Eni 2008 Results and Strategy Presentation

2008 Results and Strategy Presentation London, 13th February 2009

2008: A Very Good Year E&P – Superior production growth: 1,797 kboe/d, +5.6% net of PSA effect G&P – High cash generation: € 1.9 bln free cash flow R&M – Italian market share: +140bp to 30.6% Adjusted net profit up 7.7% Industry-leading dividend yield 2008 total dividend at € 1.30 per share 2

Regulated Business Restructuring Market Market ~50% ~40% 50% 40% 10% share ~5% shares SRG SRG buy back buy back 100% Italgas 100% 100% 100% Italgas Stogit Stogit Unlock significant value for Eni’s shareholders 3

Preliminary Results 2008 Alessandro Bernini, CFO

Regulated Business Restructuring: Transaction Terms Sale of 100% of Italgas and Stogit to Snam Rete Gas Total consideration: €4.7 billion, in line with RAB Paid in cash through capital increase up to €3.5 billion and new debt up to € 1.3 billion Eni’s commitment to subscribe its share of capital increase 2008 Preliminary EBITDA 2008 RAB Mln € Bln € ~20.0 ~2,300 12.8 1,511 Snam Rete Gas* New Group** Snam Rete Gas New Group** * SRG estimate assuming an annual inflation rate of 2% and on the basis of the current regulatory framework 5 ** Proforma data: Snam Rete Gas + Stogit S.p.A.+ Italgas S.p.A. & Napoletana Gas S.p.A. (excl. other subsidiaries)

Market Environment Average European Brent €/$ Exchange Rate Refining Margin* $/bl €/bl $/bl €/bl 1.6 8 8 120 120 110 110 7 7 100 100 6 6 1.5 90 90 5 5 80 80 4 4 70 70 3 3 1.4 60 60 2 2 50 50 1 1 40 40 1.3 Q407 Q108 Q208 Q308 Q408 Q407 Q108 Q208 Q308 Q408 Q407 Q108 Q208 Q308 Q408 Δ% Δ% Δ% Q4 08/Q4 07 Q4 08/Q4 07 Q4 08/Q4 07 $/boe -38.1% $/boe +89.7% €/$ -9.1% €/boe -31.9% €/boe +108.5% 6 * FOB Mediterranean market, lead free gasoline. Eni calculations on Platt’s Oilgram data

Consolidated Results Million € Reported Adjusted* Net profit -11.8% +7.7% 10,011 10,201 8,825 9,470 1,943 2,678 3,010 9,699 -27.4% 8,258 6,792 7,001 (874) 2007 2008 2007 2008 Q4 9M Operating profit -1.2% +14.8% 21,793 4,078 18,986 18,641 18,868 464 5,292 5,166 -22.9% -91% 18,177 17,715 13,702 13,694 2007 2008 2007 2008 7 * Excluding special items and gains (losses) on inventory

E&P: Operating Profit Million € Reported Adjusted* +19.1% Q4 08/Q4 07 +23.9% highlights 16,415 17,416 13,788 2,105 2,762 14,051 Lower oil prices -46.4% -33.1% 3,929 Higher DD&A 4,127 Higher exploration 14,654 14,310 expenses 9,859 9,924 €/$ depreciation Q4 9M 2007 2008 2007 2008 Special items & inventory valuation Q4 07 Q4 08 Asset impairments (150) Asset impairments (646) Redundancy incentives (5) Net gains on disposal of assets (4) Others (43) Redundancy incentives (2) Others (5) 8 * Excluding special items and gains (losses) on inventory

G&P: Operating Profit Million € Reported Adjusted* Q4 08/Q4 07 highlights -13.5% -4.7% 4,092 4,127 3,933 3,541 Lower volumes 1,309 949 -33.7% 1,431 -38.0% sold, particularly 812 in Italy Reduced electricity sales 2,984 2,729 2,696 2,783 US$ appreciation Q4 9M 2007 2008 2007 2008 Special items & inventory valuation Q4 07 Q4 08 Inventory gains 36 Inventory gains 153 Redundancy incentives (15) Redundancy incentives (12) Environmental provisions (13) Environmental provisions 2 Others 114 Others (6) 9 * Excluding special items and gains (losses) on inventory

