2019 2022 Strategy

STRATEGY PRESENTATION 2019-2022
2
Disclaimer
This document contains forward-looking statements regarding future events and the future results of Eni that are based on current expectations, estimates, forecasts, and projections about
the industries in which Eni operates and the beliefs and assumptions of the management of Eni. In addition, Eni’s management may make forward-looking statements orally to analysts,
investors, representatives of the media and others. In particular, among other statements, certain statements with regard to management objectives, trends in results of operations, margins,
costs, return on capital, risk management and competition are forward looking in nature. Words such as ‘expects’, ‘anticipates’, ‘targets’, ‘goals’, ‘projects’, ‘intends’, ‘plans’, ‘believes’,
‘seeks’, ‘estimates’, variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties, and assumptions that are difficult to predict because they relate to events and depend on circumstances that will occur in the
future. Therefore, Eni’s actual results may differ materially and adversely from those expressed or implied in any forward-looking statements. Factors that might cause or contribute to such
differences include, but are not limited to, those discussed in Eni’s Annual Reports on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) under the section entitled
“Risk factors” and in other sections. These factors include but are not limited to:
Fluctuations in the prices of crude oil, natural gas, oil products and chemicals;
• Strong competition worldwide to supply energy to the industrial, commercial and residential energy markets;
• Safety, security, environmental and other operational risks, and the costs and risks associated with the requirement to comply with related regulation, including regulation on GHG
emissions;
• Risks associated with the exploration and production of oil and natural gas, including the risk that exploration efforts may be unsuccessful and the operational risks associated with
development projects;
• Uncertainties in the estimates of natural gas reserves;
• The time and expense required to develop reserves;
• Material disruptions arising from political, social and economic instability, particularly in light of the areas in which Eni operates;
• Risks associated with the trading environment, competition, and demand and supply dynamics in the natural gas market, including the impact under Eni take-or-pay long-term gas supply
contracts;
• Laws and regulations related to climate change;
• Risks related to legal proceedings and compliance with anti-corruption legislation;
• Risks arising from potential future acquisitions; and
• Exposure to exchange rate, interest rate and credit risks.
Any forward-looking statements made by or on behalf of Eni speak only as of the date they are made. Eni does not undertake to update forward-looking statements to reflect any changes in
Eni’s expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any further
disclosures Eni may make in documents it files with or furnishes to the SEC and Consob.

Fast monetisation of discoveries
Financial discipline
Access to new acreage
OUR DISTINCTIVE FACTORS
Fast. Efficient. Responsible.
Original renewables model
Strong exploration results

RENEWABLESDOWNSTREAM
EXPANSION
UPSTREAM
ORGANIC GROWTH
CIRCULAR
ECONOMY
LNG
5
RENEWABLESDOWNSTREAMUPSTREAM CIRCULAR
ECONOMY
LNG

CIRCULAR ECONOMY
DRIVING VALUE THROUGH TECHNOLOGY
6
~900 Mln€
OPERATIONAL EXCELLENCE
GHG
DECARBONISATION
EFFORT
4YP 2019-2022 € 900 Mln
BENEFITS*
FULL LIFE ~ € 4 Bln
>7,300 PATENTS AND >350 PROJECTS
* Estimated on a 100% share basis

STRATEGY PRESENTATION 2019-2022UPSTREAM KEY TARGETS
~ $ 37/bbl
UPSTREAM CAPEX COVERAGE
3.5 %
CAGR 2018-22
€ 22 bln
4YP UPSTREAM FCF
2.5 bln boe
4YP EXP. RESOURCES
7

UEC ~ $ 1.6 /boe
2.5 bln boe
thousands km2
>460
>140 WELLS IN THE 4YP8
A GLOBAL RANGE OF EXPLORATION OPPORTUNITIES
Resources to discover CURRENT NET ACREAGE
+37% vs 2014
US Alaska
Mexico
Ghana &
Ivory Coast
Angola
UK
Norway
Egypt
Cyprus
Pakistan
Vietnam
Indonesia
Mozambique
Middle East
Libya
Algeria
Risked Exploration potential

STRATEGY PRESENTATION 2019-2022FOCUS BLOCK 15/06
9
TECHNOLOGY: OUR COMPETITIVE ADVANTAGE
Oil discoveries
Development leases

