EMGESA’S 1T 2018 Results Factsheet MAIN HIGHLIGHTS 2 as of March 2018 Enel Group in Generación: During the first quarter of 2018 Emgesa generated 3.280 GWh, decreased 13.3% compared to the same period of 2017, mainly explained by lower generation for hydro plants, due to low water availability. Additionally, there Enel Group in the World and in Colombia • #1 renewable operator was an increase in the purchase of energy in the spot market, Balance Sheet Income Statement Enel Today: evolution since 20141 ~ 40 GW managed capacity 2 given the favorable behavior of energy prices, thus reducing (USD MM) 2016 2017 mar-2018 (USD MM) 2016 2017 mar-2018 the need for own generation. Emgesa's generation ~ #1 private network Available and Investments Revenues represented 19.9% of the generation of the SIN, ranking as the 212 209 196 1.152 1.161 307 operator globally + 6 GW second largest generator of the system. Property, Plant and Equipment 2.640 2.663 2.849 EBITDA** 650 693 176 65 mn end users + 80 % and 44 mn digital + 4.5 mn end users Additional capacity Total Assets 3.012 3.026 3.228 EBIT 554 622 157 meters + 8.4 mn Smart meters 3 Sales: During ther first three months of 2018, Emgesa sold Total Debt 1.482 1.403 1.448 Net Financial Expenses -145 -119 -28 4.336 GWh, 2.2% higher than the volume sold during the same Long Term Financial Liabilities* 1.327 1.248 1.197 Net Income 247 301 82 Total Liabilities 1.847 1.736 1.984 ~ 20 mn free retail ~ 47 GW thermal capacity period of 2017, of which 79,7% of sales were made through + 5 mn free customers Equity 1.165 1.290 1.244 customers #1 in Highly flexible and efficient assets contracts with wholesale and non-regulated customers, and Italty, Iberia and +20 % electricity sold the remaining 20,3% corresponded to sales in the spot market. top 3 in Latam in free market 10 GW Capacity closure *Long term financial liabilities which include accrued interests As a strategy to face the high hydrology and low spot prices ** Adjusted EBITDA is calculated by adding back the depreciation and amortization (included in cost of sales and administrative expenses) to operating income. environment observed during 2017, the Company decreased e-Solutions sales in the spot market by 19.4% YoY and increased sales in Installed Capacity (MW) Generation (GWh) Energy Sales By Type (GWh) +5,7 GW demand response Presencia Enel4 contracts by 9.7%. compared to 1Q2017. 1. 2014-2017 delivery. As of 2017E 2. Consolidated capacity equal to 37 GW (including 25GW of large hydro) 22,70% 16.795 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) Financial Results: EBITDA reached COP $504.380 million 16.779 18.156 4. Presence with operating assets 16.518 2.455 69,6% (US 176 million), +6.0% compared to the first quarter of 2017, 19,89% 18.015 2.405 GWh 3.509 3.509 3.509 14.975 Wholesale Market mainly explained by an increased of 10.3% in operating 14.765 4.686 incoming reflecting the company's commercial strategy aimed 30,4% Enel S.p.A 15.701 4.336 1.050 GWh 21,2% 20,9% 20,9% 13.329 Unregulated Market at increasing energy sales in long-term contracts, effect that is 881 3.280 51,8% offset by an increase in cost of sales due to a greater purchase 3.455 of energy in the stock market to meet supply commitments 2016 2017 mar-2018 2016 2017 mar-2018 2016 2017 mar-2018 48,5% Contracts Spot without the need to increase production in a low hydrology Emgesa SIN Emgesa Generation % of System Enel Américas scenario. Ownership Otros Accionistas Grupo Energía Bogotá S.A. ESP Minoritarios (Colombia) On the other hand, fixed costs decreased 10.6%, mainly due to Operating Revenues (USDMM) EBITDA (USDMM) Net Income (USDMM) Overview the elimination of the recognition of wealth tax, effect which Economic Power: 48,5% Voting Power: 56,4% Economic Power: 51,5% Economic Power: 0,1% was partially offset by an increase in personnel expenses Emgesa Voting Power: 43,6% Voting Power: 0,1% (+21.2%) explained by an increase in the workforce in order to 693 1.152 1.161 301 leverage projects under development. 650 247

