2008 Interim ReviewJuly 31st, 2008

2

Disclaimer

Data and information herewith set forth are extracted from Eni’s press release on the second quarter of 2008 filed with Italian authorities regulating exchanges and securities and disseminated concomitantly with this presentation. The press release on the second quarter of 2008 includes the certification rendered by the company CFO, in his quality as manager responsible for the preparation of financial reports, pursuant to article 154-bis paragraph 2 of legislative decree No. 58/1998 stating that the quarterly accounts correspond to the company’s evidence and accounting books and entries.

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

Delivering on Strategy

E&P

Robust H1 08/H1 07 production growth in higher oil price scenario:

▪ +8.1% before PSA effect (+2.3% excl. 2007 acquisitions)

▪ +2.8% reported

Successful exploration (450 MBoeresources added in H1 2008)

Building a valuable position in unconventional oil (Venezuela, Congo)

G&P

Strong growth in international sales: +20% H1 08/H1 07

Enhanced presence in North West European gas market (Distrigas)

Gained access to strategic storage project (Hewett)

Financial discipline

4

E&P: Production Growth

>2,000

3.6%

Full year 2008 production growth @ 112$/bl ~2%

Resilient organic growth with limited exposure to highly price sensitive PSA

Leading cash generative portfolio

3.0%

>1,950

SENSITIVITIES

90 $/bl 120$/bl

kboe/d in 2011

CAGR 2011/2007

February scenario

>2,050

4.5%

No sensitivity

High sensitivity

Sensitivity to price

Type ofcontract

Return linked PSA

52% Concession Agreements

2%Other 18%

Volume Based10%

IRR factor12%Gas

46%PSA

2007 Reserves breakdown

PSAMechanism

18%R factor 16%

Oil

New long term price deck: 65 $/bl

real 2012

5

New Acreage and Successful Exploration

18 blocks in Chukchi

ALASKA

KitanAUSTRALIA

Burren share in Block 6 & 17YEMEN

Burren Share in Nebit Dag PSA

TURKMENISTAN

D4-NC41

LIBYA

Ika SW

CROATIA

Saquib 1ALatif 2

PAKISTAN

1 Block

INDONESIA

KinnoullJasmine Appr.

UK

AphroditeMarulk Appr.Gamma5 blocks

NORWAY

Hapy 9Aghar NJasminBurren Share inKanayis E and Hurgada NM

EGYPT

Cassiopea 1

ITALY

StonesKodiakAransas DeepK2 Appr.32 new Blocks

GoM

U1-NC41

SangosN’Goma

ANGOLA

Burren share in La NoumbiTar Sands in Tchikatanga

CONGO

New acreageMain discoveries

H1 2008 added resources: ~450 mmboe

Significant discoveries in GoM from ex-Dominion leases

Short “time to market” for several discoveries

Galp share in Tupi

BRASIL

6

Eni’s Entrance in Unconventional Oil

Access to large resources at competitive development costs

Eni’s strategy

Leverage solid relationship with producing countries

Exploit first mover advantage in Africa

Develop EST proprietary technology

Capture operational synergies with existing Eni assets

All data refer to 100% interest in

the fields

Tar Sands - Congo

Recoverable unrisked reserves equal to 2.5 bln bl

Mining development envisaged

Early production in 2011

Long-term production plateau: 200 kbl/d

Resource potential estimated at over 2.5 bln bl

Early production: 30 kbl/d in 2011

Long-term production plateau:300 kbl/d

Heavy Oil - Venezuela

Profitable below our long term

price deck

7

Progress on Kashagan

Project development continues uninterrupted

2008 budget and outstanding contracts approved

Disincentives for start up beyond October 2013

Experimental programme to be approved byOctober 15, 2008

Variable value transfer mechanism extended to higher oil prices (no changes below 85 US$/bl)

First oil targeted by end 2012

8

116 bcm gas sales in 2007: 21% market share in Europe

Eni with Distrigas: Enhanced Leadership in the European Gas Market

Integrated management of gas contracts and infrastructure portfolioSingle platform operating in the short term marketsDistrigas to become Eni’s gas marketing arm in Benelux

