1. 2012-2015 Strategy
15 March 2012
eni.com

2. eni: well-positioned to deliver a decade of sustainable growth
2011 2012-2015 2021
 Confirmed growth profile
 Libya restart  A decade of
E&P
 Strengthened  Start-up of giants with long plateau sustainable
resource base growth
 Increased investment in exploration
 Improved
 Recover profitability in a difficult market  Strong position
supply
G&P
to benefit from
 Consolidate competitiveness of supply market
 Growth in key
markets  Focus on key segments and markets recovery
 Selective
Chemicals
 Continued efficiency
presence in
R&M
 Streamlined  Integration of refinery system, R&M
operations consolidation of marketing
 Competitive
 Refocusing chemicals portfolio on player in
added-value products Chemicals
2

3. E&P: consistent exploration success ...
 Sangos-Ngoma  Sankofa (Ghana)  Perla (Venezuela)  Mamba South
 Perla (Venezuela)  Jangkrik (Indonesia) (Mozambique)
(Angola)
 Cabaca Norte (Angola)  Sankofa (Ghana)  Skrugard (Norway)
 Kitan (JPDA)  Hadrian Nord (US-GOM)
 Area D (Libya)  Cabaca Sud Est
 Culzean (UK)  Jangkrik NE (Indonesia)
 Heidelberg (US)  Mpungi (Angola)
 Lira 1 (Angola)
 Gye Nyame 1 (Ghana)
1200
1000
800 2008-2011
~4bn boe of
600 32 new
31
30 exploration
29 resources
400
200
0
2008 2009 2010 2011
New exploration resources Total exploration resources
(mboe) (bboe)
3

4. ... drives organic growth, in the plan period...
Production growth
kboe/d
>3% adj
>3% CAGR 2011-15
Russia and Caspian in a higher oil price scenario
Sub-Saharan Africa
 Strong contribution from
exploration successes
Far East
Latin America
 Confirmed focus on giant,
conventional projects
Europe and North America
 Increased exposure to oil
North Africa and ME  Best-in-class operating costs
 IRR of new projects over 20%
2011 2015
Adjusting for force majeure in Libya in 2012 (180k boe/d)
CAGR
Brent 2011-13: 90 USD/bl; 2014-15: 85 USD/bl
4

5. ... and beyond
Production growth
kboe/d
~3%
Yamal giants, Kashagan ramp up, further
potential from Kashagan development
Russia and Caspian
Major contribution from Angola Block 15/06
Sub-Saharan Africa and Mozambique, additional exploration
potential
Far East
Latin America Junin 5 & Perla FF developments
Europe and North America
Resilient contribution driven by Barents Sea
North Africa and ME
2015 2021
Price scenario: 85$/bbl 2015; +2%/year afterwards
2015-21 CAGR increased from 2% to 3%
5

6. G&P: positioned to tackle difficult short term scenario...
2011 EBITDA pro-forma adjusted*
(€ mln)
TAG/TENP/Transitgas Marketing: facing difficult scenario
 Slower than expected demand
growth
 Spot/LT differential remains
significant in 2012
Marketing
Other
Snam
G&P
eni 2012-2015 strategy
 Leverage on more competitive
supply portfolio to grow market
Asset share in Italy and key European
disposed/
markets
to be disposed Regulated/
Low-risk  Further increase exposure to more
business resilient retail segment
 Capture benefits of market
volatility through enhanced trading
capabilities
 TMPC, TTPC, Greenstream, BSPC,
other regulated business Gradual recovery in
 Stable profitability and cash flow profitability
throughout the plan
* Adjusted for outcome of renegotiations and Libya impact
6

7. … and capture medium-term recovery opportunities
Long-term scenario
European demand recovery:
 Strong European market position
EU 27 (bcm)
~18%
 Consolidated brand
600
-8%  Expertise in innovative offering structure
550
500
 Diversified and flexible supply
450
portfolio
400
 Competitive cost position in tightened
350 market
300  Increased equity gas supply
2010 2011 2015 2020
 Economic growth  New profit opportunities
 Energy/environmental policies  Enhanced LNG presence
 Cross-regional and cross-commodities
Tightening supply capacity: synergies in trading
 Increasing Far East demand
 Increasing MENA domestic gas consumption
 Declining European domestic production Well positioned to capture
 Limited LNG capacity for the Atlantic basin additional growth
7

