Eni

Earnings Release • May 10, 2017

Q1 2017 results

10 May 2017

Highlights

Upstream	• Production growth: 1,795 kboed (+6% net of PSA and Opec cuts vs IQ2016) • 2017 start-ups • Jangkrik & OCTP start-up in coming weeks • Zohr start-up confirmed by end of this year • Kashagan ramp up on track: 200 kbbl/d oil reached
Mid-downstream	• G&P: 2017 structural breakeven on track • Refining: breakeven margin reduced below \$4/bbl • Chemicals: strong economic results
Disposals	• 2017 announced deals €2.7bn post tax (€3bn pre-tax) • 25% Area 4 in Mozambique to ExxonMobil. Completion by 4Q17 • Belgium gas & power retail unit • Additional cash – in from Zohr disposals : ~€1bn net in 2017

Market scenario

Standard Eni Refining Margin (\$/bbl)

Upstream

2017 production and cash flow targets confirmed

4

2017 start-ups

JANGKRIK – Indonesia (WI: 55%)

Execution Time 41 months

Peak 100%: 80 kboe/d

OCTP – Ghana (WI: 44%)

Execution Time 29 months

Peak 100%: 85 kboe/d

ZOHR – Egypt (WI: 60%)

Execution Time 22 months

Peak 100%: 500 kboe/d

Upstream cost - relative benchmark

Discounted Net Cash Flow (DNCF) vs peers

Eni's portfolio is high value and resilient

7

Mid-Downstream

Strong economic performance

Group economic results

Adjusted net profit: €744 M

Cash flow pre working capital at replacement cost

Accelerated and accretive cash generation

2017 Cash Balance

Dividend cash neutrality around \$45/bbl