London, 13th February 2009 Speakers Paolo Scaroni - CEO Alessandro Bernini - CFO Claudio Descalzi - COO E&P Division Domenico Dispenza - COO G&P Division Angelo Caridi - COO R&M Division

1. 2008 Results and Strategy Presentation
London, 13th February 2009

2. 2008: A Very Good Year
E&P – Superior production growth: 1,797 kboe/d, +5.6% net of PSA effect
G&P – High cash generation: € 1.9 bln free cash flow
R&M – Italian market share: +140bp to 30.6%
Adjusted net profit up 7.7%
Industry-leading dividend yield
2008 total dividend at € 1.30 per share
2

3. Regulated Business Restructuring
Market
Market
~50% ~40%
50% 40%
10% share ~5% shares
SRG
SRG
buy back buy back
100%
Italgas 100% 100%
100% Italgas Stogit
Stogit
Unlock significant value for Eni’s shareholders
3

4. Preliminary Results 2008
Alessandro Bernini, CFO

5. Regulated Business Restructuring: Transaction Terms
Sale of 100% of Italgas and Stogit to Snam Rete Gas
Total consideration: €4.7 billion, in line with RAB
Paid in cash through capital increase up to €3.5 billion and new debt up to
€ 1.3 billion
Eni’s commitment to subscribe its share of capital increase
2008 Preliminary EBITDA 2008 RAB
Mln € Bln €
~20.0
~2,300
12.8
1,511
Snam Rete Gas* New Group**
Snam Rete Gas New Group**
* SRG estimate assuming an annual inflation rate of 2% and on the basis of the current regulatory framework
5
** Proforma data: Snam Rete Gas + Stogit S.p.A.+ Italgas S.p.A. & Napoletana Gas S.p.A. (excl. other subsidiaries)

6. Market Environment
Average European
Brent €/$ Exchange Rate
Refining Margin*
$/bl €/bl $/bl €/bl
1.6
8 8
120 120
110 110 7 7
100 100 6 6 1.5
90 90 5 5
80 80 4 4
70 70
3 3 1.4
60 60
2 2
50 50
1 1
40 40
1.3
Q407 Q108 Q208 Q308 Q408
Q407 Q108 Q208 Q308 Q408 Q407 Q108 Q208 Q308 Q408
Δ% Δ%
Δ%
Q4 08/Q4 07 Q4 08/Q4 07
Q4 08/Q4 07
$/boe -38.1% $/boe +89.7%
€/$ -9.1%
€/boe -31.9% €/boe +108.5%
6
* FOB Mediterranean market, lead free gasoline. Eni calculations on Platt’s Oilgram data

7. Consolidated Results
Million €
Reported Adjusted*
Net profit
-11.8% +7.7%
10,011 10,201
8,825 9,470 1,943
2,678
3,010
9,699 -27.4%
8,258
6,792
7,001
(874)
2007 2008 2007 2008
Q4
9M
Operating profit
-1.2% +14.8%
21,793 4,078
18,986
18,641
18,868 464
5,292
5,166
-22.9%
-91%
18,177 17,715
13,702
13,694
2007 2008 2007 2008
7
* Excluding special items and gains (losses) on inventory

8. E&P: Operating Profit
Million €
Reported Adjusted*
+19.1%
Q4 08/Q4 07 +23.9%
highlights
16,415
17,416
13,788 2,105
2,762
14,051
Lower oil prices -46.4%
-33.1%
3,929
Higher DD&A 4,127
Higher exploration
14,654
14,310
expenses 9,859
9,924
€/$ depreciation
Q4
9M
2007 2008 2007 2008
Special items & inventory valuation
Q4 07 Q4 08
Asset impairments (150) Asset impairments (646)
Redundancy incentives (5) Net gains on disposal of assets (4)
Others (43) Redundancy incentives (2)
Others (5)
8
* Excluding special items and gains (losses) on inventory