8. R&M: increasing efficiency and complexity
 Refining: a cyclical business in a difficult
short term scenario
 Increased focus on complexity and efficiency
Optimisation
to benefit from potential scenario recovery
& efficiency
 EST completion by 2012
+ €400m
 Increased system integration
 Exploit flexibility and asset-backed trading
 Marketing: confirming profitability
Italian retail
 Consolidation of Italian leadership
market share
 Network enhancement and automation
>30%
 Expansion of non-oil activities
8

9. Chemicals: a new turnaround strategy
Enhanced  Increase revenues from
added value products
differentation
from <30% to >40%
Regaining
competitiveness
within chemicals
business
 > 10% of revenues from
International outside Europe by 2015
expansion  Licensing, production
alliances/JVs
2015 target
> €400m of EBIT at
constant scenario
More efficient
and integrated  Savings >€200m by 2015
9

10. enhanced value creation opportunities from non-core listed assets
Snam Galp
Separation by September 2013 Non-core shareholding
Process evaluated on 3 criteria: High potential business, with exciting
positions in Brazil, Mozambique
 Benefits to eni shareholders
Upside from market value recovery
 Protection of the interests of Snam
shareholders
 Consolidation of eni balance sheet
10

11. Exploration & Production
Claudio Descalzi
eni.com

12. E&P strategic goals and drivers
 Strong focus on exploration strategy and execution
 Fast time-to-market of exploration discoveries
Organic growth &  Rapid and efficient development of project pipeline
value creation  Effective reservoir management and production
optimization activities
 Leading-edge technology to fight depletion of giant fields
 Consolidate and deploy competencies and technology
Managing  Increase direct control of assets through operatorship
uncertainties  Maintain geographical diversification
 Phase financial exposure in large-scale, complex projects
12

13. HSE results
Lost time injury frequency rate* Drilled wells
0.77 437
0.73
0.66
327
250
0.41 0.42 0.41
0.00 0.00 0.00
Avg 2007-2010 2011 2005 2008 2011
Company Contractor Global Drilled wells per year
Blow-out frequency
(per thousand)
* n. of LTI/Mln of worked hours
13

14. exploration objectives
Drivers
Barents Sea (Norway)
 Large upside
GoM (USA) Near field exploration
 Materiality and Pacific gas (Indonesia and Australia)
 High potential in profitable gas
market
cost-effectiveness
 Short time to
market
West Africa
 Focus on  Transform margin play in Ghana, Togo,
Liberia
emerging basins  Pre-salt play in Angola, Congo, RDC
East Africa Gas (Mozambique)
 Exploit full potential of tertiary
plays in the Rovuma basin
Fontier high potential Proven basins/near field
Maintaining leadership on discovered volumes
and unit exploration costs
14

15. focus on exploration: Norway - Barents sea
Discoveries
 500 Mbbl of recoverable oil in
Skrugard and Havis
Havis/Skrugard hub PL226
2012-2015 work program
PL608 PL532
Skrugard/Havis  Resources upside in the area: 500
PL533 mboe
PL229  8 wells in the Barents Sea: €220m
PL529 Goliat equity investments
PL657
PL489
PL201 Synergies
 Havis/Skrugard hub servicing 50
km radius
 Onshore services
operated
Additional prospectivity
not operated
 12 blocks for an acreage of 4,600
sqkm
 With Statoil, maintain leadership
position in the next round
15

16. focus on exploration: Mozambique – Rovuma basin
Mamba discovery
Area 4
 Gas in place estimate at 30 Tcf
 High gas quality
 Expected rate in production
configuration up to 140 mmsfcd
Mamba
North 1 per well
Mamba Tertiary
North East 1
proven 2012-2015 work program
gas play
Mamba
South 1  Up to 8 exploration and appraisal
wells
 2,000 sqkm of 3D and 2,100 sqkm
2D seismic
 €400m expected equity
investments
Synergies
 Unitization of Mamba complex with
Area 1
 Evaluation of additional stand-
alone resources in Area 4
16

