Eni recorded another period of strong profitability in the second quarter. In the context of a 38% rise in the price of Brent, Eni reported a 152% increase in operating profit, driven by the performance of the Exploration & Production business, which more than tripled its contribution. Our cash generation also grew significantly, driven by the price of Brent and increased production levels, contributing to $20 per barrel, allowing us to confirm the lowering of our cash neutrality to $55 per barrel for 2018. The Gas & Power segment also reported excellent results, thanks to the strong integration of the LNG business with upstream activities and the positive impact of the restructuring carried out over the last years. A deterioration in Refining and Chemicals environment – which runs counter-cyclically to the price of Brent – meant a reduction in the contribution of these businesses, albeit remaining positive thanks to recent restructuring. There was significant progress in our portfolio management this quarter with the creation of Vår Energi in Norway as well as the funds received for the sale of Eni’s 10% stake in the Zohr field to Mubadala. As a result, net debt fell below €10 billion – the lowest level in 11 years. Consequently I will propose an interim dividend of €0.42 per share at the Board meeting on 13 September.

2. 2
H1 Highlights
Production: 1,865 kboed, +5.4% price adj vs 1H2017
Zohr: 2 bcf/day by September 2018
3 main start ups: Ochigufu; OCTP gas; Bahr Essalam ph2
7 positive expl.wells: Angola, Egypt, Cyprus and Mexico
Norway: created a new leading player
Upstream
Financials
G&P: strong LNG results; Mamba T1-T2 LNG PoD submitted
Refining & Chemicals: resilient in a weaker scenarioMid-downstream
CFFO adjusted € 6.0 bln
Capex € 3.7 bln in line with plan
Disposal: around € 1.0 bln cashed in
Leverage @end of June: 0.2
CFFO is represented before working capital at replacement cost

3. 3
Vår Energi AS: a new leading player in Norway
Strengthening operational structure and exploration potential
Proved reserves: >500 mln boe
Resources: 1.25 bln boe
Norwegian Sea
Barents Sea
Vår Energi AS
Eni
(69.6%)
North Sea
Complementary
Portfolio of assets:
180
250
2018 2023
Eni
Point Resources
Production
kboed
Point
Resources
(30.4%)

4. 4
Near field exploration unlocks new additional potential in proved basins
ANGOLA
DEEP OFFSHORE
Kalimba-1 NFW
~300 mln barrels OOIP
high quality oil
close to existing infrastructure
Eni 36.8% WI - Operator
EGYPT
ONSHORE
Faghur Basin
prod. test > 5k bbl/day of oil per well
deep paleozoic sandstone
close to existing infrastructure
Eni 100% WI - OperatorEgypt
Western
Desert
Angola
Block 15/06

5. 263
1H 2017 PSA Portfolio SU, RU and
others
1H 2018Ramp ups +
Start ups +
other
5
Upstream valuable growth
+4% vs 2017 @ 60 $/bl2018 PRODUCTION Guidance
Oil & Gas Production| kboed EBIT Adjusted| € bln
1,783 23
73 1,865
Ramp-ups +
Start-ups-14
2.26
4.83
1H2017 1H2018

6. Zohr: an outstanding accelerated ramp up
6
Budget
Accelerated
2 bcf/day
400 mmcf/day
Q1 Q2 Q3 Q4
Zohr ramp up profile

7. 7
Focus on upstream cash generation
Cash flow 1H2018
Upstream CFFO| bln €
4,0
5.5
1H 2017 1H 2018
+38%
$20/bbl
CFFO before working capital

8. 8
Strong G&P results
G&P EBIT Adj | € mln
€ 400 Mln2018 Ebit guidance increased
192
430
1H2017 1H2018
LNG sales
+54% vs 1H17
at 3.8 MTPA
Highlights H1

9. 9
Resilient downstream performance
R&M EBIT Adj | € mln
231
79
1H2017 1H2018
Versalis EBIT Adj | € mln
310
65
1H2017 1H2018

10. CFFO CAPEX
strong organic cash generation
10
Leverage @30/06: 20%
2018 Cash balance | € bln
H1
H1
> 13
7.6
CFFO is represented including working capital, assuming oil price @ 70 $/bl, refining margin @ 3,9 $/bl and exchange rate @ 1.23 $/€

11. Back up
11

12. 12
Market scenario
Brent| $/bbl Exchange Rate| €/$
European Gas Prices| €/kcm Standard Eni Refining Margin| $/bbl
PSV
TTF
51.8
70.6
1H2017 1H2018
1.083
1.210
1H2017 1H2018
4.7
3.5
1H2017 1H2018
206
242
180
225
1H2017 1H2018