PRODUCTION GROWTH 4YP MAIN START UPS
10
CAGR
2018-22
3.5 %
START UPS DRIVING GROWTH
LONG TERM GROWTH: CAGR @ 2025 3.5%
Algeria – Berkine & BRN Pipeline
Egypt – Baltim SW
Mexico – Area 1
Norway – Trestakk
2020
2022
Indonesia - Merakes
Congo - Nené ph.2B
Egypt - Meleiha ph.2
Norway - Smorbukk
Angola – Cabaça North,
Northern Gas Complex
Italy - Cassiopea
Norway – Fenja, Balder X
Congo – Nené ph.3
Libya – A/E Structures
Mozambique – Coral FLNG
Norway – Johan Castberg
UAE – Dalma gas
2019
2021
1.85
>2.1
Mboed
1.88
2.4
= new project start-ups and ramp-ups

11
AREAS OF UPSTREAM GROWTH
VAR ENERGI
(NORWAY)
U.A.E. 1,400
KBOED GROSS
in second half of next decade
250
KBOED in 2023 (VAR 100% )
MEXICO 100KBOED GROSS in 2022
Block 24
Block 28
Block 7
Block 10
Block 14
AREA 1 - develop. project
(execution phase)AMOCA
TECOALLI
MIZTON
MEXICO
Block 12*
*Subject to local authorities’ approval

# MAIN FIDs
18
2019 - 2022
RRR
>100%
2019 - 2022
LONG PIPELINE OF NEW PROJECTS
12
Rovuma LNG ph.1
(Mozambique)
Berkine
(Algeria)
Meleiha ph.2
(Egypt)
Balder X
(Norway)
Karachaganak ph.3
(Kazakhstan)
A/E Structures
(Libya)
Nené ph.3
(Congo)
Bouri GUP
(Libya)
Kashagan Compression
(Kazakhstan)
UDR gas
(UAE)
Val D’Agri
Development
(Italy)
Bonga SWA
(Nigeria)
Umm Shaif LTDP-1
(UAE)
Lower Zakum
LTDP-1
(UAE)
2019 2021 - 20222020FID 2023-2030
Coral ph.2
(Mozambique)
Rovuma LNG ph.2
(Mozambique)
Umm Shaif gas ph.2
(UAE)
Dalma gas
(UAE)
NGasComplex
(Angola)
Lower Zakum LTDP-2
(UAE)
Umm Shaif LTDP-2
(UAE)
D Structure
(Libya)
F/Q Structures
(Libya)
Kalamkas
(Kazakhstan)
Minsala
(Congo)
Kalimba cluster
(Angola)
Umm Shaif gas ph.1
(UAE)
Hail & Ghasha
(UAE)

13
~2X COVERAGE OF DIVIDEND WITH UPSTREAM FCF
~ € 6.5 BLN
CAPEX
PER YEAR
FCF 2019 - 2022
€ 22bln
THE RISE OF UPSTREAM CASH FLOW
Brent $/bl
Exchange Rate €/$
62 70
1.15 1.21
UPSTREAM CFFO | € bln
11.5
13.6
10
11
12
13
14
2019 2022
2019 CFFO Excludes one-off

€ 10BLN
CFFO 4YP
€ 5 BLN
CAPEX 4YP
€ 2BLN
EBIT END OF PLAN
~ € 5 BLN
CASH FLOW AFTER CAPEX 4YP
MID-DOWNSTREAM KEY TARGETS
14
Includes G&P, R&M and Chemicals14

0.5
2018 2019 End of plan
0.5
0.7
15
€ 2.3 bln
2019-2022
EBIT | € bln FREE CASH FLOW | € bln
Gas & LNG Marketing and Power (GLP)
Retail – Eni gas e luce
GAS & POWER – AN INTEGRATED AND OPTIMIZED MODEL

16
RETAIL WILL DOUBLE EBIT RESULT
HIGH VALUE CUSTOMER BASE
5X vs. 2018 EBIT
20%of 2022 EBIT
TOTAL CUSTOMERS IN 2022
+26% vs 2018
> 4 mln
POWER CUSTOMERS IN 2022
2X vs 2018
12 mln
FAST GROWING CUSTOMER BASE
EXTRA - COMMODITY

17
LNG: DOUBLING OUR PORTFOLIO
GAS: A KEY TRANSITIONAL RESOURCE
EQUITY @2022
>70%Vs 56% in 2018
2018 2022 2025
8.8
Nigeria
NLNG (current)
Indonesia
Jangkrik (current)
Oman (current)
Indonesia
Merakes
Egypt
Damietta
Mozambique
Rovuma
Nigeria
NLNG
14
16
Angola
Qatar (current)
Australia
LNG PORTFOLIO @ 2022
= equity gas projects
MTPA

