Eni

Investor Presentation • Apr 10, 2018

Disclaimer

This document contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In addition, Eni's management may make forward-looking statements orally to analysts, investors, representatives of the media and others. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on capital, risk management and competition are forward looking in nature. Words such as 'expects', 'anticipates', 'targets', 'goals', 'projects', 'intends', 'plans', 'believes', 'seeks', 'estimates', variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Eni's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in Eni's Annual Reports on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") under the section entitled "Risk factors" and in other sections. These factors include but are not limited to:

Fluctuations in the prices of crude oil, natural gas, oil products and chemicals;

• Strong competition worldwide to supply energy to the industrial, commercial and residential energy markets;
• Safety, security, environmental and other operational risks, and the costs and risks associated with the requirement to comply with related regulation, including regulation on GHG emissions;
• Risks associated with the exploration and production of oil and natural gas, including the risk that exploration efforts may be unsuccessful and the operational risks associated with development projects;
• Uncertainties in the estimates of natural gas reserves;
• The time and expense required to develop reserves;
• Material disruptions arising from political, social and economic instability, particularly in light of the areas in which Eni operates;
• Risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under Eni take-or-pay long-term gas supply contracts;
• Laws and regulations related to climate change;
• Risks related to legal proceedings and compliance with anti-corruption legislation;
• Risks arising from potential future acquisitions; and
• Exposure to exchange rate, interest rate and credit risks.

Any forward-looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward-looking statements to reflect any changes in Eni's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni may make in documents it files with or furnishes to the SEC and Consob.

Eni 2014-17 strategy

UPSTREAM enhancement

MID-DOWNSTREAM restructuring

• Structurally underlying positive Long-term contracts alignment to market level

• Take or Pay recovery Cost reduction

• Production efficiency Logistics rationalization

• 2 sites converted to bio- plants Halved refining breakeven

Consolidation of industrial footprint Focus on differentiated products International development

FINANCIAL discipline

Peers adopting scrip dividend

GEARING DIVIDEND CASH NEUTRALITY* | \$/bbl

WHILE PRESERVING BUSINESS GROWTH

7

* Organic coverage of Capex and Dividend through CFFO

Eni strategic evolution

BUSINESS INTEGRATION along the value chain

EFFICIENCY

DIGITALIZATION &

Upstream key targets in the 4YP

A global range of exploration opportunities

2 BILLION BOE EQUITY 4YP EXPLORATION TARGET

11

Mexico: the power of exploration

A rapidly-growing / high-quality portfolio, coupled with a fast track development of material resources

Area 1

• Eni Operator with 100% working interest
• Fields: Amoca, Miztón, Tecoalli
• Shallow water
• 2 Billion boe OHIP (+ 1.2 vs original estimate)
• Progress: PoD under authorization
• Production start-up: 1H 2019
• Plateau 100%: 90 kboed @2022

New blocks recently acquired in Sureste – Cuenca Salina Basin

• Operator of Blocks 7, 10, 14, 28 in Campeche Bay
• Operator of Deep Water Block 24
• Two exploration wells planned in 1H 2019 in the new blocks

High Prospectivity Low cost development

Ramp-ups and start-ups driving growth

Production trends

Asia Pacific & Middle East: an expanding high-potential area

Zohr is ramping up

Value expansion of production growth

The rise of upstream cash flow

FULL COVERAGE OF DIVIDEND WITH UPSTREAM FCF

Mid-downstream key targets

Gas & Power - bigger and stronger

€ 2.4 bln

Gas & LNG Marketing and Power

Retail

• Integration with upstream
• Focus on Asia and new markets
• 2025 contracted volumes: 14 MTPA
• Contract modernization with key gas suppliers
• Maximizing returns from power assets in Italy
• 2021 clients: 11 mln (+25% vs 2017)
• Focus on high-growth customer-

tailored services

G&P and Upstream integrated projects

A top player in the LNG market

LNG contracted volumes 12 MTPA @ 2021

R&M – leaner and greener

FCF 2018-21

€ 2.1 bln

• Deep conversion proprietary technology licensing
• Asset optimization
• Venice and Gela plants onstream
• Ecofining proprietary technology
• 2021: 1 Mton/y green production
• Feedstock diversification and "circular" economy

Marketing

• Focus on wholesale
• Digital Transformation and Sustainable Mobility
• Stable retail market share

Versalis – an international player

FCF 2018-21

~ € 300 mln

• Consolidation industrial footprint
• Strengthening international presence
• Business integration
• New products' development
• Focus on high margin products

• Acquisitions/partnerships on new technologies

• New industrial platforms from renewable sources

• "Circular economy" projects

New energy solutions

AN INTEGRATED MODEL

• Synergies with Eni assets and activities
• International expansion in Eni Countries
• Solar, Wind and Hybrid Technologies
• R&D Deployment

Capacity end year| GWp

Digital transformation

CAPEX Plan

Upstream: focus on projects under development

Upside exposure and downside resilience

Data @ 1.17 €/\$ exchange rate

Remuneration policy and cash allocation

Conclusions

DEEPER INTEGRATION

CAPITAL DISCIPLINE

ENHANCED RETURN TO SHAREHOLDERS

1st Quarter 2018 Preview

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Assumptions and sensitivity

4YP Scenario	2018		2019	2020		2021
Brent dated (\$/bl)	60	65		70		72
FX avg (\$/€)	1.17		1.18	1.20		1.25
Std. Eni Refining Margin (\$/bl)	5.0		5.0	5.0		5.0
NBP (\$/mmbtu)	5.8		5.6	5.5		5.8
PSV (€/kmc)	188		178	171		175
Sensitivity*	EBIT adj (€	mln) net adj		(€ mln)		FCF (€ mln)
Brent (-1 \$/bl)	-310		-175			-205
Std. Eni Refining Margin (-1 \$/bl)	-160			-115		-160
Exchange rate \$/€ (+0.05 \$/€)	-310			-120		-200

* sensitivity 2018. Sensitivity is applicable for limited variations of prices

Main start ups 2018-21

OCHIGUFU - ANGOLA

OCTP GAS - GHANA Wafa Compression – Bahr Essalam ph.2 LIBYA

AREA 1 - MEXICO

BALTIM SW - EGYPT

MERAKES - INDONESIA

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Main start ups 2018-2021	Country Op Start-up		Equity peak in 4 YP	Working	Liquids/Gas
				kboed	Interest
Zohr	Egypt	yes	Achieved 12/2017	200	50%	Gas
West Hub (Ochigufu)	Angola	yes	Achieved 03/2018	<10	37%	Liquids
Wafa Compression	Libya	yes	1H18	25	50%	Liquids/Gas
OCTP Oil+Gas	Ghana	yes	Oil: 5/17 Gas:1H18	49	44%	Liquids/Gas
Bahr Essalam Ph. 2	Libya	yes	1H18	45	50%	Liquids/Gas
Mexico Area 1	Mexico	yes	1H19	60	100%	Liquids
Baltim SW (Barakish)	Egypt	yes	2H19	29	50%	Liquids/Gas
West Hub (Vandumbu)	Angola	yes	2H19	<10	37%	Liquids
Merakes (Jangkrik area)	Indonesia	yes	2H20	50	85%	Gas
Cassiopea	Italy	yes	2H20	16	60%	Gas
Nenè phase 2B	Congo	yes	2H20	14	65%	Liquids
Melehia deep phase 2	Egypt	yes	2H21	<10	100%	Liquids/Gas