2020 Update & Q1 2020 Results

April 24, 2020

ENI TRANSFORMATION: 2019 vs 2014

STRONGER AND MORE EFFICIENT TO FACE THE CURRENT DOWNTURN

OUR PRIORITIES IN 2020

2020 – LEVERAGING CAPEX FLEXIBILITY

POSTPONED PRODUCTION CAN BE QUICKLY REACTIVATED

– COST OPTIMIZATION

PRODUCTION COST | \$/boe

INCREASING EFFICIENCY ACROSS ALL BUSINESSES

2020 – FOCUS ON UPSTREAM

2020 UPSTREAM FREE CASH FLOW| € Bln

Free Cash Flow sensitivity: \$1 Brent: €180-190 mln

Sensitivity assumes oil and gas prices move proportionally. It excludes scenario effects on equity participations. It is applicable for \$5-\$10/bbl moves in Brent.

2020 – FOCUS ON MID-DOWNSTREAM

2020 EBIT ADJUSTED| € bln xx xx ITALIAN GAS DEMAND ITALIAN OIL PRODUCTS DEMAND 2020 vs 2019 -20% -8%

2020 EBIT ADJ MID-DOWNSTREAM € 0.6 Bln + 3% vs 19

2020 – GROUP CASH GENERATION

CFFO represented before working capital Scenario includes JV dividends

HIGHLIGHTS 1Q 2020

SOCIAL RESPONSE TO COVID19	People health measures implemented worldwide to local stakeholders in fight against virus Support supercomputer contribution to Coronavirus research HPC5
BUSINESS OVERVIEW	Exploration success in Angola, Mexico and UAE Production: 1.77 Mboed G&P: EBIT +29% growing both in Retail and Midstream R&M: EBIT improved in a challenging scenario
FINANCIALS	CFFO (pre WC): €2.0 Bln Capex: €1.9 Bln (pre IFRS 16): €12.9 Bln Net Debt Liquidity: €16 Bln

1Q 2020 – EBIT

10

1Q 2020 - CASH AND ECONOMIC RESULTS

2020 CONCLUSIONS

ACTIONS TAKEN	PRODUCTION GUIDANCE	MID DOWNSTREAM ADJ EBIT	LIQUIDITY AVAILABLE
€ 3.3 bln	1.75-1.8 MBOED	> € 600 mln	€ 16 bln

READY TO NAVIGATE THE DOWNTURN

2020 Update & Q1 2020 Results Annex