Transaction statusShareholders’ agreement signed July 30th

EU Antitrust approval expected by SeptemberMandatory tender offer to be launched by YE2008 on approximately 11.5% of shares

Eni-Distrigas integration plan agreed with Publigas

9

Hewett Gas Storage Project

Leveraging Eni’s integrated approach

RationaleStrategically located to serve UK and North West European marketsCapture seasonal gas price differentials and arbitrage opportunities from growing price volatilityComplementary to Eni’s production, sales and trading activities in EuropeLeverage Eni’s unique expertise and engineering capabilities

Project milestonesClosing expected by year endSanction of the project by H1 2009Storage operation start up in 2013 subject to licensing and approvals

Up to 9 bcm working gas(~10% UK gas demand)

10

Refining & Marketing

EST project in Sannazzaro sanctioned

▪ ~ 1 bln euro investments with double digit IRR

▪ Start up in 2012 - 23 kbl/d capacity

Strengthening marketing network:

▪ Italian retail market share up by 1pp to ~30%

Delivering on strategy

11

H1 2008 Financial highlights

Solid Financial Results

Attractive Shareholder Return

Adjusted operating profit: € 11.5 billion (+22%)Adjusted net profit: € 5.4 billion (+ 9.6%)Cash flow from operations: € 9.9 billion

Interim dividend proposal of € 0.65 per share

Financial Results

Marco MangiagalliCFO

13

Market Environment

* FOB Mediterranean market, lead free gasoline. Eni calculations on Platt’s Oilgram data

Δ% Q2 08/Q2 07

€/$ +15.9%

Δ% Q2 08/Q2 07

+76.5%

+52.3%

$/boe

€/boe

Δ%Q2 08/Q2 07

+16.5%

+0.6%

$/boe

€/boe

Brent €/$ Exchange RateAverage EuropeanRefining Margin*

11,5

22,5

33,5

44,5

55,5

66,5

77,5

8

Q207 Q307 Q407 Q108 Q20811,522,533,544,555,566,577,58

1,3

1,4

1,5

1,6

Q207 Q307 Q407 Q108 Q208

40

50

60

70

80

90

100

110

120

Q207 Q307 Q407 Q108 Q20840

50

60

70

80

90

100

110

120

$/bbl €/bbl €/bbl$/bbl

14

5,253

4,196

5,9095,105

4,218

6,178

2,680

2,220

3,050

Consolidated ResultsMillion €

6,758+39.2%

+51.6%

2,588

H1 2007 H1 2008

4,855

Operating profit

Net profit

5,368

+9.6%

+4.4%

4,900

11,901

+27.7%

+35.7%

9,32311,514

+21.9%

+33.6%

9,449

H1 2007 H1 2008

H1 2007 H1 2008

H1 2007 H1 2008

2,267

3,321

5,723 5,605

3,437 2,318

Reported Adjusted* Q2Q1

* Excluding special items and gains (losses) on inventory

15

1000

1100

1200

1300

1400

1500

1600

1700

1800

kboe/d

Q2 07 Q2 08

+2.1% +2.8%

H1 07 H1 08

E&P: Production Trend

+8.1%net of PSA

1,736 1,772 1,7351,784

68.8 121.4 63.3 109.1Brent $/bl

Reported PSA effect 1$/bl: ~ 2 kboe/d

+8.1%net of PSA

16

E&P: Operating ProfitMillion €

9,058

6,550

3,418

3,1324,339

+38.1%

H1 2008H1 2007

+38.3% 9,369

6,615

3,483

3,132

4,993

4,376

+43.4%

+41.6%

H1 2008H1 2007

4,719

Reported Adjusted*

Q2 07

Special items & inventory valuation

Q2 08Asset impairments (76)Other 11

Asset impairments (274)

Stronger oil pricesHigher volume sold€/$ appreciationHigher opex and DD&AHigher exploration expenses

Q2Q1

+63%in US$

+66%in US$

Q2 08/Q2 07 highlights

* Excluding special items and gains (losses) on inventory

17

G&P: Operating ProfitMillion €

2,2842,106

465

1,6411,652

+35.9%

2,1652,202

519 587+13.1%

1,683 1,578

-1.7%

632

H1 2008H1 2007 H1 2008H1 2007

Reported Adjusted*

Special items & inventory valuation

Q2 07 Q2 08Inventory losses (68)Environmental provisions (1)Redundancy incentives (3)Other 18

