Eni S.p.a. · MIL:ENI

Eni — Q1 2018 Earnings Presentation

10 slides from Eni's earnings presentation, Apr 27, 2018

1. Slide 1: April 27, 2018

   April 27, 2018

2. Slide 2: Highlights

   Highlights Production growth +4,4% vs IQ2017 at 1,867 kboed Ochigufu started up mid March, OCTP gas confirmed for June Upstream Merakes POD approved in April 2018 Exploration new discoveries in Cyprus and Mexico G&P EBIT continuous enhancement with €322 Mln Mid-downstream LNG strong results from int

3. Slide 3: Upstream

   Upstream Oil & Gas Production| kboed EBIT Adjusted| € bln 1867 +47% 65 1795 13 -6 Ramp-ups + 238 Start-ups 2.09 1.87 1.42 1Q 2017 PSA effect Portfolio SU, RUups Ramp and+ 1Q 2018 1Q 2017 4Q 2017 1Q 2018 Start ups + others other 2018 PRODUCTION +4% (vs 2017) confirmed 3

4. Slide 4: 2018 key ramp-ups

   2018 key ramp-ups 15/06 BLOCK ZOHR OCTP JANGKRIK WI: 37% WI: 50% WI: 44% WI: 55% Q1 2018: 46 kboed Q1 2018: 20 kboed Q1 2018: 19 kboed Q1 2018: 67 kboed RAMP UPS + START UPS 2018 AVG EQUITY 310 kboed 4

5. Slide 5: Merakes plan of development

   Merakes plan of development 72 km gas FPU topside modification condensate 36 km 2 x 45 km subsea pipelines 6 wells, umbilical system, control system, infield flexibles, manifold Eni 85% operator Water depth 1500 m First Gas 2H 2020 Appraisal Jan 2017 Plateau equity 60 kboed at 2023 POD approved Apri

6. Slide 6: Discounted Net Cash Flow vs Peers

   Discounted Net Cash Flow vs Peers Unit DNCF| $/boe 6.9 6.8 5.0 5.0 4.7 4.5 4.5 4.3 peer 1 peer 2 peer 3 peer 4 peer 5 peer 6 peer 7 Proved Reserves bln boe (31 Dec 17) 11.7 7.0 5.4 5.0 12.2 11.5 18.4 21.2 DNCF| $ bln 80 48 27 25 58 52 82 90 6 Peers: BP, CVX, COP, XOM, RDS, STO, TOT

7. Slide 7: Mid-Downstream

   Mid-Downstream G&P EBIT Adj | € mln R&M EBIT Adj | € mln Versalis EBIT Adj | € mln One Off 66 123 338 322 59 18 1Q 2017 1Q 2018 1Q 2017 1Q 2018 1Q 2017 1Q 2018 MID-DOWNSTREAM in line with plan 7

8. Slide 8: CFFO pre working capital at replacement cost

   CFFO pre working capital at replacement cost € bln 3.2 +22% 2.6 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 54 $/bbl 67 $/bbl 1.065 €/$ 1.229 €/$ CONFIRMED $ 55/BBL 8 2018 DIVIDEND CASH NEUTRALITY

9. Slide 9: Back up

   Back up 9

10. Slide 10: Market scenario

    Market scenario Brent| $/bbl Exchange Rate| €/$ 61,4 66.8 53,8 1.229 1,177 1.065 1Q 2017 4Q 2017 1Q 2018 1Q 2017 4Q 2017 1Q 2018 European Gas Prices| €/kcm Standard Eni Refining Margin| $/bbl TTF PSV 241 239 227 4.2 4.3 219 202 195 3.0 1Q 2017 4Q 2017 1Q 2018 1Q 2017 4Q 2017 1Q 2018 10

Eni — Q1 2018 Earnings Presentation on 6ix