Privatization

Eni privatization started in 1995. In just over two and a half years the Ministry of the Treasury with four offerings

placed on the market 63% of Eni's share capital with total proceeds of more than 21 billion euro (41,000 billion lire). This represents, as of June1998, the highest total income ever achieved by a government in continental Europe for the sale of a single company.

Eni shares have attracted an ever growing number of individual investors, from the 194,000 subscribers of the IPO (Initial Public Offering), to the more than 1.7 million who participated in Eni4. Employees also made a decided contribution to the success of the various placements: while 30,000, or 40% of those eligible, subscribed to the IPO, 41,000, 70% of those eligible, participated in Eni4.

In February 2001 a placement operation on 5% of the company's share capital was carried out among institutional investors at a price of euro 6.8 per share (pre-grouping price) that raised a total of euro 2,720 million.