THE NEW ENI CREATI NG VALUE THROUGH THE ENERGY TRANSI TI ON

Disclaimer

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Fluctuations in the prices of crude oil, natural gas, oil products and chemicals;
Strong competition worldwide to supply energy to the industrial, commercial and residential energy markets;
Safety, security, environmental and other operational risks, and the costs and risks associated with the requirement to comply with related regulation, including regulation on GHG emissions;
Risks associated with the exploration and production of oil and natural gas, including the risk that exploration efforts may be unsuccessful and the operational risks associated with development projects;
Uncertainties in the estimates of natural gas reserves;
The time and expense required to develop reserves;
Material disruptions arising from political, social and economic instability, particularly in light of the areas in which Eni operates;
Risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under Eni take-or-pay long-term gas supply contracts;
Laws and regulations related to climate change;
Risks related to legal proceedings and compliance with anti-corruption legislation;
Risks arising from potential future acquisitions; and
Exposure to exchange rate, interest rate and credit risks.

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 documentsit files with or furnishes to the SEC and Consob.

SHAPING OUR FUTURE ENI 'S JOURNEY T O 2050

ENI'S FRAMEWORK

EXPLORATION & PRODUCTION: FLEXIBLE & RESILIENT

RESILIENCE	FLEXIBILITY
CONVENTIONAL ASSETS LOW BREAKEVEN RAPID TIME TO MARKET	PRODUCTION CAGR 2019 - 2025	3.5% CONFIRMED
	FLEXIBLE PRODUCTION PROFILE FROM 2025
	PRODUCTION PLATEAU @ 2025

	SHARE OF GAS
	60% @2030	~85% @2050

NET ZERO UPSTREAM SCOPE 1 & 2 @2030

EXPLORATION & PRODUCTION: RESILIENCE

EXPLORATION & PRODUCTION: FLEXIBILITY - NO STRANDED ASSETS

RENEWABLES: A GLOBAL INTEGRATED OPERATOR IN THE GREEN POWER VALUE CHAIN

DEPLOYING DIVERSIFIED TECHNOLOGIES

ENI GAS E LUCE: GROWING IN RETAIL TO CAPTURE MARKET VALUE

CUSTOMER BASE | mln SERVICES CONTRIBUTION | % EXPECTED EBITDA

Commodity

Centinaia

MAXIMIZING VOLUMES FROM EQUITY SOURCES

AN INCREASING SHARE OF VALUE GENERATED BY SERVICES

GAS & LNG MARKETING AND POWER: FOCUS ON EQUITY FLOWS

CARBON CAPTURE AND STORAGE – LEVERAGING UNIQUE OPPORTUNITIES

FORESTRY

DEVELOPING PROJECTS ACCORDING TO REDD+ PROGRAMME

REFINING: A PROGRESSIVE CONVERSION TO BIO-PRODUCTS

WORLDWIDE ECOFINING TECHNOLOGY DEPLOYMENT

MARKETING: SUSTAINABLE FUELS AND SERVICES

100% SUSTAINABLE PRODUCTS

SMART MOBILITY
LOGISTICS HUB
ENHANCED FOOD OFFER
MULTISERVICES

WIDESPREAD OFFER OF SERVICES

VERSALIS: INCREASING EFFICIENCY TOWARD BIO AND RECYCLED PRODUCTS

EFFICIENCY

HIGH QUALITY HIGH PERFORMANCE POLYMERS FROM UPGRADED PROCESSES
DEVELOPMENT OF CHEMICALS FROM RENEWABLES
INTEGRATED PLATFORM FOR PLASTIC WASTE RECYCLING

INTERMEDIATES AND POLYMERS SALES VOLUMES | Mton BIO AND RECYCLED PRODUCTS SALES VOLUMES | Mton

ENI LIFECYCLE EMISSIONS: A FULLY COMPREHENSIVE MODEL

**SETTING A UNIQUE METHODOLOGY* TO ACCOUNT SCOPE 1+2+3 EMISSIONS (EQUITY)**

FULLY COMPREHENSIVE OF ALL ENERGY PRODUCTS IN ENI VALUE CHAIN

* Reviewed, independently, by experts from Imperial College London (via Imperial Consultants) and verified by RINA

TARGETS ON NET LIFECYCLE EMISSIONS

ALL BUSINESSES NET ZERO SCOPE 1+2 CARBON FOOTPRINT BY 2040

THE NEW ENI TOWARDS 2050

GHG LIFECYCLE EMISSIONS REDUCTION

2020-2023 ACTI ON PLAN

2020 - 2023 KEY TARGETS

KEY TARGETS
UPSTREAM	MID-DOWNSTREAM	GREEN INVESTMENTS
2019-23 PRODUCTION	2023 ADJ. EBIT	2020-23
3.5 % ~ CAGR	2 ~ € bln 3X VS 2019	4 ~ € bln +30% vs PREVIOUS 4YP

