“Eni has markedly improved its financial and operational performance, driven by the ongoing execution of Eni strategy across all business segments. We expect that in 2017 organic cash generation, coupled with proceeds from disposals, will allow us to fully fund our capex and dividend requirements at an oil price well below the current level.”

1. Q1 2017 results
10 May 2017

2. 2
Highlights
• Production growth: 1,795 kboed (+6% net of PSA and Opec cuts vs IQ2016)
• 2017 start-ups
• Jangkrik & OCTP start-up in coming weeks
• Zohr start-up confirmed by end of this year
• Kashagan ramp up on track: 200 kbbl/d oil reached
Upstream
• 2017 announced deals €2.7bn post tax (€3bn pre-tax)
• 25% Area 4 in Mozambique to ExxonMobil. Completion by 4Q17
• Belgium gas & power retail unit
• Additional cash – in from Zohr disposals : ~€1bn net in 2017
Disposals
• G&P: 2017 structural breakeven on track
• Refining: breakeven margin reduced below $4/bbl
• Chemicals: strong economic results
Mid-downstream

3. 4.2
4.7
4.2
1Q 2016 4Q 2016 1Q 2017
153
202 219
136
182 195
1Q 2016 4Q 2016 1Q 2017
PSV TTF
1.102
1.078 1.065
1Q 2016 4Q 2016 1Q 2017
33.9
49.5
53.8
1Q 2016 4Q 2016 1Q 2017
European gas prices (€/kcm)
Brent ($/bbl) Exchange rate (€/$)
Standard Eni Refining Margin ($/bbl)
3
Market scenario

4. 1,754
1,795
55
1,650
1,700
1,750
1,800
1,850
1,900
1Q 2016 1Q 2017
95
1,415
1Q 16 1Q 17
4
Upstream
2017 production and cash flow targets confirmed
1Q2016 1Q2017
Oil & Gas Production | kboed EBIT Adj | € mln
+6%
Higher
exploration
write offs for
€100 mln
OPEC cuts + PSA
effect

5. 2017 start-ups
5
96%
Execution Time 41 months
FID
FID
Start
up
 Peak 100%: 80 kboe/d
JANGKRIK – Indonesia
(WI: 55%)
 Peak 100%: 500 kboe/d
ZOHR – Egypt
(WI: 60%)
60%FIDFID
Start
up
December 2017
90%
Execution Time 29 months
FID
FID
Start
up
 Peak 100%: 85 kboe/d
OCTP – Ghana
(WI: 44%)
Execution Time 22 months

6. 6
Upstream cost - relative benchmark
Eni’s portfolio is low cost
Opex | $/boe F&D | $/boe
Peers: BP, CVX, COP, XOM, RDS, STL, TOT
4
8
12
16
2012 2013 2014 2015 2016
10
35
60
2012-14 2013-15 2014-16
160

7. 7
53 52 49
32 31 29
21
12
Discounted Net Cash Flow (DNCF) vs peers
Peers: BP, CVX, COP, XOM, RDS, STL, TOT
Eni’s portfolio is high value and resilient
Proved Reserves
bln boe (31 Dec 16) 7.520.0
Unit DNCF
$/boe
2016 DNCF
$ bln
4.22.7
11.1
4.7
17.8
2.8
13.2
2.4
11.5
2.6 4.3
6.4
1.9
peer 1 peer 2 peer 3 peer 7peer 6peer 5peer 4
5.0

8. 8
Mid-Downstream
G&P EBIT adj | € mln Versalis EBIT adj | € mlnR&M EBIT adj | € mln
285
338
1Q 2016 1Q 2017
66 66
1Q 2016 1Q 2017
111
123
1Q 2016 1Q 2017
Strong economic performance

9. 9
Group economic results
Adjusted net profit: €744 M
0.6
1.35
0.2 0.1
1Q 2016 scenario OPEC + oneoffs growth +
efficiency
1Q 2017
Group EBIT adj | € bln
1.83

10. Cash flow pre working capital at replacement cost
10
Accelerated and accretive cash generation
1Q 2015
without Saipem
54
$/bbl
54
$/bbl
2.2
1.5
1.0
1.4 1.6
2.6
1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017
€ bln

11. 2017 Cash Balance
11
Dividend cash neutrality around $45/bbl
0
5
10
15
CASH IN CASH OUT
€ bln
DIVIDEND
CAPEX
CFFO +
proceeds
from
disposals
55
$/bbl