The History of Privatization

First Offering
 Eni debuted on the stock market on November 28, 1995. The stock was quoted on the Telematic system of the Italian Exchange and on the New York Stock Exchange, and traded on the SEAQ International of London. The Ministry of the Treasury placed on the market 15% of the Company's share capital, at euro 2.71 per share (equal to 5,250 lire). To attract individual investors the Treasury offered as incentive an investment protection amounting to a cash payment of the difference between the offer price and the share price 12 months after the IPO, up to a maximum of 10% of the offer price. Total proceeds of the offering, more than euro 3,250 million (equal to 6,300 billion lire), represented at that time the largest cash income through an IPO ever achieved.

Eni 2
 In October 1996, another 16% of the Company's share capital was placed on the market at euro 3.70 per share (equal to 7,161 lire - +36% over the IPO price), for a total value of more than euro 4,596 million (approximately 8,900 billion lire). Individual investors received a 3.5% discount (employees 4.0%) off the price set for institutional investors, as well as a bonus share for every 10 shares held for at least one year. Due to the strong demand araised, the Ministry of the Treasury increased the initial size of the Offering by 57%, allotting the entire increase to the Italian OPV, which was more than doubled. At that time Eni2 ranked as the largest secondary offering ever executed in the world and the largest OPV in Italy.

Eni 3
The third placement took place in June 1997, when approximately 18% of the Company's share capital was placed on market at a price of euro 4.95 per share ( equal to 9,575 lire - +82% over the IPO price), generating more than euro 6,868 million (approximately 13,300 billion lire). Once again, individual investors and employees received the bonus share as well as a 3% and 4% discount respectively off the offer price. The success of the previous placements and the strong share price performance generated considerable interest from institutional investors, with total demand more than three times the initial number of shares offered. Approximately 830,000 investors subscribed to the OPV, more than two times the number generated by Eni2. Given these results, the Ministry of the Treasury decided to increase the Global Offering from 1.150 million shares to 1.408 million. At that time Eni3 was the most important offering ever executed in Italy and the world's largest secondary offering with cash payment.

Eni 4
June 1998 saw the fourth offering, with a further 14% of the Company's share capital placed at a price of euro 5.90 per share (equal to 11,430 lire +118% over the IPO price), generating total proceeds for the Ministry of the Treasury of more than euro 6,713 million (approximately 13,000 billion lire). Individual investors and employees once again received as incentive the bonus share. The operation was hugely successful: the overall demand exceeded two times the number of shares offered and total subscribers numbered 1,723,000 compared with 830,000 for Eni3.