R&M: Operating Profit Million € Reported Adjusted* +72.0% nm Q4 08/Q4 07 highlights (1,023) 566 201 329 27 729 424 365 1,222 Higher refining 702 margins in US$ (95) Higher retail margins (2,245) €/$ depreciation Q4 9M Lower throughput 2007 2008 2007 2008 Special items & inventory valuation Q4 07 Q4 08 Inventory gains 252 Inventory losses (2,233) Asset impairments (57) Asset Impairments (149) Environmental provisions (54) Environmental provisions (48) Redundancy incentives (12) Redundancy incentives (13) Others (7) Net gains on disposal of assets (3) 10 * Excluding special items and gains (losses) on inventory

Other Businesses: Adjusted Operating Profit Million € 2007 2008 Δ% Q4 2007 Q4 2008 nm Petrochemicals 90 (375) (129) (91) Engineering 840 1,041 298 250 +23.9% & Construction -17.9% (48) Other activities (207) (244) (91) -51.4% Corporate (183) (277) (64) (114) 11

Sources and Uses of Cash Billion € Sources and uses of cash 26.4 25.1 1.0 0.8 23.0 0.2 4.3 1.2 9.9 0.7 16.9 5.2 Divestments 0.7 4.9 Cash Flow from 21.8 operations 14.6 15.5 Others 10.6 2007 2008 Capex Dividends Buy Back Acquisitions 12

Net Financial Debt Billion € Total Debt 20.9 18.4 ▪ Short-term 6.8 16.3 - o/w Euro Commercial Paper 3.7 ▪ Long-term 14.1 Liquidity & Others (2.5) Net Debt 18.4 0.38 0.38 Undrawn committed bank lines 5.2 ▪ Short-term 3.3 ▪ Long-term 1.9 Undrawn uncommitted bank lines 7.1 December December Strong cash generation 2007 2008 High credit standing Net debt to equity Diversified credit lines availability without MAC and financial covenants 13

2008 Cash Returned to Shareholders 2008 Cash out May 19th* 2007 Final dividend 2.6 € billion 0.70 € /share September 22nd* 2008 Interim dividend 2.3 € billion 0.65 € /share Share buyback YTD 0.8 € billion = 5.7 € billion 2008 overall cash distribution * Ex dividend date 14

2009-2012 Strategy Paolo Scaroni, CEO

Our Short Term Market Outlook: a Tough Time ahead Low and Volatile Oil Price Brent $/bl 150 100 50 0 2005 2006 2007 2008 2009 Weak Gas Market Declining Refining Margins European demand - Bln cm TRC Brent $/bl €/bl 600 9 9 8 8 Rest of 400 7 7 Europe 6 6 5 5 200 4 4 3 3 2 2 Italy 0 1 1 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 16

Eni: Ideally Positioned to Cope with Industry Challenges E&P Low-cost portfolio Leading lifting costs of 7.5 $/bl Top producer Leading Player G&P R&M Resilient cash generation Limited capital employed Other 97.0 72.5 65.1 4% 54.4 38.2 28.8 E&P 25.0 E&C 48% 8% 4.1 3.9 3.7 3.5 3.5 3.4 3.4 R&M 10% 2002 2003 2004 2005 2006 2007 2008 G&P 30% EBIT adj. bln € Brent $/bl 17

E&P: Sustainable Organic Growth E&P kboe/d +3.5% >2,050 >1,850 1,797 Large player in fastest growing areas 2008 2009 2012 Strong presence in giant 97 $/bl 43 $/bl 55 $/bl projects Focus on three core regions 85% of new production Top producer breakeven <45$/bl* Leading Player Reserve replacement ratio 130 in 2009-2012 18 * @ WACC adjusted for country risk

