Eni Presentation

to the Financial Community

London, March 1st, 2005

2

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 particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins, costs, return on equity, risk management and competition are forward-looking in nature. Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’, variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Therefore, Eni’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, economic conditions globally, the impact of competition, political and economic developments in the countries in which Eni operates, regulatory developments in Italy and internationally and changes in oil prices and in the margins for Eni products. Any forward-looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward-looking statements to reflect any changes in Eni’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further disclosures Eni may make in documents it files with the US Securities and Exchange Commission.

Eni Strategy

Vittorio MincatoCEO

London, March 1st, 2005

4

Industry Challenges and Priorities

� High and volatile oil price in medium term

� Robust gas demand

� Production and Reservereplacement challenges

� Access to new frontier areas

� Rising Costs

� Capital Discipline

� Strong production increaseand solid reservereplacement

� Well placed in frontier areaspursuing long term profitablegrowth

� Expanding in internationalgas sector

� Operational efficiency and strong cash flow generation

� High returns to shareholder

Eni positionCurrent market scenario

5

� Reported net profit: € 7.3 billion� All time record adjusted net income: € 6.7 billion� All time record cash flow: € 12.4 billion

� E&P:• 4% organic production growth

(6.4% before PSA impact) • 105% organic reserve replacement

� G&P: • 8% increase in overall gas sales• Power Generation capacity doubled

� R&M:• 8% growth in volumes processed in owned

refineries• 15% increase in retail network sales abroad

� € 0.90/share dividend, up 20% � 2004 Total Shareholders’ Return: 28.5%

2004 Results TacklingIndustry Challenges

Financialresults

Shareholders’return

Growth in core business

2004

Delivery

on target

and

shareholders’

return

6

� E&P:• Efficient production growth• Focus on reserve replacement

� G&P: • Acting proactively in the Italian market• Expansion in LNG and in European gas markets

� R&M: • Improving refineries performance• Development in selected European regions

2005-2008: continuity in growth and shareholders’ return

� Focus on efficiency and unit costs

� Capital and financial discipline� Dividend� Share buy back

Efficiency

Shareholderreturn

Growth in core business

Sustain attractive returns leveraging on business integration

and technological innovation

7

(kboe/d)E&P: robust production trend

2003 2004

1,5621,624

+4%

20042003

Before PSA impact:

+6.4% 2004 production marked by:� Organic growth

� Delivery on projects start-ups

IV Q 04 average production:1,704 kboe/d

8

E&P: confirming strong production growthin 2005-2008(kboe/d)

1,624

1,187

2,0001,900

Target2007

20042000 2008

CAGR

>5%

+8.2%

CAGR

05/08 GROWTH

� Driven by projects build up and new start-ups

� Asset management

9

E&P: delivering on reservereplacement

� Solid organic RRR in a high oil price scenario

� Reserve booking in line withSEC criteria

RRR target2005-2008

>100%

(Million boe)

132%

118%

30* $/bl

105%

91%

40.5 $/bl

2004

REPLACEMENT RATIO

All sources

Organic

* Proforma data based on 31st December 2002

and 2003 Brent price

10

Enhance Upstream PortfolioValue and Quality

� Leading position in operating costs� Reduction in discovery costs � Focus on F&D costs� Strong cash flow per boe

� Exploration:� High selectivity� Focus on materiality

& synergies

Strong cash generation& efficiency

Portfolio

� Develop world scale projects leveraging on distinctive execution skills

KASHAGAN FIELD

GREENSTREAM

Western Libya gas project

11

High quality portfolio fueling growth in

05/08 and…

Sustaining long term growth

Well Positioned to seizeFuture Developments in Upstream

� New initiatives in producing regions

� Access to high potential areas � New themes

Existing porfolio

Oppotunities

E&P growthleveraging on:

� Operatorship

� Legacy countries

� Technologydevelopment

� Integrated gas projects

12

2001 2003 2004 2008

An International Player in the Growing Gas Market

� Growth in international gas sales leveraging on:

• Expansion in European valuable markets

• Expansion in LNG

28.830.4 30.0

CAGR∼∼∼∼ 4.0%

+7.5%

30÷35

% %

2001 2003 2004 2008

~120102.2

82.3

58.9 52.8 54.1

23.4 42.3 48.1

95.1

E&P AND G&P GAS SALES

∼∼∼∼ 120102.295.1

82.3 17.784.5

16.878.314.9

67.4

(Bcm)

Monetizingequity gas through

integrated projects

Monetizingequity gas through

integrated projects

Equity gasContracted gas

E&P direct sales

Italy

International

G&P

~70

~50

13

2002-2004Compliant with

Italiangas market

ceiling

G&P 2004 Achievements consistentwith Strategy

78.368.7

Italy

International

Bcm

2002 2003

16.1*

52.6**

25.5*

52.8**

84.5

54.1**

30.4*

CAGR +7.8%

20041st Jan.

