FIELD TRIP TO 19th September 2019

ADNOC Refining, Abu Dhabi AGENDA FIELD TRIP

. A strategic transformation

. The integrated expansion in

. Focus on the Arabian Peninsula

. Eni’s commitment towards energy transition

. Future targets and ambitions

2 MANAGING THE DOWNTURN FIELD TRIP

2014 2018

UPSTREAM +16% PRODUCTION 1.851 MLN BOE/D EXPLORATION +37% NET ACREAGE > 460,000 KM2 *

LNG +63% LNG MTPA CONTRACTED VOLUMES 8.8

DOWNSTREAM -50% REFINING BREAK-EVEN ~ $ 3**/BBL

RENEWABLES & FIRST RENEWABLES PROJECTS STARTED-UP DECARBONIZATION -20% UPSTREAM GHG EMISSION INTENSITY INDEX 21.4 tCO2eq/KBOE -35% CAPEX € 7.9 BLN FINANCIAL +123% Organic Free Cash Flow € 6.5 BLN -40% Net Debt € 8.3 BLN

*Includes 60,000 km2 expected in the first period of 2019 ** At 2018 scenario budget 3 AN EFFECTIVE STRATEGIC PATHWAY FIELD TRIP

EFFICIENCY INTEGRATION A DISTINCTIVE OPERATING MODEL A COMPLETE ENERGY OFFER TECHNOLOGY DEPLOYMENT DRIVING SUPERIOR RESULTS

ACHIEVING GEOGRAPHICAL AND BUSINESS DIVERSIFICATION

UPSTREAM LNG DOWNSTREAM CIRCULAR RENEWABLES UPSTREAM LNG DOWNSTREAM ECONOMYCIRCULAR RENEWABLES ORGANIC GROWTH EXPANSION ECONOMY

4 ENI’S OPERATING MODEL FIELD TRIP

AN EFFICIENT EXPLORATION MODEL

UNITARY EXPLORATION COSTS 2014-18 | $/boe CUMULATIVE DISCOVERED RESOURCES 2014-18 | bln boe

6 Eni 5 Eni 5 4 Avg Peers* Avg Peers* 4 3 3 2 2 1 1 0 0 Eni Avg Peers 2014 2015 2016 2017 2018 * Source: Eni’s calculation on IHS data * Source: IHS DUAL EXPLORATION MODEL FAST TRACK DEVELOPMENT CASH IN FROM DUAL EXPLORATION TIME TO MARKET | years

Industry* 3.9 4.5 8.4

$ 10.6 bln Eni 2.0 2.2 4.2 since 2013 From discovery to FID From FID to Start-Up

5 * Source: Wood Mackenzie ENI’S TECHNOLOGICAL EDGE FIELD TRIP

MAIN TECHNOLOGICAL DEPLOYMENTS

EXPLORATION DECARBONIZATION & CIRCULAR ECONOMY

DEVELOPMENT

DOWNSTREAM PRODUCTION

7,300 PATENTS AND >350 PROJECTS

DIGITALIZATION and NEW GENERATION EXASCALE HPC 6 AGENDA FIELD TRIP

. A strategic transformation

. The integrated expansion in Middle East

. Focus on the Arabian Peninsula

. Eni’s commitment towards energy transition

. Future targets and ambitions

7 ENI’S PORTFOLIO IN MIDDLE EAST FIELD TRIP

IRAQ

LEBANON TSC Zubair Field (2010) 2 Offshore Blocks (2018) RAS AL KHAIMAH COUNTRIES* 1 Offshore Block 5 (2019) 2019-22 UPS INVESTMENTS ~ $ 4.7 bln SHARJAH

3 Onshore ~ 600 ENI PEOPLE INVOLVED Areas (2019)

BAHRAIN ABU DHABI

1 Offshore • 2 Offshore Concessions LZ & US/NS (2018) Block (2019) • Ghasha Concession Offshore (2018) • 2 Offshore Exploration Blocks (2019) • 20% of ADNOC Refining (2019)

EXPLORATION OMAN PRODUCTION 1 Offshore Block (2017) & 2 Onshore Blocks (2019) EXPLO, DEV, PROD, REFINING

8 * Iraq, Oman, UAE, Bahrain, Lebanon ENI’S NEW INTEGRATED REGIONAL HUB MODEL FIELD TRIP