G&P: Resilient Cash Generation Strengthen our 21% leading market share in Europe Enhance flexibility leveraging on Distrigas acquisition Preserve the leading position in the Italian gas market Sales outside Italy: +7% CAGR 2008-12 Cumulative 2009-12 Ebitda pro-forma: € 20 bln 19

R&M: Improve Profitability Selective upgrade in refining with focused capex Market share growth in Italy Enhanced operational efficiency 2012 +400 mln € Ebit vs 2008 Cash neutral by 2010 20

Efficiency Programme to Enhance Profitability Corporate E&P Opex $/bl 5.9 +100% 5.5 Eni +1.4% -7.1% Direct costs 5.0 savings (real term cagr) Benchmark 2005-08 2008-12 Group* 2007 2008 2012 Bln € Procurement & ICT processes and Technology improvements & structure streamlining operational excellence ~2.0 Overheads reduction Procurement optimization ~1.0 ~1.0 G&P R&M ~1.0 -9.7% -6.6% CAGR 90% 0.7 0.6 achieved 22.8 Cost savings 16.8 Mass market by 2008 12.8 ($/bl of refining costs to serve capacity) (€/customer) New 2006-2010 2006-2012 2005-08 2008-12 2005 2008 2012 initiatives CRM optimization Overheads reduction Real term, base line 2005 Overheads reduction Energy savings * ExxonMobil, BP, Shell, Chevron, ConocoPhillips, Total (based on company reports); Eni included 21

Disciplined Capex to Fuel Growth Bln € 49.8 (1.0) 48.8 Others 1.0 1.0 High resilience in low oil Saipem 4.7 3.9 price scenario 2.8 R&M 4.1 7.0 High flexibility: E&P G&P 6.5 capex ~25% uncommitted Stogit 1.8 1.5 in 2009-10; ~85% uncommitted in 2011-12 E&P 31.7 32.6 Spending optimisation 2009 capex: €14.1 bln 2008-2011 Variation 2009-2012 Capex plan Capex plan Attractive capex programme 22

Cash Allocation Priorities Commitment to maintain strong credit rating Attractive and flexible capex program Superior dividend yield 23

Exploration & Production Claudio Descalzi, COO

Record Production 2008 Production Growth (%) Production @ kboe/d 64 $/boe: 1,846 +5.6% kboe/d, well net of PSA above target 3.5 Eni +2.1% +3.5% 1,854 2000 1,815 1.797 1.736 0.5 BP 1800 1600 -2.0 Shell 1400 1200 1000 -2.1 Total 800 600 Chevron -3.4 400 200 ConocoPhillips -3.9 0 2008 4Q 07 4Q 08 2007 reported -6.2 ExxonMobil Brent 88.7 54.9 72.5 97 ($/bl) Reported PSA effect 1$/bl: ~ 1.5 kboe/d 25

Selective M&A Eni’s M&A vs Peers 2008 M&A 70-80 $/bl Burren First Calgary Other competitors 11 billion USD in 2007-2008 Other competitors >100 kboed in 2008 10 $/MMBTU 250 kboed at 2012 8 $/MMBTU Other competitors NPV value + 18% vs consideration Break even price 3P reserves + 10 % Eni breakeven <50 $/bl; <6 $/MMBTU 26

Solid Reserve and Resource base Proved Reserves Total Resources (Bln boe) (Bln boe) RRR Organic : 130% Solid resource base to RRR sustain long term growth ~29 RRR All sources : 135% ~ 83% @96$ (0.7) 0.9 ~13.5 6.6 6.4 95% ~6.6 sustainable @30$/bl Proved Proved+Probable Total* 2007 Promotions Production 2008 Life index Life index 10.0 10.0 10.0 20.5 44 (year) (year) Year-end Brent 96 36.5 Long term price 57 $/bl (real) Brent ($/bl) ($/bl) *Proved + Unproved Reserves + Contingent Resources + Risked exploration From consolidated subsidiaries and share of equity affiliates and unconsolidated entities 27 Eni’s 30% equity in Russian assets, 20% GazPromNeft not included

