2008 Third Quarter Results

Milan – October 31st, 2008

2

Market Environment

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

Brent €/$ Exchange RateAverage EuropeanRefining Margin*

$/bbl €/bbl €/bbl$/bbl

Stock Markets 3-month EuriborOil&Gas Sector

Italy Europe USA Europe USA

€/bbl$/bbl$/bbl €/bbl

405060708090

100110120

Q307Q407Q108Q208Q308 Oct.405060708090100110120

123456789

Q307 Q407 Q108 Q208 Q308 Oct.123456789

1.2

1.3

1.4

1.5

1.6

Q307 Q407 Q108 Q208 Q308 Oct.

4.0

4.5

5.0

5.5

Oct. Q308Q208Q108Q407Q30750

70

90

110

130

OctQ308Q208Q108Q407Q307 Oct. Oct.OctQ308Q208Q108Q407Q307405060708090

100110

Oct.

3

2,890

9,449

4,245

11,5149,323

4,379

11,901

4,900

1,892

5,368

Consolidated ResultsMillion €

9,699+38.5%

+37.0%

4,855

M9 2007 M9 2008

7,001

Operating profit

Net profit

8,258

+21.6%

+52.7%

18,177

+32.7%

+43.3%

13,70217,715

+29.4%

+46.1%

13,694

M9 2007 M9 2008

M9 2007 M9 2008 M9 2007 M9 2008

2,146

6,758

6,276 6,201

2,941

Reported Adjusted*

Q3H1

* Excluding special items and gains (losses) on inventory

6,792

4

E&P: Production Trendkboe/d

1000

1100

1200

1300

1400

1500

1600

1700

1800

Q3 07 Q3 08

+6.3% +3.9%

M9 07 M9 08

+8%net of PSA

1,6591,764

1,7101,777

74.9 114.8 67.1 111.0Brent $/bl

Reported PSA effect 1$/bl: ~ 1.5 kboe/d

+10%net of PSA

5

E&P: Operating ProfitMillion €

14,310

9,859

3,309

6,5509,058

+58.7%

M9 2008M9 2007

+45.1% 14,654

9,924

3,309

6,615

5,285

9,369

+59.7%

+47.7%

M9 2008M9 2007

5,252

Reported Adjusted*

Q3 07

Special items & inventory valuation

Q3 08--- Asset impairments (33)

Redundancy incentives (4)Others 4

Stronger oil pricesHigher volume soldLower exploration expenses€/$ appreciationHigher DD&A

Q3H1

67%in US$

75%in US$

Q3 08/Q3 07 highlights

* Excluding special items and gains (losses) on inventory

6

G&P: Operating ProfitMillion €

2,9842,696

590

2,106 2,284

+18.6%

2,7292,783

581 564-2.9%

2,202 2,165

-1.9%

700

M9 2008M9 2007 M9 2008M9 2007

Reported Adjusted*

Special items & inventory valuation

Q3 07 Q3 08Inventory gain 28Environmental provisions (1)Redundancy incentives (18)

Inventory gains 138Redundancy incentives (1)Other (1)

+10.7%

Q3H1

* Excluding special items and gains (losses) on inventory

7

417

215228

165 175

378

G&P: Ebitda Proforma Adjusted *Million €

Q3 2008Q3 2007

-2.0%

781797

Lower volume sold

Lower electricity sales

€/$ appreciation

Favourable trend in energy parameters

Better performance of regulated businesses and international transportation

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

Q3 08/Q3 07 highlights

Marketing Regulated businesses in Italy

International Transportation

863980

535 544

1,8992,087

M9 2008M9 2007

-1.8%

3,4233,485

8

Reported Adjusted*

R&M: Operating ProfitMillion €

1,222

702

282847

+33.0%

424

119 +55.5%365

* Excluding special items and gains (losses) on inventory

M9 2008M9 2007 M9 2008M9 2007

-13.9%

375

185

Special items & inventory valuationQ3 07 Q3 08

Inventory gains 219Environmental charges (42)Redundancy incentives (16)Others 2

Inventory gains 218Environmental charges (22)Loss on asset disposal (10)Redundancy incentives (4)Others 8

Higher refining margins in US$Higher maintenance activity €/$ appreciation Q3

H1

+74.1%

Q3 08/Q3 07 highlights

420180305

9

Other Businesses: Adjusted Operating ProfitMillion €

M9 2007 M9 2008 Δ %Q3 2007 Q3 2008

+25.9%

nm

-37.0%

+3.8%

(59)

(53)

276

(51)

30

(18)

211

(43)

219

(119)

590

(159)

(284)

(163)

743

(153)

Petrochemicals

Engineering& Construction

Other activities

Corporate

10

Sources and Uses of CashBillion €

6.9

M9 2007 M9 2008

9.9

14.3

5.1

2.1

15.7

16.4

17.9

0.7

2.6

8.7

19.00.8

13.0

Cash Flow from operations

Divestments

Others

Buy Back

Capex Dividends

Acquisition

0.6

0.80.2

0.5

11

Net Financial DebtBillion €

December 2007

September 2008

0.37

16.317.8

0.38

Net debt to equity

Strong cash generationHigh credit standing Diversified credit lines availability without MAC and financial covenants

Sept. 30, 2008 Total Debt 21.3▪ Short-term 9.3

- o/w Euro Commercial Paper 3.1▪ Long-term 12.0Liquidity & Others (3.5)Net Debt 17.8

