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<SEC-DOCUMENT>0001156973-02-000918.txt : 20021204
<SEC-HEADER>0001156973-02-000918.hdr.sgml : 20021204
<ACCEPTANCE-DATETIME>20021204103030
ACCESSION NUMBER:		0001156973-02-000918
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20021130
FILED AS OF DATE:		20021204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENI SPA
		CENTRAL INDEX KEY:			0001002242
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14090
		FILM NUMBER:		02848051

	BUSINESS ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144
		BUSINESS PHONE:		011390659822449

	MAIL ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>u45588e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
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<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">




<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>

<DIV align="center"><FONT size="3">Washington, D.C. 20549</FONT></DIV>


<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="center"><FONT size="5"><B>Form&nbsp;6-K</B>
</FONT>

<P align="center"><FONT size="3"><B>REPORT OF FOREIGN ISSUER</B><BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934
</FONT>

<P align="center"><FONT size="2"><B>&nbsp;</B>
</FONT>

<P align="center"><FONT size="2">For the month of November, 2002
</FONT>

<P align="center"><FONT size="2"><B>&nbsp;</B>
</FONT>

<P align="center"><FONT size="6"><B>Eni S.p.A.</B></FONT><BR>
<FONT size="2">(Exact name of Registrant as specified in its charter)
</FONT>

<P align="center"><FONT size="6"><B>&nbsp;</B>
</FONT>

<P align="center"><FONT size="2"><B>Piazzale Enrico Mattei 1 &#151; 00144 Rome, Italy</B><BR>
(Address of principal executive offices)
</FONT>

<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Indicate by check mark whether the registrant files or will file
annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.)
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Form&nbsp;20-F [X]</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Form&nbsp;40-F [&nbsp;&nbsp;&nbsp;]</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR width="26%" align="center" size="1" noshade>
<P>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule&nbsp;12g3-2b under the
Securities Exchange Act of 1934.)
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Yes [&nbsp;&nbsp;&nbsp;]</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
No [X]</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(If &#147;Yes&#148; is marked, indicate below the file number assigned to the
registrant in connection with Rule&nbsp;12g3-2(b):______________ )
</FONT>
<P>&nbsp;

<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">






<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>







<P align="center"><FONT size="2"><B>TABLE OF CONTENTS</B>
</FONT>

<P>&nbsp;

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">Press Release dated November&nbsp;13, 2002</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">Eni&#146;s 3Q results at September&nbsp;30, 2002</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">Press Release dated November&nbsp;20, 2002</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">Press Release dated November&nbsp;25, 2002</FONT></TD>
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorised.
</FONT>

<P>

<P>&nbsp;

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">Eni S.p.A.<BR>
<HR width="45%" align="left" size="1" noshade><BR>
Name: Fabrizio Cosco<BR>
Title: Company Secretary
</FONT></TD>
</TR>
</TABLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><B>PRESS RELEASE</B>
</FONT>

<P align="left"><FONT size="2"><B>ENI</B>
</FONT>

<P align="left"><FONT size="2"><B>Positive trend in 2002 third quarter</B>
</FONT>

<P align="left"><FONT size="2"><B>Operating income: euro 1,854&nbsp;million, up 12.8%</B>
</FONT>

<P align="left"><FONT size="2"><B>Net income: euro 921&nbsp;million, up 7.8%</B>
</FONT>

<P align="left"><FONT size="2"><B>Daily hydrocarbon production: 1,451,000 boe, up 8.5%</B>
</FONT>

<P align="left"><FONT size="2">Eni&#146;s Board of Directors examined today Eni&#146;s consolidated accounts for the
<B>third quarter of 2002</B>. Eni reported <B>net income </B>of euro 921&nbsp;million, an increase
of euro 67&nbsp;million as compared to the third quarter of 2001, up 7.8% due
essentially to an increase in <B>operating income </B>(euro 210&nbsp;million, up 12.8%),
related in particular to higher hydrocarbon production sold and cost
reductions, as well as the positive change in the balance of net extraordinary
income and expense (euro 150&nbsp;million) whose effects were offset in part by
higher income taxes. In the <B>third quarter</B>, <B>daily hydrocarbon production</B>
amounted to 1,451,000 boe (barrels of oil equivalent), an increase of 114,000
boe, or 8.5%, over the third quarter 2001.
</FONT>
<P align="left"><FONT size="2">Eni&#146;s income statement for the <B>first nine months of 2002 </B>showed <B>net income </B>of
euro 3,182&nbsp;million, a decrease of euro 1,209&nbsp;million over the first nine months
of 2001, or 27.5% (at June&nbsp;30, 2002 this decrease amounted to 36.1%). Net
income before non-recurring items (euro 149&nbsp;million) and before the attribution
of net income of Snam Rete Gas to minorities (euro 199&nbsp;million) decreased by
13.4% (euro 3,530&nbsp;million as compared to euro 4,077&nbsp;million of the first nine
months of 2001), essentially due to a weak energy scenario characterized by
lower prices of Eni&#146;s barrel (oil was down 4.8%; natural gas 15.2%) and by a
decline in refining margins (Brent margin was down 72%) whose negative effects
were partly offset by increased volumes sold, cost reductions and lower income
taxes related mainly to the reduction in income before income taxes.
</FONT>
<P align="left"><FONT size="2">In the <B>first nine months of 2002</B>, <B>daily hydrocarbon production </B>amounted to
1,453,000 boe, an increase of 97,000 boe, or 7.2%, compared to the first nine
months of 2001, despite the production cuts decided by OPEC (which reduced
production by 30,000 boe). The production increase was due to: (i)&nbsp;startup of
new fields in Algeria, Nigeria, the United States, Trinidad and Tobago, Iran
and Pakistan; (ii)&nbsp;production increases recorded mainly in the United Kingdom,
Algeria, Egypt, Norway, Italy, Congo, Kazakhstan and the United States. These
increases were partly offset by declines of mature gas fields in Italy. The
share of production outside Italy remained at 78%. In <B>October </B>2002, production
increased to over 1.5&nbsp;million boe (1,541,000 boe).
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="left"><FONT size="2"><B>Eni&#146;s operating income for the first nine months of 2002 </B>totaled euro 6,429
million, a decrease of euro 1,334&nbsp;million over the first nine months of 2001,
down 17.2% (down 25.2% at June&nbsp;30, 2002), due mainly to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">&#149;</FONT></TD>
    <TD><FONT size="2">a decrease in operating income recorded by the <B>Exploration and
Production </B>division (euro 787&nbsp;million, down 17%) related in particular
to lower prices for Eni&#146;s barrel (oil down 4.8%; natural gas down
15.2%), higher mineral asset impairment (euro 77&nbsp;million) and the
appreciation of the euro over the dollar. These negative factors were
partly offset by increased hydrocarbon production sold (29.6&nbsp;million
boe, up 8.4%) and gains on disposal of mineral assets (euro 50&nbsp;million);</FONT></TD>
</TR>