Inventory gains 61Environmental provisions (14)Redundancy incentives (4)Other 2

+8.5%

Q2Q1

* Excluding special items and gains (losses) on inventory

18

356

218 275

184193

331Marketing

International Transportation

Regulated businesses in Italy

Q2 2008Q2 2007

G&P: Ebitda Proforma AdjustedMillion €

+5.4%

799758

Lower result from power generation activities

Higher volume sold internationally

Better performance of regulated business

* Ebitda pro forma includes: pro-quota ebitda contribution from SRG and associates

Q2 08/Q2 07 highlights

19

Reported Adjusted*

R&M: Operating ProfitMillion €

847

420

430

232

+43.0% 305

185

120-18.9%

180

H1 2008H1 2007 H1 2008H1 2007

* Excluding special items and gains (losses) on inventory

-41.0%615

150(10) 30

Special items & inventory valuation

Q2 07 Q2 08

Inventory gains 299Environmental charges (15)Redundancy incentives (2)Others (37)

Inventory gains 609Asset impairments (149)Redundancy incentives (4)Others 9

Higher maintenance activity €/$ appreciationHigher refining margins in US$Weaker marketing margins

2Q1Q

101.7%Q2 08/Q2 07 highlights

20

Other Businesses: Adjusted Operating ProfitMillion €

H1 2007 H1 2008 Δ %Q2 2007 Q2 2008

+23.2

n.m.

-8.9

+12.1

(157)

(37)

253

(56)

67

(66)

203

(66)

189

(101)

379

(116)

(225)

(110)

467

(102)

Petrochemicals

Oilfield services & engineering

Other activities

Corporate

21

4.3

H1 2007 H1 2008

9.9

10.12.8

1.9

6.8

11.6 11.9

Sources and Uses of CashBillion €

0.2

December 2007

June 2008

0.38

16.3 16.6

0.38

Net debt to equity

0.5

Sources and uses of cash Net Financial Debt

2.6

4.9

12.4

0.7

9.7Cash Flow from operations

Divestments

Others

Buy Back

Capex Dividends

Acquisition

0.2

0.4

1.2

22

2008 Cash Returned to Shareholders

Highly competitive yield in the Oil & Gas sector

5.4 € billion

=

Yield*** 6.6%

2008 Interim dividend proposal

2007 Final dividend

Share buyback

2008 YTD overall cash distribution**

YTD

September 22nd *0.65 € /share

May 19th *0.70 € /share

0.4 € billion

2.4 € billion

2.6 € billion

* Ex dividend date** Up to the end of July considering interim dividend proposal and share buy back

*** Overall cash distribution on average market capitalization in July 2008

2008 Cash out

Appendix

24

Results of OperationsMillion €

Q2 07 H1 07 H1 08 Δ %Q2 08

4,218 Operating Profit 9,323 11,901 27.75,723

262 Inventory holding gains (losses) 107 1,078756

(240) Special items (233) (691)(638)

19,775 Net sales from operations 41,688 55,422 32.927,109

3,956 Replacement Cost Operating Profit 9,216 10,823 17.44,967

4,196 Adjusted Operating Profit 9,449 11,514 21.95,605

4,665 Profit before income taxes 9,839 12,709 29.26,102

2,267 Net Profit 4,855 6,758 39.23,437

2,220 Adjusted Net Profit 4,900 5,368 9.62,318

158 Net financial income (expense) 25 (61)39

289 Net share of profit from associates (expense) 491 869 77.0340

(2,242) Taxation (4,673) (5,482) (17.3)(2,470)

48.1% Tax rate 47.5% 43.1%40.5%

(156) Minority interest (311) (469)(195)

