Presentation to the Financial Community

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1 Presentation to the Financial Community st Half s July 31st, 2002

2 2002 1st Half Highlights Vittorio Mincato, CEO July, 31st 2002

3 Eni consolidated results: net income Reported Adjusted* Brent ($/bbl) Refining margin ($/bbl) 3, Million -36.1% 2, , % 2, Snam RG Third Parties Net Profit (40.24%) H H H H 2002 * Clean of non recurring items and before Snam RG minorities 3

4 Eni consolidated results EPS (Euro per share*) % % 0.7 1H H H 2001 Adjusted 1H 2002 Adjusted CFPS (Euro per share*) % % * Average shares: in 1H02 3,842 million in 1H01 3,940 million 1H H H 2001 Adjusted 1H 2002 Adjusted Cash Flow calculated as net income+amortization & depreciation 4

5 Maintaining a strong production growth Thousands boe/d 2002 Production Growth* 1st half average production well in line with CAGR target 1Q 02 / 1Q % 2Q 02 / 2Q % 1H 02 / 1H % 1,369 CAGR ~ 6% Above 1,700 1,503 kboe/d average production in 2Q 2002 before OPEC cuts * Net of OPEC reduction of ~ 34,000 boe/d E 5

Kashagan Building beyond 2005 Contract Area: 11 blocks (5,500 sq km) April 1998: PSA Effective date February 2001: Eni selected as Operator of the NCS

6 Kashagan Building beyond 2005 Contract Area: 11 blocks (5,500 sq km) April 1998: PSA Effective date February 2001: Eni selected as Operator of the NCS Joint Venture May 2002: Pro-rata transfer of the BP and Statoil interests. Eni stake 16.67% June 2002: declaration of Kashagan commercial discovery 7-9 bn/boe 6

7 GVS acquisition Previous ownership structure Ownership in July 2002 EnBW EnBW 50% 50% Eni NWS Land BW MVV 7 LDCs EnBW-Eni GmbH Others* 33.4% 25% 26.25% 15.35% 95.62% 4.38% GVS GVS Deal closing in October 2002 *Two minority shareholders are interested in selling their overall 4.38% stake at a later date, in form of a put option 7

8 2002 1st Half Results Marco Mangiagalli, CFO July, 31st 2002

9 Results of operations Million 2Q 01 2Q 02 IH 2001 IH 2002 D % 12, (8,716) (1,149) 11, (8,319) (1,355) Net sales from operations Other income and revenues Operating expenses Depreciation, amortization and writedowns 26, (18,021) (2,260) 23, (17,323) (2,541) (8.1) 40.1 (3.9) ,413 1,875 Operating income Net financial income (expense) Net income from investments Net extraord.. income (expense) Income taxes Tax rate (%) Minority interest Net income 6,119 (180) (2,745) 43% (98) 3,537 4,575 (81) 50 (93) (1,822) 41% (368) 2,261 (25.2) (55.0) (33.6) (36.1) 9

10 Main operating data 1H H 2002 D % Hydrocarbon prod. (kboe/d( kboe/d) 1,366 1, Production sold (million boe) Natural gas sales in Italy (bcm( bcm) (7.0) Natural gas sales in Europe (bcm( bcm) Natural gas transported on behalf of third parties in Italy (bcm( bcm) Power production sold (gwb( gwb) 2,658 2,605 (2.0) Refined product sales (mil.ton( mil.ton.).) (0.8) Petrochemical sales (mil.ton( mil.ton.)*.)* 3,249 3, * On homogeneous basis for line by line consolidation of Polimeri Europa in January

11 Strong production growth Kboe/d Actual Production OPEC cut 6% 1,475 1, % 1,387 1,441 1,346 1,468 1Q 01 1Q 02 2Q 01 2Q 02 11

12 Production growth by geographical area Thousands boe/d 1, Growth +6.5% 1, Rest of World North Sea West Africa North Africa Italy H H

13 Maximize natural gas sales in Italy and abroad Billion cubic meters Europe Italy Growth +2.4 % % Increase in volumes transported in Italy on behalf of third parties H H

