Mission

• Adjusted operating profit: €4.61 billion in the quarter (up 12%); €13.71 billion in the nine
  months (up 9%);
• Adjusted net profit: €1.79 billion in the quarter (up 7%); €5.43 billion in the nine months
  (up 5%);
• Net profit: €1.77 billion in the quarter (up 3%); €5.57 billion in the nine months (down 3%);
• Cash flow: €2.61 billion in the quarter; €11.2 billion in the nine months.

• Hydrocarbon production still affected by the Libyan disruptions: down by 13.6% in
  the third quarter of 2011 to 1.47 mmboe/d (down by 12.4% in the nine months). When
  excluding price effects and the impact of lower Libyan output, production for the quarter
  was unchanged (down 0.8% in the nine months);
• Gas sales: down by 3.4% for the third quarter of 2011 to 17.96 billion cubic meters (up by
  4.4% in the nine months);
• GreenStream pipeline restarted and resumed production in Libya;
• Signed commercial arrangements with Gazprom to secure a final investment decision for
  the development of the giant Samburgskoye gas field;
• Signed a preliminary agreement with GDF to acquire an interest of 10.4% in the Elgin/Franklin
  field off the UK section of the North Sea where Eni already participates;
• Started new oil and gas fields in Egypt and Australia in the quarter, which add to 8
  start-ups since the beginning of the year;
• Made the giant Mamba gas discovery offshore Mozambique containing a potential of up
  to 22.5 TCF of gas in place.

Indonesia

In the first Indonesian International Bid Round 2011, Eni, as operator of a consortium including other international oil companies has been awarded the North Ganal Block, located offshore East Kalimantan. Eni will be the operator
of the PSC (Production Sharing Contract), which will be signed by the end of the year. The North Ganal Block covers an area of 2,432 square km in the Kutei Basin, a prolific hydrocarbon area. The North Ganal deal involves the drilling of 1 well and the carrying out of 200 km of 2D seismic survey during the first 3 years of exploration.

North Sea

In September 2011 Eni signed a preliminary agreement with GDF SUEZ to acquire a 10.4% interest in the
Elgin-Franklin field, located in the UK North Sea basin, adding to the current interest of 21.8%. The transaction
is worth €590 million. This acquisition will complement Eni’s portfolio in this area, leveraging existing asset
knowledge. The agreement is subject to certain conditions including another oil company waiving to its preemption
right on the interest sold by GDF SUEZ.

Brazil

On July 30, 2011, with the approval of the relevant Brazilian Authorities, Eni finalized the divestment of its 100%
interest in Gas Brasiliano Distribuidora, a company that markets and distributes natural gas in Brazil, to Petrobras
Gàs, a fully owned subsidiary of Petróleo Brasileiro (“Petrobras”). Total cash consideration amounted to $271 million.

Belgium

In July 2011, Eni signed an agreement with NV Nuon Energy for acquiring the subsidiary Nuon Belgium NV. The
company supplies gas and electricity to the industrial and residential segments in Belgium. The agreement is subject to the approval of the relevant Authorities. The expected cash consideration amounts to approximately €210 million.

Agreements with Gazprom
As part of their strategic partnership, in September 2011, Eni and Gazprom signed arrangements to move
forward certain projects of joint interest:

- South Stream Project
They agreed on terms and conditions for enlarging the partnership of the South Stream project to include gas
operators Wintershall and EDF, each with a 15% interest in the initiative.

- Elephant oilfield in Libya
Gazprom reaffirmed its interest in acquiring half of Eni’s stake (33.3%) in the consortium developing the
Elephant oilfield in Libya, located in the South-Western desert, around 800 km from Tripoli with a production
plateau of over 100 kboe/d.

- Gas Projects in Siberia
They signed a contract whereby Gazprom commits to purchase volumes of gas produced by the joint-venture
Severenergia (Eni 29.4%) through the development of the Samburgskoye field. The agreement secured a final
investment decision for the field development. Start-up is expected in 2012.

Algeria

In April 2011, Eni signed a cooperation agreement with Sonatrach to explore for and develop unconventional hydrocarbons, particularly shale gas plays.

Australia

In May 2011, Eni signed an agreement with MEO Australia Limited to farm-in the Heron and Blackwood gas discoveries in permit NT/P-68, located in the Timor Sea. Eni will acquire a 50% stake and operatorship in the first gas discovery by financing exploration activities relating to the drilling of two appraisal wells. Eni was granted an option to earn a 50% stake in Blackwood discovery by drilling one appraisal well in the area and performing seismic surveys. The agreement also provides an option to acquire an additional 25% in both the discoveries by financing the development plan required to reach a Final Investment Decision (FID).

Indonesia

In May 2011, Eni was awarded rights to explore and the operatorship of the Arguni I block with a 100% interest, located in the Bintuni basin, with high mineral potential. The agreement foresees drilling 2 wells to be carried out in the first 3 years of exploration license.

South Africa

In June 2011, Eni signed a Memorandum of Understanding with South Africa’s State-owned oil company PetroSA to promote common opportunities to jointly expand operations in conventional and unconventional hydrocarbons in South Africa and in Africa. The parties will also study joint initiatives to evaluate long-term LNG supplies for power generation and gas-to-liquids (GTL) as well as refined products to be provided by Eni. In addition, Eni will support the construction of new power plants aimed at guaranteeing economic development of the country. In addition, Eni and PetroSA will also evaluate leasing options to use storage facilities in Saldanha, located strategically between the Asian, American and European markets.

