- Eni reported strong financial results for the first half of 2010, with adjusted operating profit up 34% and adjusted net profit up 30% compared to the first half of 2009. - Oil and gas production was largely stable compared to 2009 despite a 30,000 barrel per day reduction in expected gas offtakes. - The refining and marketing segment continued its focus on cost optimization amid a difficult business environment. - Eni maintained a strong financial position with its leverage ratio improving to 41% and generating over €9 billion in cash from operations during the first half.

1. interim update and Q2 results
July 28th, 2010
eni.com

2. financial highlights
First half financial results
Adjusted operating profit: € 8.5 billion (+34%)
Adjusted net profit: € 3.5 billion (+30%)
Cash flow from operations: € 9.1 billion (+20%)
Leverage of 41% (vs 46% at YE2009)
Interim dividend proposal: € 0.50 /share

3. operating highlights
E&P
Junin 5 agreement signed in January
Zubair rehabilitation plan approved in June
Delivery on projects: 5 start-ups
Production up to 1,800 kboed +1% YoY
New resources added: 600 mmboe
G&P
Total gas sales -6% YoY; international sales +6% YoY
Power sales up 21%
Improved performance of regulated business
R&M
Cost optimization program on track
Stable marketing profitability despite lower market share

4. market environment
Average European
Brent €/$ exchange rate
refining margin*
$/bl €/bl $/bl €/bl
105 105 6 1,6
6
5
90 90
1,5
5
4
75 75
4
3 1,4
60 60
3
2
1,3
45 45
1 2
30 30 0 1 1,2
Q209 Q309 Q409 Q110 Q210 Q209 Q309 Q409 Q110 Q210 Q209 Q309 Q409 Q110 Q210
* Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data

5. Q2 consolidated results
Adj. operating profit Adj. net profit
Million € Million €
4,128
1,625
2,549
902
Q2 09 E&P G&P R&M Other Q2 10 Q2 09 Ebit Adj. Inv/net Taxes Minorit Q2 10
fin ch

6. E&P performance
Oil & gas production Adj. operating profit
kboe/d Million €
1,886
1,842
1,733 1,758
1,678
3,702
3,442
3,118
2,443
2,064
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
Oil Gas

7. G&P performance
Gas sales Adj. operating profit
Bcm Million €
1,267
28.9
1,127
26.6
21.1
19.0
17.9 721
690
629
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
Italy International*
* Including associates

8. G&P: ebitda proforma adjusted*
million €
1,432
1,159
821 825
703
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
Marketing Regulated International
businesses in Italy Transport
* Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates

9. R&M performance
Process utilization index Adj. operating profit
% Million €
79 79 77
73
70
-52
-94
-106 -110
-196
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10

10. other businesses: adjusted operating profit
million €
Q2 Q2 H1 H1
Δ%
2009 2010 2009 2010
(146) (11) Petrochemicals (257) (70) +73
297 343 Engineering & 569 632 +11
Construction
(73) (51) Other activities (128) (108) +16
(117) (75) Corporate (175) (140) +20

11. Net debt evolution
Billion €
23.1 23.3
0.7
0.1
Severenergia (2nd
9.1 tranche) 7.1
UK offshore asset
25% of Greenstream
2.2
0.8
Dec 2009 Operating Divestments Dividends Capex Acquisitions Others Jun 2010
cashflow

12. 2010 Outlook
E&P
Production in line with 2009 despite expected 30 k/boed
lower gas offtakes
G&P
Difficult business environment, recovering in the
medium term
R&M
Ongoing focus on cost optimization and increase
flexibility of refining system
Capex
Slight increase due to production optimization and US$
appreciation
12

