Domenico DispenzaCOO

Gas & Power

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.

3

2005 Gas Sales

89

2004

35

54

96

58

38

+8%

2005

Bcm

Italy

International*

20052004

54 58+8%

Self consumption drivenby EniPower

33Pro quota volume sales

GVS (50%)Galp (33.3%)UF Gas (50%)

36

21 23

7

2004 2005

8

+9%

Associates

ConsolidatedDirect sales in SpainTigazNorth Sea G&PSales in TurkeyShippers

E&P 5 5

(*) Including gas sales in South America (2 bcm) and E&P equity gas sold in Europe (5 bcm)

EUROPE

4

G&P: adjusted operating profit by activities

Marketing & Distribution

Powergen

International pipelines

Snam Rete Gas

2005

3,448

2004

3,531

396

1,827

1,164

61 144

448

1,777

1,162

Million €

2005 main drivers

Higher international and Italian gas sales

Continuing power-generation capacity build up in Italy

Ongoing expansion of the international transportation activities

225 million euro provision for pending Authority regulation nr. 248 in the domestic market

+2.4%

5

Income from AssociatesMillion €

2004 2005

Marketing &Distribution

LNGInternationaltransportation

+90.4%

48

178

65

65

121

339

208

6-

518

17441407

GVS Union Fenosa GasGALPOthers (Greece, Argentina)

65 208Marketing & Distribution

-

65

30

91

Blue StreamTransportation(TAG, Tenp, Others)

48 10LNG (Nigeria)*

65 121Transportation

10

2004 2005

(*) LNG activities tranferred into E&P Division from January 2006

Adjusted net profit contribution from international marketing and transportation activities

6

Gas Sales in Europe

Eni Sales2009 TARGET

Rest of Europe salesCAGR: +8%

2009 TARGET

Rest of Europe salesCAGR: +8%

(*) Eni estimates on WoodMackenzie data

(bcm)

~50

~50

94 >100

2012Estimate

>110

2009Target

2005

36

58

Rest of Europe(including E&P sales)

Italy

Demand growth 2003-2015* in Eni target market

2.62.41.3

ItalyUKGermany

CAGR % ∆ Volume

293316

7.04.63.1

IberiaTurkeyFrance

331519

Overall EuropeCAGR +2.6 ∆ Volume: +187

∆ VolumeCAGR %

7

3.23.3

0.62.9

0.5

0.7 3.0

International Gas SalesBcm

Sales in Europe Iberian peninsula

4.83.8

1.5

2.75.3

7.5

2005 2009

2005 2009Target

2012Estimate

>5549

4

37

8

36

5

23

8

Consolidated

Associates

Market share

E&P sales

CAGR+8%

CAGR+8%

17%

Germany

3.9

6.1

2005 2009

6%

UK

4.22.7

4.22.7

2005 2009

3%

Turkey

5.12,5

5.1

2.6

2005 20090,1

19%

1.2

3.0

2005 2009

France

5%

Leading player in Europe

8

Italian Activities

20092005

4.55.5

20092005

4.46

20092005

2330

2001-2005 2006-2009

Final market share ∼8%

in 2009

Final market share ∼8%

in 2009

20092005

58 50-55Leverage on gas demand growth

EniPower

Eni sales

Gas ConsumptionInstalled Capacity Production

2012:maintain Italiansales in line with

2009

2012:maintain Italiansales in line with

2009

(Bcm)(Gw) (TWh)

~ 130

Further ~ 60Maximize efficiency in regulated business

(Million €)

(Bcm)

9

0

2004 2005 2006 2008 2009

Diversifying and increasingSupply Sources to Italy and Europe

Accelerated increase in transportation capacity: TAG (6.5 bcm/y) and TTPC (6.5 bcm/y) by 2008/9Increase third parties access capacity into Italian market

(Bcm)

Diversify supply sources: LibyaGas sold to gas players under long term take or pay contacts

0.5

88 8

4

Greenstream Pipeline Build Up

TAG and TTPC expansion

TTPC

TMPC

TAG

Greenstream

10

(Bln euro)

2005-08 Plan SRG Internationalpipelines

Power Others 2006-09 Plan2005-08Plan

2006-09Plan

0.40.6 (0.5)

(0.4)

Capex

2006-09 vs 2005-08

2009 Capex*

2009

<0.5

* SRG deconsolidated

2006-09 Plan

4.2 4.3

Average2006-09

~1.1

PowergenMarketing & DistributionSRGInternational pipelines

16%

19%

47%

18%

11

Free Cash Flow Generation

Regulated business

International pipelinesMarketing and Power

Activity

2005 2009

58%

35%

7%

74%

11%15%

2005 2009

71%

29%

55%

45%

Free cash flow~ 1.9 bn € Areas

ItalyInternational

TARGET

Appendix

13

G&P: investments profile

2001 2002 2003 2004 2005 Aver.2006-09

1.8

1.3

1.1 ~1.1

16%

19%

47%

Billion €

18%

1.5

2009 Capex*

2009

<0.5

2

1.8

1.6

1.4

1.2

1

0.8

0.6

0.4

0.2

0

1.2

Investments: ~ 4.3 bln € in 2006-2009

Powergen Marketing & Distribution

SRG Internationaltransportation

* SRG deconsolidated

14

Eni Well Positioned to catch European Gas Demand GrowthBcm*

(*) Eni estimates on WoodMackenzie data

Iberian peninsula

CAGR+2.4%

123 134101 120

2003 2005 2009 2015

UK

ItalyCAGR+2.6%

45 5926 35

2003 2005 2009 2015

GermanyCAGR+1.3%

CAGR+4.6%

TurkeyCAGR+3.1%

France

CAGR+7.0%

695

508 531595

Powergen

Other

201520092003 2005

+2.6%European gas demand

93 10677 86

2003 2005 2009 2015

103 11094 100

2003 2005 2009 2015

56 6344 51

2003 2005 2009 201527 3621 23

2003 2005 2009 2015