This document summarizes Eni's 2014-2016 strategy execution, which transformed the company into a fully integrated oil and gas company focused on profitable growth. Key aspects of the strategy included upstream enhancement increasing production 10% and cash flow per barrel 20%, midstream restructuring achieving break-even refining margins and positive chemicals EBIT, and cost optimization reducing capex and opex by over 30% each. Exploration successes like Zohr in Egypt were fast-tracked from discovery to production in under 3 years. The strategy halved Eni's cash neutrality price to $50 per barrel and positioned the company for structural free cash flow and self-financing.

1. Investor Day
Fit for complexity
13 DECEMBER 2016

2. 2
Eni’s unique business model

3. Fit for
complexity
2014-2016 STRATEGY EXECUTION
A DISTINCTIVE MODEL
FOR VALUE GENERATION
FOCUS ON NEW PROJECTS

4. FPSO ready to sail off for Block 15/06

5. 515
433
400
450
500
550
2008 2016
A challenging scenario
Brent | $/bl EU gas demand | bcm OECD EU refining
* Jan-Oct 2016
-16%-60%
5
Hub
volumes
25% 74%*
15,5
13,9
0
2
4
6
8
12
13
14
15
16
17
2008 2016
$/bbl
Mboe/d
Oil demand Refining margin

6. 6
Strategy execution and main milestones
PROFITABLE GROWTH
Transformation
into a fully integrated O&G Upstream enhancement
Restructuring
mid-downstream
Cost efficiency
Capex -33%
Opex -23%
G&A -33%
(vs. 2014)
Mid-
downstream
FCF positive
Kashagan
start-up
Coral
Eni
Investment
approval
Zohr disposal
• 10% stake to BP
• 30% stake to
Rosneft
New
organisation
Take-or-pay
renegotiations
G&A
savings
Upstream
growth +10%
Noroos and Zohr
discoveries
Refining and Chemicals
back to EBIT breakeven
Galp and Snam
disposals
Dividend
rebased
Reduced
refining
capacity
Launch Capex
and opex
saving plan
Saipem
deconsolidation
Zohr FID
Goliat
start-up
Gas
renegotiation
2 0 1 4 2 0 1 5 2 0 1 6
MILESTONES

7. On equity accounting
SUPPORT FUNCTIONS
Transformation into a
fully integrated O&G company
Exploration & Production
DIVISION
Gas & Power
DIVISION
Refining & Marketing
DIVISION
Consolidated companies
Versalis 100%
43%Saipem 8.5% Snam
16% Galp
Eni 2014
CORPORATE HOLDING
On Equity accountingConsolidated company
Versalis 100% 30.5% Saipem
Eni 2016
SUPPORT FUNCTIONS
Exploration &
Production Gas & Power
Refining &
Marketing
Energy Solutions
7
SUPPORT FUNCTIONS SUPPORT FUNCTIONS
CASH IN FROM TRANSFORMATION
€ 10BLN
SAVING FROM REORGANIZATION
€700 MLN/YEAR

8. 0
0,5
1
1,5
2
2013 2014 - 2016
Restructuring mid-downstream
Refining
Break-even margin EBIT adj | $/bl
Chemicals
EBIT result | € bln
4.2
7.5
0.3
ToP Recovery
Make-up gas
8
Gas & Power
ToP recovery | € bln
2013 2016 exp.
-0,4
0,3
2013 2016 exp.

9. 9
Cash flow generated
by mid-downstream restructuring
∆ CFFO 2014-2016 VS 2011-2013: ~€ 9 Bln
-0,3
-3
-0,4
-0,2
3,1
2011 2012 2013 2014 2015 2016 exp
> 2
€ bln

10. 0
4
8
12
16
2013 2016 exp.
1450
1500
1550
1600
1650
1700
1750
1800
1850
1900
2013 2016 exp. 2016
exit volume
10
Delivering on upstream enhancement
Cash flow per barrel | $/boe
30
25
20
2013 2016 exp.
@ 109 $/bl
+20%
+15%
Production | kboed
>30%
Operating Cash Flow | € bln
HISTORICAL RECORD OF PRODUCTION AND ENHANCED CASH FLOW

11. 0
5
10
15
20
25
30
2014 2016
11
Improving portfolio cost structure
Technical costs | $/boeNew projects breakeven | $/boe
OPEX
Development
Exploration
-30%
20
25
30
35
40
45
50
2013 2014 2015 2016

12. 12
Cost optimization
CUMULATIVE COST SAVING € 10 Bln
G&A costs | € blnGroup Capex | € bln Upstream Opex | $/boe
6
7
8
9
10
11
12
2014 2015 2016 exp.
Majors
0
2
4
6
8
10
12
14
2014 2016 exp.
-33%
0
0,5
1
1,5
2
2,5
2014 2016 exp.
-33%