</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">&#149;</FONT></TD>
    <TD><FONT size="2">decrease in operating income recorded by the <B>Refining and Marketing</B>
division (euro 688&nbsp;million, down 73.8%) mainly due to a sharp decline in
refining margins (Brent margin was down 72%) and lower results of
refined products distribution in Italy due to the effects of
sales/closures of service stations.</FONT></TD>
</TR>

</TABLE>
<P align="left"><FONT size="2"><B>Net sales from operations </B>in the first nine months of 2002 amounted to euro
34,699&nbsp;million, representing a euro 2,001&nbsp;million decrease over the first nine
months of 2001, down 5.5%, due mainly to lower international oil prices and
lower prices for main downstream products, whose effects were offset in part by
an increase in hydrocarbon production sold and higher activity levels in the
Oilfield Services and Engineering segment.
</FONT>
<P align="left"><FONT size="2"><B>Depreciation, amortization and writedown charges </B>in the first nine months of
2002 (euro 3,812&nbsp;million) increased by euro 366&nbsp;million, up 10.6% over the
first nine months of 2001, mainly in the Exploration and Production division
due to increased production, higher exploration activity and mineral asset
impairment.
</FONT>
<P align="left"><FONT size="2"><B>Net extraordinary income </B>in the first nine months of 2002 amounted to euro 29
million, with a decline of euro 373&nbsp;million due to lower gains on the sale of
assets (euro 772&nbsp;million), offset in part by lower restructuring charges,
mainly in the Petrochemical segment.
</FONT>
<P align="left"><FONT size="2"><B>Income taxes </B>for the first nine months of 2002 (euro 2,646&nbsp;million) decreased
by euro 580&nbsp;million over the first nine months of 2001, due to a euro 1,587
million decline in income before taxes, offset in part by the negative effects
of the adjustment of the reserve for deferred tax liabilities following the 10
point increase (from 30% to 40%) in British corporate tax for oil companies
(euro 215&nbsp;million).
</FONT>
<P align="left"><FONT size="2"><B>Net borrowings </B>at September&nbsp;30, 2002, amounted to euro 9,272&nbsp;million, a euro
832&nbsp;million decrease over December&nbsp;31, 2001.
</FONT>
<P align="left"><FONT size="2"><B>Capital expenditure </B>(euro 5,332&nbsp;million, of which 88% concerned the Exploration
and Production and Gas &#038; Power divisions) increased by euro 739&nbsp;million, up
16.1% over the first nine months of 2001, and concerned mainly: (i)
development of hydrocarbon fields (euro 3,065&nbsp;million, up 27.6%) in Italy,
Nigeria, Kazakhstan, Iran, Libya, Angola, Venezuela and the United Kingdom;
(ii)&nbsp;exploration expenditure (euro 610&nbsp;million, up
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="left"><FONT size="2">8.9%) and acquisition of proved and unproved property (euro 210&nbsp;million); (iii)
the development of the refined products distribution network in Italy and
outside Italy and actions on safety and environmental issues in refining (euro
304&nbsp;million); (iv)&nbsp;development and maintenance of Eni&#146;s natural gas primary
transport network in Italy (euro 236&nbsp;million); (v).prosecution of the
development plan of electricity generation capacity (euro 220&nbsp;million); (vi)
the construction of the Greenstream pipeline (euro 174&nbsp;million) for the
transmission to Sicily of the natural gas produced in the Libyan fields of Wafa
and Structure C of permit NC 41 (Eni is operator with a 50% interest).
</FONT>
<P align="left"><FONT size="2"><B>Financial investments </B>(euro 1,170&nbsp;million) concerned in particular the purchase
of French company Bouygues Offshore (euro 869&nbsp;million at September&nbsp;30, 2002,
including net cash acquired for euro 109&nbsp;million) in the oilfield services
activity.
</FONT>
<P align="left"><FONT size="2"><B>Own Shares</B>
</FONT>

<P align="left"><FONT size="2">In the period from January&nbsp;1, 2002 to November&nbsp;12, 2002 a total of 44.9&nbsp;million
<B>own shares </B>were purchased for a total of euro 665&nbsp;million (at an average of
euro 14.80 per share). At November&nbsp;12, 2002, Eni held 199.3&nbsp;million own shares,
equal to 4.98% of its share capital, for a total of euro 2,733&nbsp;million (at an
average price of euro 13.71 per share).
</FONT>
<P align="left"><FONT size="2"><I>Eni&#146;s results of operations reflect the seasonality in demand for natural gas
and certain refined products used in residential space heating, the demand of
which is typically highest in the first quarter of the year, which includes the
coldest months, and lowest in the third quarter, which includes the warmest
months. Therefore Eni&#146;s results of operations and changes in average net
borrowings for the first nine months of the year cannot be extrapolated for the
full year.</I>
</FONT>
<P align="left"><FONT size="2">Selected consolidated financial data and operating data are attached below.
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<P align="left"><FONT size="2">San Donato Milanese, November&nbsp;13, 2002
</FONT>

<P align="left"><FONT size="2"><I>&nbsp;</I>
</FONT>

<P align="left"><FONT size="2"><I>&nbsp;</I>
</FONT>

<P align="left"><FONT size="2"><I>&nbsp;</I>
</FONT>

<P align="left"><FONT size="2"><I>&nbsp;</I>
</FONT>

<P align="left"><FONT size="2"><I>This press release is available on the Eni Internet site: &#147;www.eni.it&#148;.</I>
</FONT>
<P align="left"><FONT size="2"><I>The integral text of Eni&#146;s Report on the Third Quarter of 2002 (unaudited)&nbsp;will
be published at 6 pm.</I>
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>



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<P align="center"><FONT size="2"><IMG src="u45588photo1.jpg" alt="Eni's Way photo">
</FONT>
<P align="center"><FONT size="6"><B>T</B></FONT><FONT size="4"><B>HIRD</B></FONT><FONT size="6"><B>Q</B></FONT><FONT size="4"><B>UARTER</B></FONT>
<FONT size="6"><B>R</B></FONT><FONT size="4"><B>EPORT</B></FONT><BR>
<FONT size="4"><B>OF 2002</B></FONT>