94,95% Net income increased by 8.4% compared to the same period of Sociedad Portuaria Central Cartagena S.A. 2017, reaching COP $234.095 million.(USD 82 million) This 307 176 increase is explained by the positive behavior of the EBITDA, 82 and a lower tax rate, which was partially offset by a marginal 2016 2017 mar-2018 2016 2017 mar-2018 2016 2017 mar-2018 increase (+ 0.5%) in the Company's net financial expense, explained by a decrease in financial income due to lower average balances and lower placement rates compared with Ownership the same period of 2017 Energy Sales Financial Debt (USDMM) Leverage Enel S.p.A 51,8% Unregulated Overview 5,53x Other 5,40x Investments: During 1Q2018, Emgesa invested COP Market 15% 4,03x Contracts 127,2% 48,3% $24.164 million, -37.7% compared to the same period of 2017, 2,2x 2,0x 17% Codensa 1,90x 116,4% Enel Américas mainly explained by lower needs in the maintenance Capex Reliability 1.482 108,8% 1.448 Otros Accionistas Payments Grupo Energía Bogotá S.A. ESP generation plants. 1.270 1.403 Minoritarios 14% (Colombia) 1.253 49,2% 1.194 46,4% 44,9% At the end first quarter 2018, Emgesa's AGC 3% Wholesale Economic Power: 48,3% Financial Debt: Voting Power: 56,7% Market Economic Power: 51,3% Economic Power: 0,4% financial debt including interest expenses accrued and 2016 2017 mar-2018 2016 2017 mar-2018 Voting Power: 42,8% Voting Power: 0,5% Spot 11% Contracts payable, amounted to COP $4.0 trillion, showing a decrease of 40% Ebitda/Interest Expenses of P&L Financial Debt Debt/Ebitda Net Financial Debt Financial Debt /Assets Financial Debt / Equity 3.8% compared to the balance as of December 31, 2017. *LTM: Last twelve months During the first quarter, COP $100.000 million were amortized 2 100% corresponding to the maturity of the international bank loan 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. 4,9% Sociedad Portuaria Inversora Codensa S.A.S. Central cartagena S.A. with the Banco de Crédito del Peru, which was paid in full with the company's internal cash generation. Aggregated figures Enel Group in Colombia Aggregated figures for Codensa and Emgesa March 2018 Results CODENSA’S 1T 2018 Enel Group in Colombia for March 2018 (1) 3 MAIN HIGHLIGHTS March 2018 Revenues March 2018 EBITDA as of March 2018

Emgesa Generation Emgesa 43% USD 60% USD Codensa $715 International: $293 40% One of the most important players Demand: Energy demand in Codensa’s area of influence Mill Codensa BBB / BBB Mill 57% in the Colombian power sector due during the first quarter of 2018 reached 3.622 GWh, which to its competitive position, strong Balance Sheet Income Statement represented a positive variation of 0.9% with respect to the March 2018 Assets March 2018 Equity financial performance, low leverage same period of the previous year. In Codensa's operatio (USD MM) 2016 2017 mar-2018 (USD MM) 2016 2017 mar-2018 and operational excellence. area, the positive variation of the demand is mainly Available and Investments 207 190 81 Operating Revenues 1.373 1.544 408 explained by the growth in regulated demand, especially