17. focus on exploration: Pacific Area
Discoveries
 ~700 Mboe already discovered in
Australia and Indonesia
2012-2015 work program
 Resources upside: ~500 Mboe
BUKAT/ BULUNGAN  24 wells: €300m equity investments
North Ganal
Arguni 1
JANGKRIK
JANGKRIK NE Synergies
NT/P68-
Heron
NT/48-  Indonesia: Jangkrik hub
Evans
Shoal  Australia: upstream development
and synergies with LNG facilities
Additional prospectivity
 16,000 sqkm of new acreage
eni assets New acreage added in 2011
17

18. exploration capex
2012-2015
bln €
+~50%
5.5 By area By type
4% 17%
15%
30%
3.6
40%
13%
41%
9%
30%
North Africa Sub Saharan Africa
Indonesia/Australia America Frontiers plays
Europe Others Proven basins
2011-14 2012-15
Near field
18

19. time to market: from resources to production…
2009-2011
Total resources*
discoveries
bln boe
31.0 32.1 7%
Mozambique
38%
55%
2010 2011
< 4 years 5-8 years > 8 years
2P reserves Other reserves/
resources
Brent
79 111
($/boe) 90% with first oil in production
in <8 years
Life index
47 50
(years)
* P1 + P2 + P3 + contingent resources + risked exploration
19

20. … through identified and solid start-ups
Main start-ups
Samburskoye
Goliat Yaro/Yakhinskoye
Skrugard/Havis Urengoskoye
Yevo
Culzean Severo
Kashagan EP
Great Hadrian Jasmine
area W.Franklin Ph.2
MLE Kashagan Ph.2
CAFC Karachaganak Ph.3
Hadrian El Merk
South Wafa
compression
Sankofa
Gye Nyame
Perla FF
Junin 5 FF Mamba
OPL 245 FF
Perla EP Brass LNG
Junin 5 EP
East Hub
ALNG
Kizomba Sat. Ph.1 Jangkrik
West Hub Jau
Kutai Basin
CBM FF
2012-2015 Beyond 2015 Hubs
4-year plan start-ups: ~700 kboed @ 2015
20

21. Yamal Nenets region: new gas giants
Samburgskoye Production (kboed, equity)
Samburgskoye
Yaro-Yakhinskoye
Severo- Chaselskoye Urengoskoye
200
 Samburgskoye and Urengoskoye
sanctioned in 2011 100
 GSA signed with Gazprom
 Samburgskoye start up confirmed 2012 0
2011 2013 2015 2017 2019 2021
Samburgskoye Yaro-Yakhinskoye Urengoskoye Severo
21

22. Barents Sea: Goliat first oil development
Goliat Production (kboed, equity)
Barents Sea
250
200
 First oil development in the Barents Sea
150
 Subsea templates installation campaign 100
completed in 2011 and ready for drilling 50
0
 FPSO delivery in 2013 2011 2013 2015 2017 2019 2021
Norway Barents Sea
22

23. Kazakhstan: near-term growth and significant long-term potential
Kazakhstan Production (kboed, equity)
 Kashagan EP
Karachaganak
 Construction completion and
commissioning ongoing
Kashagan
 Tranches 1&2 progress for KCP:
99%, in line with commercial
production start up within 2012
 Karachaganak 250
200
 Previous development phases
150
currently producing >100 kboed
equity 100
50
 Agreed settlement with Republic of
0
Kazakhstan 2011 2013 2015 2017 2019 2021
Karachaganak Kashagan EP
23

24. Venezuela: super giants with long-term plateau
Venezuela Production (kboed, equity)
Perla
 Perla
Junín-5
 Gas Sales Agreement and FID for Phase
1 achieved in 2011
 Phase 1: construction and installation of
three offshore platforms, 60-km pipeline
to shore, onshore processing facility
 Junìn EP
 Finalizing all the major engineering 200
contracts
 Seeking anticipated early production in 100
2012, using synergies with PDVSA
existing facilities
0
2011 2013 2015 2017 2019 2021
Corocoro Perla Junin 5
24