MIDDLE EAST REGION

EXP UPS DOT GLP R&M VERSALIS DES

9 AGENDA FIELD TRIP

. A strategic transformation

. The integrated expansion in Middle East

. Focus on the Arabian Peninsula

. Eni’s commitment towards energy transition

. Future targets and ambitions

10 EXPANSION IN THE ARABIAN PENINSULA FIELD TRIP

NEW EXPLORATION OPPORTUNITIES 10 blocks 7 FIDs DEVELOPMENT including GHASHA THE LARGEST GAS PROJECT IN UAE

BAHRAIN RAK PRODUCING FIELDS LOWER ZAKUM, UMM SHAIF/NASR ~ 50 KBOED (2019) EQUITY ABU DHABI SHARJAH 20% EQUITY INTEREST IN REFINING OMAN ADNOC REFINING 2 JOINT VENTURES TRADING CRUDE FEEDSTOCK AND REFINING PRODUCTS 4YP INVESTMENTS OILFIELD CHEMICALS IN UPSTREAM $ 2.5 bln

* AGREEMENTS SIGNED IN MONTHS LONG TERM PRODUCTION ~ 400 kboed 16 16 EQUITY NEW TECHNOLOGIES > 20 TECHNICAL WORKSHOPS WITH ADNOC TO EXPLAIN ENI’S TECHNOLOGICAL EDGE 11 (*) Upstream (13), Downstream (1), Versalis (1), Trading (1) EXPLORATION PORTFOLIO IN THE ARABIAN PENINSULA FIELD TRIP

BAHRAIN SHARJAH OFFSHORE BLOCK 1 ONSHORE AREAS A-B-C

ABU DHABI OMAN OFFSHORE BLOCK 52 OFFSHORE BLOCKS 1-2 ONSHORE BLOCKS 47-77 RAS AL KHAIMAH OFFSHORE BLOCK A

Eni’s Acreage 117 thousand km2 12 EXPLORATION ACTIVITY IN THE ARABIAN PENINSULA FIELD TRIP

AGREEMENTS SIGNED FUTURE DRILLING PLAN Nov 2017 Jan 2019 April 2019 July 2019

Oman RAK Oman 2019 2020 Block 52 Block A Block 77 Sharjah Area B Bahrain Block 1 (1 well) (1 well - drilling ongoing) Bahrain Sharjah Abu Dhabi Oman . Oil Block 1 Areas A, B, C Blocks 1&2 Block 47 . Significant unexplored potential IN 2.5 YEARS Oman Block 52 (1 well) . Gas & Condensate . Short Time-to-Market . Oil & Gas 6 Bid Rounds participation with tie-in to existing . New exploration play facilities for early production > 30 Blocks evaluated Abu Dhabi Block 2 (1 well)

. High Impact Gas & Direct Negotiations Condensate 10 . Exploration in areas served by existing facilities

SPENDING* 2019-2022 $ 310 Mln 13 *Eni’s share ABU DHABI – UPSTREAM DEVELOPMENT PROJECTS FIELD TRIP

IN PRODUCTION

NASR UNDER DEVELOPMENT

UMM SHAIF BU HASSER SATAH

ZAKUM

SARB

GHASHA HAIR HAIL

ABU DHABI

RUWAIS ABU DHABI ~ 200 kboed nd FROM 2 HALF OF NEXT DECADE EQUITY

2019 2020 2021 2022 2023 ≥ 2024

FID FID FID START UP START UP START UP • Dalma Gas • Hail & Ghasha • Deep Gas • Dalma Gas • Nasr 100 kbopd • Hail & Ghasha • Umm Shaif Gas Cap ph-1 • Lower Zakum Long Term • Lower Zakum Long Term • Umm Shaif Gas Cap ph-1 • Umm Shaif Long Term START UP • Umm Shaif Long Term ph-1 ph-1 - Early Production Prod. ph-1 • Nasr Full Field Prod. ph-1 • Nasr 100 kbopd • Lower Zakum Long Development Term ph-1 - Full Field • Deep Gas

14 FOCUS ABU DHABI: MAIN UPSTREAM KPIs FIELD TRIP

CAPEX AVG IRR AVG BREAKEVEN PRICE

$ 2.4 bln ~ 21% ~ $ 20-25 /bbl in the 4YP

15 CONCESSIONS ALREADY IN PRODUCTION FIELD TRIP

UMM SHAIF & NASR (10% W.I.) LOWER ZAKUM (5% W.I.)

