2010-2013 Strategy

12 March 2010

eni.com
eni 2004-2009: a stronger company

ƒ Enhanced E&P portfolio

ƒ Leading production growth +200kboe/d

ƒ Best in class lifting costs per barrel of $7.3

ƒ 10 billion boe of new resources added

ƒ From local to international gas leader

ƒ Doubled international sales to ~ 60 bcm

ƒ Steadily growing profits: Ebitda proforma adj >2%/y

ƒ Value creation from regulated assets: TSR +65%

ƒ Gained global leadership in E&C: TSR +210%

ƒ Small in refining

ƒ Efficiency programme delivered: €1.6 billion

2
eni 2010-2013: growth driven by a unique business model

ƒ E&P: build on enhanced portfolio

ƒ G&P: leverage on European leadership

ƒ R&M: limit exposure

Financial
Integration Efficiency
discipline

3
E&P 2010-2013: build on enhanced portfolio

ƒ More production >2.5%/y

ƒ More giants +400 kboed

ƒ More operatorship +1.5 mmboed

Profitable
growth

4
G&P 2010-2013: leverage on European leadership

ƒ Grow gas sales +14 bcm

ƒ Strengthen market share >22% in EU

ƒ Preserve profitability ~€4.4 bln Ebitda/y

A prize
asset

5
R&M 2010-2013: limit exposure

ƒ Improve cost position

ƒ Grow market share in Italy

ƒ Upgrade of marketing network

Managing
market
weakness

6
Exploration & Production

Claudio Descalzi, COO

eni.com
2009: further enhanced E&P portfolio

ƒ Access to 3 new giant projects

ƒ Delivery all planned start ups

ƒ 3 main FID in core areas

ƒ 1 bln boe conventional resources discovered

ƒ Leadership in efficiency and cash generation

8
strengthened the resource base

Total resources*

Bln boe
30

20

Of which
~50% in giant
fields

2004 2009

2P reserves Other reserves/

resources

Brent
30 60
($/boe)

Life Index
34 46
(years)

* P1 + P2 + P3 + Contingent Resources + Risked exploration

9
confirmed leadership in efficiency and cash generation

Lifting cost E&P cash flow

$/boe $/boe
16 30

26.6 26.7

12 25

22.8

19.8
8 20

7.2
6.6
5.9
5.3
4 15
2004-06 2005-07 2006-08 2007-09 2004-06 2005-07 2006-08 2007-09
Brent avg
($/boe) 53 64 78 77

eni Benchmark group*

* XOM, CVX, COP, BP, Shell, Total, eni. For 2009 only eni and US companies

10
2010-2013: build on enhanced portfolio

ƒ More production

ƒ More giants

ƒ More operatorship

Profitable
growth

11
more production
Production

>2.0%

>2.5%

ƒ Low depletion rate

ƒ Strong pipeline of start-ups

2009 2010 2013 2016

CAGR

12
stable production platform

Depletion 2009-2013*

Rest
Rest of
of the
the OECD
Africa
Africa OECD
world
world -5.4%
-1%
-1% -5.4%
-2.9%
-2.9%
ƒ Exposure to
0%
giant fields

ƒ Efficient
reservoir
management
Avg.
Avg. eni
eni portfolio
portfolio
c.
c. -3%
-3%
ƒ Young resource
0 300 600 900 1200 1500 1800 base
Production (kboe/d)

* Excluding new greenfield start-ups, based on 2009 producing fields

13
strong pipeline of start-ups

Others
3 start-ups
FSU
2 start-ups
14 OECD
start-ups

Africa & Middle East

22 start-ups

2010-2013 start-ups
kboed
560 kboed contribution @ 2013
600

ƒ 75% operated
400

ƒ 50% with FID and an additional

200
40% within 2010
0 ƒ 70% liquids
2010 2011 2012 2013

Giants*

* Gross reserves > 300 Mboe and material equity stake

14
more giants

Kashagan EP Junin 40%/ Zubair Val D’Agri ph2 CAFC/MLE Samburgskoye

16.8% (op) Perla 33% (op) 32.8% (op) 60.8% (op) 75% (op) 29.4% (op.)

ƒ Plateau 450 kboed ƒ Plateau 370 ƒ Plateau 1200 kboed ƒ Plateau 65 kboed ƒ Plateau 120 kboed ƒ Plateau 150 kboed
kboed

Block 15/06 Goliat Congo Gas A-LNG Kizomba Sat. Ph1 El MERK
35% (op) 65% (op) 100% (op) 13.6% 20% 12.3%

XIKOMBA

1000 m
O

600 m
FPS

O
FPS
MONDO Kizomba C
BAVUCA

VICANGO

DIKANZA
CHOCALHO
RECO-RECO BATUQUE
WHP

O
KISSANJE

FPS
Kizomba A WHP
HUNGO SAXI

O
MARIMBA N.