in USD Codensa Distribution USD Codensa Property, Plant and Equipment 1.427 1.581 1.705 EBITDA** 462 525 117 40% 40% the commercial and residential segments. The industrial $ 5,36 $2,08 Total Assets 1.909 2.072 2.134 EBIT 373 416 86 Emgesa Bill segment has presented negative growth rates, partly due to 60% Bill Emgesa 60% Total Debt 541 616 654 Net Financial Expenses -52 -56 -13 a decrease in consumption due to Easter and the adoption Long Term Financial Liabilities* 389 503 409 Net Income 178 211 45 of new energy efficiency technologies by commercial Total Liabilities 1.062 1.185 1.294 customers. (*) Corresponds to the audited figures of Codensa and Emgesa, added to March, 2018. Equity 849 888 839 Energy Losses Index: It stood at 7.88% in the last twelve *Long term financial debt (maturity greater than one year) From the adoption of the IFRS, the Operational Leasing operations are considered financial debt.liabilities months with closing to March 2018, this was mainly 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) explained by a higher demand at a low voltage level that Codensa Summary March 2018 Emgesa Summary Results March 2018 requires further transformation and is therefore subject to Operational and financial solidity that ratifies Clients (MM) & Codensa’s Area Energy Demand Operational and financial solidity that ratifies National Vs. Codensa’s Area Demand Losses Index greater energy losses. the local AAA risk rating the local AAA risk rating

3,36 National Codensa 2,17% No.2 in Colombia in March 2018 No.1 in Colombia 15.062 GWh Installed Capacity 3.509 MW 3,34 1,97% 7,88% Electricity Distributed 21,8% market share. 20,69% market share. 3,25 1,75% Financial Results: EBITDA during the first quarter of 1,50% 7,84% 1,22% 2018 reached COP $333.318 million (USD 117 million), CODENSA: - 13,27% decrease VS 1T 2017 1,35% RED MT + BT +2,36% Vs. December 2017 Generation 3.280 GWh 14.969 1,19% 7,06% 71.694 KM 14.689 0,85% 0,79% 14.593 0,94% -10.4% compared to the same period of 2017. The previous 79,7% in contracts and 20,3% 0,30% 0,68% CODENSA: + 24.491 new clients Sales 4.336 GWh 0,55% Clients -0,09% 0,03% result is a product of 5.7% increase in revenues by higher 3.340.457 for 2017 in the spot market. mar-17 apr-17 may-17 jun-17 jul-17 sep-17 oct-17 nov-17 dic-17 jan-18 feb-18 mar-18 ago-17 -0,27% The non-regulated market increased by -0,34% energy demand (+ 0.9%) mainly in the regulated market AAA COP $1.3 Billion of Unregulated clients 1.126 -0,81% -0,27% Credit Risk Rating 12,6% ompared over December 2017 -0,97% (Fitch Ratings) outstanding bonds -1,23%-1,30% -0,93% offset by an increase in cost of sales (+14.2%), explained by Bond issue COP $3.74 billon in 2016 2017 mar-2018 2016 2017 mar-2018 Rating AAA (Local) -1,15% BBB (International) current bonds. -1,75% an increase level of energy purchases at a higher average EBITDA USD$416 Million 10,39% growth vs March 2017 Codensa's Area Number of Clients -1,78% 5,9% increase compared EBITDA USD$ 176 Energy Demand (GWh) price compared to the prices recorded in the first quarter of Million to March 2017. Net Income USD$45 Million 17,8% decrease vs March 2017 2017 and an increase in personnel and operation and USD$ 82 8,4%increase compared Net Income maintenance expenses (+ 11.6%) due to the hiring of new 77,9% ratio of finantial Million to March 2017. Financial Debt USD$654 Million debt/equity USD $ 1,4 personnel to carry out the company's 2018 investment plan. Financial Debt Trillon 116,4% ratio of financial Debt/Equity Operating Revenues (USDMM) EBITDA (USDMM) Net Income (USDMM) Total Assets USD$ 2,07 Trillion Solid Balance Sheet Total Assets USD$ 3,2 Trillon Solid Balance Sheet. Codensa’s net income during the first quarter of 2018 reached COP $129.084 million (USD 45 million), -17.8% compared to the same period of 2017, as a result of to the Distribution Assets 1.544 525 211 Large Scale Presence in the Distribution Business Generation Assets fall in EBITDA and greater depreciation due to an increase in 1.373 462 178 Diversified Generation Portfolio in three different the asset base due the important investment plan that was rivers basins carried out in 2017, partially offset by slight in net financial 117 45 expense (-1.2%) and a lower value of taxes due to lower ZIPAQUIRA RIONEGRO 408 CAPARRAPI BOGOTÁ CHIQUINQUIRA DEPARTAMENTO profit. ZONA NORTE SUSA 2016 2017 mar-2018 2016 2017 mar-2018 2016 2017 mar-2018 DEPARTAMENTO FUQUENE CENTRAL DEL NORTE GUACHETA CAPARRAPI CX BOGOTÁ TUNJA ZONA CENTRO RR 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 JU CUNCUNUBA Hydro LA PEÑA PACHO TS UTICA At the close of March 2018, Codensa's CF Financial Debt: LD CHOCONTÁ 3.065 MW NM Guavio Pagua Paraiso La Guaca VERGARA NIMAINA SL COGLIA NEMOCÓN SS TIBIRITA NORESTE 87% SUPATA 276,6 MW 324,6 MW AT TR ZIPAQUIRA GA MACHETA 1.263 MW financial debt, including interests accrued and payable, 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 amounted to COP $1.8 trillion, -1.1% respect December 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 2017, as a result of the amortization of credits with the local 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 banking for COP$10,000 million. 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 TOCAIMIOCAIMA SILVANIA USME Dario Salto II NARIÑO CAQUEZA 69,4% TEQUENDAMA EB LB 27,29% 654 LA MESA - GIRARDOT Valencia 35 MW 63,7% Minor MV GIRARDOT FOSCA 616 VIOTA - GIRARDOT PASCA RICAURTE NILO FUSAGASUGA AR 150 MW 573 During the first quarter of 2018, NILO 260 MW Investments: ARBELAEZ SANTA ROSA 541 30,6% CARRETERA CENTRAL DEL SUR PO PANDI GUTIERREZ Residential BOGOTÁ - CALI SR 425 SAN BERNARDO investments amounted COP $112.420 million, showing a 55,22% 334 29,7% VENECIA SUPAMAZ 28,3% LU Betania 1,2x 1,2x 1,2x reduction of 14.7% with respect to the previous year, that is

LA UNION CABRERA 541 MW Industrial 11,21% explained by the rescheduling in the execution of El Quimbo investments for the second half of 2018. Thermal Termozipa Cartagena 2,92% Public mar-2018 mar-2018 Air Transmission Lines Tension: 115kv - 1.199 km / Tension: 57.5kv - 117km 400 MW 44 MW 2016 2017 2016 2017 236 MW 208 MW 3,32% Financial Debt /Assets Financial Debt / Equity 13% Net Financial Debt Ebitda/Interest Expenses of P&L Substations 171 Power SSEE / 85.449 Distribution Centers Public Lighting Financial Debt Debt/Ebitda *LTM: Last twelve months On the total investments 69% were destined to growth Power Transformers AT:251 Units - 10.425 MVA / MT: 183 Units - 807 MVA Installed projects, with a special focus on improving of quality of Distribution Transformers 87.417 units - 10.357 MVA Capacity 3 The figures in the financial statements of Codensa used in this presentation to March, 2018 were prepared in Colombian pesos in accordance with the IFRSs officially applied in Colombia since January 2015. service, network connections for customers and telecontrol. 3.509 MW* *December 2017 MT Feeders Urban 793- 10.359 km / Rural: 346 - 18.554 km The remaining 31.% was destined to maintenance capex. MT & LT Networks Air 63.507 km / Underground 6.871 km