9. G&P: Operating Profit
Million €
Reported Adjusted*
Q4 08/Q4 07
highlights
-13.5%
-4.7%
4,092
4,127
3,933
3,541
Lower volumes 1,309
949
-33.7%
1,431 -38.0%
sold, particularly 812
in Italy
Reduced
electricity sales 2,984 2,729
2,696 2,783
US$
appreciation Q4
9M
2007 2008 2007 2008
Special items & inventory valuation
Q4 07 Q4 08
Inventory gains 36 Inventory gains 153
Redundancy incentives (15) Redundancy incentives (12)
Environmental provisions (13) Environmental provisions 2
Others 114 Others (6)
9
* Excluding special items and gains (losses) on inventory

10. R&M: Operating Profit
Million €
Reported Adjusted*
+72.0%
nm
Q4 08/Q4 07
highlights (1,023)
566 201
329
27 729
424 365
1,222
Higher refining 702
margins in US$ (95)
Higher retail
margins (2,245)
€/$ depreciation Q4
9M
Lower
throughput 2007 2008 2007 2008
Special items & inventory valuation
Q4 07 Q4 08
Inventory gains 252 Inventory losses (2,233)
Asset impairments (57) Asset Impairments (149)
Environmental provisions (54) Environmental provisions (48)
Redundancy incentives (12) Redundancy incentives (13)
Others (7) Net gains on disposal of assets (3)
10
* Excluding special items and gains (losses) on inventory

11. Other Businesses: Adjusted Operating Profit
Million €
2007 2008 Δ%
Q4 2007 Q4 2008
nm
Petrochemicals 90 (375)
(129) (91)
Engineering 840 1,041
298
250 +23.9%
& Construction
-17.9%
(48) Other activities (207) (244)
(91)
-51.4%
Corporate (183) (277)
(64) (114)
11

12. Sources and Uses of Cash
Billion €
Sources and uses of cash
26.4
25.1
1.0
0.8
23.0 0.2
4.3
1.2
9.9
0.7 16.9 5.2
Divestments
0.7
4.9
Cash Flow from 21.8
operations
14.6
15.5
Others
10.6
2007 2008
Capex Dividends
Buy Back Acquisitions
12

13. Net Financial Debt
Billion €
Total Debt 20.9
18.4
▪ Short-term 6.8
16.3 - o/w Euro Commercial Paper 3.7
▪ Long-term 14.1
Liquidity & Others (2.5)
Net Debt 18.4
0.38 0.38
Undrawn committed bank lines 5.2
▪ Short-term 3.3
▪ Long-term 1.9
Undrawn uncommitted bank lines 7.1
December December
Strong cash generation
2007 2008
High credit standing
Net debt to equity
Diversified credit lines availability without
MAC and financial covenants
13

14. 2008 Cash Returned to Shareholders
2008 Cash out
May 19th*
2007 Final dividend 2.6 € billion
0.70 € /share
September 22nd*
2008 Interim dividend 2.3 € billion
0.65 € /share
Share buyback YTD 0.8 € billion
=
5.7 € billion
2008 overall cash distribution
* Ex dividend date
14

15. 2009-2012 Strategy
Paolo Scaroni, CEO

16. Our Short Term Market Outlook: a Tough Time ahead
Low and Volatile Oil Price
Brent $/bl
150
100
50
0
2005 2006 2007 2008 2009
Weak Gas Market Declining Refining Margins
European demand - Bln cm TRC Brent
$/bl €/bl
600
9 9
8 8
Rest of
400 7 7
Europe 6 6
5 5
200 4 4
3 3
2 2
Italy
0 1 1
2008 2009 2010 2011 2012 2005 2006 2007 2008 2009
16

17. Eni: Ideally Positioned to Cope with Industry Challenges
E&P
Low-cost portfolio
Leading lifting
costs of 7.5 $/bl
Top producer
Leading Player
G&P R&M
Resilient cash generation Limited capital employed
Other
97.0
72.5
65.1
4%
54.4
38.2
28.8 E&P
25.0
E&C 48%
8%
4.1
3.9
3.7 3.5 3.5
3.4 3.4
R&M
10%
2002 2003 2004 2005 2006 2007 2008
G&P
30%
EBIT adj. bln € Brent $/bl
17