FPS
MAVACOLA N
Kizomba B
MARIMBA S
MBULUMBUMBA

MAVACOLA S
CLOCHAS
KAKOCHA

TCHIHUMBA

Fields & Discoveries

inside DA’s

ƒ Plateau 100 kboed ƒ Plateau 90 kboed ƒ Plateau 20 kboed ƒ Plateau 170 kboed ƒ Plateau 120 kboed ƒ Plateau 145 kboed

Managing around 15 billion boe gross from 9 operated giant projects

Note: all data at 100%

15
Zubair: a giant gateway into Iraq

ƒ One of the most promising fields in

Iraq

ƒ Currently in production but largely

undeveloped

ƒ Lead contractor with a 32.8% stake

ƒ Plan to reach a production level of

1,200 kboed
Zubair
ƒ Estimated recoverable reserves
above 6 bln boe

16
Venezuela: two giants for an integrated development
Junín 5 Cardon IV – Perla discovery

Junín 5 block
Perla

ƒ Joint development of Junín 5 block ƒ Perla giant gas discovery

(PDVSA 60%, Eni 40%)
ƒ Reserves of > 8 TCF of gas
ƒ 35 bln boe of certified oil in place
(> 1.3 bln boe)
ƒ Early production of 75 kboed, long-
term plateau of 240 kboed ƒ Estimated start-up: 2013
ƒ Upstream and downstream
development project
ƒ Estimated start-up 2013

17
more operatorship
Operated production

Mboed
4.0 ƒ More control over
12% project execution
and time-to-market

2.5 ƒ Efficiency of
operations

ƒ Increasing know
how and practical
experience

ƒ Strengthening
2009 2013
relationships with
host countries
CAGR

18
investing in long-term sustainable growth
Capex 2010-2013
Bln €

37

33
4
Production
4 Optimization

Growth
post-2013
32
27

Growth in
2010-13
2009-12 2010-13

Development Exploration Other*

2010 capex: € 10.5 billion

* Includes integrated projects (LNG, transport, power generation, etc.)

19
capturing the upside
2010-2013 new production 2010-2013 new production
break-even* sensitivity to oil prices

NPV in bln USD

+6.5
80

70

60
BEP Brent Eq. ($/bbl)

50
avg.
40
+3.0

30

20

10

0
28.006
Cumulative 2013 Start-up (kboed) 70$/bbl 80$/bbl

Δ vs NPV at eni scenario @ 65$/bbl

* Based on WACC adjusted for country risk

20
Gas & Power

Domenico Dispenza, COO

eni.com
2009: proved resilience in a tough market
Pro-forma adj. EBITDA

ƒ Strong impact of economic Bln €

crisis on EU gas demand 4.3 4.4
(down over 7%)
0.7
0.7
ƒ Gas oversupply
1.3
1.3
ƒ Spot/LT price decoupling

ƒ Increasing competition

2.3 2.4

EBITDA growth
despite the
2008 2009
challenging
scenario Marketing & Snam Rete Gas
Power
International transport

22
2010-2013 and beyond: gas demand recovery and growth
Gas demand EU27

Bcm
CAGR
CAGR
ƒ Recovery of European gas demand 2010-20
2010-20
~1.5%
600 ~1.5%
by 2013 Italy
500

ƒ Expected reduction of spot gas

price discount vs long-term 400 Rest of
EU
contracts
300
2008 2010 2013 2020
ƒ Renegotiation or revision of long
term supply contracts in progress 10.0
Spot/LT price recoupling

8.0

Long term 6.0

contracts as a
competitive edge 4.0
2010 2011 2012 2013

spot price oil-linked LT price

23
2010-2013: leveraging on European leadership

Gas sales Pro-forma adj. EBITDA

Bcm Bln €

118
104 4.4 4.4

74 63%
64

40 44 37%

2009 2013 2009 Avg.

2010÷2013

Abroad* Italy Int. Transp. Snam Rete Gas

Marketing & Power

Preserve
profitability

* Including E&P gas sold in Europe and Gulf of Mexico

24
boost international sales

Sales in EU (excl. Italy)

Bcm

59
47
7
6

ƒ European growth supported by: 52

41

ƒ improving competitiveness of supply

portfolio 2009 2013

ƒ multi-country offer
Extra-EU sales
ƒ stronger integration with Distrigas
Bcm
ƒ further development of merchant
branches, particularly in France, Benelux 7
6
and Germany 1
1

5 6

2009 2013

Consolidated Associates

25
confirm leadership in Italy

ƒ Maintain market share

ƒ Constant effort in reducing cost-to-serve

Gas offer enhancement

ƒ Diversified product structure

ƒ Market approach tailored on local conditions
ƒ Increasing capillarity through wide salesforce presence
ƒ Combined gas and power offer for both business and
retail segments
ƒ Diversification and increasing competitiveness of supply
portfolio