Exploration Success NORWAY Aphrodite UK Gamma Marulk Culzean LIBYA CROATIA Ika US GoM U1 NC 41 PAKISTAN D1 NC41 Stones Saquib 1A Kodiak Latif Hadrian B ITALY Aransas Deep Cassiopea-1 Argo-2 2008 main discoveries EGYPT New unconventional projects NIGERIA Ha’py 9 Key areas Bonga N CONGO VENEZUELA ANGOLA AUSTRALIA Sangos Kitan N’Goma Rate of Success >70% with effective time to market Strategic positioning in growing plays 89% of new acreage in 5 years, nearly all operated 4.3 bln boe from exploration since 2004 (1.1 bln boe in 2008) 28

Eni Growth Story and Future Goals Production since 1998 kboe/d Focus on CAGR ~ 3.0 % sustainable 3.5% >2,050 projects in main 2000 1,797 core regions 5.6% 1500 Increasing 1,038 exposure to Giants 1000 Eni’s unique 500 approach in co- operation with 0 producing countries 1998 2008 2009 2012 2015 Brent 13 97 43 55 59 ($/bl) Superior growth and resilience under current conditions 29

Focus on Core Regions 5.6 Top IOC producer 9.0 (1° or 2°) Leading player Average lifting costs 7.4 7.5 $/bl Production 2008 Production 2012 1,797 kboe/d >2,050 kboe/d FSU 7% FSU 9% Others 8% Others 8% Africa 54% Africa 55% OECD 28% OECD 31% 30

2009-2012 Main Start-ups 2009 Project start-ups Op. Peak boe/d 100% FSU Abo phase 2 √ 14,000 2 start-ups OECD M’Boundi water inj. √ 35,000 14 start-ups Maamoura √ 7,000 Blacktip √ 14,000 Longhorn √ 29,000 WLGP+1 √ 22,000 Africa 37 main start-ups Oyo √ 29,000 18 start-ups Tombua-Landana 100,000 525 kboe/d of new Tyrhians 90,000 production by 2012 Thunderhawk 36,000 Gambat 10,000 2010 2011 2012 Project start-ups Op. Peak Project start-ups Op. Peak Project start-ups Op. Peak boe/d 100% boe/d 100% boe/d 100% Rom Integrated √ 20,000 IAN/EOR √ 15,400 A-LNG 150,000 Libondo 8,000 Wafa redevelopment √ 28,000 M'Boundi Gas to IPP √ 22,000 Kitan √ 35,000 Karawan √ 6,200 Morvin 45,000 Sicily Channel √ 10,000 Kashagan √ 450,000 Nikaitchuq √ 26,000 Stones 19,000 Jasmine 100,000 Sambursgkoye √ 143,000 Gamma 20,000 Appaloosa √ 5,600 Marulk √ 30,000 El Merk 145,000 Bourigas √ 6,600 Seth 25,000 Mavacola 64,000 Val D’Agri phase 2 √ 40,000 MLE √ 55,000 CAFC √ 65,000 Baraka √ 6,000 31

Resilient Portfolio: Highly Profitable Growth Breakeven* of New Production 2009-2012 70 60 50 Breakeven ($/bl) 40 30 20 10 0 100 200 300 400 525 New production (kboe/d) 32 * At WACC adjusted for country risk

Growing Exposure to Giant Projects Giant Projects Equity Production kboe/d Operated 69% 73% 79% production ~1,080 ~930 859 Start-ups & growth Producing 2008 2012 2014 Present in 37 giant projects (>0.5 bln boe), of which 18 operated 33 Source: Goldman Sachs “top 190 projects” and Eni elaboration

