Investor DayFit for complexity

1 3 D E C E M B E R 2 0 1 6

2

Eni’s unique business model

Fit for complexity

2014-2016 STRATEGY EXECUTION

A DISTINCTIVE MODELFOR VALUE GENERATION

FOCUS ON NEW PROJECTS

FPSO ready to sail off for Block 15/06

515

433

400

450

500

550

2008 2016

A challenging scenario

Brent | $/bl EU gas demand | bcm OECD EU refining

* Jan-Oct 2016

-16%-60%

5

Hub volumes

25% 74%*

15,5

13,9

0

2

4

6

8

12

13

14

15

16

17

2008 2016

$/b

bl

Mb

oe

/d

Oil demand Refining margin

6

Strategy execution and main milestones

PROFITABLE GROWTH

Transformationinto a fully integrated O&G Upstream enhancement

Restructuringmid-downstream

Cost efficiency

Capex -33%Opex -23%G&A -33% (vs. 2014)

Mid-downstream FCF positive

Kashaganstart-up

CoralEni

Investmentapproval

Zohr disposal• 10% stake to BP• 30% stake to

Rosneft

Neworganisation

Take-or-pay renegotiations

G&Asavings

Upstreamgrowth +10%

Noroos and Zohrdiscoveries

Refining and Chemicalsback to EBIT breakeven

Galp and Snamdisposals

Dividendrebased

Reducedrefiningcapacity

Launch Capexand opexsaving plan

Saipemdeconsolidation

Zohr FID

Goliatstart-up

Gasrenegotiation

2 0 1 4 2 0 1 5 2 0 1 6

MILESTONES

On equity accounting

SUPPORT FUNCTIONS

Transformation into afully integrated O&G company

Exploration & Production DIVISION

Gas & PowerDIVISION

Refining & Marketing

DIVISION

Consolidated companies

Versalis 100%

43%Saipem 8.5% Snam

16% Galp

Eni 2014

CORPORATE HOLDING

On Equity accountingConsolidated company

Versalis 100% 30.5% Saipem

Eni 2016

SUPPORT FUNCTIONS

Exploration & Production Gas & Power

Refining & Marketing

Energy Solutions

7

SUPPORT FUNCTIONS SUPPORT FUNCTIONS

CASH IN FROM TRANSFORMATION

€ 10BLN

SAVING FROM REORGANIZATION

€700 MLN/YEAR

0

0,5

1

1,5

2

2013 2014 - 2016

Restructuring mid-downstream

RefiningBreak-even margin EBIT adj | $/bl

ChemicalsEBIT result | € bln

4.2

7.5

0.3

ToP Recovery

Make-up gas

8

Gas & PowerToP recovery | € bln

2013 2016 exp.

-0,4

0,3

2013 2016 exp.

9

Cash flow generated by mid-downstream restructuring

∆ CFFO 2014-2016 VS 2011-2013: ~€ 9 Bln

-0,3

-3

-0,4-0,2

3,1

2011 2012 2013 2014 2015 2016 exp

> 2

€ bln

0

4

8

12

16

2013 2016 exp.

1450

1500

1550

1600

1650

1700

1750

1800

1850

1900

2013 2016 exp. 2016exit volume

10

Delivering on upstream enhancement

Cash flow per barrel | $/boe

30

25

20

2013 2016 exp.

@ 109 $/bl

+20%

+15%

Production | kboed

>30%

Operating Cash Flow | € bln

HISTORICAL RECORD OF PRODUCTION AND ENHANCED CASH FLOW

0

5

10

15

20

25

30

2014 2016

11

Improving portfolio cost structure

Technical costs | $/boeNew projects breakeven | $/boe

OPEX

Development

Exploration

-30%

20

25

30

35

40

45

50

2013 2014 2015 2016

12

Cost optimization

CUMULATIVE COST SAVING € 10 Bln

G&A costs | € blnGroup Capex | € bln Upstream Opex | $/boe

6

7

8

9

10

11

12

2014 2015 2016 exp.

Majors

0

2

4

6

8

10

12

14

2014 2016 exp.

-33%

0

0,5

1

1,5

2

2,5

2014 2016 exp.

-33%

2011-13 2014-16

0

20

40

60

80

100

120

140

13

An effective strategy to halve cash neutrality

127

50

40

60

80

100

120

140

2013 2014 2015 2016 exp.