26
capex plan: focus on regulated

Total capex € 8.3 billion

ƒ € 6.4 billion in regulated 2%

business to expand Italian
assets with definite returns
21%

ƒ € 1.8 billion in merchant

activities mainly for: 77%
ƒ power plant completion and
increase of generation flexibility
ƒ international marketing activities,
including storage projects to
sustain growth in EU markets Snam Rete Gas International
transport
Marketing

27
Refining & Marketing

Angelo Caridi, COO

eni.com
2009: unfavourable trading environment

EBIT Adjusted
Mln €

579 43 (979)

(357)

FY 2008 Performance Scenario FY 2009

+7% -169% -162%

ƒ Squeeze in light-heavy crude differential

ƒ Weak refining margins
ƒ Strong marketing performance: retail share in Italy up 90 bp to 31.5%
ƒ Cost savings through efficiency

29
2010-2013: managing market weakness

Refining Marketing

ƒ Operational improvement ƒ Growth in European retail

ƒ Process Utilization Index: +10 pp market share
ƒ Italy +2.5 pp
ƒ Selective increase of complexity ƒ Selected European countries
ƒ Middle distillate yield: +2 pp
ƒ Upgrade marketing network
ƒ Flexibility enhancement
ƒ Rebranding
ƒ Spot crude supply: +15 pp
ƒ New loyalty programme
ƒ Develop non oil

Cost reduction €100 mln by 2013

Free cash flow positive from 2012

30
2010-2013: disciplined capex plan

Bln €

2.8 80% Development

2.7

25%
40% 20%
Stay in
business

75% 60%

EST in HSE
Sannazzaro 49% 28%
Plan Plan refinery
09-12 10-13

15%
Refining Marketing 8%
Stay in
Flexibility business
enhancement

31
financial outlook

Alessandro Bernini, CFO

eni.com
efficiency: enhanced programme

Bln €
E&P 11%

1.1 G&P 14%

Corporate
& others 48%
R&M 10%

1.3

Chem. 12%
E&C 5%
0.3

2004-05 2006-09 2006-13

2004-05 achievements 2006-09 achievements

2010-13 target

ƒ Technology improvements

ƒ Commercial & supply optimization

ƒ Process streamlining

33
capex 2010-2013: fueling long term growth

Bln €

4.0 52.8
1.1
Upstream focus: 70% 48.8
Others 1.0 3.3
Saipem 3.9 2.7
ƒ Commitment on giant
R&M 2.8
projects: ~50% 8.3
G&P 8.5
ƒ Devoted to sustain
growth beyond 2013:
35%
37.4

E&P 32.6
2010 guidance
ƒ Capex: € 14 bln, in line
with 2009

2009-2012 Variation 2010-2013

Capex plan Capex plan

34
financial debt: low risk quality

2009 net debt

Snam Rete Gas ƒ Lowering risk profile of eni’s

portfolio
ƒ Self financing 2010 guidance
€ 10 billion
ƒ Divestment ~€3
bln
Saipem ƒ Net debt to equity
ƒ Completion of major in line with 2009
investments by 2010
€ 3 billion Going forward
ƒ Strong backlog
ƒ Net debt to equity
< 40% within the
eni plan period
ƒ Mainly PSA exposure ƒ Cash neutrality at
€ 10 billion
44 $/bl by 2013

Total € 23 billion

35
dividend policy and closing remarks

Paolo Scaroni, CEO

eni.com
a progressive dividend policy

Under eni’s four-year oil price assumption,

we are committed to pay a €1 a share
dividend for 2010, and thereafter growing
it in line with OECD inflation

37
closing remarks

pursue profitable growth in E&P

strengthen leadership in G&P

deliver shareholder value

38
disclaimer

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.

39
Appendix

eni.com
details of E&P start-ups
2010 2011-2013

Project Operated Peak kboe/d Project Operated Peak kboe/d

100% 100%

Zubair √ 1,200 Kashagan EP √ 450

Morvin 51 Junin 5 √ 235
Cerro Falcone √ 42 A-LNG 176
Rom Integrated √ 29 El Merk 146
Tuna √ 28 Samburgskoye √ 145
Hapy 9 26 Perla (Cardon IV) √ 140
M'Boundi Gas to IPP √ 22 Mavacola/Clochas 120
Burghley 11 Indonesia CBM √ 105
Melehia Deep √ 9 Goliath √ 94
Annamaria √ 5 Jasmine 86
Baraka √ 5 Block 15/06 √ 84
Appaloosa √ 3 CAFC √ 67
MLE √ 55
Lianzi 43
Tar Sands √ 39
Bouri Gas √ 36
Marulk √ 35
Mainly gas Mainly liquids Kakocha 33
Kitan √ 40
Kinnoull 31
Seth 27
Nikaitchuq √ 26
Offshore Ibleo √ 26
Litchendjili √ 20
Gamma 20
Aquila ph.2 √ 9
NC 118 √ 9
Libondo 8
Ian/Eor √ 5

41