18. E&P: Sustainable Organic Growth
E&P
kboe/d
+3.5%
>2,050
>1,850
1,797
Large player in fastest
growing areas
2008 2009 2012
Strong presence in giant
97 $/bl 43 $/bl 55 $/bl projects
Focus on three core regions
85% of new
production
Top producer
breakeven <45$/bl*
Leading Player
Reserve replacement ratio
130 in 2009-2012
18
* @ WACC adjusted for country risk

19. G&P: Resilient Cash Generation
Strengthen our 21% leading market share in Europe
Enhance flexibility leveraging on Distrigas acquisition
Preserve the leading position in the Italian gas market
Sales outside Italy: +7% CAGR 2008-12
Cumulative 2009-12 Ebitda pro-forma: € 20 bln
19

20. R&M: Improve Profitability
Selective upgrade in refining with focused capex
Market share growth in Italy
Enhanced operational efficiency
2012 +400 mln € Ebit vs 2008
Cash neutral by 2010
20

21. Efficiency Programme to Enhance Profitability
Corporate E&P
Opex $/bl
5.9
+100% 5.5
Eni
+1.4% -7.1%
Direct costs 5.0
savings
(real term cagr) Benchmark
2005-08 2008-12 Group* 2007 2008 2012
Bln €
Procurement & ICT processes and Technology improvements &
structure streamlining operational excellence
~2.0
Overheads reduction Procurement optimization
~1.0
~1.0
G&P R&M
~1.0
-9.7% -6.6%
CAGR
90%
0.7
0.6
achieved
22.8
Cost savings
16.8
Mass market by 2008
12.8 ($/bl of refining
costs to serve
capacity)
(€/customer)
New
2006-2010 2006-2012
2005-08 2008-12
2005 2008 2012 initiatives
CRM optimization Overheads reduction
Real term, base line 2005
Overheads reduction Energy savings
* ExxonMobil, BP, Shell, Chevron, ConocoPhillips, Total (based on company reports); Eni included
21

22. Disciplined Capex to Fuel Growth
Bln €
49.8 (1.0) 48.8
Others 1.0
1.0 High resilience in low oil
Saipem 4.7 3.9
price scenario
2.8
R&M 4.1
7.0
High flexibility: E&P
G&P 6.5
capex ~25% uncommitted
Stogit 1.8 1.5
in 2009-10; ~85%
uncommitted in 2011-12
E&P 31.7 32.6
Spending optimisation
2009 capex:
€14.1 bln
2008-2011 Variation 2009-2012
Capex plan Capex plan
Attractive capex programme
22

23. Cash Allocation Priorities
Commitment to maintain strong credit rating
Attractive and flexible capex program
Superior dividend yield
23

24. Exploration & Production
Claudio Descalzi, COO

25. Record Production
2008 Production Growth (%)
Production @
kboe/d
64 $/boe: 1,846
+5.6% kboe/d, well
net of PSA above target
3.5
Eni
+2.1% +3.5%
1,854
2000
1,815 1.797
1.736
0.5
BP
1800
1600
-2.0
Shell
1400
1200
1000
-2.1
Total
800
600
Chevron -3.4
400
200
ConocoPhillips -3.9
0
2008
4Q 07 4Q 08 2007 reported
-6.2
ExxonMobil
Brent 88.7 54.9 72.5 97
($/bl)
Reported PSA effect 1$/bl: ~ 1.5 kboe/d
25

26. Selective M&A
Eni’s M&A vs Peers
2008 M&A
70-80 $/bl
Burren
First Calgary
Other
competitors
11 billion USD in
2007-2008
Other
competitors
>100 kboed in 2008
10 $/MMBTU
250 kboed at 2012 8 $/MMBTU
Other
competitors
NPV value + 18% vs
consideration
Break even price
3P reserves + 10 %
Eni breakeven <50 $/bl; <6 $/MMBTU
26