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<P><HR noshade><P>



<P align="center"><FONT size="2"><B>THIRD QUARTER REPORT<BR>
OF 2002</B>
</FONT>

<P align="center"><IMG src="u45588eni.gif" alt="ENI logo">
<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">BASIS OF PRESENTATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">RESULTS OF OPERATIONS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002"> NET SALES FROM OPERATIONS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">OPERATING EXPENSES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">DEPRECIATION, AMORTIZATION AND WRITEDOWNS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005"> NET FINANCIAL EXPENSE</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006"> NET INCOME FROM INVESTMENTS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007"> NET EXTRAORDINARY INCOME</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">NON-RECURRING ITEMS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">INCOME TAXES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">MINORITY INTERESTS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">NET BORROWINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">CAPITAL EXPENDITURE AND FINANCIAL INVESTMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">MAIN EVENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">MANAGEMENT&#146;S EXPECTATIONS OF OPERATIONS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#015">EXPLORATION AND PRODUCTION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#016">GAS &#038; POWER</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#017">REFINING AND MARKETING</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#018">PETROCHEMICALS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#019">OILFIELD SERVICES AND ENGINEERING</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#020">ANNEX: PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS OF ENI AND POLIMERI EUROPA SRL AT SEPTEMBER 30, 2001</A></TD></TR>
</TABLE>
</CENTER>
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<P align="center"><FONT size="2"><B>CONTENTS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="65%">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Basis of Presentation</B></FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Results of operations</B></FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net Sales from Operations</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">5</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating Expenses</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation, Amortization and Writedowns</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net Financial Expense</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net Income from Investments</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">8</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net Extraordinary Income</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">9</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-recurring Items</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income taxes</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority Interests</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net Borrowings</B></FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Capital Expenditure and Financial Investments</B></FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">11</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Main Events</B></FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">13</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Management&#146;s Expectations of Operations</B></FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">16</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating Results by Business Segments</B></FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exploration and Production</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">18</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas &#038; Power</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">20</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Refining and Marketing</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">22</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Petrochemicals</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">24</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Oilfield Services and Engineering</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">25</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Annex: Pro-forma Consolidated Financial Statements of Eni
and <BR>
Polimeri Europa Srl at September&nbsp;30, 2001</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">26</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">November&nbsp;13, 2002</FONT>

<P align="center"><FONT size="2"></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><B>SUMMARY FINANCIAL DATA</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="7"><FONT size="1"><B>(million&nbsp;<font face="times new roman,times">&#128;</FONT>)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="12"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" nowrap align="center"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">10,682</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10,795</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1.1</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Net sales from operations</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">36,700</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">34,699</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5.5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2,830</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">3,125</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10.4</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Gross operating margin</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">11,209</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10,241</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8.6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1,644</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1,854</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">12.8</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Operating income</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">7,763</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">6,429</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(17.2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">854</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">921</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">7.8</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Net income</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">4,391</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">3,182</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(27.5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1,758</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">2,824</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">60.6</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Capital expenditure and financial investments</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">9,128</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">6,502</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(28.8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Net borrowings at period end</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10,809</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">9,272</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14.2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2"><I>Due to the seasonality in demand for natural gas and certain refined products
and the changes in a number of
external factors affecting Eni&#146;s operations, such as prices and margins of
hydrocarbons and refined products, Eni&#146;s
results of operations and changes in average net borrowings for the first nine
months of the year cannot be extrapolated
for the full year.</I>
</FONT>
<P align="center"><FONT size="2"><B>SUMMARY OPERATING DATA</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="27%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="12"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="12"><FONT size="1"><B>Nine months</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="12"><HR size="1" noshade></TD>

</TR>
<TR valign="bottom">
        <TD colspan="3" nowrap align="center"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1,337</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1,451</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">8.5</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="4" align="left"><FONT size="2">Daily production of hydrocarbons (1) (thousand boe)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1,356</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1,453</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">7.2</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">838</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">908</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">8.4</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="2" align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of oil (thousand barrels)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">848</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">915</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">7.9</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">499</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">543</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">8.8</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of natural gas (1) (thousand boe)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">508</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">538</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">5.9</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">9.48</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">8.91</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6.0</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="4" nowrap align="left"><FONT size="2">Sales of natural gas in primary distribution in Italy (billion cubic meters)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">41.09</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">38.30</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6.8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">0.56</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1.78</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">217.9</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="4" align="left"><FONT size="2">Sales of natural gas in primary distribution in Europe destined to Italy (billion cubic meters)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1.39</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">5.54</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">298.6</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2.61</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">4.94</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">89.3</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="4" align="left"><FONT size="2">Natural gas transported on behalf of third parties in Italy (billion cubic meters)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">7.48</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">14.28</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">90.9</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1,023</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1,061</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">3.7</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Electricity production sold (gigawatthour)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">3,681</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">3,666</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">13.55</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">13.20</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2.6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="left"><FONT size="2">Sales of refined products (million tonnes)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">39.40</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">38.84</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1.4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1,484</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1,445</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2.6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="left"><FONT size="2">Sales of petrochemical products (thousand tonnes)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">4,658</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">4,721</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1.4</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Starting in 2001 natural gas production used for own consumption in
countries where an alternative market exists is included in production. For
this reason daily hydrocarbon production for the first nine
months and the third quarter of 2001 was increased by 16,000 and 17,000 boe,
respectively.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><B>CERTAIN MARKET INDICATORS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="12"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>

</TR>
<TR valign="bottom">
        <TD colspan="3" nowrap align="center"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">25.30</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">26.95</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">6.5</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Average price of Brent dated crude oil (1)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">26.16</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">24.38</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6.8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
      <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1.52</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">0.75</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(50.7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="left"><FONT size="2">Average European refining margins (2)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">2.00</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">0.56</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(72.0</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">0.891</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">0.984</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10.4</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Average euro/USD exchange rate</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">0.896</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">0.926</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">3.3</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">4.3</FONT></DIV></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">3.4</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(20.9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="left"><FONT size="2">Euribor (3)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">4.5</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">3.4</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(24.4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In USD/barrel. Source: Platt&#146;s Oilgram.</FONT></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">In USD/barrel FOB Mediterranean market, Brent crude, lead free gasoline.
Eni calculations based on Platt&#146;s Oilgram data.</FONT></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">Percentage.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2"><B>E n i </B>THIRD QUARTER REPORT OF 2002
</FONT>
<P align="right"><FONT size="2">1</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "BASIS OF PRESENTATION" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>BASIS OF PRESENTATION</B>
</FONT>