(160) Special items (155) 607577

207 Inventory holding gains (losses) 110 783542

25

G&P: Adjusted Operating Profit by ActivitiesMillion €

714

2,202

225

1,263

2,165

816

256

1,093

Regulated Business

Marketing & Power

Q2 2008Q2 2007

519

255

97

167

-1.7%

587

317

133

137

H1 2008H1 2007

International Transportation

+13.1%

26

Unrealized Profit in Stocks (UPIS)Million €

H1 2007 H1 2008Q2 2007 Q2 2008

(68)(66) (2) (160)E&P vs R&M

2(52) (50) (8)E&C vs Eni Group

(128)(129) (24) (198)Total UPIS

(62)(11) 28 (30)E&P vs G&P

27

Eni Share of Profit from Associates

Q22007 2008

H12007 2008

121 Equity method accounted for105 301 313

Gas Transportation AbroadEnBw (GVS)Union FenosaBlue StreamOthers

29 10387

37

14 12465

28

43188020

140

2521

10416

147

Dividends112 156 131 272

Disposals5 2 8 2

Others2 1 2 1

Net income from associates240 264 442 588

28

G&P Share of Profit from AssociatesMillion €

-3.9%

14

99

84

31

103

70

Q2 2008Q2 2007

21

Marketing & Distribution (Italy-abroad)

Power

International Transportation

29

Eni Consolidated Results

Q2 2008 Adjusted

Q2 2007Adjusted

+6.7%

+11.4%

Q2 2008Adjusted

Q2 2007Adjusted

1.05 1.17

0.60

+50.5%

1.07

1.61

Q2 2008 Q2 2007

0.62

Q2 2008 Q2 2007

0.940.64

+51.6%

* Average shares: Q2 08 3,645 million Q2 07 3,673 millionNote: Cash Flow calculated as net profit+amortization & depreciation

EPSEuro per share

CFPSEuro per share

30

CapexMillion €

+62.3%

3,641

Q2 2007

G&P

R&M

E&P

Other

Q2 2008

2,244

1,471

305185

E&OS

262

2,340

460

201

556

84

+58.8%

6,759

4,257

2,837

510319526

4,462

871

350

977

99

65

H1 2007 H1 2008

21

31

Main Operating Data

H1 2007 H1 2008 Δ %Q2 08Q2 07

* Including Eni’s share of production of joint venture accounted for with the equity method** Including self-consumption

*** Consolidated sales

Hydrocarbon prod. (kboe/d)1,736 1,772 1,735 1,784 2.8

152.2 156.9 302.3 313.9 3.8Production sold* (mmboe)

11.7 11.6 28.5 28.6 0.4Natural gas sales in Italy**(bcm)

5.9 7.0 13.8 16.3 18.6Natural gas sales in Europe*** (bcm)

7.2 8.1 15.2 18.1 19.2Natural gas transported on behalf of third parties in Italy (bcm)

8.9 7.2 16.2 15.4 (5.4)Power production sold (TWh)

12 12 24.4 23.6 (3.3)Refined product sales (mmtonnes)

1.40 1.30 2.81 2.68 (4.6)Petrochemical sales (mmtonnes)

32

215 204

599 652

333 305

325

249264

362

219 205

583 639

335 315

323 382

275 243 Rest of World

North Sea

West Africa

North Africa

Italy

Production by Geographical AreaThousansd boe/d

1,735

+2.8%

H1 2007 H1 2008

1,7841,736

+2.1%

Q2 2007 Q2 2008

1,772

33

219 205

1,5791,516

707 779

1,028 1,005

-6.4%

+4.2%

GasLiquids

Oil & Gas ProductionKboe/d

+2.8%

+10.2%

-2.2%

Italy

Abroad

H1 07 H1 08 H1 07 H1 08

1,7841,735 1,7841,735

34

1.91.8

G&P: Natural Gas Volume SoldBcm

AssociatesConsolidated

+0.4%

28.628.5

11.7 11.6

Eni sales (including self consumption)

Q2 08Q2 07 H1 08H1 07

-0.5%

7.9 9.1

Q2 08Q2 07

+15.2%

6.1

18.1 21.2

H1 08H1 07

+17.1%

4.0

14.1

4.5

16.7

Italy

Abroad

Natural Gas Sales: Q208/Q207 +7.7% H1 08/H1 07 +8.6%

7.2