27. Solid Reserve and Resource base
Proved Reserves Total Resources
(Bln boe) (Bln boe)
RRR Organic : 130% Solid resource base to
RRR
sustain long term growth ~29
RRR All sources : 135% ~ 83% @96$
(0.7)
0.9
~13.5
6.6
6.4
95%
~6.6
sustainable
@30$/bl
Proved Proved+Probable Total*
2007 Promotions Production 2008
Life index Life index
10.0 10.0 10.0 20.5 44
(year) (year)
Year-end Brent
96 36.5 Long term price 57 $/bl (real)
Brent ($/bl)
($/bl) *Proved + Unproved Reserves + Contingent Resources + Risked exploration
From consolidated subsidiaries and share of equity affiliates and unconsolidated entities
27
Eni’s 30% equity in Russian assets, 20% GazPromNeft not included

28. Exploration Success
NORWAY
Aphrodite UK
Gamma
Marulk Culzean
LIBYA CROATIA
Ika
US GoM U1 NC 41 PAKISTAN
D1 NC41
Stones Saquib 1A
Kodiak Latif
Hadrian B
ITALY
Aransas Deep
Cassiopea-1
Argo-2
2008 main discoveries EGYPT
New unconventional projects NIGERIA Ha’py 9
Key areas Bonga N
CONGO
VENEZUELA
ANGOLA AUSTRALIA
Sangos Kitan
N’Goma
Rate of Success >70% with effective time to market
Strategic positioning in growing plays
89% of new acreage in 5 years, nearly all operated
4.3 bln boe from exploration since 2004 (1.1 bln boe in 2008)
28

29. Eni Growth Story and Future Goals
Production since 1998
kboe/d
Focus on CAGR
~ 3.0 %
sustainable 3.5%
>2,050
projects in main
2000 1,797
core regions
5.6%
1500
Increasing
1,038
exposure to Giants 1000
Eni’s unique 500
approach in co-
operation with 0
producing countries 1998 2008 2009 2012 2015
Brent 13 97 43 55 59
($/bl)
Superior growth and resilience under current conditions
29

30. Focus on Core Regions
5.6
Top IOC producer
9.0 (1° or 2°)
Leading player
Average lifting costs
7.4
7.5 $/bl
Production 2008 Production 2012
1,797 kboe/d >2,050 kboe/d
FSU 7% FSU 9%
Others 8% Others 8%
Africa 54%
Africa 55%
OECD 28%
OECD 31%
30

31. 2009-2012 Main Start-ups
2009
Project start-ups Op. Peak
boe/d
100%
FSU Abo phase 2 √ 14,000
2 start-ups
OECD M’Boundi water inj. √ 35,000
14 start-ups Maamoura √ 7,000
Blacktip √ 14,000
Longhorn √ 29,000
WLGP+1 √ 22,000
Africa
37 main start-ups Oyo √ 29,000
18 start-ups Tombua-Landana 100,000
525 kboe/d of new Tyrhians 90,000
production by 2012 Thunderhawk 36,000
Gambat 10,000
2010 2011 2012
Project start-ups Op. Peak Project start-ups Op. Peak Project start-ups Op. Peak
boe/d 100% boe/d 100% boe/d
100%
Rom Integrated √ 20,000 IAN/EOR √ 15,400
A-LNG 150,000
Libondo 8,000 Wafa redevelopment √ 28,000
M'Boundi Gas to IPP √ 22,000 Kitan √ 35,000 Karawan √ 6,200
Morvin 45,000 Sicily Channel √ 10,000
Kashagan √ 450,000
Nikaitchuq √ 26,000 Stones 19,000
Jasmine 100,000
Sambursgkoye √ 143,000 Gamma 20,000
Appaloosa √ 5,600 Marulk √ 30,000 El Merk 145,000
Bourigas √ 6,600 Seth 25,000
Mavacola 64,000
Val D’Agri phase 2 √ 40,000 MLE √ 55,000
CAFC √ 65,000
Baraka √ 6,000
31

32. Resilient Portfolio: Highly Profitable Growth
Breakeven* of New Production
2009-2012
70
60
50
Breakeven ($/bl)
40
30
20
10
0
100 200 300 400 525
New production (kboe/d)
32
* At WACC adjusted for country risk