<P><FONT size="2">Eni&#146;s accounts at September&nbsp;30, 2002, have been prepared in accordance with the
criteria
defined by the Commissione Nazionale per le Societ&#224; e la Borsa (CONSOB)&nbsp;with a
regulation contained in decision No.&nbsp;11971 of May&nbsp;14, 1999, as amended.
</FONT>
<P><FONT size="2">Financial information relating to income statement data are presented for the
first nine
months and the third quarter of 2002 as well as for the first nine months and
the third
quarter of 2001. Financial information relating to balance sheet data are
presented at
December&nbsp;31, 2001, at June&nbsp;30, 2002 and at September&nbsp;30, 2002. In the
preparation of this
report on the third quarter of 2002, the same accounting principles applied to
the
preparation of 2001 financial statements were adopted. Tables are prepared in a
format that
makes them comparable with those of 2001 financial statements and the first
half report.
The third quarter accounts are not audited.
</FONT>
<P><FONT size="2">Effective from January&nbsp;1, 2002, Polimeri Europa Srl is consolidated
line-by-line; previously
it was accounted for by the equity method in view of its sale. Effective from
January&nbsp;1, 2002,
core petrochemicals businesses were transferred to Polimeri Europa Srl (now
Polimeri
Europa SpA) from EniChem SpA. These businesses include Eni&#146;s core
petrochemicals
activities, and in particular olefins and aromatics, intermediate products,
styrene and
elastomers produced in Italy in Brindisi, Sarroch, Ferrara, Gela, Mantova,
Porto Marghera,
Priolo, Ravenna and Settimo Milanese. Also the research centers of Ferrara,
Mantova, Porto
Marghera, Ravenna and Novara were transferred, as well as the interests in
industrial and
commercial companies in Italy and outside Italy. About 6,100 employees were
transferred.
Certain plants were not transferred. In order to make a homogeneous comparison,
Eni&#146;s
accounts at September&nbsp;30, 2001 and for the third quarter of 2001 assume a
consolidation
line-by-line of Polimeri Europa from January&nbsp;1, 2001. A pro-forma income
statement at
September&nbsp;30, 2001 is attached below.
</FONT>
<!-- link1 "RESULTS OF OPERATIONS" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>RESULTS OF OPERATIONS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="7%">&nbsp;</TD>
        <TD width="24%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="29%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="7"><FONT size="1"><B>(million <font face="times new roman,times">&#128;</font>)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="12"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="12"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" nowrap align="center"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10,682</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10,795</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">1.1</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Net sales from operations</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">36,700</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">34,699</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(5.5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">211</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">181</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(14.2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="left"><FONT size="2">Other income and revenues</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">593</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">716</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">20.7</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">(8,063</FONT></TD>
        <TD><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7,851</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2.6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="left"><FONT size="2">Operating expenses</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(26,084</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(25,174</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3.5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2"><B>2,830</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>3,125</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>10.4</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2"><B>Gross operating margin</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>11,209</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>10,241</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(8.6</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">(1,186</FONT></TD>
        <TD><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1,271</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">7.2</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Depreciation, amortization and writedowns</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,446</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,812</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">10.6</FONT></TD>
        <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2"><B>1,644</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,854</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>12.8</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2"><B>Operating income</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,763</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>6,429</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(17.2</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">(89</FONT></TD>
        <TD><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(164</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">84.3</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Net financial expense</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(269</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(245</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(8.9</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">(21</FONT></TD>
        <TD><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">36</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Net income (expense) from investments</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">86</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2"><B>1,534</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,726</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>12.5</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2"><B>Income before extraordinary income and income taxes</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,484</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>6,270</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(16.2</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">(28</FONT></TD>
        <TD><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">122</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Net extraordinary income (expense)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">402</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">29</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(92.8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2"><B>1,506</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,848</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>22.7</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2"><B>Income before income taxes</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,886</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>6,299</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(20.1</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">(481</FONT></TD>
        <TD><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(824</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">71.3</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Income taxes</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,226</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,646</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(18.0</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2"><B>1,025</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,024</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(0.1</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="left"><FONT size="2"><B>Income before minority interest</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,660</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>3,653</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(21.6</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">(171</FONT></TD>
        <TD><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(103</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(39.8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="left"><FONT size="2">Minority interest</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(269</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(471</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">75.1</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2"><B>854</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>921</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7.8</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2"><B>Net income</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,391</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>3,182</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(27.5</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2"></FONT></TD>
        <TD align="right"><FONT size="2">(90</FONT></TD>
        <TD><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">62</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" align="left"><FONT size="2">Non-recurring items</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">314</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(149</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2"><B>944</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>859</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(9.0</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD colspan="3" nowrap align="left"><FONT size="2"><B>"Adjusted" net income</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,077</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>3,331</B></FONT></TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(18.3</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2"><B>E n i </B>THIRD QUARTER REPORT OF 2002
</FONT>
<P><FONT size="2">2</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2"><B><I>Nine months</I></B>
</FONT>

<P><FONT size="2">Eni&#146;s net income for the first nine months of
2002 totaled euro 3,182&nbsp;million, a decrease of
euro 1,209&nbsp;million over the first nine months
of 2001, down 27.5%, due to: (i)&nbsp;a decrease in
operating income (euro 1,334&nbsp;million, down
17.2%) related in particular to lower
international oil prices (oil was down 4.8%;
natural gas 15.2%) despite the recovery
registered in the third quarter, and to a sharp
decline in refining margins (Brent margin was
down 72%), whose negative effects were
partly offset by increased volumes sold and
cost reduction; (ii)&nbsp;lower net extraordinary
income (down euro 373&nbsp;million) due mainly to
lower gains on disposal of assets (euro 772
million), whose effects were offset in part by
lower restructuring charges, in particular in
Petrochemicals; (iii)&nbsp;the share of profits of
Snam Rete Gas attributed to minorities after the public offer of December 2001
(euro 199
million). These negative changes were partly offset by lower income taxes (euro
580&nbsp;million,
or 18%), due in particular to lower income before income taxes, and the
positive balance of
net income/expense from investments (euro 96&nbsp;million).
</FONT>
<P><FONT size="2"><IMG src="u45588bargraph1.gif" alt="bargraph1">
</FONT>
<P><FONT size="2">Net income before non-recurring items (euro 149&nbsp;million) and before the
attribution of net
income of Snam Rete Gas to minorities (euro 199&nbsp;million) decreased by 13.4%
over the first
nine months of 2001 (euro 3,530&nbsp;million as compared to euro 4,077&nbsp;million).
</FONT>
<P><FONT size="2"><IMG src="u45588linegraph1.gif" alt="linegraph1">
</FONT>

