Eni — Earnings Release 2018

Apr 27, 2018

Highlights

Upstream	Production growth +4,4% vs IQ2017 at 1,867 kboed Ochigufu started up mid March, OCTP gas confirmed for June Merakes POD approved in April 2018 Exploration new discoveries in Cyprus and Mexico
Mid-downstream	G&P EBIT continuous enhancement with €322 Mln LNG strong results from integrated projects Refining & Chemicals positive in a weaker scenario
Financials	CFFO € 3.2 bln before working capital in the 1st Capex €1.8 bln quarter; confirmed yearly guidance Acquisition bonus € 712 mln for Abu Dhabi fields

Upstream

2018 PRODUCTION +4% (vs 2017) confirmed

2018 key ramp-ups

4

310 kboed RAMP UPS + START UPS 2018 AVG EQUITY

Merakes plan of development

Eni 85% operator First Gas 2H 2020 Plateau equity 60 kboed at 2023

Water depth 1500 m Appraisal Jan 2017 POD approved April 2018

Discounted Net Cash Flow vs Peers

6

Mid-Downstream

7

MID-DOWNSTREAM in line with plan

CFFO pre working capital at replacement cost

\$ 55/BBL CONFIRMED 2018 DIVIDEND CASH NEUTRALITY

8

Back up

Market scenario