33. Growing Exposure to Giant Projects
Giant Projects Equity Production
kboe/d
Operated
69% 73% 79%
production
~1,080
~930
859
Start-ups & growth
Producing
2008 2012 2014
Present in 37 giant projects (>0.5 bln boe), of which 18 operated
33
Source: Goldman Sachs “top 190 projects” and Eni elaboration

34. Capex 2009-12
Capex 2009-12 2009 Capex Budget
bln euro
Total
2.8%
9.2 bln euro
32.6
31.7 -5.0
5.9
-19%
1.8
2.1
4.1 -13%
4.7
Exploration Development Others
Portfolio Flexibility
26.9 +7%
24.9
Committed Uncommitted
100%
80%
60%
Additional Spending
2008-11 2009-12
40%
activities/ optimization
Rephasing/
20%
Inflation
0%
Development Others
Exploration 2009 2010 2011 2012
Spending optimisation and growth resilience
2008-11 Excluding non consolidated capex (3.3 bln €), Burren cash out (2 bln €), Storage (1.8 bln €) and exchange rate effect
34
2009-12 Excluding non consolidated investment (1.5 bln €)

35. Resilient operations
Average lifting costs 7.5 $/bl
Current production
85% of new production sustainable @ 45 $/bl
New Projects
95% of 2P reserves robust @ 30$
Reserves
35

36. Gas & Power
Domenico Dispenza, COO

37. 2008 Results
EBITDA pro forma adjusted
Mln €
Q4 08/Q4 07 5,077 (62)
highlights
4,466
720 (549)
755 +4.9%
Lower volumes sold, 1,289
particularly in Italy 1,401 +8.7%
Reduced electricity
sales 3,068
2,310 -24.7%
US$ appreciation
2007 9M 08 Q4 08 2008
International Regulated businesses Marketing
Transportation in Italy
37

38. Weaker Outlook for Gas Demand in Europe
Tough competitive environment in Italy:
1% decline in gas consumption expected in 2009
2% CAGR in the plan period
Additional import capacity
Revised European gas demand:
Flat in 2009
2% CAGR in the following years
Direct entry of gas producers into the end-user market
Cautious near-term prospects, normalizing in the medium term
38

39. Italy: Preserving Profitability
Focus on higher-margin and most loyal customers:
Gas fired power generation segment: maintain market share
Industrial segment: cherry-pick clients
Residential segment: extend dual offer and overall customer base
Further efficiency gains
Maintain the leading position in the Italian gas market
39

40. International Sales
Bcm
Benelux
UK/NW
Europe 22%
Germany/
Strong growth in the core 14.8
Austria
13.5*
6.8
European markets 7%
7.6
3.2
5.3
despite increasing 2.4
2.2
2008 2012
competition and slowing 5.2
2008 2012
3.1
2008 2012
demand
Extra-European sales at Turkey
France
6.9 Bcm in 2012 14%
13%
6.4
6.8
Iberian 4.9
4.0*
Peninsula
16%
8.6
Sales outside Italy: 7.5 2008 2012
2008 2012
7% CAGR 2008-2012** 5.8
4.1
Market share in 2012
3.1
3.3
Consolidated
2008 2012
Associates
Strengthen European leadership in a weak market environment
* 100% Distrigas sales
40
** Includes 100% Distrigas in 2008 and excludes sales to importers in Italy

41. 2009-12 Targets
Gas Sales (Bcm) Cumulated EBITDA (Bln €)
124 20
19
114
15%
16%
Steady expansion 61% 30%
31%
49%
in international
sales despite 104
55%
weak demand 53%
39%
51%
Resilient results
in all business
Pro-forma 2012 2008-11 2009-12
segments 2008
Previous New
target target
Abroad* Italy Int. Transport Regulated
businesses in
Italy
Distrigas sales @ 100% Marketing
* Including E&P gas sold in Europe and Gulf of Mexico
41

42. 2009-12 Capex Plan
Bln €
7.0
€5.3 billion in regulated
6.5
business with guaranteed
25%
13%
return
€0.7 billion in international
storage to increase flexibility
87% 75%
€0.7 billion in power
generation to consolidate
Italian market share
2008-11 Plan 2009-12 Plan
Regulated Marketing
businesses and Power
42