<P align="right"><FONT size="2"><B>E n i </B>THIRD QUARTER REPORT OF 2002
</FONT>
<P align="right"><FONT size="2">3</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2"><B>OPERATING INCOME</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" colspan="11"><FONT size="1"><B>(million <font face="times new roman,times">&#128;</font>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="center" colspan="12"><FONT size="1"><B>Third quarter</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="12"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap align="center"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1,144</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,327</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Exploration and Production (1)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,629</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(17.0</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">339</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">375</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Gas &#038; Power (1) (2)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,401</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,378</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(1.0</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">266</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(54.1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Refining and Marketing</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">932</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">244</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(73.8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(124</FONT></DIV></TD>
    <TD><FONT size="2">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(26</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(79.0</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Petrochemicals</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(220</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(167</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(24.1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">52</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">40.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Oilfield Services and Engineering</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">63.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(33</FONT></DIV></TD>
    <TD><FONT size="2">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(17</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(48.5</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Other Activities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(121</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(100</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(17.4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>1,644</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1,854</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>12.8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2"><B>Operating income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>7,763</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>6,429</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(17.2</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(41</FONT></DIV></TD>
    <TD><FONT size="2">)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(47</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Non-recurring items</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(75</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>1,685</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1,901</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>12.8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2"><B>Operating income</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>7,763</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>6,504</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(16.2</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><I>(1)</I></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><I>Operating income of the first nine months of 2002 prudentially
reflects the euro 80&nbsp;million effect of the reduction in storage and
modulation tariffs following decision No.&nbsp;49 of the Authority for
Electricity and Gas of March&nbsp;26, 2002. Eni filed an appeal against
this decision with the Regional Administrative Court of Lombardia.
Pending the result of this appeal, Eni did not record the effects of
the new tariff regime on the operating income of the Exploration and
Production and Gas &#038; Power divisions. These effects amounted to a
euro 229&nbsp;million decrease on operating income of the Exploration and
Production division and to a euro 229&nbsp;million increase on operating
income of the Gas &#038; Power division.</I></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><I>(2)</I></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><I>Effective from 2002, Eni&#146;s new Gas &#038; Power division is
responsible for Eni&#146;s natural gas and electricity generation
activities. In the past the results of operations of Natural Gas and
Electricity Generation segments were reported separately.</I></FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni&#146;s operating income for the first nine months of 2002 totaled
euro 6,429&nbsp;million, a decrease of euro 1,334&nbsp;million over the first
nine months of 2001, down 17.2%, due mainly to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&#149;</FONT></TD>
    <TD width="96%"><FONT size="2">decrease in operating income recorded by the Exploration and
Production division (euro 787&nbsp;million, down 17%) related in
particular to lower international oil prices (oil down 4.8%;
natural gas down 15.2%), higher asset impairment (euro 77&nbsp;million)
and the appreciation of the euro over the dollar. These negative
factors were partly offset by increased hydrocarbon production
sold (29.6&nbsp;million boe, up 8.4%) and gains on disposal of assets
(euro 50&nbsp;million);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&#149;</FONT></TD>
    <TD width="96%"><FONT size="2">decrease in operating income recorded by the Refining and
Marketing division (euro 688&nbsp;million, down 73.8%) essentially due
to a sharp decline in refining margins (Brent margin was down 72%)
and lower results in distribution in Italy due to the effects of
sales/closures of service stations.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first nine months of 2002
daily hydrocarbon production
amounted to 1,453,000 boe (oil and
condensates 915,000 barrels;
natural gas 538,000 boe)
increasing by 97,000 boe, up 7.2%,
despite the 30,000 boe effect of
production cuts decided by OPEC.
The production increase was due
to: (i)&nbsp;start-up of
new fields mainly in Algeria,
Nigeria, the United States,
Trinidad and Tobago, Iran and
Pakistan; (ii)&nbsp;production
increases registered mainly in the
United Kingdom, Algeria, Egypt,
Norway, Italy, Congo, Kazakhstan
and the United States. These
increases were partly offset by
declines of mature gas fields in
Italy. The share of production
outside Italy remained at 78%. In
October daily production increased
to over 1.5&nbsp;million boe
(1,541,000).
</FONT>
<P align="center"><FONT size="2"><B>SEASONALITY</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eni&#146;s results of
operations reflect
the seasonality in
demand for natural
gas and certain
refined products
used in residential
space heating, the
demand of which is
typically highest
in the first
quarter of the
year, which
includes the
coldest months, and
lowest in the third
quarter, which
includes the
warmest months.</I>
</FONT>
<P align="center"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="u45588bargraph2.gif" alt="(SEASONALITY OF AVERAGE NATURAL GAS SALES IN THE 1995-2001 PERIOD)">
</FONT>

