Eni

Earnings Release • Feb 26, 2016

Q4 and Full Year 2015 Results

www.eni.com February 26th 2016

2015 main achievements

UPSTREAM valuable growth	MID-DOWNSTREAM increasing resilience	GROUP simplified model
10% production growth	G&P close to breakeven	Saipem 12.5% disposal
1.4 bln boe discovered @UEC \$0.7/boe	Refining EBIT breakeven	exit from Galp and Snam
148% reserve replacement ratio		Versalis ongoing negotiations

COST OPTIMIZATION

Capex -17% | Upstream Opex -13% | G&A € -600 mln

capex coverage at ~ 50 \$/bbl leverage at 22%

2015 main achievements

UPSTREAM valuable growth	MID-DOWNSTREAM increasing resilience	GROUP simplified model
10% production growth	G&P close to breakeven	Saipem 12.5% disposal
1.4 bln boe discovered @UEC \$0.7/boe	Refining EBIT breakeven	exit from Galp and Snam
148% reserve replacement ratio		Versalis ongoing negotiations

COST OPTIMIZATION

Capex -17% | Upstream Opex -13% | G&A € -600 mln

capex coverage at ~ 50 \$/bbl leverage at 22%

CFFO breakeven lowered to 50 \$/bbl

growth, efficiency and strong cost control drive robust cash generation

strong production growth

capex optimization

re-phasing of development projects accelerated time to market of near field exploration renegotiation of rates and costs of services

6

enhancing our competitive cost structure

2015 Reserves Replacement Ratio

average organic RRR of 135% since 2010

full year consolidated results

2015 Net adj profit: € 336 mln

Transaction completed in 4 months €4.8 billion of net cash-in

net debt evolution

Actual 2015

Beating our targets

production +10% at 1.76 Mboed (with one-off benefits)

capex –17% vs. 2014

opex per boe -13% vs 2014

organic cash breakeven at 50\$

Outlook 2016

Enhancing resiliency

production 1.76 Mboed (without 2015 one-off benefits)

capex -20% vs. 2015

opex per boe -11% vs 2015

organic cash breakeven at 50\$

2015 final dividend proposal € 0.4/share (all cash)*