Undrawn committed bank lines 3.7▪ Short-term 2.9▪ Long-term 0.8Undrawn uncommitted bank lines 4.3

Appendix

13

Results of OperationsMillion €

Q3 07 M9 07 M9 08 Δ %Q3 08

4,379 Operating Profit 13,702 18,177 32.76,276

238 Inventory holding gains (losses) 345 1,412334

(104) Special items (337) (950)(259)

20,190 Net sales from operations 61,878 83,583 35.128,161

4,141 Replacement Cost Operating Profit 13,357 16,765 25.55,942

4,245 Adjusted Operating Profit 13,694 17,715 29.46,201

4,822 Profit before income taxes 14,661 19,134 30.56,425

2,146 Net Profit 7,001 9,699 38.52,941

1,892 Adjusted Net Profit 6,792 8,258 21.62,890

(52) Net financial income (expense) (27) (259)(198)

495 Net share of profit from associates (expense) 986 1,216 23.3347

(2,363) Taxation (7,036) (8,818) 25.3(3,336)

49.0% Tax rate 48.0% 46.1%51.9%

313 Minority interest 624 617148

89 Special items (66) 471(136)

165 Inventory holding gains (losses) 275 970187

14

G&P: Adjusted Operating Profit by ActivitiesMillion €

974

2,783

331

1,478

2,729

1,083

378

1,268

Regulated Businesses

Marketing & Power

Q3 2008Q3 2007

581

260

106

215

-1.9%

564

267

122

175

M9 2008M9 2007

International Transportation

-2.9%

15

Unrealized Profit in Stocks (UPIS)Million €

M9 2007 M9 2008Q3 2007 Q3 2008

10759 57 (95)E&P vs R&M

(16)(8) (58) (29)E&C vs Eni Group

5456 32 (176)Total UPIS

(37)5 33 (52)E&P vs G&P

16

Eni Share of Profit from Associates

Q32007 2008

M92007 2008

159 Equity method accounted for217 454 532

Gas Transportation AbroadEnBw (GVS)Union FenosaBlue StreamOthers

11 (3)451195

10 13458

141

5415

12531

229

3534

14924

290

Dividends4 148 135 418

Disposals3 - 11 2

Others(8) 6 - 7

Net income from associates158 371 600 959

17

G&P Share of Profit from AssociatesMillion €

10

296

54

230

332

1735

278Regulated Businesses

Marketing & Power

Q3 2008Q3 2007

11

70

+12.2%

10

90

M9 2008M9 2007

International Transportation

+26.9%

78

99

(1)(3)

18

Eni Consolidated Results

* Average shares: Q3 08 3,636 million Q3 07 3,668 millionNote: Cash Flow calculated as net profit+amortization & depreciation

Q3 2008 Adjusted

Q3 2007Adjusted

+51.9%

+33.3%

0.52

Q3 2008Adjusted

Q3 2007Adjusted

0.991.32

+25.5%

1.061.33

Q3 2008 Q3 2007

0.59

Q3 2008 Q3 2007

0.81 0.79

+37.3%

EPSEuro per share*

CFPSEuro per share*

19

CapexMillion €

+16.2%

3,112

Q3 2007

G&P

R&M

E&P

Other

Q3 2008

2,679

1,725

362

231

E&C

311

2,051

383

193

480

+42.3%

9,871

6,936

4,562

821550888

6,513

1,254

543

1,457

104

115

M9 2007 M9 2008

50

5

20

Main Operating Data

M9 2007 M9 2008 Δ %Q3 08Q3 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)1,659 1,764 1,710 1,777 3.9

147.0 154.4 449.3 468.0 4.2Production sold* (mmboe)

11.5 11.0 39.9 39.5 (1.0)Natural gas sales in Italy**(bcm)

5.3 5.5 19.1 21.8 14.6Natural gas sales in Europe*** (bcm)

6.4 6.6 21.6 24.7 14.7Natural gas transported on behalf of third parties in Italy (bcm)

8.7 7.6 24.9 23.0 (7.7)Power production sold (TWh)

12 15 36.3 38.6 6.3Refined product sales (mmtonnes)

1.35 1.13 4.17 3.81 (8.6)Petrochemical sales (mmtonnes)

21

Production by Geographical AreaKboe/d

204 196

568 666

324352

104

229

217213

104246

214 202

578 648

331 327

112 122

244

254 234

221

Caspian Area

North Sea

West Africa

North Africa

Italy

1,710

M9 2007 M9 2008

1,7771,659

Q3 2007 Q3 2008

1,764

Rest of World

+3.9%+6.3%

22

Oil & Gas ProductionKboe/d

700 769

1,010 1,008

GasLiquids

+9.9%

-0.2%

M9 07 M9 08

1,7771,710

684749

975 1,015

+9.5%

+4.1%

Q3 07 Q3 08

1,7641,659

+6.3% +3.9%

23

G&P: Natural Gas Volume SoldBcm

2.0

AssociatesConsolidated

-1.0%

39.640.0

11.5 11.0

Eni sales (including self consumption)

Q3 08Q3 07 M9 08M9 07

-4.3%

8.9 9.2

Q3 08Q3 07

+3.4%

6.9

29.3 33.7

M9 08M9 07

+15.0%

6.0

23.3

6.4

27.3

Italy

Abroad

Natural Gas Sales:

7.2

Q308/Q307 -0.8% M9 08/M9 07 +5.8%

2.0

Include E&P sales in Europe and GoM