<P><FONT size="2"><B>E n i </B>THIRD QUARTER REPORT OF 2002
</FONT>
<P><FONT size="2">4</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first nine months of 2002, streamlining and efficiency
improvement continued and allowed cost savings amounting to euro 341
million, which offset salary increases and the effects of inflation.
</FONT>
<P align="left"><FONT size="2"><B>Third quarter</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income for the third quarter of 2002 amounted to euro 921
million, with a euro 67&nbsp;million increase over the third quarter of
2001, up 7.8%, due to an increase in operating income (euro 210
million, up 12.8%) related in particular to increased hydrocarbon
production sold, cost reductions and the positive change in net
extraordinary income (euro 150&nbsp;million) and income from investment
(euro 57&nbsp;million). These positive factors were offset in part by:
(i)&nbsp;higher income taxes (euro 343&nbsp;million or 71.3%) due in addition
to the effect of Law Decree No.&nbsp;209 of September&nbsp;25, 2002 (see:
Income Taxes), to the fact that the tax rate for 2001 kept into
account lower income taxes due (15-19%) on gains on disposal of real
estate and investments<SUP>1</SUP>; (ii)&nbsp;higher net financial charges (euro 75
million) related in particular to higher exchange rate charges.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni&#146;s operating income for the third quarter of 2002 totaled euro
1,854&nbsp;million, an increase of euro 210&nbsp;million over the third
quarter of 2001, up 12.8%, due to: (i)&nbsp;an increase in operating
income of the Exploration and Production segment (euro 183&nbsp;million,
up 16%) related in particular to higher hydrocarbon production sold
(20.8&nbsp;million boe, up 20%) and the recovery in international oil
prices (hydrocarbons produced by Eni up 4.1%), whose effects were
offset in part by the appreciation of the euro over the dollar; (ii)
lower operating losses in the Petrochemical segment (euro 98&nbsp;million
or 79%) related to lower depreciation and amortization charges and
the positive effect of price increases on stock valuation and higher
product margins. These increases were partly offset by lower
operating income in the Refining and Marketing segment (euro 144
million, down 54.1%), due mainly to lower refining margins (the
margin on Brent was down 50.7%) and lower results from distribution
activities in Italy.
</FONT>
<!-- link2 " NET SALES FROM OPERATIONS" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>NET SALES FROM OPERATIONS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" colspan="7"><FONT size="1"><B>(million
<font face="times new roman,times">&#128;</font>)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="12"><FONT size="1"><B>Third quarter</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="12"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap align="center"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2,941</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,092</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Exploration and Production</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10,258</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9,374</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(8.6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2,293</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,631</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Gas &#038; Power</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,089</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,065</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(0.2</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">5,602</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,247</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(6.3</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Refining and Marketing</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17,187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15,680</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(8.8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">1,231</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,189</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(3.4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Petrochemicals</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,592</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(12.5</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">759</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,174</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">54.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Oilfield Services and Engineering</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,994</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">55.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">223</FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Other Activities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">544</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">707</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">30.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(2,367</FONT></DIV></TD>
    <TD><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(2,783</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Consolidation adjustment</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(8,475</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(8,827</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>10,682</B></FONT></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>10,795</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1.1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>36,700</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>34,699</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(5.5</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" noshade></DIV></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Nine months</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni&#146;s net sales from operations (revenues)&nbsp;for the first nine months
of 2002 amounted to euro 34,699&nbsp;million, representing a euro 2,001
million decrease over the first nine months of 2001, down 5.5%, due
mainly to lower international oil prices and lower prices for main
downstream products, whose effects were offset in part by an
increase in hydrocarbon production sold and higher activity levels
in the Oilfield Services and Engineering segment.
</FONT>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><I>(1)</I></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><I>In quarterly accounts income taxes are calculated by applying an
effective tax rate estimated on an annual basis to the quarterly
results before taxes of each consolidated company, as adjusted for
the fiscal effects relating to material income or expense items
subject to different tax rules attributed to the specific quarter in
which they are incurred.</I></FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2"><B>E n i </B>THIRD QUARTER REPORT OF 2002
</FONT>
<P align="right"><FONT size="2">5</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues generated by the Exploration and Production division (euro
9,374&nbsp;million) declined by euro 884&nbsp;million, down 8.6%, due
essentially to lower international oil prices (oil down 4.8%;
natural gas down 15.2%), the appreciation of the euro over the
dollar and lower volumes of purchased hydrocarbons marketed (36
million boe) due mainly to the transfer of the natural gas trading
activity to the Gas &#038; Power division. These negative factors were
partially offset by higher hydrocarbon production sold (29.6&nbsp;million
boe, up 8.4%).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues generated by the Gas &#038; Power division (euro 11,065&nbsp;million)
declined by euro 24&nbsp;million, down 0.2%, due essentially to lower
prices for natural gas, also related to the change in the sale mix,
whose effects were partially offset by the transfer of the natural
gas trading activity from the Exploration and Production division.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues generated by the Refining and Marketing division (euro
15,680&nbsp;million) declined by euro 1,507&nbsp;million, down 8.8%,
essentially due to lower prices for petroleum products (the retail
prices of gasoline and diesel fuel were down 21.8% and 12.6%,
respectively) and to reduced sales volumes on both the retail and
wholesale markets in Italy (770,000 tonnes, down 4.6%). On retail
markets the decline in volumes sold was due to closures/sales of
service stations, while on wholesale markets it was due to lower
sales of gasoil, fuel oil to the thermoelectric industry and jet
fuel.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues generated by the Petrochemical segment (euro 3,592&nbsp;million)
decreased by euro 511&nbsp;million, down 12.5%, due mainly to the 13%
fall in the average sales prices of products, partially offset by
higher sales (up 1.4%).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues generated by the Oilfield Services and Engineering segment
(euro 3,108&nbsp;million) increased by euro 1,114&nbsp;million, up 55.9%, due
to an increase in the level of activity.
</FONT>
<P align="center"><FONT size="2"><B>REVENUES BY GEOGRAPHIC AREA</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" colspan="11"><FONT size="1"><B>(million
<font face="times new roman,times">&#128;</font>)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="9"><FONT size="1"><B>Third quarter</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="9"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;5,575</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>4,855</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(12.9</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2"><B>Italy</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>20,404</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>17,571</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(13.9</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;1,287</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,367</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">83.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><FONT size="2">Rest of European Union</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,416</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,324</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;1,422</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">475</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(66.6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Rest of Europe</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,990</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,112</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(29.4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">995</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">102.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Africa</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,608</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,852</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">160.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Americas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,547</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,915</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">153.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;1,482</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(32.5</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Asia and other areas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,735</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,925</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(38.2</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>

<TD><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" width="50%" align="left" noshade></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>&nbsp;&nbsp;&nbsp;5,107</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>5,940</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>16.3</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2"><B>Total outside Italy</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>16,296</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>17,128</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>5.1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>

<TD><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" width="50%" align="left" noshade></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>10,682</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>10,795</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1.1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>36,700</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>34,699</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(5.5</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>

<TD><DIV style="margin-left:10px; text-indent:-10px"><HR size="4" width="50%" align="left" noshade></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Third quarter</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni&#146;s net sales from operations for the third quarter of 2002
amounted to euro 10,795&nbsp;million, representing a euro 113&nbsp;million
increase over the third quarter of 2001, up 1.1%, due to an increase
in hydrocarbon
production sold, higher international prices for oil, refined
products and petrochemicals, as well as to the increase in the
Oilfield Services and Engineering segment due to higher activity
levels and the inclusion in the scope of consolidation of Bouygues
Offshore from July&nbsp;1, 2002<SUP>2</SUP>. These positive factors were offset in
part by a decline in natural gas prices and the effect of the
appreciation of the euro over the dollar.
</FONT>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><I>(2)</I></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><I>On October&nbsp;15, 2002 the company changed its name to Saipem SA.</I></FONT></TD>
</TR>
</TABLE>

