Eni — Investor Presentation 2019

Oct 25, 2019

2019 9M Results

ENI'S NEW MISSION We are an energy company. 9M 2019 RESULTS We concretely support a just energy transition, with the objective of preserving our planet and promoting an efficient and sustainable access to energy for all. Our work is based on passion and innovation, on our unique strengths and skills, on the equal dignity of each person, recognizing diversity as a key value for human development, on the responsibility, integrity and transparency of our actions. We believe in the value of long term partnerships with the countries and communities where we operate, bringing long-lasting prosperity for all.

FINANCIALS	€ 9.4 bln, +5% vs 9M 2018 CFFO: Capex: € 5.6 bln Leverage: 25% post acquisition of 20% ADNOC Refining & FY dividend 2019 Buyback: ~70% complete YTD
UPSTREAM	Production: 1.85 Mboed, +2% vs 9M 2018. Q3 2019: 1.89 Mboed, +6% vs Q3 2018 Projects: 4 planned start-ups in production; in addition Agogo and Nasr ph2 in Q4 Exploration discoveries: 650 Mboe equity resources Vår Energi: deal announced to acquire Exxon's assets in Norway
MID-DOWNSTREAM & RENEWABLES	EBIT already above 2019 guidance G&P: R&M: Strong marketing results; Gela Green refinery ramping up Energy Solutions: 150 MW under construction for total year end capacity of 190 MW

ANGOLA BLOCK 15/06: MATERIAL DISCOVERIES AND FAST TRACK PRODUCTION

9M 2019 RESULTS

NORWAY: ACCELERATING GROWTH AND FCF GENERATION

NEW VÅR ENERGI BREAKEVEN VÅR ENERGI PRODUCTION

MAIN OPERATING IMPACTS OF THE DEAL

Opex + 700 Mln boe Resources CO2 reduction -1.1 MTPA projects NEW VÅR RESOURCES: ~ 2 Bln boe CCS / WIND PROJECTS - \$1/boe NEW VAR AVG OPEX: ~ \$9/boe

FCF ACCRETIVE DEAL

UNDERPINS A GROWING DIVIDEND

TO VÅR ENERGI'S SHAREHOLDERS

ABU DHABI: INCREASING FOCUS AND PRESENCE

ADNOC REFINING: DEAL COMPLETED

DALMA GAS PROJECT IN EXECUTION

REFINERY CAPACITY | Kbpd

UPSTREAM: EBIT IMPROVEMENT IN A LOWER SCENARIO

9M 2019 RESULTS

Production 9M 2019: 1,854 kboed

9M 2019 RESULTS IMPROVED G&P & R&M RESULTS, VERSALIS IMPACTED BY SCENARIO AND DOWNTIME

	G&P EBIT Adj € mln		R&M EBIT Adj € mln				Versalis EBIT Adj € mln
	501	511		219	282		18	Priolo upset in H1 impact: - €70 mln
	9M 2018	9M 2019		9M 2018	9M 2019		9M 2018	9M 2019
(€/kcm) PSV TTF Spread PSV-TTF JKM (\$/Mbtu)	255 237 18 9.7	175 146 29 5.4	(\$/bbl) SERM Spread Ural-Brent	3.9 -1.4	4.4 0.1	Polystyrene Elastomers(SBR)	(€/ton) Spread vs V. Naphtha 960 (GPPS) 950	-144 800 710

9M 2019 RESULTS

9M ADJ NET PROFIT: € 2.3 BLN

* CFFO & FCF are pre working capital at replacement cost post IFRS 16

Production	1.87 - 1.88 mboed
EXP discoveries	700 mln boe
G&P EBIT	€ 0.6 bln
R&M EBIT	€ 0.4 bln
CFFO	~ € 12.8 bln
CAPEX	< € 8 bln

CFFO (pre working capital & IFRS 16 and at replacement cost) at 2019 scenario: Brent \$ 62 /bl, Italian gas price (PSV) € 266 /kcm, \$/€ exchange rate 1.15

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MARKET SCENARIO 9M 2019 RESULTS