Eni

Earnings Release • Mar 18, 2016

2016-2019 Strategy Presentation

London, 18 March 2016

STRATEGIC PILLARS

Unlock value and enhance financial solidity

A unique portfolio for a balanced strategy

Safety and carbon footprint – our top priorities

Total Recordable Injury Rate = n. of TRI/mln of worked hours Excluding Saipem

Efficient and valuable growth	2015-19 production CAGR >+3% Upstream Capex –18% vs previous plan Exploration resources 1.6 bln boe @ \$2.3/boe
Restructuring	G&P in structural breakeven from 2017 Refining breakeven at \$3/bbl margin Cumulative G&A savings of €2.5 bln through 2019
Transformation	• Non core business disposals Dual exploration model   New 4YP disposal target €7 bln

CFFO coverage of capex 2016 @ \$50 CFFO coverage of capex and dividend from 2017@ \$60

Eni's unique exploration track record

Exploration Focus on near-term and low-cost options

Main start-ups in the 4YP

Focus on Zohr

Production growth

Start-ups / Ramp-ups ~ 800 kboed by 2019

Speeding up alignment between cost and prices

Total cost savings of €3.5 bln in the 4YP

* Gross capex before disposals 2015-18 capex plan restated at 2016-2019 FX rates

A valuable portfolio of new upstream projects

Enhancing project profitability

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Excluding Kashagan

Completing the turnaround in g&p

CFFO of €2.8 bln in 2016-2019 EBIT positive in 2016

Increasing downstream resilience to scenario

CFFO ~ €2.9 bln in 2016-2019

Efficiency in operations

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peers = BP, CVX, RDS, REP, TOT*, XOM *no data available for 2015 F&D Costs

Additional flexibility from portfolio management

90% of previous 4YP target achieved in 2015

Large flexibility even in a lower-for-longer scenario

Competitive distribution policy

progressive with underlying earnings growth and scenario

2016 Dividend €0.8/share (fully cash)

Upstream and downstream resilience

Large portfolio optionality

Profitable growth

Succeeding in the downturn and capturing long-term value

appendix

4YP Scenario	2016	2017	2018	2019
Brent dated (\$/bl)	40	50	60	65
FX avg (€/\$)	1.06	1.10	1.15	1.15
Std. Eni Refining Margin (\$/bl)	6.0	5.5	5.0	4.5
Henry Hub (\$/mmbtu)	2.3	2.6	3.2	3.7
NBP (\$/mmbtu)	4.9	5.3	5.5	5.8

4YP sensitivity*	Ebit adj (bln €)	Net adj (bln €)	FCF (bln €)
Brent (-1\$/bl)	-0.3	-0.2	-0.2
Std. Eni Refining Margin (+1\$/bl)	+0.2	+0.1	+0.1
Exchange rate €/\$ (+0.05 \$/euro)	-0.2	-0.1	-0.02

*average sensitivity in the 4YP. Sensitivity is applicable for limited variations of prices

project	country	op	start up	Equity (kboed) peak in 4 YP
Goliat	Norway	yes	Achieved	65
Nidoco NW	Egypt	yes	Achieved	30
Heidelberg	USA	no	Achieved	<10
West Hub (Mpungi, Ochigufu, Vandumbu)	Angola	yes	Achieved/2H18/1H19	25
Melehia Deep	Egypt	yes	1H16	<10
Mafumeira Sul	Angola	no	2H16	9,6
Kashagan EP	Kazakhstan	no	2H16	65
Nenè phase 2A	Congo	yes	2H16	15
Hapy Subsea	Egypt	no	2H16	<10
CAFC Oil & MLE	Algeria	yes	1H17 / 2019	30
Jangkrik	Indonesia	yes	1H17	40
Block 15-16 East Hub	Angola	yes	2H17	20
OCTP	Ghana	yes	2H17/1H18	40
Zohr	Egypt	yes	2H17	200
Bahr Essalam Ph2	Libya	yes	1H18	70
Western Libya Gas Project (Debott.)	Libya	yes	2018	15
North Port Said Stranded Gas	Egypt	yes	2H18	20
Loango (Further dev.)	Congo	yes	2019	<10
Asfour	Egypt	yes	2019	<10