* Organic coverage of Capex through CFFO

-60%

Price of cash neutrality* | $/boe Cumulative Operating Cash Flow | € bln

Brent / $/bl37

Snam

Avg. Brent 110 $/bl 64 $/bl

34

Noroos, Egypt

15

A distinctive strategy on exploration

Thinking out of the box

Our people

Technology and Big Data

Unconventional Focus On Conventional plays

Ownership and high stake

Early mover approach

Risk diversification on multiple plays

Rapid Resource conversion

Main drivers of exploration strategy

0

2

4

6

8

10

12

14

1

0

2

4

6

8

10

12

14

2008 2009 2010 2011 2012 2013 2014 2015 2016

Cumulative Yearly additions

16

Key metrics of our success

Accelerating conversion to reserves and economic value | bln boeCumulative discovered resources | bln boe

3P or under study

FID

under disposal

disposed

13 13

17

Map of exploration discoveries since 2008

Oil

Gas

Jangkrik

Merakes

Johan Castberg

Zohr

Great Nooros

Sankofa

Marine XII

15/06

Oglan

Perla

Hadrian/Lucius

Coral/Mamba

Nyonie Deep

18

“Designing to cost” from exploration to development

exploration

exploration

reservoir studies

reservoir studies

engineering design

procurement and operations

procurement and operations

Traditional project schedule

Eni phased / fast track project schedule

FID

exploration

reservoir studies

engineering design

procurement and operations

FID

FIRST OIL

Strong integration from exploration to start-up thanks to leading edge technology

From a sequential to a parallel approach

Project phasing to reduce subsurface risks

3D reservoir models before exploration well for critical projects

Continuous reservoir updates and scenarios’ analysis

exploration

reservoir studies

engineering design

procurement and operationsprocurement and operationsFIRST OIL

front endloading

19

Ultra fast-tracking Zohr

• 6 wells + 26’’ line

• 1 control platform + 1 umbilical

• new onshore plant

• 14 additional wells + 2 x 30” export lines

• 2 umbilicals + Extension of new onshore plant

• 5 additional wells + additional 2x30” export lines

• 1 umbilical + Onshore compression

executionon

0.3 years 2 years

FID

April June August October Today

Zohr 2 Zohr 3 Zohr 4 Zohr 5 Zohr 6 Zohr 7

December 2017(accelerated start-up)

2.3 years2017 plan: re-entry & completion of first 6 wells

Discovery

Feb. 2016

Aug.2015

2016

ACCELERATED START-UP

RAMP-UP TO PLATEAU

PLATEAU EXTENSION

Zohr 1

20

Time-to-market of recent and ongoing main projects

Block 15/06 - West HubAngola

JangkrikIndonesia

PerlaVenezuela

Block 15/06 - East HubAngola

OCTPGhana

ZohrEgypt

Avg Time to Mkt

Discovery to FID: 2 years vs industry avg 4 yearsFID to Start up: 2.5 years vs industry avg 4.5 years

20102009 2011 2012 2013 2014 2015 2016 2017 Project Progress

Marine XII - NenèCongo

Great NoroosEgypt

Discovery

FID (Final Investment Decision)

Start up

Legenda

60%

90%

35%

87%

100%

100%

65%

88%

21

Contribution to growth and cash flow

0

100

200

300

400

500

600

2016 2017 2018

2016-2018 CUMULATED CFFO € 7.7 BLN

kboedCFFO € 4.3 bln

in 2018 @ $60/bl

43,5 50 60Brent$/bl

Contribution from Block 15/06, Jangkrik, Perla ,OCTP, Marine XII, Great Noroos, Zohr, Goliat and Kashagan

22

Increased upstream capital efficiency

E&P Capex* vs production Reserve Replacement Ratio | %

Max 131%

Min -12%

-50

0

50

100

150

2013 2014 2015

Majors

€ bln kboed

1500

1600

1700

1800

1900

6

8

10

2013 2016 2017

E&P CAPEX Production

* Before disposal

23

Our strategy to unlock portfolio value

20% Mozambique (2013) 3.4 € bln

40% Zohr (2016) 2 € bln

bln €

0

5

10

15

20

Transformation Dual exploration model

Galp, Snam,other

Saipem

Disposed stakes

Further disposals

Production (Mb/d) 1.6 >1.85

2013 TODAY

Projects breakeven ($/boe) 45 27

Organization IntegratedDivisional

Business model O&G focusConglomerate

Refining breakeven ($/bl)

Chemicals ebit

80% oil >70% hub

>8 4.2

FCF and EBIT negative

Structural break-even and self-financing

Capex coverage neutrality($/boe)

127 50

Inactive capital (bln €) 24 16

LT contracts G&P

24

Conclusion

CORPORATE & FINANCIALS

UPSTREAM

MID-DOWNSTREAM