43. Refining & Marketing
Angelo Caridi, COO

44. 2008 Results
EBIT Adjusted
Mln €
566
41
196
329
FY 2007 Scenario Performance FY 2008
+60% +12% +72%
Favorable refining scenario in 2H08
Higher retail contribution margin: +24%
Italian retail market share: +140bp to 30.6%
Cost savings: 6% workforce reduction in Italy
44

45. Refining & Marketing Vision
Declining Demand Operational Efficiency
Declining
Enhance
Refining
Profitability
Scenario
New capacity Widespread Rationalization Focused
in Middle and upgrading of refining growth in
Far East capacity and marketing
selective
capex
45

46. Profitability Enhancement
Refining Marketing
Start up of 3 hydrocrackers in Increase retail market share in Italy
2009
Reach critical mass (>10%) in
EST plant start up by 2012 Central-Eastern Europe
Improve conversion index and Strengthen non oil activities,
Market share
operational flexibility customers loyalty and service
> 30%
> 10% quality
4-8%
45%
Middle 40%
57
distillate yield
65
32%
31%
Market
65% Main upgrading investments
57%
Conversion share in Italy
2008 2012
index
-4%
2008 2012
Employees 2008 vs 2012
Cost efficiency up to € 150 mln by 2012
2012 + €400 mln Ebit vs 2008
Free cash flow positive by 2010
46

47. Reduced Capex Plan
Bln €
-30%
4.0
Other
2.8
Refining
22%
70%
45%
EST
75% Sannazzaro
33%
Marketing
30%
25%
Plan Plan
08-11 09-12
Stay in Development
Business
47

48. Growth and Value
Cash neutrality
Strong and resilient cash generation @ 41$/bl in
2012
Sustainable and efficient growth across core activities
Superior returns to shareholders
48

49. Disclaimer
Data and information herewith set forth are extracted from Eni’s press release on the fourth quarter of 2008 filed with Italian
authorities regulating exchanges and securities and disseminated concomitantly with this presentation. The press release
on the fourth quarter of 2008 includes the certification rendered by the company CFO, in his quality as manager
responsible for the preparation of financial reports, pursuant to article 154-bis paragraph 2 of legislative decree No.
58/1998 stating that the quarterly accounts correspond to the company’s evidence and accounting books and entries.
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.
49

50. Appendix

51. Results of Operations
Million €
Q4 07 Q4 08 FY 07 FY 08 Δ%
25,378 24,607 Net sales from operations 87,256 108,190 24.0
464
5,166 Operating Profit 18,868 18,641 (1.2)
275 (2,348) Inventory holding gains (losses) 620 (936)
4,891 2,812 Replacement Cost Operating Profit 18,248 19,577 7.3
(401) (1,266) Special items (738) (2,216)
5,292 Adjusted Operating Profit 18,986 21,793 14.8
4,078
(56) (505) Net financial income (expense) (83) (764)
257 157 Net share of profit from associates (expense) 1,243 1,373 10.5
5,367 116 Profit before income taxes 20,028 19,250 (3.9)
(2,183) (874) Taxation (9,219) (9,692) (5.1)
40.7% …% Tax rate 46% 50.3%
174 116 Minority interest 798 733
3,010 (874) Net Profit 10,011 8,825 (11.8)
108 Special items 42 (653)
(1,124)
224 (1,693) Inventory holding gains (losses) 499 (723)
2,678 1,943 Adjusted Net Profit 9,470 10,201 7.7
51

52. G&P: Adjusted Operating Profit by Activities
Million €
-38% -13.5%
4,092
1,309
114 445 3,541
523
445 1,419
812
International
145 1,549
Transportation
Regulated
Businesses
466
750 Marketing & 2,228
Power
1,469
201
Q4 2007 Q4 2008 FY 2007 FY 2008
52

53. Eni Share of Profit from Associates
Q4
2007 2008
2007 2008
178 222 Equity method accounted for 632 754
44
70
9
15 Gas Transportation Abroad
45
31
11
16 EnBw (GVS)
200
181
51
56 Union Fenosa
34
39
10
8 Blue Stream
431
311
141
83 Others
35 92 Dividends 170 510
(1) 1 Disposals 10 3
- (22) Others - (15)
212 293 Net income from associates 812 1,252
53

