1. 2010 fourth quarter and full year
preliminary results
16 February 2011
eni.com

2. 2010 highlights
E&P
 Record production:1,815 kboed (+1.1%* vs 2009)
 Progress on key projects in Iraq, Venezuela and Angola
 RRR 137% (organic at 2009 price), Life Index 10.5 years
 Exploration: > 0.9 Bboe resources discovered (Venezuela, Angola, Indonesia)
 New initiatives: Gulf of Guinea, East Africa, Poland and China
G&P
 Long-term gas contract renegotiations ongoing
 Increased returns in Italian regulated businesses
R&M
 Achieved cost reductions ahead of target
 Improved integration of Italian refining system
*Net of updating the natural gas conversion factor
2

3. market environment
Average European
Brent €/$ exchange rate
refining margin*
$/bl €/bl $/bl €/bl
6 1,6
6
90 90
5
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
Q409 Q110 Q210 Q310 Q410 Q409 Q110 Q210 Q3 10 Q410 Q409 Q110 Q210 Q310 Q410
USD Euro
* Brent/Ural FOB Mediterranean market. Eni calculations on Platt’s Oilgram data
3

4. Q4 consolidated results
Adj. operating profit Adj. net profit
Million € Million €
4,739
3,702
1,723
1,394
Q4 09 E&P G&P R&M Other Q4 10 Q4 09 Op. Inv/Fin Taxes Minor Q4 10
Profit adj Charges
4

5. E&P performance
Oil & gas production Adj. operating profit
kboe/d Million €
1,954 4,028
1,886
1,816
1,758 1,705 3,442
3,296
3,118
2,804
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
Oil Gas
5

6. proved reserves
mmboe
6,843 6,923
6,677
80
106 (12)
662 840
2009 production promotions portfolio 2010 price effect 2010 adj
2009 2010 2010 adj
 RRR Organic: 92%  RRR Organic: 127%  RRR Organic: 137%
 RRR All sources: 96%  RRR All sources: 125%  RRR All sources: 135%
 Life Index: 10.2  Life Index: 10.3  Life Index: 10.5
Brent 59.9 Brent 79 Brent 59.9
$/boe $/boe $/boe
Conversion factor
6

7. G&P performance
Gas sales Adj. operating profit
Bcm Million €
28.9
27.2 1,267
26.6
1,127
17.9 17.4 777
629
446
Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
Italy International*
* Including associates
7

8. G&P: ebitda proforma adjusted*
million €
1,432
1,159
921
821 825
703 675
Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10
International Regulated Marketing
Transport businesses in Italy
* Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates
8

9. R&M performance
Process utilization index Adj. operating profit
% Million €
86 14
84
77
73
70
-39
-52
-94
-196
Q4 09 Q1 10 Q2 10 Q3 10 Q410 Q4 09 Q1 10 Q2 10 Q3 10 Q410
9

10. other businesses: adjusted operating profit
million €
Q4 Q4 FY FY
Δ%
2009 2010 2009 2010
(104) (74)  Petrochemicals (426) (113) 73.5
284 378  Engineering & 1,120 1,326 18.4
Construction
(66) (43)  Other activities (258) (205) 20.5
(85) (86)  Corporate (342) (265) 22.5
10

11. net debt evolution
billion €
26.1
0.4
0.4
23.1
13.9
14.7
4.1
1.1
Dec 2009 Operating Divestments Dividends Capex Acquisitions Others Dec 2010
cashflow
11

12. 2011: continuing growth
 Exploration & Production
Increase production by 1% @ $70/bbl
 Gas & Power
Preserve profitability through focused marketing initiatives and contract renegotiations
 Refining & Marketing
Further efficiency gains and process optimisation
 Capex
In line with 2010
12