25. Sub-Saharan: legacy area with further growth prospects
Block 15/06 West Hub Production* (kboed, equity)
1000
 Development of Sangos, Ngoma, Cinguvu
fields (1,250-1,450m water depth)
500
 16 wells (10 producers, 6 injectors)
 First drilling campaign: ongoing
0
2011 2013 2015 2017 2019 2021
 FPSO will be delivered in 1Q 2014
Deepwater LNG Others Mozambique
* exploration potential excluded
25

26. investment plan
Capex 2012-2015
bln €
+14%
44.8 By area By type
1.7
39.1 5.5 22% 25%
1.8 27%
3.6
Mozambique 3.1 39%
10%
13%
33.7 37.6
22% 36%
6%
N. Africa/M. East America Onshore
Europe Asia Pacific Offshore
Central Asia/Russia West Africa Deepwater
2011-14 2012-15
Development Other
Exploration
26

27. our commitment: production
Organic production growth
CAGR
~3%
>3%
 Strong production
growth of over 3% a
year to 2015 adjusted
for Libya in 2011
 Resilient to oil price
increases: 2011-2015
CAGR at 100$/bbl ~3%
 Long-term growth target
2011 2015 2021
raised from ~2% to
~3%
Libya force majeure New production
2012/2013 2014/2015 2015
Brent
($/boe) 90 85 +2%
27

28. our commitment: value
Cash flow NPV 2P by areas
CF/boe (%)
19%
120 31%
110
100 25%
25%
90
2010 2015
Sub-Saharan Africa North Africa
Brent avg Europe & America Asia & Pacific
85 85
($/boe)
Solid cash generation
28

29. Gas & Power
Umberto Vergine
eni.com

30. European gas market: a difficult short term environment…
Supply Demand
 Increasing capacity from  Weak economic situation in
Russia (North Stream) Europe impacting industrial
clients
 Availability of lower-priced
make up gas  Increased competition in
powergen from renewable
 No additional LNG capacity sources
from Qatar
 Relatively stable demand from
 Continued domestic production residential customers
decrease
Persisting oversupply in Europe in the near term
Spot-LT price differential remains significant
Continuing competitive pressure
30

31. ... gradually rebalancing in the medium term
Europe
 Demand recovery (+60bcm 2015
Americas vs. 2011) Pacific Basin
 Domestic production decline (-17
bcm)
 North American  Demand escalation in
 Marginal shale gas contribution
production continues to emerging markets (+89
expand  Increased interconnectivity opens bcm)
new market opportunities (11
 Effect of North  New high-cost
new projects)
American exports liquefaction capacity from
limited and subject to Australia (+15 bcm) fully
regulatory uncertainty absorbed in the region
 Increasing Latin Mena  Premium prices attract
American demand for supply from Atlantic
spot LNG  Increasing domestic basin
consumption in North Africa
 Qatari production at 2011 levels
Progressive tightening in European market to 2015
Further market improvement beyond
31

32. eni strategy: building on a more competitive supply portfolio …
Market
Price Flexibility
reflectivity
• Alignment • Improved and
between eni faster
Objective
cost position responsiveness
and average to market
costs of supply changes
in the market
• Foundation for
competitive
positioning in
• Negotiation of • Reduction of
Implementation
the market
market-like minimum
prices in long- volumes,
term contract possibility to
price revisions reopen
negotiations if
required
32

33. … to grow sales to business customers…
B2B volume increase
• Dedicated and capillary direct sales (bcm/y)
force to grow position in Italy and key +18%
European countries 85
85
80
• Tailor made offers for different 75 72
segments 70
65
• Energy intensive customers 60
 Multi-country approach 55
 Flexible contractual structures 50
 Risk management services 2011 2015
 Market reflective pricing
• Small and medium enterprises
 Specific offers to reflect market
segmentation Consolidation of leading
 High quality post-sale service position in Europe
33

