Eni

Earnings Release • Oct 27, 2017

9M 2017 results

27 October 2017

2017 Highlights

Upstream	• Production: +4% vs 9M 2016 at 1.8 mln boe; +6% adj • Exploration: Mexico area 1 OHIP raised to 1.4 billion boe • Zohr on track for December start up • 9M EBIT: €3.3 bln, 3x YoY
Mid-downstream	• G&P 9M EBIT at breakeven; FY EBIT positive • R&M 9M EBIT € 0.5 bln, 2.2x YoY; FY EBIT refining breakeven < \$ 4/bbl • Chemicals 9M EBIT € 0.4 bln, +42% yoy; 2017 record year
Financials	• 9M Capex € 5.7 bln -18% YoY; FY expected @ € 7.5 bln • 9M CFFO € 6.8 bln +76% YoY • Organic cash dividend neutrality at \$60/bbl

Upstream

2017 production at record levels

3

An accretive growth

CFFO pre working capital at \$57.5/bbl Brent adjusted for one-offs (fiscal claim, OPEC and Val d'Agri)

4

Mid-Downstream

9M CFFO € 1.2 billion

Group economic results

9M adjusted net profit: € 1.4 bln

Cash Balance

FY cash neutrality @ \$60/bbl

CFFO pre working capital at replacement cost and adjusted for one-off fiscal claim Capex adjusted for disposal

7

Key messages

• Record production level
• G&P positive structural result
• Chemicals record performance and resilient R&M
• Upstream CFFO per barrel ahead of guidance Best in class full cash dividend neutrality < \$ 45/bbl Gearing @ 20%

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