54. G&P Share of Profit from Associates
Million €
-32.3% -1.2%
421 416
127
44
70
15 27
14
4
86
International
Transportation
9
10
Regulated 345
337
Businesses
108
Marketing &
Power
67
2007 2008
Q4 2007 Q4 2008
54

55. Eni Consolidated Results
n.m. -26%
0.82 0.73
0.54
EPS
-0.24
Euro per share*
Q4 2007 Q4 2008 Q4 2007 Q4 2008
Adjusted Adjusted
-2%
-49%
1.28 1.26
1.42
0.73
CFPS
Euro per share*
Q4 2007 Q4 2008 Q4 2007 Q4 2008
Adjusted Adjusted
* Average shares: Q4 08 3,622 million Q4 07 3,661 million
55
Note: Cash Flow calculated as net profit+amortization & depreciation

56. 2008 Consolidated Results
-11% 8.5%
2.80
2.58
2.73
2.43
EPS
Euro per share*
FY 2007 FY 2008 FY 2007 FY 2008
Adjusted Adjusted
9% 14%
5.12
5.12
4.70 4.50
CFPS
Euro per share*
FY 2007 FY 2008 FY 2007 FY 2008
Adjusted Adjusted
* Average shares: 2008 3,639 million; 2007 3,669 million
56
Note: Cash Flow calculated as net profit+amortization & depreciation

57. Capex
Million €
+37.5%
14,562
4,691
+28.3% 231
127
2,027
570
3,657
965
10,593
422
98
213
1,794
589 540
1,410
429 979
1,366
478
Other
9,545
E&C
3,032
2,063 6,625
R&M
G&P
E&P
Q4 2007 Q4 2008 FY 2007 FY 2008
57

58. Main Operating Data
Q4 08 2007 2008 Δ%
Q4 07
1,815 1,854 Hydrocarbon prod. (kboe/d) 1,736 1,797 3.5
162.1 163.2 Production sold* (mmboe) 611.4 632 3.4
16.2 13.3 Natural gas sales in Italy**(bcm) 56.1 52.8 (5.8)
8.8 13.8 Natural gas sales in Europe*** (bcm) 27.9 35.6 27.8
9.3 9.11 Natural gas transported on behalf 30.9 33.8 9.6
of third parties in Italy (bcm)
8.3 6.9 Power production sold (TWh) 33.2 29.9 (9.8)
13.9 12.1 Refined product sales (mmtonnes) 50.2 50.7 1.1
1.3 0.9 Petrochemical sales (mmtonnes) 5.5 4.7 (14.5)
* Including Eni’s share of production of joint venture accounted for with the equity method
** Including self-consumption 58
*** Consolidated sales

59. Production by Geographical Area
Kboe/d
+2.1% +3.5%
1,854
1,815 1,797
1,736
301
261 258
230
111 128 123 Rest of World
112
279 244 237 Caspian Area
261
North Sea
316 356 335
327 West Africa
North Africa
Italy
641 645
635 594
207 212
190 199
Q4 2007 Q4 2008 FY 2007 FY 2008
59

60. Oil & Gas Production
Kboe/d
+2.1% +3.5%
1,854 1,797
1,815 1,736
775 771
767 716
+1.0% +7.7%
Gas
Liquids
+3.0% +0.6%
1,079 1,026
1,048 1,020
Q4 07 Q4 08 2007 2008
60

61. G&P: Natural Gas Volume Sold
Bcm
-5.8%
56.1 52.8
-17.8%
16.2
Italy
13.3
Eni sales
(including self consumption)
Q4 07 Q4 08 FY 07 FY 08
+19.9%
+30.3%
51.4
42.8
17.7
Abroad 8.9
2.5
13.6
8.7
2.7
42.5
Associates 15.2 34.1
10.9
Consolidated
Include E&P sales in Europe and GoM
Q4 07 Q4 08 FY 07 FY 08
Natural Gas Sales: Q408/Q407 +4.2% FY 08/FY 07 +5.3%
61