inlet ceilingto Italian

market: 75%

1st Jan. Italian gas

marketfully open

* Including gas sales in South America ** Including self consumption of 1.9 bcm in 2002/03 and 3.7 bcm in 2004

2001

67.48.5*

58.9

2004/2003+7.9%

� International sales: +19%� Italian sales**: +2.5%

14

� Snam Rete Gas• Sale of 9.05% stake in 2004

• Further reduction to 20% by 1st July 2007

Acting Proactively in the ItalianGas Market Opening

Regulated asset base

� Diversifing supply sources • Lybia: Greenstream project to monetize equity gas • Increase import capacity: at least 6.5 bcm by 2008• TAG (Russia) and TTPC (Algeria)

Supply

Confirmed

Powergen

* Commercial operation

2007 Target Confirmed

20042003

INSTALLED CAPACITY *

1.42.8

20042003

0.9

2.6

GAS SELF CONSUMPTION

2007

(GW) (Bcm)

2007

5-66-7

15

France: entering a new market through

commercial supplyagreements

France: entering a new market through

commercial supplyagreements

Enhance Presence in the European Gas Market

� Target markets& Shippers

� Equity *

� Iberian peninsula� Germany� Turkey� Hungary� UK & North Europe� France

CAGR 04/01: 41%

CAGR 08/04: 9%

* E&P direct sales

34

48

28

12

42

6

29

5

23

5

7

5

2001 2003 2004 2008

European sales (Bcm)

Target 2007

44

16

(Bcm)

LNG Expansion sustaining Long Term Growth

* 2003 figures

Eni equity gas reserves areas

Eni PARTICIPATION

Liquefaction

Regasification

New initiatives

Equityproduction

Reserves* (Bcm)

100÷2000÷50

DAMIETTA

OMAN

PANIGAGLIA

SINES

REGANOSA

DARWIN

BRASS

New initiatives in LNGmonetizing equity gas

SAGUNTO

BONNY

17

R&M: improving performance and strengthening integration

MARKETINGEUROPE� Continuing expansion in traditional

selected European regions

ITALY� Continuing network

requalification

2008 TARGETSItaly & Abroad

Throughputper site

(Mln lt/ss)

2.8

20082004

2.0

>19

20082004

18.4Total sales(Bln lt)

REFINING

� Balancing refining capacity vsretail sales

� Increasing conversion capacity in hydrocracking units in Italy

� Higher integration maximizing volume and value of equity oil

RefineryThroughput(Mln tons/y)

20082004

2008 TARGETSItaly & Abroad

3839.6

5763

Complexity index

18

2006

Continuing Cost CuttingBillion € real terms

Target exceeded

by 15%

Focuson unit costs

� Operating performances

� Capital efficiency in pursuing growth

∼ 2.8

1999- 2004

2.3

1999-03

3.4

∼ 0.5

Upside potential on 2006 target

2004

19

Capital discipline

Pursuing long termgrowth in core business

Competitiveyield

A flexiblelever for additional

returns to shareholders

Use of Cash: sustaining growth and shareholders’ return

Investments

Dividend

Share buy back

20

Use of Cash: capital expenditure to sustain long term growth in core businessBn €

Capital Expenditureby activity

2005-08

26.9

6%

64%

16%

10%4%

G&PR&M

E&P

OtherE&OS

� ∼∼∼∼ 95% IN CORE BUSINESS� Confirming Snam Rete Gas deconsolidation in 2007� Including new initiatives in E&P and G&P

05/08 Investments trend

21

Robust Returns to Shareholders

� Dividend up +20%

2001 2004

0.900.75

37% 62%

(Euro per share)

DIVIDEND

29%

2000

0.424

Payout

2002 2003

0.75 0.75

51% 47%

Total ShareholdersReturn 2000-04:Yearly average

15.6%

� Interim dividend distribution from 2005� Competitive dividend yield

22

Robust Returns to Shareholders

SHARE BUY-BACK PROGRAM

Remaining

2.2 billion €

2000/2004

� Authorized 5.4billion €

� Spent 3.2 billion €� Bought back 235

million shares(5.9% of share capital)

Going forwards

Resumed in January 2005

23

Final Remarks

� € 26.9 billion

� E&P production: cagr> 5%

� Gas sales abroad: cagr 9%

� Focus on unit costs and efficiency

GrowthGrowth in core business 05/08in core business 05/08

CapexCapex

EfficiencyEfficiency

� Dividendsustainability(0.90 per share)

� Cash neutrality at 20US$/bbl

� Debt to equity ceiling0.4

� Maintain currentcredit rating

2008