Eni S.p.a. · MIL:ENI

Eni — FY2009 Earnings Presentation

26 slides from Eni's earnings presentation, Feb 12, 2010

1. Slide 1: Fourth quarter and full year 2009 preliminary results

   fourth quarter and full year 2009 preliminary results February 12th, 2010 www.eni.com

2. Slide 2: 2009 highlights

   2009 highlights Operational ƒ Delivered start-up on 27 projects: +180 kboed at plateau ƒ Record production levels achieved ƒ Reserve replacement ratio: 109% @ 2008 price ƒ Natural gas sales: 104 bcm ƒ Downstream marketing Italian market share: 31.5% Efficiency ƒ Further €0.4 billion cost savings add

3. Slide 3: Key achievements

   key achievements E&P resource base reinforced ƒ Access secured to new giant projects (Zubair, Junin 5 and Perla) ƒ New resources added ~1.0 mmboe ƒ Exploration portfolio strengthened (Ghana, Angola, GoM, China, Norway) G&P strengthened prospects for growth ƒ Italian regulated business reorganization

4. Slide 4: Market environment

   market environment Average European Brent €/$ exchange rate refining margin* $/bl €/bl $/bl €/bl 75 75 9 9 1,6 8 8 7 7 1,5 60 60 6 6 5 5 1,4 4 4 45 45 3 3 1,3 2 2 1 1 30 30 0 0 1,2 Q408 Q109 Q209 Q309 Q409 Q408 Q109 Q209 Q309 Q409 Q408 Q109 Q209 Q309 Q409 * FOB Mediterranean market. Eni calculations

5. Slide 5: Q4 consolidated results

   Q4 consolidated results Adj. operating profit Adj. net profit Million € Million € 3,940 1,955 3,702 1,394 Q4 08 E&P G&P R&M Other Q4 09 Q4 08 Ebit Adj. Inv/net Taxes Minorit Q4 09 fin c h 5

6. Slide 6: E&P performance

   E&P performance Oil & gas production Adj. operating profit kboe/d Million € 1,854 1,886 1,779 1,733 2,804 1,678 2,721 2,443 2,173 2,064 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q4 08 Q1 09 Q2 09 Q309 Q4 09 Oil Gas 6

7. Slide 7: Proved reserves

   proved reserves mmboe 6,600 6,571 103 6,674 25 646 592 2008 production promotions portfolio 2009 price effect 2009 adj 2008 2009 2009 adj ƒ RRR Organic: 130% ƒ RRR Organic: 92% ƒ RRR Organic: 106% ƒ RRR @ 96$/boe 83% ƒ RRR All sources: 96% ƒ RRR All sources: 109% ƒ RRR All sources: 135% ƒ Life Index

8. Slide 8: G&P performance

   G&P performance Gas sales Adj. operating profit Bcm Million € 30.9 29.7 1,363 26.6 1,127 21.1 19.0 690 721 683 Q4 08 Q1 09 Q2 09 Q309 Q4 09 Q4 08 Q1 09 Q2 09 Q309 Q4 09 Italy International* * Including associates 8

9. Slide 9: G&P: EBITDA proforma adjusted

   G&P: ebitda proforma adjusted* million € 2.2% 23.3% 4,310 4,403 1,159 666 173 755 940 1,345 221 1,284 363 369 2,271 2,392 623 360 2008 2009 Q4 08 Q4 09 Marketing Regulated International businesses in Italy Transport * Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates 9

10. Slide 10: R&M performance

    R&M performance Process utilization index Adj. operating profit % Million € 244 87 81 79 79 73 55 -106 -110 -196 Q4 08 Q1 09 Q2 09 Q309 Q4 09 Q4 08 Q1 09 Q2 09 Q309 Q4 09 10

11. Slide 11: Other businesses: adjusted operating profit

    other businesses: adjusted operating profit million € Q4 Q4 FY FY Δ% 2008 2009 2008 2009 (112) (104) ƒ Petrochemicals (398) (426) -7% 298 284 ƒ Engineering & 1,041 1,120 +8% Construction (91) (66) ƒ Other activities (244) (258) -6% (104) (85) ƒ Corporate (282) (342) -21% 11

12. Slide 12: Sources and uses of cash

    sources and uses of cash billion € 25.1 23.0 0.8 Sources 0.2 Uses 1.2 4.5 21.0 5.2 Cash flow from 0.1 Capex operations 16.4 4.5 4.3 1.5 Buy Back Divestments 2.7 3.6 Dividends Others 21.8 SRG minority Acquisitions shareholder 14.6 13.7 capital increase 11.3 Others FY 2008 FY 2009 12

13. Slide 13: 2010: challenging market conditions

    2010: challenging market conditions ƒ Exploration & Production ƒ In line with 2009 production @ $65/bl ƒ Gas & Power ƒ Resilient results despite a slow recovery in gas demand ƒ Refining & Marketing ƒ Continuing weakness in refining margins ƒ Capex ƒ In line with 2009 13