EQUITY PRODUCTION (2019) 2P RESERVES LONG-TERM PLATEAU (> 2030)

~ 50 KBOED ~ 580 MBOE 1 MBOED (100%)

16 GHASHA PROJECTS FIELD TRIP

DALMA GAS HAIL & GHASHA 25% ENI SHARE; OPERATOR: ADNOC 25% ENI SHARE; OPERATOR: ADNOC

Sept. 2019 2022 2020 2024

FID START UP FID START UP

Peak Production (100%) ~ 50 kboed Peak Production (100%) ~ 300 kboed

17 DOWNSTREAM EXPANSION IN THE ARABIAN PENINSULA FIELD TRIP

ADNOC REFINING CAPACITY | Kbpd

>1,100 922 . CAPACITY CONVERSION . CRUDE FLEXIBILITY . EFFICIENCY

Today 2024

ENI REFINING CAPACITY +40% BY 2024 vs 2018 ENI’S REFINING BREAKEVEN FROM 2024 $1.5/bbl

18 A TRADING JV TO MAXIMIZE THE VALUE OF ADNOC REFINING (ADNOC GLOBAL TRADING) FIELD TRIP

NORTH EUROPE TRADED VOLUMES JV 35 MTA @full capacity

NUMBER OF CARGOES/YEAR ~ 900 @full capacity EAST AFRICA FAR EAST START-UP 2020

A UNIQUE AND HIGHLY INNOVATIVE CASE OF A GLOBAL TRADING COMPANY BETWEEN A NOC AND TWO INTERNATIONAL PARTNERS

19 AGENDA FIELD TRIP

. A strategic transformation

. The integrated expansion in Middle East

. Focus on the Arabian Peninsula

. Eni’s commitment towards energy transition

. Future targets and ambitions

20 CONFIRMING ENI’S STRONG COMMITMENT TOWARDS THE ENERGY TRANSITION FIELD TRIP

In our core business In new green business areas

UPSTREAM LNG DOWNSTREAM RENEWABLES CIRCULAR FORESTRY ECONOMY FORESTRY

Increased efficiency New products from organic and inorganic waste Growing share of gas Growth in zero carbon sources

CCUS (Carbon Capture, Utilization and Storage) Natural climate solutions NEW TECHNOLOGIES

21 ABU DHABI – CO2 MANAGEMENT STRATEGY (1/2) FIELD TRIP

I CCS + CO2 injection for EOR

@Plateau 2030

~ - 360 ktoneqCO2/y I GHASHA II 600 ktoneqCO2/y Low/Zero-Carbon Field Electrification

2 CCS + ~ - 200 ktoneqCO2/y II CO injection CO 2 for EOR LOWER ZAKUM UMM SHAIF / Low/Zero-Carbon III III FORESTRY CONSERVATION NASR Field Electrification 270 ktoneqCO2/y ~ - 310 ktoneqCO2/y

GHASHA Forestry Conservation LOWER ZAKUM UMM SHAIF NASR

UPSTREAM NET ZERO EMISSIONS* BY 2030 (SCOPE 1) 22 * On equity basis ABU DHABI – CO2 MANAGEMENT STRATEGY (2/2) FIELD TRIP

Carbon Capture and Storage Plants – Stored CO2 to enhance oil recovery in BAB field

Low/Zero-Carbon Field Electrification Dubai • Ph-1 Zakum Zakum Satah • Ph-2 Umm Shaif & Nasr & Zirku Electrical line (Electrification project) Island UZ Electrical line (existing) Jarnain Dalma Photovoltaic ADCO Independent Power Plant Al Reyhada CCS Plant Al-Dhabbiya

NEB

Jumaylah Shanayel +CCS Rumaitha 6 CO2 injectors Gas Plant Barakah BAB CCS and CO2 injection for EOR Nuclear Power Plant 2 WAG CO2 injectors

23 AGENDA FIELD TRIP

. A strategic transformation

. The integrated expansion in Middle East

. Focus on the Arabian Peninsula

. Eni’s commitment towards energy transition

. Future targets and ambitions

24 FUTURE TARGETS AND AMBITIONS FIELD TRIP @2022 @2025 @2030 AMBITIONS UPSTREAM . PRODUCTION CAGR 2018-22 3.5% CAGR 3.5% 60% GAS . PROJECT BREAKEVEN < $ 30 /BBL

LNG & GAS RETAIL . LNG CONTRACTED VOLUMES 14 MTPA 16 MTPA > 20 MTPA . RETAIL 12 MLN CUSTOMERS

DOWNSTREAM . REFINING BREAKEVEN $1.5 /BBL (from 2024) . CHEMICALS LEADER IN RENEWABLE CHEMISTRY

DECARBONISATION . RENEWABLES > 1.6 GW 5 GW > 10 GW . GHG UPSTREAM EMISSIONS INTENSITY -43% vs 2014 . UPSTREAM EMISSIONS UPS CARBON NEUTRAL

FINANCIALS . CAPEX 2019-22 ~€ 33 BLN

. FREE CASH FLOW CAGR 2019 – 22 17%* . CASH NEUTRALITY $ 50 /BBL 25 *@2019 scenario