2018 2019 End of plan
18
from 2020
1 Mton/y
from 2021
Breakeven
Margin*
Green
production
EBIT adj.| € bln ORGANIC FCF | € bln
25%
in Italy
Retail
market share
€ 2.6
bln
2019-2022
R&M – BIGGER AND MORE PROFITABLE
$ 2.7 /bbl
Refining*
Marketing
0.4
0.7
1.0
* Include the pro-forma contribution of ADNOC Refining
from 2023
LT Breakeven
Margin*
$ 1.5 /bbl

Wind 15%
PV Hybrid
2%Photovoltaic
83%
19
RENEWABLES ORGANIC GROWTH
CAPACITY | GWp 4YP CAPEX| € bln
€ 1.4 bln
2019-2022
ITALY
17%
AFRICA
43%
Rest of the
World
20%
ASIA
20%
INSTALLED CAPACITY @2022
1.6
GW
1.6
GW
0.2 0.5
1
> 1.6
2019 2020 2021 2022 2025
5

STRATEGY PRESENTATION 2019-2022THE DUAL CHALLENGE OF ENERGY
Energy Demand IEA New Policies Scenario
CO2 Emissions IEA Sustainable Development Scenario21
50%
60%
70%
80%
90%
100%
110%
120%
130%
2017 2030 2040
Energy demand CO2 emissions from energy sector
We recognize the need for
full energy access+30%
280 mln
boe/d
Energy demand
32 Gton
CO2 emissions
We share the objectives of the
Paris agreement
to keep global warming <2°-45%

STRATEGY PRESENTATION 2019-2022OUR STRATEGY FOR DECARBONISATION
TOOLS
22
UPSTREAM NET ZERO EMISSIONS* BY 2030 (SCOPE 1)
NEW TECHNOLOGIES
Increased
efficiency
Growing
share of gas
Forestry
projects
Growth in
zero carbon
sources
Circular
approach
CCUS
* On equity basis

23
DIRECT INTERVENTION IN FORESTRY
> 20 MTON CO2/Y CAPTURED @ 2030
LOCAL
DEVELOPMENT
POSITIVE
SOCIAL
IMPACT
POSITIVE
ENVIRONMENTAL
IMPACT

24
CIRCULAR ECONOMY
CAPEX 2019-2022 > € 950 Mln
RECYCLE/
REUSE
SUSTAINABLE
INPUT
TRANSFORM
AND EXTEND
LIFE CYCLE

STRATEGY PRESENTATION 2019-2022OUR CAPEX PLAN
5%
CAPEX PER YEAR 4YP CAPEX
€ bln
in the 4YP
80%
15%
E&P Others
YEARLY CAPEX FLAT
~8
2019 BREAKDOWN
26
BALANCING CAPITAL DISCIPLINE AND SUSTAINABLE LONG TERM GROWTH
77%
9%
13%
~33
€ bln
Decarbonization, Circular & Renewables

27
~25 $/bblBREAKEVEN
UPSTREAM: FOCUS ON PROJECTS UNDER DEVELOPMENT
-10
0
10
20
30
2018 2019 2020 2021 2022 2023 2024 2025
NCF NCF including dual exp model
Net cash flow | $ blnIRR | %
18%
20%
22%
24%
26%
-20% Eni scenario +20%

STRATEGY PRESENTATION 2019-2022CASH FLOW GROWTH
All figures @ 2019 scenario: Brent $ 62 /bl, Italian gas price (PSV) € 266 /kcm, $/€ exchange rate 1,15
CAPEX
CFFO
before working
capital
28
Upstream CFFO before working capital
(Var Energi proportional basis)
0
5
10
15
20
0
5
10
15
2018 2019 2022
@ actual scenario
17 % CAGR
Free Cash Flow
€ bln
$ 19.5 /boe
$ 20.5 /boe
$ 18.5 /boe
GROUP CFFO AND CAPEX

STRATEGY PRESENTATION 2019-2022REMUNERATION POLICY
29
2019
Progressive distribution
to shareholders over the long-term
DIVIDEND
progressive with underlying earnings and FCF
BUYBACK
When leverage steady below 20%:
€ 400 mln/year @ Brent $60 - 65/bbl
€ 800 mln/year @ Brent >65/bbl
2020-2022
DIVIDEND
0.86 € per share
BUYBACK
€ 400 mln