Capex 2009-12 Capex 2009-12 2009 Capex Budget bln euro Total 2.8% 9.2 bln euro 32.6 31.7 -5.0 5.9 -19% 1.8 2.1 4.1 -13% 4.7 Exploration Development Others Portfolio Flexibility 26.9 +7% 24.9 Committed Uncommitted 100% 80% 60% Additional Spending 2008-11 2009-12 40% activities/ optimization Rephasing/ 20% Inflation 0% Development Others Exploration 2009 2010 2011 2012 Spending optimisation and growth resilience 2008-11 Excluding non consolidated capex (3.3 bln €), Burren cash out (2 bln €), Storage (1.8 bln €) and exchange rate effect 34 2009-12 Excluding non consolidated investment (1.5 bln €)

Resilient operations Average lifting costs 7.5 $/bl Current production 85% of new production sustainable @ 45 $/bl New Projects 95% of 2P reserves robust @ 30$ Reserves 35

Gas & Power Domenico Dispenza, COO

2008 Results EBITDA pro forma adjusted Mln € Q4 08/Q4 07 5,077 (62) highlights 4,466 720 (549) 755 +4.9% Lower volumes sold, 1,289 particularly in Italy 1,401 +8.7% Reduced electricity sales 3,068 2,310 -24.7% US$ appreciation 2007 9M 08 Q4 08 2008 International Regulated businesses Marketing Transportation in Italy 37

Weaker Outlook for Gas Demand in Europe Tough competitive environment in Italy: 1% decline in gas consumption expected in 2009 2% CAGR in the plan period Additional import capacity Revised European gas demand: Flat in 2009 2% CAGR in the following years Direct entry of gas producers into the end-user market Cautious near-term prospects, normalizing in the medium term 38

Italy: Preserving Profitability Focus on higher-margin and most loyal customers: Gas fired power generation segment: maintain market share Industrial segment: cherry-pick clients Residential segment: extend dual offer and overall customer base Further efficiency gains Maintain the leading position in the Italian gas market 39

International Sales Bcm Benelux UK/NW Europe 22% Germany/ Strong growth in the core 14.8 Austria 13.5* 6.8 European markets 7% 7.6 3.2 5.3 despite increasing 2.4 2.2 2008 2012 competition and slowing 5.2 2008 2012 3.1 2008 2012 demand Extra-European sales at Turkey France 6.9 Bcm in 2012 14% 13% 6.4 6.8 Iberian 4.9 4.0* Peninsula 16% 8.6 Sales outside Italy: 7.5 2008 2012 2008 2012 7% CAGR 2008-2012** 5.8 4.1 Market share in 2012 3.1 3.3 Consolidated 2008 2012 Associates Strengthen European leadership in a weak market environment * 100% Distrigas sales 40 ** Includes 100% Distrigas in 2008 and excludes sales to importers in Italy

2009-12 Targets Gas Sales (Bcm) Cumulated EBITDA (Bln €) 124 20 19 114 15% 16% Steady expansion 61% 30% 31% 49% in international sales despite 104 55% weak demand 53% 39% 51% Resilient results in all business Pro-forma 2012 2008-11 2009-12 segments 2008 Previous New target target Abroad* Italy Int. Transport Regulated businesses in Italy Distrigas sales @ 100% Marketing * Including E&P gas sold in Europe and Gulf of Mexico 41

2009-12 Capex Plan Bln € 7.0 €5.3 billion in regulated 6.5 business with guaranteed 25% 13% return €0.7 billion in international storage to increase flexibility 87% 75% €0.7 billion in power generation to consolidate Italian market share 2008-11 Plan 2009-12 Plan Regulated Marketing businesses and Power 42

Refining & Marketing Angelo Caridi, COO

2008 Results EBIT Adjusted Mln € 566 41 196 329 FY 2007 Scenario Performance FY 2008 +60% +12% +72% Favorable refining scenario in 2H08 Higher retail contribution margin: +24% Italian retail market share: +140bp to 30.6% Cost savings: 6% workforce reduction in Italy 44