13. Appendix
16 February 2011
eni.com

14. results of operations
million €
Q4 09 Q4 10 FY 09 FY 10 Δ%
22,077 27,950 Net sales from operations 83,227 98,360
2,466 2,875 Operating Profit 12,055 16,111 33.6
135 132 Inventory holding gains (losses) 345 881
2,331 2,743 Replacement Cost Operating Profit 11,710 15,230 30.1
(1,371) (1,996) Special items (1,412) (2,074)
3,702 4,739 Adjusted Operating Profit 13,122 17,304 31.9
(157) (184) Net financial income (expense) (551) (692)
151 82 Net share of profit from associates (expense) 700 781
3,696 4,637 Profit before income taxes 13,271 17,393 31.1
(2,015) (2,618) Taxation (7,114) (9,459)
54.5% 56.5% Tax rate 53.6% 54.4%
(287) (296) Minority interest (950) (1,065)
391 548 Net Profit 4,367 6,318 44.7
(1,034) (1,271) Special items (1,031) (1,161)
31 96 Inventory holding gains (losses) 191 610
1,394 1,723 Adjusted Net Profit 5,207 6,869 31.9

15. G&P: adjusted operating profit by activities
million €
-31.1%
1,127
91
777
487
68 International Transport
529
Regulated business in Italy
549
180 Marketing
Q4 09 Q4 10

16. unrealized profit in stocks (UPIS)
million €
Q4 09 Q4 10 FY 09 FY 10
(62) (202) E&P vs R&M (42) (229)
8 12 E&P vs G&P 80 (4)
(8) (12) E&C vs Eni Group (38) (38)
(62) (202) Total UPIS 0 (271)

17. eni share of profit from associates
Q4 FY
2009 2010 2009 2010
95 93 Equity method accounted for 322 394
29 17  Gas transportation abroad 60 113
5 -  EnBw (GVS) 19 2
28 35  Union Fenosa 108 119
6 7  Blue Stream 33 36
27 34  Others 102 124
9 4 Dividends 164 264
1 0 Disposals 3 0
46 (15) Others 211 123
151 82 Net income from associates 700 781

18. G&P share of profit from associates
million €
-2.1% +22.4%
394
322
113
95 93
60
17 57
29 33
20
6
229 224
60 56
FY 09 FY 10
Q4 09 Q4 10
Marketing Regulated business in Italy
International Transport

19. main operating data
Q4 09 Q4 10 FY 09 FY 10 Δ%
1,886 1,954  Hydrocarbon prod. (kboe/d) 1,769 1,815 2.6
166.8 173.6  Production sold* (mmboe) 622.8 638.0 2.4
10.0 10.5  Natural gas sales in Italy**(bcm) 40.0 34.3 (14.4)
16.0 16.2  Natural gas sales in Europe*** (bcm) 55.4 54.5 (1.7)
21.6 23.0  Natural gas transported in Italy (bcm) 76.9 83.3 8.3
9.4 10.2  Power production sold (TWh) 34.0 39.5 16.4
12.1 12.2  Refined product sales (mmtonnes) 45.6 46.8 2.7
1.0 1.1  Petrochemical sales (mmtonnes) 4.3 4.7 9.3
* 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
+3.6%
1,886 1,954
401 419
145
209 117
117
403
421
688
565
173 182
Q4 09 Q4 10
Italy North Africa West Africa
Kazakhstan America RoW

21. oil & gas production
kboe/d
+3.6%
1,886 1,954
1,954
1,886
182
173
1,073 1,049
1,772
1,713
905
813
Q4 09 Q4 10 Q4 09 Q4 10
Abroad Italy Gas Liquids

22. capex
million €
0.5%
3,894 3,912
386
150 409
381
254
615
591
2,490 2,573
-43
Q4 09 Q4 10
E&P G&P R&M E&C Others (including UPIS)

23. eni consolidated results
+36.4% +26.3%
0.48
0.38
0.15
EPS 0.11
Euro per share*
Q4 09 Q4 10 Q4 09 Q4 10
Adjusted Adjusted
-2.0% +4.5%
0.99 1.10 1.15
1.01
CFPS
Euro per share*
Q4 09 Q4 10 Q4 09 Q4 10
Adjusted Adjusted
* Average shares: Q4 09 3,622 million; Q4 10 3,622 million
Note: Cash Flow calculated as net profit+amortization & depreciation