Eni

Investor Presentation • Mar 15, 2019

STAKEHOLDER VALUE THROUGH THE ENERGY TRANSITION

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Disclaimer

This document 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 addition, Eni's management may make forward-looking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on capital, 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 not guarantees of future performance 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, those discussed in Eni's Annual Reports on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") under the section entitled "Risk factors" and in other sections. These factors include but are not limited to:

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 documents it files with or furnishes to the SEC and Consob.

OUR DISTINCTIVE FACTORS

Fast monetisation of discoveries Financial discipline Access to new acreage Original renewables model Strong exploration results

Fast. Efficient. Responsible.

2019-22 STAKEHOLDER VALUE THROUGH THE ENERGY TRANSITION

STRATEGY PRESENTATION 2019-2022

DRIVING VALUE THROUGH TECHNOLOGY

* Estimated on a 100% share basis

UPSTREAM KEY TARGETS

A GLOBAL RANGE OF EXPLORATION OPPORTUNITIES

FOCUS BLOCK 15/06 STRATEGY PRESENTATION 2019-2022

TECHNOLOGY: OUR COMPETITIVE ADVANTAGE

START UPS DRIVING GROWTH

PRODUCTION GROWTH				4YP MAIN START UPS
Mboed 1.88 1.85	>2.1	2.4	CAGR 2018-22	2019 Algeria – Berkine & BRN Pipeline Egypt – Baltim SW Mexico – Area 1 Norway – Trestakk	2020 Indonesia - Merakes Congo - Nené ph.2B Egypt - Meleiha ph.2 Norway - Smorbukk
	= new project start-ups and ramp-ups		3.5 %	2021 Angola – Cabaça North, Northern Gas Complex Italy - Cassiopea Norway – Fenja, Balder X	2022 Congo – Nené ph.3 Libya – A/E Structures Mozambique – Coral FLNG Norway – Johan Castberg UAE – Dalma gas

LONG TERM GROWTH: CAGR @ 2025 3.5%

AREAS OF UPSTREAM GROWTH

LONG PIPELINE OF NEW PROJECTS

		Coral ph.2 (Mozambique)				2019 - 2022
		Bonga SWA (Nigeria)		Kalimba cluster (Angola)	# MAIN FIDs
(Libya) Balder X Meleiha ph.2 (Norway) (Egypt) Dalma gas Berkine (UAE) (Algeria)	A/E Structures Nené ph.3 (Congo)		Lower Zakum	Rovuma LNG ph.2 (Mozambique) Minsala (Congo) Lower Zakum LTDP-2 (UAE)		18
FID 2019	2020	2021 - 2022		2023-2030
Umm Shaif gas ph.1 Hail & Ghasha (UAE) (UAE) NGasComplex Rovuma LNG ph.1 (Angola) (Mozambique)	Bouri GUP (Libya)	Umm Shaif (UAE) UDR gas	LTDP-1	Umm Shaif LTDP-2 (UAE) Kalamkas (Kazakhstan)		2019 - 2022 RRR
Kashagan (Kazakhstan)	Compression	(UAE) Karachaganak ph.3 (Kazakhstan)		Umm Shaif gas ph.2 (UAE) D Structure (Libya)		>100%
				F/Q Structures (Libya)

CAPEX			UPSTREAM CFFO € bln
	14
~ € 6.5 BLN PER YEAR	13
	12		13.6
FCF 2019 - 2022	11	11.5
	10
22		2019	2022
€ bln	Brent \$/bl	62	70
	Exchange Rate €/\$	1.15	1.21

~2X COVERAGE OF DIVIDEND WITH UPSTREAM FCF

MID-DOWNSTREAM KEY TARGETS

RETAIL WILL DOUBLE EBIT RESULT

FAST GROWING CUSTOMER BASE

TOTAL CUSTOMERS IN 2022 +26% vs 2018 12 mln

HIGH VALUE CUSTOMER BASE

EXTRA - COMMODITY

LNG: DOUBLING OUR PORTFOLIO

GAS: A KEY TRANSITIONAL RESOURCE

R&M – BIGGER AND MORE PROFITABLE

* Include the pro-forma contribution of ADNOC Refining

DECARBONISATION:

THATA

AHATA

HATTA

AHARAN

HARTHART

HARTHART

THE DUAL CHALLENGE OF ENERGY STRATEGY PRESENTATION 2019-2022

Energy Demand IEA New Policies Scenario 21 CO² Emissions IEA Sustainable Development Scenario

UPSTREAM NET ZERO EMISSIONS* BY 2030 (SCOPE 1)

DIRECT INTERVENTION IN FORESTRY

> 20 MTON CO2/Y CAPTURED @ 2030

CIRCULAR ECONOMY

CAPEX 2019-2022 > € 950 Mln

10:30 11:00 $11:30$ $12:00$ FINANCIAL PLANAND DISTRIBUTION POLICY

GBPUSD

EUR 1,17 USU

USD 785 HKD

USD 110,35 JPY

GBR 1,33 USD

USD 1,33 CAD

$12:30$

1.30 +0.0032(0.24 %

USDCAD

EUR/USD

USD/JPY

GBP/USD

USD/CAD

B400 ABOOO 00099:0088

8100.00000 CEP/USD 8000.00000 7900,00000 7800.00000

7700,00000

7600,00000

7500,00000

Step 1

Step 2

USDHKD

USD/JPY

$\approx$

Change

EUR/USD

400.00000

Change

Exchange Rate:

8/25/2018

USDYIPY

$10:00$

2021

2022

2023

. . . . . . . . . .