<P><FONT size="2"><B>E n i </B>THIRD QUARTER REPORT OF 2002
</FONT>
<P><FONT size="2">6</FONT>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "OPERATING EXPENSES" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>OPERATING EXPENSES</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" colspan="11"><FONT size="1"><B>(million
<font face="times new roman,times">&#128;</font>)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="9"><FONT size="1"><B>Third quarter</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="9"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;7,329</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,055</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(3.7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="3" nowrap align="center"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases, services and other</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">23,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22,912</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(4.0</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;734</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">796</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">Payroll and related costs</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,262</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>8,063</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>7,851</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(2.6</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>26,084</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>25,174</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(3.5</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Nine months</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses for the first nine months of 2002 (euro 25,174
million) decreased by euro 910&nbsp;million compared to the first nine
months of 2001, down 3.5%, essentially due to: (i)&nbsp;lower supply
costs for natural gas and oil-based and petrochemical feedstocks,
also due to the appreciation of the euro over the dollar; (ii)&nbsp;cost
reductions resulting from streamlining and increased efficiency,
which offset almost entirely the increase due to salary rises and
inflation. These decreases were partially offset by higher activity
levels in the Oilfield Services and Engineering segment.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2002, employees
were 79,758, with an increase of
7,353 employees over December&nbsp;31,
2001, due to a 7,443 unit increase
outside Italy offset in part by a
90 employees decline in Italy. The
increase outside Italy was due
mainly to the purchase of Bouygues
Offshore (about 5,000 employees)
from July&nbsp;1, 2002 and new hiring on
a fixed term base in <I>oilfield
services</I>.
</FONT>
<P align="center"><FONT size="2"><B>EMPLOYEES</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="1"><B>Dec. 31, 2001</B></FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Sep. 30, 2002</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="7"><HR size="1" noshade></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exploration and Production</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,533</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,699</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas &#038; Power</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14,286</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Refining and Marketing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15,172</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14,385</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Petrochemicals</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12,479</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12,425</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Oilfield Services and Engineering</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,632</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">26,962</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other Activities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>72,405</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>79,758</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Third quarter</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses for the third
quarter of 2002 (euro 7,851
million) decreased by euro 212
million compared to the third
quarter of 2001, down 2.6%,
essentially due to lower supply
costs for natural gas, the
appreciation of the euro over the
dollar and cost reductions
resulting from streamlining and
increased efficiency. These
decreases were partially offset by
higher supply costs of oil-based
and petrochemical feedstocks, the
inclusion in consolidation of
Bouygues Offshore and higher
activity levels in the Oilfield
Services and Engineering segment.
</FONT>

<P align="right"><FONT size="2"><B>E n i </B>THIRD QUARTER REPORT OF 2002
</FONT>
<P align="right"><FONT size="2">7</FONT>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "DEPRECIATION, AMORTIZATION AND WRITEDOWNS" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="center"><FONT size="2"><B>DEPRECIATION, AMORTIZATION AND WRITEDOWNS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" colspan="11"><FONT size="1"><B>(million
<font face="times new roman,times">&#128;</font>)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="9"><FONT size="1"><B>Third quarter</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="9"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">782&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Exploration and Production</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,618</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(6.4</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Gas &#038; Power</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">335</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">308</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(8.1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">138&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">119</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(13.8</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Refining and Marketing</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">376</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">370</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(1.6</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">80&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(42.5</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Petrochemicals</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">244</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(44.3</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">48&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">50.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2">Oilfield Services and Engineering</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">133</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">54.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(7.7</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" nowrap align="left"><FONT size="2">Other Activities</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">39</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>1,186&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1,241</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>4.6</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2"><B>Total amortization and depreciation</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>3,439</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>3,677</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>6.9</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>30</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left"><FONT size="2"><B>Writedowns</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>7</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>135</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD align="right"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>1,186&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1,271</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>7.2</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>3,446</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>3,812</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>10.6</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>Nine months</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and writedown charges in the first nine
months of 2002 (euro 3,812&nbsp;million) increased by euro 366 million,
up 10.6% over the first nine months of 2001, due to the increases
registered essentially in the Exploration and Production division
(euro 298&nbsp;million), resulting from increased production and higher
exploration activity (euro 33&nbsp;million), and in the Oilfield Services
and Engineering segment (euro 73&nbsp;million) resulting from the entry
into operation of new investments. These increases were partly
offset by lower depreciation and amortization charges in the
Petrochemical segment (euro 108&nbsp;million) following plant writedowns
recorded in 2001.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Writedowns (euro 135&nbsp;million) concerned proved and unproved
properties mainly in the Gulf of Mexico (euro 84&nbsp;million) and assets
in Brazil and Argentina (euro 42&nbsp;million) in the Gas &#038; Power
division related to their decreased profitability prospects.
</FONT>
<P align="left"><FONT size="2"><B>Third quarter</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation, amortization and writedown charges in the third
quarter of 2002 (euro 1,271&nbsp;million) increased by euro 85&nbsp;million,
up 7.2% over the third quarter of 2001, due to the increases
registered in the Exploration and Production and Oilfield Services
and Engineering segments, offset in part by decreases registered in
the Petrochemical segment.
</FONT>
<!-- link2 " NET FINANCIAL EXPENSE" -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="center"><FONT size="2"><B>NET FINANCIAL EXPENSE</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the first nine months of 2002 net financial expense (euro 245
million) decreased by euro 24&nbsp;million over the first nine months of
2001, due mainly to lower average net borrowings for about euro 1
billion and lower interest rates on European markets (Euribor down
1.1 points) offset in part by exchange rate differences related to
the effect of the appreciation of the euro on dividends received.
</FONT>
<!-- link2 " NET INCOME FROM INVESTMENTS" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="center"><FONT size="2"><B>NET INCOME FROM INVESTMENTS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from investments in the first nine months of 2002
amounted to euro 86&nbsp;million, as compared to a net expense of euro 10
million in the first nine months of 2001 and represented the balance
between income of euro 210&nbsp;million and expense of euro 124&nbsp;million.
Income from investment concerned mainly: (i)&nbsp;Eni&#146;s share of income
on investments accounted for with the equity method in particular in
the Gas &#038; Power, Refining and
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>