ORGANIC VALUE CREATION

CASH NEUTRALITY IN 2023	45 \$ /bbl	FCF GENERATION 2020-2023	23 € bln
----------------------------	------------------	-----------------------------	----------------

UPSTREAM TARGETS

A DISTINCTIVE INTEGRATED MODEL

DIVERSIFIED RANGE OF EXPLORATION OPPORTUNITIES

MAIN BASINS

DEVELOPMENT AND OPERATIONS DISTINCTIVE FACTORS

A FAST TRACK AND LOW COST MODEL

Peers: BP, CVX, EQNR, XOM, RDS, TOT, COP 2019 F&D data for peers not available

MAIN FIELDS DRIVING GROWTH

GROWTH PROFILE | MBOED 4YP START UPS

Indonesia - Merakes Congo - Nené ph.2B Algeria – Berkine Gas UAE - Sharjah	2020
Angola - Cabaça North Norway - Fenja Mexico - Area1 FF	2021
Mozambique - Coral FLNG Norway - Johan Castberg Norway - Balder X UAE - Dalma gas Angola - Northern Gas Complex	2022
Congo - Nené ph.3 Libya - A/E Structures Libya - Bouri GUP Angola - Ndungu Norway - Breidablikk	2023

THE RISE OF UPSTREAM FREE CASH FLOW

UPSTREAM FCF GROWS > 2 X DIVIDEND

MID-DOWNSTREAM KEY TARGETS

	2023 ADJ. EBIT	2 ~€ Bln
STRONGER	4YP CAPEX	5 € Bln
AND GREENER	4YP CFFO	9 € Bln Driven by Retail Gas and R&M

MORE THAN TRIPLING EBIT & FCF (2019 vs 2023)

Mid-downstream includes G&P, R&M and Chemicals

GAS & POWER – AN INTEGRATED AND OPTIMIZED MODEL

Adj EBIT | € bln FREE CASH FLOW | € bln

2019 EBIT excludes oil trading results

RETAIL GROWING CUSTOMERS AND SERVICES

R&M – MORE SUSTAINABLE AND DIVERSIFIED

BIO REFINERIES

RENEWABLES GROWTH

CAPACITY | GW OUR BUSINESS MODEL

Mainly organic growth

Enhancing integration with retail clients

2020-2023 F I N ANCI AL PLAN

MAINTAINING CAPITAL DISCIPLINE & FLEXIBILITY

UPSTREAM: FOCUS ON PROJECTS UNDER DEVELOPMENT

GROUP CASH FLOW AND CAPEX

2019 2020 2023

HI GHLI GHT S & REMUNERATI ON

2019: MAIN RESULTS

UPSTREAM	1,871 RECORD PRODUCTION KBOE/D DISCOVERED RESOURCES: 820 MBOE RESERVE REPLACEMENT RATIO: 117% CREATED 2ND LARGEST PLAYER IN NORWAY
GAS & POWER	BEST RESULT SINCE 2010 RETAIL EBIT + 38%
DOWNSTREAM	ADNOC REFINING DEAL STRONG MARKETING RESULT
RENEWABLES & DECARBONIZATION	200 MW RENEWABLES INSTALLED – 9% UPSTREAM GHG EMISSION INTENSITY
FINANCIAL	12.1 CFFO € BLN 7.7 CAPEX € BLN 3.4 DIVIDEND + BUYBACK € BLN

ORGANIC CASH BALANCE

2019 ORGANIC CASH BALANCE | € bln

PROGRESSIVE DISTRIBUTION TO SHAREHOLDERS

DIVIDEND: progressive with underlying earnings and FCF

below 20%*

BUYBACK: € 400 mln/year @ Brent \$60 - 65/bbl Leverage steadily € 800 mln/year @ Brent >65/bbl

2020

DIVIDEND: € 0.89 per share BUYBACK: € 400 mln

BACK-UP

ASSUMPTIONS AND SENSITIVITY

4YP Scenario	2020	2021		2022		2023
Brent dated (\$/bbl)	60	68		70		71.4
FX avg (\$/€)	1.115	1.16		1.2		1.21
Ural MED c.i.f. - Med Dated Strip (\$/bbl)	-1.6	-1.5		-1.5		-1.5
Std. Eni Refining Margin (\$/bbl)	5.5	5.1		4.7		4.7
NBP (\$/mmbtu)	4.1	6.8		6.9		7.4
PSV (€/kcm)	150	221		221		232