Refining & Marketing Vision Declining Demand Operational Efficiency Declining Enhance Refining Profitability Scenario New capacity Widespread Rationalization Focused in Middle and upgrading of refining growth in Far East capacity and marketing selective capex 45

Profitability Enhancement Refining Marketing Start up of 3 hydrocrackers in Increase retail market share in Italy 2009 Reach critical mass (>10%) in EST plant start up by 2012 Central-Eastern Europe Improve conversion index and Strengthen non oil activities, Market share operational flexibility customers loyalty and service > 30% > 10% quality 4-8% 45% Middle 40% 57 distillate yield 65 32% 31% Market 65% Main upgrading investments 57% Conversion share in Italy 2008 2012 index -4% 2008 2012 Employees 2008 vs 2012 Cost efficiency up to € 150 mln by 2012 2012 + €400 mln Ebit vs 2008 Free cash flow positive by 2010 46

Reduced Capex Plan Bln € -30% 4.0 Other 2.8 Refining 22% 70% 45% EST 75% Sannazzaro 33% Marketing 30% 25% Plan Plan 08-11 09-12 Stay in Development Business 47

Growth and Value Cash neutrality Strong and resilient cash generation @ 41$/bl in 2012 Sustainable and efficient growth across core activities Superior returns to shareholders 48

Disclaimer Data and information herewith set forth are extracted from Eni’s press release on the fourth quarter of 2008 filed with Italian authorities regulating exchanges and securities and disseminated concomitantly with this presentation. The press release on the fourth quarter of 2008 includes the certification rendered by the company CFO, in his quality as manager responsible for the preparation of financial reports, pursuant to article 154-bis paragraph 2 of legislative decree No. 58/1998 stating that the quarterly accounts correspond to the company’s evidence and accounting books and entries. This presentation contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management and competition are forward-looking in nature. Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and similar expressions are intended to identify such forward- looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Eni’s actual results may differ materially and adversely from those expressed or implied in any forward- looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which Eni operates, regulatory developments in Italy and internationally and changes in oil prices and in the margins for Eni products. Any forward-looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward-looking statements to reflect any changes in Eni’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni may make in documents it files with the US Securities and Exchange Commission. 49

Appendix

Results of Operations Million € Q4 07 Q4 08 FY 07 FY 08 Δ% 25,378 24,607 Net sales from operations 87,256 108,190 24.0 464 5,166 Operating Profit 18,868 18,641 (1.2) 275 (2,348) Inventory holding gains (losses) 620 (936) 4,891 2,812 Replacement Cost Operating Profit 18,248 19,577 7.3 (401) (1,266) Special items (738) (2,216) 5,292 Adjusted Operating Profit 18,986 21,793 14.8 4,078 (56) (505) Net financial income (expense) (83) (764) 257 157 Net share of profit from associates (expense) 1,243 1,373 10.5 5,367 116 Profit before income taxes 20,028 19,250 (3.9) (2,183) (874) Taxation (9,219) (9,692) (5.1) 40.7% …% Tax rate 46% 50.3% 174 116 Minority interest 798 733 3,010 (874) Net Profit 10,011 8,825 (11.8) 108 Special items 42 (653) (1,124) 224 (1,693) Inventory holding gains (losses) 499 (723) 2,678 1,943 Adjusted Net Profit 9,470 10,201 7.7 51

G&P: Adjusted Operating Profit by Activities Million € -38% -13.5% 4,092 1,309 114 445 3,541 523 445 1,419 812 International 145 1,549 Transportation Regulated Businesses 466 750 Marketing & 2,228 Power 1,469 201 Q4 2007 Q4 2008 FY 2007 FY 2008 52

Eni Share of Profit from Associates Q4 2007 2008 2007 2008 178 222 Equity method accounted for 632 754 44 70 9 15 Gas Transportation Abroad 45 31 11 16 EnBw (GVS) 200 181 51 56 Union Fenosa 34 39 10 8 Blue Stream 431 311 141 83 Others 35 92 Dividends 170 510 (1) 1 Disposals 10 3 - (22) Others - (15) 212 293 Net income from associates 812 1,252 53

