun-2018 2016 2017 jun-2018 DEPARTAMENTO FUQUENE CENTRAL DEL NORTE GUACHETA CAPARRAPI CX BOGOTÁ TUNJA RR (2.3%), mainly explained by a higher debt balance after the ZONA CENTRO UBATE Guaio El Quimbo Betania LM TOCAIPI CARMEN DE CARURA Cartagena UBATE VG SAN CAYETANO 1,263 MW 400 MW 540,9 MW CARRETERA CENTRAL DE OCCIDENTE LA PALMA SY VILLAGOMEZ CB 208 MW BOGOTÁ HONDA EL PEÑON SATATUSA VILLAPINZÓN CUNCUNUBA issuance of a bonus in the month of April for a total amount JU Hydro LA PEÑA TS UTICA LD CF CHOCONTÁ 3.065 MW NM Guavio Pagua Paraiso La Guaca VERGARA NIMAINA SL COGLIA NEMOCÓN SS TIBIRITA of 360 billion to finance the investment plan. NORESTE 87% SUPATA 276,6 MW 324,6 MW AT TR ZIPAQUIRA GA MACHETA 1.263 MW VILLETA FC VILLETA GACHANCIPA SESQUILE NA TC MANTA DEPARTAMENTO SAN FRANCISCO SH ES CHAGUANI LA VEGA TI TOCANCIPA NY SP ZONA SABANA CAJICA CJ VIANI ALBAN QP VN TN SOPO Termozipa ER CHIA SD GUAYABAL Minor Charquito Tequendama PQ IA GACHETA FATACATIVA ENERGY SALES (GWh) Financial Debt (USDMM) Leverage UBALA MADRID OT 236 MW Plants 19,5 MW 19,5 MW NC PT DEPARTAMENTO QI COTA ZIPACON MADRID SOPO At the end of June 2018, Codensa's Financial Debt: ZONA OCCIDENTE CACHIPAY JUNIN GAMA LA CALERA BELTRAN LE BOJACA CE VIA GUAVIO PULI LV MOSQUERA TENA LA MESA RS Magdalena River GACHALA Laguneta Limonar ANOLAIMA ST SAN ANTONIO DEL RIO Pagua DISTRITO CAPITAL financial debt, including interests, amounted to COP $2.2 PE ME CHOACHI JERUSALEN 18,1 MW 18,1 MW 7,6x 8.0x VC FOMEQUE 601 MW 7,7x GUATAQUI 77,8% CHARQUITO MEDINA SG Comercial VA SIBATE trillion, presenting an increase of 18.5% with respect to the TOCAIMIOCAIMA SILVANIA USME Dario Salto II NARIÑO CAQUEZA 69,35% TEQUENDAMA EB LB 27,29% 743 LA MESA - GIRARDOT Valencia 35 MW 63,71% Minor MV GIRARDOT FOSCA 616 VIOTA - GIRARDOT PASCA balanced of December 2017, after issuing local bonds in the RICAURTE NILO FUSAGASUGA 573 AR 150 MW NILO 260 MW ARBELAEZ SANTA ROSA 541 34,4% CARRETERA CENTRAL DEL SUR PO PANDI GUTIERREZ Residential month of April worth 360 billion, and servicing debt BOGOTÁ - CALI SR 425 SAN BERNARDO 55,22% 334 29,7% VENECIA SUPAMAZ 28,3% LU Betania 1,2x 1,2x 1,2x maturities for a total of $20 billion.

LA UNION CABRERA 541 MW Industrial 11,21% El Quimbo Investments: During the first half of 2018 investments Thermal Termozipa Cartagena 2,92% Public jun-2018 jun-2018 Air Transmission Lines Tension: 115kv - 1.200 km / Tension: 57.5kv - 119km 400 MW 44 MW 2016 2017 2016 2017 236 MW 208 MW 3,32% Financial Debt /Assets Financial Debt / Equity amounted COP $334 billion, 21.1% higher than the previous 13% Net Financial Debt Ebitda/Interest Expenses of P&L Substations 161 Power SSEE / 86.285 Distribution Centers Public Lighting Financial Debt Debt/Ebitda *LTM: Last twelve months year, 69% was oriented to the improvement of service Power Transformers AT:253 Units - 10.495 MVA / MT: 184 Units - 812 MVA Installed quality indicators, modernization of the network and new Distribution Transformers 88.289 units - 10.553 MVA Capacity 3 The figures in the financial statements of Codensa used in this presentation to June, 2018 were prepared in Colombian pesos in accordance with the IFRSs officially applied in Colombia since January 2015. connections and the remaining 31% was mainly used to 3.546 MW* *June 2017 MT Feeders Urban 794- 10.390 km / Rural: 332 - 18.681 km maintain operating assets and the remaining 31% was MT & LT Networks Air 63.808 km / Underground 6.898 km mainly used to maintain operating assets.