Bio-based chemical

In June 2011, through its subsidiary Polimeri Europa, Eni signed a cooperation agreement with Novamont SpA to convert Eni’s Porto Torres chemical plant into an innovative bio-based chemical complex to produce bioplastics and other bio-based petrochemical products (bio-lubricants and bio-additives) for which significant growth is expected in the medium-long term. The project will be supported by an integrated supply chain and raw materials of vegetable origin. Novamont will contribute its technologies and skills in the bio-plasticsand bio-based chemical sector. Eni will contribute to the joint entity the Porto Torres plant, infrastructure and professional staff as well as its industry and technical-engineering and commercial know-how in the petrochemical sector. In addition, Eni foresees to build a biomass power plant and to carry out a number of projects for environmental restoration and clean-up activities. Eni plans to make capital expenditure totalling approximately €1.2 billion in the 2011-2016 period to execute the above mentioned projects directly or through the joint entity.

Egypt

In July 2011, Eni and the Egyptian Authorities reaffirmed their upstream commitment in the country, particularly in the Western Desert, the Mediterranean Sea and the Sinai basins. The program of activity foresees a development plan including the drilling of additional wells and the fast track of recent discoveries as well as an exploration plan including the drilling of 12 wells. In addition, Eni will provide for a number of sustainable initiatives designed to support the country’s population.

Belgium

In July 2011, Eni signed an agreement with NV Noun Energy for the acquisition of the subsidiary Noun Belgium NV. The company supplies gas and electricity to the industrial and residential segments in Belgium. The agreement is subject to the approval of the relevant Authorities.

Ukraine

In April 2011, Eni reached an agreement with Cadogan Petroleum plc for the acquisition of an interest in two exploration and development licences located in the Dniepr-Donetz basin, in Ukraine. This agreement is part of the development of cooperation initiatives in hydrocarbon exploration and production in the Country also reaffirmed in a Memorandum of Understanding with the Ukrainian Ministry of Ecology and Natural Resources.

Alaska

In February 2011, production start-up was achieved at the Nikaitchuq operated field (Eni 100%), located in the North Slope basins offshore Alaska, with resources of 220 million barrels. Production is expected to peak at 28 kbbl/d.

China

In January 2011, Eni signed a Memorandum of Understanding with CNPC/PetroChina to promote common opportunities to jointly expand operations in conventional and unconventional hydrocarbons in China and outside China. The parties will also cooperate in the field of advanced technology, with a special focus on the exploitation of unconventional oil and gas resources.

Angola

In January 2011, Eni was awarded rights to explore and the operatorship of offshore Block 35 in Angola, with a 30% interest. The agreement foresees drilling 2 wells and 3D seismic surveys to be carried out in the first 5 years of exploration. This deal is subject to the approval of the relevant authorities.

In the third quarter of 2011, significant exploratory successes were achieved in:

• Angola, with the Lira discovery (Eni operator with a 35% interest) containing oil&gas resources, located in offshore Block 15/06;
• Indonesia, with the Jangkrik North East discovery in the offshore block Muara Bakau (Eni operator with a 55% interest);
• Mozambique, where a giant gas discovery was made with the Mamba South 1 offshore well (Eni operator with a 70% interest), located in Area 4 in the Rovuma Basin. The Mamba South 1 discovery well was drilled in two sequential stages. According to field test results, the mineral potential of the area is huge up to 22.5 TCF of gas in place, confirming the Rovuma Basin as a world-class natural gas province. The first exploration well makes it the largest operated discovery in the Company’s exploration history.

Exploration activities yielded positive results in:

• Norway, with the Skrugard oil and gas discovery to be readily put in production in the PL 532 (Eni’s interest 30%), with initial recoverable reserves of approximately 250 mmbbl;
• USA, in the Gulf of Mexico, with the Hadrian North appraisal well containing oil and natural gas resources in Block KC919 (Eni’s interest 25%);
• Ghana, with the appraisal well Sankofa-2 and Gye Nyame discovery containing oil and gas resources in the offshore license Cape Three Points (Eni 47.22%, operator);
• Venezuela, with the Perla 4 and 5 appraisal wells in Block Cardon IV (Eni’s interest 50%) that have been successfully drilled. The results exceeded the initial resource estimation to more than approximately 16,000 bcf. The development plan provides for a production target of approximately 300 mmcf/d in 2013;
• the United Kingdom with the appraisal of the Culzean gas and liquids discovery (Eni’s interest 16.95%);
• Angola, in Block 15/06 (Eni operator with a 35% interest) with the Mukuvo-1 discovery and Cinguvu-2 appraisal oil wells, within the West Hub project sanctioned in 2010. Planned activities progressed and start-up is expected in 2013 with peak production at 22 kbbl/d;
• Egypt, with near field activities in: (i) the Belayim concession (Eni’s interest 100%) with the BB-10 and BLNE-1 oil discoveries that were linked to existing facilities; (ii) the development lease Abu Madi West (Eni’s interest 75%) with the Nidoco West and Nidoco East gas discoveries. Their linking to the existing facilities progressed; (iii) the development lease Meleiha (Eni’s interest 56%) with the Aman SW and Dorra-1X oil discoveries that were started-up;
• Pakistan, with the Kadanwari-27 exploration well (Eni’s interest 18.42%), in the Kadanwari permit.

In the first quarter of 2011, significant exploratory success was achieved in:

• Ghana with the appraisal well Sankofa-2 in the offshore license Cape Three Points (Eni 47.22% , operator);
• the Norwegian sector of the Barents Sea with the Skrugard oil and gas discovery in the PL532 license (Eni 30%);
• Venezuela with the Perla 4 appraisal well of the homonymous discovery in the Cardon IV offshore block (Eni 50%, operator);
• United Kingdom with the appraisal of the Culzean discovery (Eni 16.95%).