Sensitivity 2020	EBIT adj (€ bln)		net adj (€ bln)			FCF (€ bln)
Brent (+1 \$/bbl)	0.24		0.14			0.15
Spot Gas (+1 \$/mmbtu)	0.32		0.3		0.3
Std. Eni Refining Margin (+1 \$/bbl)	0.15		0.11			0.15
Exchange rate \$/€ (-0.05 \$/€)	0.39		0.24		0.32

Brent sensitivity applies to liquids and oil-linked gas Sensitivity is valid for limited price variations

ENI LIFECYCLE EMISSIONS: INDICATORS

EXPLORATION DISTINCTIVE FACTORS

STRATEGY	COMPETENCES & PROCESSES	TECHNOLOGY
 CONVENTIONAL 	PROPRIETARY IMAGING ALGORITHMS	 FASTEST
DESIGN TO COST  SHORT CYCLES	CENTRALISED AND INTEGRATED PROCESS	SUPERCOMPUTER IN INDUSTRY
 NEAR FIELD  HIGH EQUITY STAKE	DEEP KNOWLEDGE OF BASINS AND SUPERBASINS	 STATE OF THE ART DRILLING
DISCOVERIES BLN BARRELS / YEAR 10 years average ~1.3	UNIT EXPL. COST \$ / BARREL 10 years average >3.0	DUAL EXPLORATION Cash Inflow in the last 7 years
0.5	1.1	11 \$ bln
Eni Peers	Eni Peers
BEST-IN-CLASS RESULTS FOR OVER A DECADE

Source: peers' data from WoodMackenzie Majors exploration benchmarking, October 2019 (conventional discoveries only) Peers: BP, CVX, EQNR, XOM, RDS, TOT

COMPETITIVE PIPELINE OF CONVENTIONAL PROJECTS

KEY PROJECTS STARTING UP IN 4YP 2020-23 [1/2]

ALGERIA	Berkine North & BRN Pipeline 49% WI GAS	ANGOLA	Nené ph. 2B 65% WI
	LIQ Gas Start up: Feb 2020 Production (kboed): 70 (100%) – 34 (equity )@2021	LIQ LIBYA LIBYA CONGO	Start up: 1H 2020 Progress: 24% Production (kboed): 15 (100%) – 10 (equity) @ 2022
	Merakes 65% WI GAS	UAE (SHARJAH) GAS	Mahani 50% WI
INDONESIA	Full Field Start up: 2H 2020 Progress: 50% Production (kboed): 72 (100%) – 42 (equity )@2021		Start up: 2H 2020 Progress: 5% Production (kboed): 22 (100%) – 11 (equity ) @2021
	Area 1 100% WI		Agogo EP 37% WI
MEXICO	Full Field Start up: 2021 LIQ Progress: 36% 2020 Equity : 18 kboed (EP) Production (kboed): 95 (100%) - 66 (equity) @2022	LIQ ANGOLA	Early Prod. ph.2 Start up: 2022 2020 Equity : 7 kboed Production (kboed): 33 (100%) – 11 (equity) @2023
	Balder X 63% WI	GAS	Northern Gas Complex 26% WI
INDONESIA	Start up: 2022 LIQ Progress: 5% Production (kboed):		Start up: 2022 Progress: FID (2020) Production (kboed):
NORWAY 47	87 (100%) – 55 (equity) @2023	ANGOLA	88 (100%) – 23 (equity) @ 2024

NOTE: Average yearly production in peak year/ at plateau

KEY PROJECTS STARTING UP IN 4YP 2020-23 [2/2]

Coral FLNG 25% WI Start up: 2022 Progress: 66% Production (kboed): 98 (100%) – 26 (equity) @2023

Dalma Gas 25% WI

Start up: 2022 Progress: 10% Production (kboed): 53 (100%) – 13 (equity) @2023

Johan Castberg 21% WI Start up: 2022 Progress: 43% Production (kboed): 205 (100%) – 43 (equity) @2024

A & E Structures 50% WI Start up: 2023 Progress: FID (2021) Production (kboed): 165 (100%) @'26 – 72 (equity) @'25

	Breidablikk	29% WI
LIQ	Start up: 2023
	Progress: FID (2020)
	Production (kboed):
NORWAY	47 (100%) – 14 (equity) @2024

MAGNETIC FUSION – A BREAKTHROUGH TECHNOLOGY FOR CLEAN AND RELIABLE ENERGY

COLLABORATIONS ON A GLOBAL SCALE

COMMONWEALTH FUSION SYSTEM & MIT

FOR THE

DEVELOPMENT OF THE FIRST COMMERCIAL PLANT

ITALIAN NATIONAL RESEARCH COUNCIL (CNR)

FOR

STUDIES ON PLASMA, SUPERCONDUCTORS & MATERIALS

ITALIAN NATIONAL AGENCY ENEA