34. ... and increase exposure to the retail segment
• Larger retail presence in Italy and
Europe Retail customers
(mln)
 Organic growth
 Selected M&A opportunities +28%
12
12
• Well-proven commercial mix 11
 Single brand identity 10 9.4
 Distinctive product portfolio
9
 Customer driven innovation
 Competitive cost to serve 8
7
• Well-balanced sales channels 6
 Agents 2011 2015
 Teleselling
 iweb
 eni energy stores
• Best In Class program ongoing Increasing penetration
into more resilient
 Marketing & IT innovation
 Communication & brand awareness customer segments
 Customer care operations
34

35. gradual recovery in profitability
Pro-forma adj. EBITDA
Bln €
Marketing
 Supply cost improvement
 Benefit from retroactive 2.6
renegotiations in 2012
 Impact of retail tariff revision
in Italy
 Development of integrated
trading activities
International transport 2011 2012 2015
 Resilient profitability despite
disposal of European pipelines Snam
Marketing & International transport
35

36. Financial Outlook
Alessandro Bernini, CFO
eni.com

37. Snam deconsolidation: a resulting strong capital structure
Net debt Capital employed
bln € bln €
Snam
15.4 Mkt value of
Snam eni’s stake
11.2 6.9
eni
9.9
eni
Mkt value 65.3
of eni’s
stake
6.9
eni D/E 0.46x eni ROACE 9.8%
Snam deconsolidation 0.30x Snam deconsolidation 10.4%
Including cash-in <0.20x Including cash-in 11.4%
* data at year-end 2011
37

38. 2012-2015 capex: supporting stronger growth
bln €
Russia/
Snam
Caspian
0.5 59.6
2.3 Sub
6.7 2.5 Europe/
53.3 Sahara
1.4 2.8 North
2.4 -1.1 America
2.9 7.2 Snam
Snam 7.5 Mozambique North
OPL245 Africa/ME
Jangkrik Far Latam
East
Skrugard/Havis
44.7
39.1
Uncom-
mited
2011-14 Forex E&P Others 2012-15 Committed
capex plan effect capex plan
Others Saipem R&M G&P E&P
38

39. selective capex plan
G&P R&M Chemicals
Total €7.2 bln Total €2.8 bln Total €1.6 bln
International
transport
Marketing 0.1
0.9
Stay in
Marketing business
0.9 New 0.4
initiatives
Efficiency
Snam Refining 0.8
0.2
6.2 1.9
Green
chemical
0.2
 Focus on projects for integration, efficiency and energy saving
 Targeted investment to boost organic growth in existing/new
profitable businesses
39

40. efficiency programme
bln €
E&P 11%
5.0
G&P 6%
1.6
Corporate R&M 11%
& others
49%
3.1
Chemicals
0.3 20%
E&C
2004-05 2006-11 2004-15 3%
2004-05 2006-11 2012-15
achievements achievements target
 Almost €600m of savings achieved in 2011
 4-year target increased by €600m, mainly in
R&M and Chemicals
40

41. increasing cash flow to support investments and reduce debt
2012-15 cash flow*
bln €
80
 Organic cash-flow more
70 than covers capex
requirements
60
 Net debt to equity <40%
50 within the plan period at
constant perimeter
40
 Additional cash-inflows
30 expected from disposals
20  Impact of Snam
deconsolidation on free
10
cash-flow broadly neutral
0
E&P G&P R&M E&C Total CF Capex
* @ 90$/bl in 2012-13; 85$/bl in 2014-15
41

42. a sustainable dividend policy
 2011: dividend +4% in line with our policy
 Dividend policy of growth in line with inflation
sustainable throughout the four-year plan
Confirmed
dividend
policy
42

43. Closing remarks
Paolo Scaroni, CEO
eni.com

44. entering a new growth phase
A decade of faster, sustainable growth
E&P • Raised production targets to 2015 and beyond
• Increased exploration effort in highly promising basins
Consolidation of leading position in Europe
G&P • Improved competitiveness of supply
• Medium-term recovery leveraging on secular gas demand growth
Restructuring potential
R&M
• Continuous focus on efficiencies
Chem
• Profit enhancement through integration, innovation and portfolio refocusing
Potential value creation from disposals
44