G&P Share of Profit from Associates Million € -32.3% -1.2% 421 416 127 44 70 15 27 14 4 86 International Transportation 9 10 Regulated 345 337 Businesses 108 Marketing & Power 67 2007 2008 Q4 2007 Q4 2008 54

Eni Consolidated Results n.m. -26% 0.82 0.73 0.54 EPS -0.24 Euro per share* Q4 2007 Q4 2008 Q4 2007 Q4 2008 Adjusted Adjusted -2% -49% 1.28 1.26 1.42 0.73 CFPS Euro per share* Q4 2007 Q4 2008 Q4 2007 Q4 2008 Adjusted Adjusted * Average shares: Q4 08 3,622 million Q4 07 3,661 million 55 Note: Cash Flow calculated as net profit+amortization & depreciation

2008 Consolidated Results -11% 8.5% 2.80 2.58 2.73 2.43 EPS Euro per share* FY 2007 FY 2008 FY 2007 FY 2008 Adjusted Adjusted 9% 14% 5.12 5.12 4.70 4.50 CFPS Euro per share* FY 2007 FY 2008 FY 2007 FY 2008 Adjusted Adjusted * Average shares: 2008 3,639 million; 2007 3,669 million 56 Note: Cash Flow calculated as net profit+amortization & depreciation

Capex Million € +37.5% 14,562 4,691 +28.3% 231 127 2,027 570 3,657 965 10,593 422 98 213 1,794 589 540 1,410 429 979 1,366 478 Other 9,545 E&C 3,032 2,063 6,625 R&M G&P E&P Q4 2007 Q4 2008 FY 2007 FY 2008 57

Main Operating Data Q4 08 2007 2008 Δ% Q4 07 1,815 1,854 Hydrocarbon prod. (kboe/d) 1,736 1,797 3.5 162.1 163.2 Production sold* (mmboe) 611.4 632 3.4 16.2 13.3 Natural gas sales in Italy**(bcm) 56.1 52.8 (5.8) 8.8 13.8 Natural gas sales in Europe*** (bcm) 27.9 35.6 27.8 9.3 9.11 Natural gas transported on behalf 30.9 33.8 9.6 of third parties in Italy (bcm) 8.3 6.9 Power production sold (TWh) 33.2 29.9 (9.8) 13.9 12.1 Refined product sales (mmtonnes) 50.2 50.7 1.1 1.3 0.9 Petrochemical sales (mmtonnes) 5.5 4.7 (14.5) * Including Eni’s share of production of joint venture accounted for with the equity method ** Including self-consumption 58 *** Consolidated sales

Production by Geographical Area Kboe/d +2.1% +3.5% 1,854 1,815 1,797 1,736 301 261 258 230 111 128 123 Rest of World 112 279 244 237 Caspian Area 261 North Sea 316 356 335 327 West Africa North Africa Italy 641 645 635 594 207 212 190 199 Q4 2007 Q4 2008 FY 2007 FY 2008 59

Oil & Gas Production Kboe/d +2.1% +3.5% 1,854 1,797 1,815 1,736 775 771 767 716 +1.0% +7.7% Gas Liquids +3.0% +0.6% 1,079 1,026 1,048 1,020 Q4 07 Q4 08 2007 2008 60

G&P: Natural Gas Volume Sold Bcm -5.8% 56.1 52.8 -17.8% 16.2 Italy 13.3 Eni sales (including self consumption) Q4 07 Q4 08 FY 07 FY 08 +19.9% +30.3% 51.4 42.8 17.7 Abroad 8.9 2.5 13.6 8.7 2.7 42.5 Associates 15.2 34.1 10.9 Consolidated Include E&P sales in Europe and GoM Q4 07 Q4 08 FY 07 FY 08 Natural Gas Sales: Q408/Q407 +4.2% FY 08/FY 07 +5.3% 61

Eni 2008 Results and Strategy Presentation

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