13. 2011-13 2014-16
0
20
40
60
80
100
120
140
13
An effective strategy to halve cash neutrality
127
50
40
60
80
100
120
140
2013 2014 2015 2016 exp.
* Organic coverage of Capex through CFFO
-60%
Price of cash neutrality* | $/boe Cumulative Operating Cash Flow | € bln
Brent / $/bl
37
Snam
Avg. Brent 110 $/bl 64 $/bl
34

14. Noroos, Egypt

15. 15
A distinctive strategy on exploration
Thinking out of the box
Our people
Technology and Big Data
 Unconventional Focus On
Conventional plays
 Ownership and high stake
 Early mover approach
 Risk diversification on
multiple plays
 Rapid Resource conversion
Main drivers of exploration strategy

16. 0
2
4
6
8
10
12
14
1
0
2
4
6
8
10
12
14
2008 2009 2010 2011 2012 2013 2014 2015 2016
Cumulative Yearly additions
16
Key metrics of our success
Accelerating conversion to reserves and
economic value | bln boeCumulative discovered resources | bln boe
3P or under study
FID
under disposal
disposed
13 13

17. 17
Map of exploration discoveries since 2008
Oil
Gas
Jangkrik
Merakes
Johan Castberg
Zohr
Great
Nooros
Sankofa
Marine XII
15/06
Oglan
Perla
Hadrian/Lucius
Coral/Mamba
Nyonie Deep

18. 18
“Designing to cost” from exploration to development
exploration
exploration
reservoir studies
reservoir studies
engineeringdesign
procurement and operations
procurement and operations
Traditional project schedule
Eni phased / fast track project schedule
FID
exploration
reservoir studies
engineering design
procurement and operations
FID
FIRST
OIL
 Strong integration from exploration to start-up thanks
to leading edge technology
 From a sequential to a parallel approach
 Project phasing to reduce subsurface risks
 3D reservoir models before exploration well for
critical projects
 Continuous reservoir updates and scenarios’ analysis
exploration
reservoir studies
engineering design
procurement and operationsprocurement and operations
FIRST
OIL

19. front end
loading
19
Ultra fast-tracking Zohr
• 6 wells + 26’’ line
• 1 control platform + 1 umbilical
• new onshore plant
• 14 additional wells + 2 x 30” export lines
• 2 umbilicals + Extension of new onshore plant
• 5 additional wells + additional 2x30” export lines
• 1 umbilical + Onshore compression
execution
on
0.3 years 2 years
FID
April June August October Today
Zohr 2 Zohr 3 Zohr 4 Zohr 5 Zohr 6 Zohr 7
December 2017
(accelerated start-up)
2.3 years
2017 plan: re-entry &
completion of first 6 wells
Discovery
Feb.
2016
Aug.
2015
2016
ACCELERATED START-UP
RAMP-UP TO PLATEAU
PLATEAU EXTENSION
Zohr 1

20. 20
Time-to-market of recent and ongoing main projects
Block 15/06 - West Hub
Angola
Jangkrik
Indonesia
Perla
Venezuela
Block 15/06 - East Hub
Angola
OCTP
Ghana
Zohr
Egypt
Avg Time to Mkt
Discovery to FID: 2 years vs industry avg 4 years
FID to Start up: 2.5 years vs industry avg 4.5 years
20102009 2011 2012 2013 2014 2015 2016 2017 Project Progress
Marine XII - Nenè
Congo
Great Noroos
Egypt
Discovery
FID (Final Investment Decision)
Start up
Legenda
60%
90%
35%
87%
100%
100%
65%
88%

21. 21
Contribution to growth and cash flow
0
100
200
300
400
500
600
2016 2017 2018
2016-2018 CUMULATED CFFO € 7.7 BLN
kboed
CFFO € 4.3 bln
in 2018
@ $60/bl
43,5 50 60
Brent
$/bl
Contribution from Block 15/06, Jangkrik, Perla ,OCTP, Marine XII, Great Noroos, Zohr, Goliat and Kashagan

22. 22
Increased upstream capital efficiency
E&P Capex* vs production Reserve Replacement Ratio | %
Max 131%
Min -12%
-50
0
50
100
150
2013 2014 2015
Majors
€ bln kboed
1500
1600
1700
1800
1900
6
8
10
2013 2016 2017
E&P CAPEX Production
* Before disposal

23. 23
Our strategy to unlock portfolio value
20% Mozambique (2013) 3.4 € bln
40% Zohr (2016) 2 € bln
bln €
0
5
10
15
20
Transformation Dual exploration model
Galp, Snam,
other
Saipem
Disposed
stakes
Further disposals

24. Production (Mb/d) 1.6 >1.85
2013 TODAY
Projects breakeven ($/boe) 45 27
Organization IntegratedDivisional
Business model O&G focusConglomerate
Refining breakeven ($/bl)
Chemicals ebit
80% oil >70% hub
>8 4.2
FCF and EBIT
negative
Structural break-even
and self-financing
Capex coverage neutrality
($/boe)
127 50
Inactive capital (bln €) 24 16
LTcontractsG&P
24
Conclusion
CORPORATE &
FINANCIALS
UPSTREAM
MID-
DOWNSTREAM