13. Appendix
July 28th, 2010
eni.com

14. results of operations
million €
Q2 09 Q2 10 H1 09 H1 10 Δ%
18,267 22,902 Net sales from operations 42,008 47,706
2,405 4,305 Operating Profit 6,372 9,152 43.6
190 368 Inventory holding gains (losses) 65 777
2,215 3,937 Replacement Cost Operating Profit 6,307 8,375 32.8
(334) (191) Special items 4 (84)
2,549 4,128 Adjusted Operating Profit 6,303 8,459 34.2
(189) (309) Net financial income (expense) (219) (554)
202 311 Net share of profit from associates (expense) 333 521
2,562 4,130 Profit before income taxes 6,417 8,426 31.3
(1,452) (2,390) Taxation (3,342) (4,667)
56.7% 57.9% Tax rate 52.1% 55.4%
(208) (115) Minority interest (414) (312)
832 1,824 Net Profit 2,736 4,046 47.9
(213) (51) Special items 23 69
143 250 Inventory holding gains (losses) 52 530
902 1,625 Adjusted Net Profit 2,661 3,447 29.5

15. G&P: adjusted operating profit by activities
million €
-8.8%
690
629
87
97 International Transport
390
481 Regulated business in Italy
213
51 Marketing
Q2 09 Q2 10

16. unrealized profit in stocks (UPIS)
million €
Q2 09 Q2 10
E&P vs R&M (23) (24)
E&P vs G&P (33) (13)
E&C vs Eni Group (4) (7)
Total UPIS (60) (97)

17. eni share of profit from associates
Q2
2009 2010
Equity method accounted for 88 113
Gas transportation abroad (3) 24
EnBw (GVS) 5 -
Union Fenosa 21 25
Blue Stream 15 11
Others 50 53
Dividends 119 199
Disposals 1 2
Others (6) (3)
Net income from associates 202 311

18. G&P share of profit from associates
million €
+66.7%
90
24
54
8
10
58
47
-3
Q2 09 Q2 10
Marketing Regulated business in Italy
International Transport

19. main operating data
Q2 09 Q2 10 H1 09 H1 10 Δ%
1,733 1,758 Hydrocarbon prod. (kboe/d) 1,756 1,800 n.m.
154.2 154.1 Production sold* (mmboe) 308.4 312.7 1.4
7.9 6.2 Natural gas sales in Italy**(bcm) 21.1 17.1 (18.9)
9.2 9.3 Natural gas sales in Europe*** (bcm) 24.2 24.7 2.1
17.8 19.1 Natural gas transported in Italy (bcm) 38.1 43.1 13.0
7.6 9.6 Power production sold (TWh) 15.4 18.6 21.2
11.2 11.8 Refined product sales (mmtonnes) 22.1 22.6 2.3
1.1 1.3 Petrochemical sales (mmtonnes) 2.1 2.5 19.7
* Including Eni’s share of production of joint venture accounted for with the equity method
** Including self-consumption
*** Consolidated sales

20. production growth by geographical area
kboe/d
n.m.
1,733 1,758
400 356
139
133
107
121
388
343
567 583
169 185
Q2 09 Q2 10
Italy North Africa West Africa
Kazakhstan America RoW

21. oil & gas production
kboe/d
n.m.
1,733 1,758 1,733 1,758
169 185
986 980
1,564 1,573
747 778
Q2 09 Q2 10 Q2 09 Q2 10
Abroad Italy Gas Liquids

22. capex
million €
+17.1%
4,328
246
3,697
52 380
149
393
367
132
361
3,186
2,759
Q2 09 Q2 10
E&P G&P R&M E&C Other

23. eni consolidated results
+117% +80%
0.50 0.45
EPS
Euro per share* 0.23 0.25
Q2 09 Q2 10 Q2 09 Q2 10
Adjusted Adjusted
+26% +30%
1.13 1.06
0.89 0.82
CFPS
Euro per share*
Q2 09 Q2 10 Q2 09 Q2 10
Adjusted Adjusted
* Average shares: Q2 09 3,622 million; Q2 10 million
Note: Cash Flow calculated as net profit+amortization & depreciation