Eni — Investor Presentation 2018

Mar 16, 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

6

Consolidation of industrial footprint Focus on differentiated products International development

FINANCIAL discipline

GEARING DIVIDEND CASH NEUTRALITY* | \$/bbl

Eni strategic evolution

BUSINESS INTEGRATION along the value chain

EFFICIENCY

DIGITALIZATION &

Upstream key targets in the 4YP

United Arab Emirates - Abu Dhabi deals

FARM-IN: 5% Lower Zakum 10% Umm Shaif/Nasr NASR UMM SHAIF LOWER ZAKUM DIVERSIFYING OUR PORTFOLIO… …STRENGTHENING ZOHR JV

1 BLN BOE 3P/3C equity of which >300 Mln Boe P1

FARM OUT 10% to Mubadala

ZOHR JV 50% Eni (operator) 30% Rosneft 10% BP 10% Mubadala

A global range of exploration opportunities

2 BILLION BOE EQUITY 4YP EXPLORATION TARGET

Ramp-ups and start-ups driving growth

Key projects

Zohr 50% WI

44% WI

2018: 185 kboed Plateau: 545 kboed @2021

Mexico Area 1 100% WI

Start up: 1H 2019 Progress: under FID Plateau: 90 kboed @2022

2018: 210 kboed Progress: ph.3: under FID Plateau: 210 kboed @2018

Start up: 2H 2020 Progress: under FID Plateau: 70 kboed @2023

Nenè - Marine XII 65% WI 2018: 35 kboed

Progress: ph. 2a: 82% Plateau: 54 kboed @ 2021

Coral

25% WI

Start up: 1H 2022 Progress: 10% Plateau: 100 kboed @ 2023

OCTP Start up: 1H 2018 (gas)

Progress: 91 % Plateau: 110 kboed @ 2020

Johan Castberg 30% WI

Start up: 2H 2022 Progress: <5% Plateau: 205 kboed @2024

* All production levels reported in the slide are gross values (100%)

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

FCF 2018-21

€ 2.4 bln

Gas & LNG Marketing and Power

Retail

Integration with upstream

• Focus on Asia and new markets
• 2025 contracted volumes: 14 MTPA
• Redefining relationships 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

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

• Focus on wholesale

• Digital Transformation and Sustainable Mobility
• Stable retail market share

Versalis – an international player

FCF 2018-21

EBIT | € bln

~ € 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

Digitalisation key targets 2018-2021

* Operated Assets

Carbon footprint reduction

Direct Emissions Upstream | tCO2eq / toe

GROSS OPERATED 2018-2021 Capex ^&gt;€ 550 Mln

TARGETS @ 2025

UPS UNITARY	-43%
DIRECT EMISSIONS	vs 2014
ROUTINE GAS FLARING	zero
FUGITIVE	-80%
EMISSIONS MtCH4	vs 2014

A low carbon and resilient O&G portfolio

NEW PROJECTS RESILIENT EVEN IN LOW SCENARIOS

PORTFOLIO FOCUSED ON CONVENTIONAL RESOURCES

PROJECTS ROBUST EVEN AT IEA SDS*

* SDS: Sustainable Development Scenario

Our green businesses

VENEZIA - 2nd fase – ongoing

Green capacity up to 560 kton/y (from 2021)

2018: GELA green - refinery completion

Green capacity up to 720 kton/y

BIO-FUELS BIOBASED-CHEMICALS NEW ENERGY

P. Torres: JV integrated chemical complex from renewable

Total capacity bio-intermediates: 70 kton/y

• P. Marghera: innovative technology Vegetable Oils Metathesis
• Natural tyres from guayule: Partnership with for research and technology development on guayule

Progetto Italia

• Installed capacity by 2021: 220 MW
• Production capacity up to 0.4 TWh/y (from 2022)

Africa & Asia (development of Solar PV, Wind and Hybrid projects)

• Total installed capacity by 2021: 0.7 GW
• Production capacity up to 2.5 TWh/y (from 2023)

4YP Total investment	> € 1.8 BLN
4YP Total CO saving* 2	28 Mton

Core financial values

CAPEX Plan

Upstream: focus on projects under development

Anticipated payback

BREAKEVEN

Cash flow growth

Data @ 1.17 €/\$ exchange rate

Reducing cash neutrality

Enhancing our 2017-2020 targets

		2017-2020	2017-2020
		today	previous plan
	Exploration discoveries	2.6 bln boe	2-3 bln boe
	Production CAGR	>3%	3%
	LNG sales by 2025	14 MTPA	10 MTPA
	New projects breakeven	< \$ 30/bbl	\$ 30/bbl
Business
	Mid-Downstream CFFO	€ 8.3 bln	€ 7.9 bln
	Capex	€ 31.6 bln	€ 31.4 bln
	Organic free cash flow	€ 17.4 bln	€ 14.9 bln
	Disposals	€ 5.5 bln	€ 5-7 bln
Financials

All figures at the same scenario

Remuneration policy and cash allocation

Conclusions

DEEPER INTEGRATION

CAPITAL DISCIPLINE

ENHANCED RETURN TO SHAREHOLDERS

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 2018-2021	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

Reference TCFD dashboard

Recommendation	ANNUAL REPORT	SUSTAINABILITY REPORT
GOVERNANCE Disclose the organization's governance around climate-related risks and opportunities.	a Key elements	a Disclosure
STRATEGY Disclose the actual and potential impacts of climate-related risks and opportunities on the organization's businesses, strategy, and financial planning where such information is material.	a Key elements	a Disclosure
RISK MANAGEMENT Disclose how the organization identifies, assesses, and manages climate-related risks.	a Key elements	a Disclosure
METRICS & TARGETS Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.	a Key elements	a Disclosure