14 E&P Operating income analysis Million 1st Quarter 2nd Quarter 3,485 1,510 1, % 2,515 1,228 1,287 Lower prices realised on hydrocarbon production sold Lower equity gas sold in Italy Higher production sold abroad and oil sold in Italy 1H H

15 E&P Adjusted operating income analysis Million 1H 02 / 1H 01 3, % (85) asset write-downs (16) new storage tariff system 42 gains from assets disposal 2, ,574 Adjusted 1H 2001 Reported 1H 2002 Non recurring items Adjusted 1H

16 Gas&Power Operating income analysis Million 1st Quarter 2nd Quarter 2, , % 2, ,426 Change in sales mix Environmental tax Higher margins in secondary distribution 1H H

17 Gas&Power Adjusted operating income analysis Million 1H 02 / 1H % (34) assets impairment in secondary distribution in Argentina (32) environmental tax in Sicily 72 higher commercial marging in secondary distribution 2,062 2, ,997 Adjusted 1H 2001 Reported 1H 2002 Non recurring items Adjusted 1H

18 R&M Operating income analysis Million 1st Quarter 2nd Quarter % Weakness in refining margins Anticipated maintenance Lower sales due to disposal and closing of stations in H H

19 Other businesses: operating income analysis Million 1H H 2002 D % Petrochemicals* (96) (141) (46.9) Oilfield services & engineering Other activities (88) (83) (5.7) * Polimeri Europa has been consolidated line by line (on a proforma basis in first half 2001) 19

20 Adjusted net income 1H 2002 Million (28) Non recurring operating items (90) Other non recurring items (93) Extraordinary charges 2, ,671 Third parties net income (40.24%) Reported net income Non recurring items Snam RG Adjusted net income 20

21 Investments and buy back Million INVESTMENTS AND BUY-BACK BACK NET FINANCIAL DEBT 440 Financial invest. 7,165 10,104 Capex Share Buy Back 4, ,803 3,493 7,070 7,742 8,500 2,976 6,267 1H H H 02 21

22 BACK UP July 31st, 2002

23 Results of operations Million 2Q 01 2Q 02 1H H 2002 D % 12,136 2,413 11,199 1,875 Net sales from operations Operating income Net financial income (expense) Net income from investments Net extraord.. income (expense) Income before income taxes Income taxes Tax rate Minority interest Net income Non recurring items Adjusted net profit Minorities Snam RG net profit Adj. net profit before SRG Min. 26,018 6,119 (180) ,380 (2,745) 43% (98) 3, , ,133 23,904 4,575 (81) 50 (93) 4,451 (1,822) 41% (368) 2,261 (211) 2,472 (199) 2,671 (8.1) (25.2) (55.0) (121.6) (30.2) (33.6) (36.1) (21.1) (14.7) 23

24 Proforma consolidated income statement Eni and Polimeri Europa Srl as of June 30, 2001 Million Net sales from operations Operating costs GROSS OPERATING MARGIN Depreciation, amortization and writedowns OPERATING INCOME Net financial income (expense) Net income from investments Net extraordinary income (expense) INCOME BEFORE INCOME TAXES Income taxes Tax rate Minority interest NET INCOME Eni reported 26,208 (17,845) 8,363 (2,227) 6,136 (170) (31) 451 6,386 (2,743) 43.0% (106) 3,537 Polimeri Europa 192 (176) 16 (33) (17) (10) 42 (21) (6) (2) 8 0 Eni proforma 26,400 (18,021) 8,379 (2,260) 6,119 (180) ,380 (2,745) 43.0% (98) 3,537 NET CAPITAL EMPLOYED 35, ,554 NET EQUITY 26,449 26,449 NET BORROWINGS 8, ,105 35,280 35,554

Eni Presentation to the Financial Community Third Quarter Results. Marco Mangiagalli CFO. October 31 st, 2007

Eni Presentation to the Financial Community 2007 Third Quarter Results Marco Mangiagalli CFO October 31 st, 2007 Disclaimer Data and information herewith set forth are extracted from Eni s report on the