14. Slide 14: Appendix

    Appendix February 12th, 2010 www.eni.com

15. Slide 15: Results of operations

    results of operations million € Q4 08 Q4 09 FY 08 FY 09 Δ% 24,550 22,190 Net sales from operations 108,082 83,340 308 2,716 Reported Operating Profit 18,517 12,305 (33.5) 2,348 (135) Inventory holding losses (gains) 936 (345) 2,656 2,581 Replacement Cost Operating Profit 19,453 11,960 (38.5) 1,284 1

16. Slide 16: G&P: adjusted operating profit by activities

    G&P: adjusted operating profit by activities million € 65.0% 9.5% 3,901 3,564 384 523 1,127 1.796 91 1.732 683 487 145 1.721 1.309 506 549 32 Q4 08 Q4 09 FY 08 FY 09 Marketing Regulated International businesses in Italy Transport 16

17. Slide 17: Unrealized profit in stocks (UPIS)

    unrealized profit in stocks (UPIS) million € Q4 08 Q4 09 FY 08 FY 09 316 (62) E&P vs R&M 221 (42) (5) 8 E&P vs G&P (57) 80 (10) (8) E&C vs Eni Group (39) (38) 301 (62) Total UPIS 125 0 17

18. Slide 18: Eni share of profit from associates

    eni share of profit from associates Q4 FY 2008 2009 2008 2009 212 148 Equity method accounted for 736 534 9 32 ƒ Gas transportation abroad 44 60 11 5 ƒ EnBw (GVS) 45 19 51 28 ƒ Union Fenosa 200 108 10 6 ƒ Blue Stream 34 33 131 77 ƒ Others 413 314 92 9 Dividends 510 164 (2) (19) Disposals - (17) (9)

19. Slide 19: G&P share of profit from associates

    G&P share of profit from associates million € 9.4% -22.9% 415 93 44 85 26 320 9 32 60 10 33 6 345 66 55 227 Q4 08 Q4 09 FY 08 FY 09 Marketing Regulated International businesses in Italy Transport 19

20. Slide 20: Main operating data

    main operating data Q4 08 Q4 09 FY 08 FY 09 Δ% 1,854 1,886 ƒ Hydrocarbon prod. (kboe/d) 1,797 1,769 (1.6) 163.2 166.8 ƒ Production sold* (mmboe) 632 622.8 (1.5) 13.3 10.0 ƒ Natural gas sales in Italy**(bcm) 52.8 40.0 (24.2) 13.8 14.1 ƒ Natural gas sales in Europe*** (bcm) 35.6 48.6 36.6 9.1 11.7 ƒ N

21. Slide 21: Production growth by geographical area

    production growth by geographical area kboe/d 1.7% -1.6% 1,854 1,886 1,797 1,769 401 435 390 399 125 209 117 153 113 117 111 115 356 335 421 360 635 645 565 573 190 173 199 169 Q4 08 Q4 09 FY 08 FY 09 Italy North Africa West Africa Kazakhstan America RoW 21

22. Slide 22: Oil & gas production

    oil & gas production kboe/d 1.7% 1,854 1,886 1,854 1,886 190 -8.9% 173 -0.6% 1,073 1,079 2.9% 1,713 1,664 775 4.9% 813 Q4 08 Q4 09 Q4 08 Q4 09 Abroad Italy Gas Liquids 22

23. Slide 23: Capex

    capex million € -17.0% -5.9% 14,562 13,695 4,691 231 2,027 1,630 258 570 3,894 965 127 635 422 2,058 1,686 409 150 656 254 591 2,490 2,490 9,281 9,486 2,916 2,490 Q4 08 Q4 09 FY 08 FY 09 E&P G&P R&M E&C Other 23

24. Slide 24: Eni consolidated results

    eni consolidated results n.m. -29.6% 0.18 0.54 EPS 0.38 Euro per share* (0.24) Q4 08 Q4 09 Q4 08 Q4 09 Adjusted Adjusted -13.4% 47.9% 1.27 1.08 1.10 CFPS 0.73 Euro per share* Q4 08 Q4 09 Q4 08 Q4 09 Adjusted Adjusted * Average shares: Q4 08 3,622.4 million; Q4 09 3,622.4 million Note: Cash Flow calc

25. Slide 25: Eni consolidated results

    eni consolidated results -47.7% -48.4% 2.79 2.43 1.44 1.27 EPS Euro per share* FY 08 FY 09 FY 08 FY 09 Adjusted Adjusted -22.3% -24.5% 5.12 5.11 3.98 3.86 CFPS Euro per share* FY 08 FY 09 FY 08 FY 09 Adjusted Adjusted * Average shares: FY 08 3,638.9 million; FY 09 3,622.4 million Note: Cash Flow cal

26. Slide 26: Disclaimer

    Disclaimer This presentation 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

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