$9:30$

2019

2020

OUR CAPEX PLAN STRATEGY PRESENTATION 2019-2022

BALANCING CAPITAL DISCIPLINE AND SUSTAINABLE LONG TERM GROWTH

STRATEGY PRESENTATION 2019-2022

UPSTREAM: FOCUS ON PROJECTS UNDER DEVELOPMENT

CASH FLOW GROWTH STRATEGY PRESENTATION 2019-2022

All figures @ 2019 scenario: Brent \$ 62 /bl, Italian gas price (PSV) € 266 /kcm, \$/€ exchange rate 1,15

REMUNERATION POLICY STRATEGY PRESENTATION 2019-2022

2019	2020-2022
DIVIDEND 0.86 € per share	DIVIDEND progressive with underlying earnings and FCF
BUYBACK € 400 mln	BUYBACK When leverage steady below 20%: € 400 mln/year @ Brent \$60 - 65/bbl € 800 mln/year @ Brent >65/bbl

	Balance Sheet @ 1/1/2019		Cash Flow 2019	Income Statement 2019
Capital Employed Net Debt	~6 € bln ~6 € bln	Free Cash Flow	~1 € bln	Operating profit Net Profit	~0,3 € bln ~ ~
		Year end Leverage:	~10 p.p.

AMBITIONS TO 2030

BACK-UP

ASSUMPTIONS AND SENSITIVITY

4YP Scenario	2019	2020		2021	2022
Brent dated (\$/bl)	62	65		68	70
FX avg (\$/€)	1.15	1.17		1.19	1.21
Std. Eni Refining Margin (\$/bl)	5.0	5.5		5.5	4.7
NBP (\$/mmbtu)	8.2	6.7		6.8	6.9
PSV (€/kmc)	266	225		222	220
Sensitivity 2019	EBIT adj (€ mln)		net adj	(€ mln)	FCF (€ mln)
Brent (+1 \$/bl)	+285		+170		+195
Std. Eni Refining Margin (+1 \$/bl)	+150		+105		+150
Exchange rate \$/€ (-0.05 \$/€)	+395		+175		+170

Brent sensitivity assumes oil and gas changes are directional and proportional Sensitivity is valid for limited price variations

KEY PROJECTS 1/2

STRATEGY PRESENTATION 2019-2022

KEY PROJECTS 2/2

STRATEGY PRESENTATION 2019-2022

CONGO	Nené ph.2B	65% WI	NORWAY	Balder X	70% WI
LIQ	Progress: 5% Start up: 2H 2020 Peak 100%: 13 kboed	@2021	LIQ	Progress: under FID (2019) Start up: 2H 2021 Plateau 100%: 40 kboed	@2023
MOZAMBIQUE GAS	Coral FLNG	25% WI	ABU DHABI GAS	Dalma Gas	25% WI
	Progress: 29% Start up: 1H 2022 Plateau 100%: 97 kboed	@2023	LIQ	Progress: under FID (2019) Start up: 1H 2022 Plateau 100%: 55 kboed	@2023
NORWAY	Johan Castberg	21% WI	LIBYA GAS	A & E Structures	50% WI
LIQ	Progress: 20% Start up: 2H 2022 Plateau 100%: 205 kboed	@2024		Progress: under FID (2020) Start up: 2H 2022 Plateau 100%: 160 kboed	@2025
MOZAMBIQUE GAS	Rovuma LNG	25% WI	ABU DHABI GAS	Hail & Ghasha	25% WI
	Progress: under FID (2019) Start up: 2024 Plateau 100%: 425 kboed	@2026	LIQ	Progress: under FID (2019) Start up: 2024 Plateau 100%: 290 kboed	@2026

35

PRODUCTION DETAILS

STRATEGY PRESENTATION 2019-2022

	2018-2021 today	2018-2021 previous plan
Exploration discoveries	2.5 bln boe	2 bln boe
Production CAGR	~3.5%	3.5%
Upstream projects breakeven	\$ 25/bbl	\$ 30/bbl
LNG contracted volumes 2025	16 MTPA	14 MTPA
Refining breakeven LT	\$ 1.5/bbl	\$ 3/bbl
Decarbonization strategy	Zero Upstream carbon footprint by 2030