STRATEGY PRESENTATION 2019-2022IFRS IMPACTS
30
Cash Flow
2019
Balance Sheet
@ 1/1/2019
Income Statement
2019
~6 € bln
Capital
Employed
~6 € blnNet Debt
Year end Leverage: ~10 p.p.
~1 € bln
Free Cash
Flow
~0,3 € bln
Operating
profit
Net Profit ~~

LNG & GAS RETAIL
UPSTREAM
DOWNSTREAM
DECARBONISATION










AMBITIONS TO 2030

Sensitivity 2019 EBIT adj (€ mln) net adj (€ mln) FCF (€ mln)
Brent (+1 $/bl) +285 +170 +195
Std. Eni Refining Margin (+1 $/bl) +150 +105 +150
Exchange rate $/€ (-0.05 $/€) +395 +175 +170
4YP Scenario 2019 2020 2021 2022
Brent dated ($/bl) 62 65 68 70
FX avg ($/€) 1.15 1.17 1.19 1.21
Std. Eni Refining Margin ($/bl) 5.0 5.5 5.5 4.7
NBP ($/mmbtu) 8.2 6.7 6.8 6.9
PSV (€/kmc) 266 225 222 220
Brent sensitivity assumes oil and gas changes are directional and proportional
Sensitivity is valid for limited price variations
ASSUMPTIONS AND SENSITIVITY
33

34
EPF SU: Mid 2019 Progress: 80%
2019 Equity : 3 kboed
Plateau 100%: 100 kboed @2022
Zohr 50% WI
Area 1 65%* WI
Berkine & BRN Pipeline 49% WI
Merakes 85% WI
EPF SU: Mid 2019 Progress: 80%
Start up: Mid 2020
Progress: 9%
KEY PROJECTS 1/2
Baltim SW 50% WI
Start up: Mid 2019
Progress: 63%
EGYPT
MEXICO
INDONESIA
EGYPT
ALGERIA
Meleiha ph.2 76% WI
EPF Start up: 2H 2020
Progress: under FID (2019)
Plateau 100%: 60 kboed** @2022EGYPT
East Hub 37% WIWest Hub 37% WI
2019 Equity: 26 kboed
ANGOLA ANGOLA
2019 Equity: 25 kboed
Plateau 100%: 70 kboed (reached)
LIQ
GAS
LIQ
GAS
GAS
LIQ
LIQ
GAS
LIQ
GAS
EPF = Early Prod. Facilities *Subject to local authorities’ approval **All Western Desert hub new initiatives

35
A & E Structures 50% WI
Start up: 2H 2022
KEY PROJECTS 2/2
Rovuma LNG 25% WI
Start up: 2024
Hail & Ghasha 25% WI
Start up: 2024
Johan Castberg 21% WI
Progress: 20%
Start up: 2H 2022
Coral FLNG 25% WI
Progress: 29%
Start up: 1H 2022
Dalma Gas 25% WI
Start up: 1H 2022
Balder X 70% WI
Start up: 2H 2021
MOZAMBIQUE
MOZAMBIQUE
NORWAY
NORWAY
ABU DHABI
ABU DHABI
LIBYA
Nené ph.2B 65% WI
Progress: 5%
Start up: 2H 2020
Peak 100%: 13 kboed @2021
CONGO
GAS
LIQ
GAS
LIQ
GAS
GAS
LIQ
GAS
LIQ
LIQ

7% 8%
America North Africa
Europe
Sub-Saharan
Africa
Asia &
Middle East
Caspian Sea
Production weight %
38% 34%
18% 16%
19% 21%
11%9%
9%9%
36
PRODUCTION DETAILS
Europe
North Africa
Caspian Sea
Sub-Saharan Africa
Asia & Middle East
America
2018
2022
Total Production 1.85 Mboed
Total Production >2.1 Mboed
Production kboed
-
200
400
600
700
-
200
400
600
-
200
400
600
-
200
400
600
-
200
400
600-
200
400
600

STRATEGY PRESENTATION 2019-2022IMPROVING OUR OPERATING TARGETS
2018-2021
today
2018-2021
previous plan
Exploration discoveries 2.5 bln boe 2 bln boe
Production CAGR
LNG contracted volumes 2025
Upstream projects breakeven
~3.5% 3.5%
16 MTPA 14 MTPA
$ 25/bbl $ 30/bbl
37
Refining breakeven LT $ 1.5/bbl $ 3/bbl
Decarbonization strategy Zero Upstream
carbon footprint
by 2030

2019 2022 Strategy

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2019 2022 Strategy