<P><FONT size="2"><B>E n i </B>THIRD QUARTER REPORT OF 2002
</FONT>
<P><FONT size="2">8</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2">Marketing and Oilfield Services and Engineering segments; (ii)
dividends from investments accounted for at cost; (iii)&nbsp;gains on the
disposal of assets in the Petrochemical segment (euro 52&nbsp;million).
Expense on investments was due to Eni&#146;s share of losses on
investments, in particular Galp Energia SGPS SA, Albacom SpA, Blu
SpA, Inversora de Gas del Centro SA and Distribuidora de Gas del
Centro SA. The improvement in the net income/expense balance for
euro 96&nbsp;million was due primarily to lower losses related to Galp
Energia due to the fact that in 2001 non-recurring expenses were
recorded for euro 82&nbsp;million.
</FONT>
<!-- link2 " NET EXTRAORDINARY INCOME" -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="center"><FONT size="2"><B>NET EXTRAORDINARY INCOME</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" colspan="7"><FONT size="1"><B>(million
<font face="times new roman,times">&#128;</font>)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Extraordinary income</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gains on disposal</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">952</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">180</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other extraordinary income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">193</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">57</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1,145</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>237</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Extraordinary expense</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Restructuring costs:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- provisions for risks and contingencies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(401</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(82</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- cost of redundancy incentives</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(107</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(56</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- writedowns of fixed assets and losses from investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(69</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(20</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(577</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(158</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other extraordinary expense</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(166</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(50</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total extraordinary expense</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(743</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(208</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>402</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>29</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Gains on disposal </I>related to the sale of investments,
businesses and fixed assets as a result of restructuring activities.
In particular, gains on disposal in the first nine months of 2002
amounting to euro 180&nbsp;million concerned the sale of refined product
distribution activities in Nigeria (euro 81&nbsp;million), service
stations in Italy (euro 60&nbsp;million) and minor assets and investments
(euro 39&nbsp;million).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provisions for risks and contingencies </I>of euro 82&nbsp;million related
mainly the reserve for environmental risks in the Refining and
Marketing (euro 56&nbsp;million) and Petrochemical (euro 26&nbsp;million)
segments.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Redundancy incentives </I>of euro 56&nbsp;million concerned primarily the
Refining and Marketing division (euro 21&nbsp;million), the Gas &#038; Power
division (euro 19&nbsp;million) and the Petrochemical segment (euro 6
million).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Writedowns </I>for euro 20&nbsp;million concerned essentially assets of the Priolo
refinery.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

<P align="right"><FONT size="2"><B>E n i </B>THIRD QUARTER REPORT OF 2002
</FONT>
<P align="right"><FONT size="2">9</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "NON-RECURRING ITEMS" -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="center"><FONT size="2"><B>NON-RECURRING ITEMS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="74%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>

<TD nowrap align="right" colspan="7"><FONT size="1"><B>(million&nbsp;<font face="times new roman,times">&#128;</FONT>)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="7"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="7"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="7"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">0</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(30</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Asset impairment</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(135</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(33</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Environmental tax of the Sicilia Region</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(65</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(16</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(33</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">0</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance of storage tariffs for year 2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance of secondary distribution tariffs for year 2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">8</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gains on disposal</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(41</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">22</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Positive (negative)&nbsp;effect of stock valuation</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(41</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(47</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Effect on operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(75</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">of which:</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">0</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">9</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- Exploration and Production</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(50</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(71</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- Gas &#038; Power</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(66</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(19</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">3</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- Refining and Marketing</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(22</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">12</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- Petrochemicals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(22</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">0</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- Other segments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(82</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(3</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-recurring expense on investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(82</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(16</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(28</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">122</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net extraordinary income (expense)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(151</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>72</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Non-recurring items before taxes</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>320</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(62</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Adjustment of reserve for deferred tax liabilities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(215</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">due to change in tax regime in the UK</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Release of reserve for anticipated amortization</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">95</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">as per Law 498/2001</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">61</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(12</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Taxes (estimated)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">33</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(90</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>62</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Non-recurring items after taxes</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>314</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(149</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><FONT size="2">Writedowns (euro 135&nbsp;million) concerned mainly mineral assets in the
Gulf of Mexico (euro 84&nbsp;million) and assets in the Gas &#038; Power
division in Brazil and Argentina (euro 42&nbsp;million) due to lower
profitability prospects. Gains on disposals concerned the sale of
mineral assets in the Exploration and Production division. The
positive effects of stock valuations concerned the effects of price
increases on the valuation of stocks starting in the second quarter
in the Petrochemical segment. Estimated income taxes for euro 33
million concerned the estimated tax benefit of all non-recurring
items.
</FONT>
<!-- link2 "INCOME TAXES" -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="center"><FONT size="2"><B>INCOME TAXES</B>
</FONT>
<P><FONT size="2">Income taxes (euro 2,646&nbsp;million) decreased by euro 580&nbsp;million over
the first nine months of 2001, due mainly to a euro 1,587&nbsp;million
decline in income before taxes and the net effect (euro 95&nbsp;million)
of the release of the reserve for anticipated amortization as per
Law 498/01. These positive factors were offset in part by the
adjustment of the reserve for deferred tax liabilities due to the 10
percentage point increase in corporate taxes (from 30 to 40%) in the
United Kingdom (euro 215&nbsp;million), higher taxes (euro 90&nbsp;million)
related to Law Decree No.&nbsp;209<SUP>3</SUP> of September&nbsp;25, 2002 and the fact
that tax rate for 2001
</FONT>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2"><I>(3)</I></FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Law Decree No.&nbsp;209 of September&nbsp;24, 2002 limited the
deductibility for tax purposes of the writedown of investments in
subsidiaries, whose shares are not traded in regulated markets and
provided for the subdivision into five yearly instalments of such
deductible amounts for all depreciation of investments held as
financial investments. The same Decree changed the method for
calculating the portion of taxable income subject to a lower tax
rate (so called DIT). Estimated taxes are calculated based on the
interpretation of the text approved by Parliament, the text must by
read by the Senate for final approval before November&nbsp;24, 2002.</I></FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="left"><FONT size="2">10</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P><FONT size="2">kept into account lower income taxes due (15-19%) on gains on
disposal of real estate and investments.
</FONT>
<!-- link2 "MINORITY INTERESTS" -->
<DIV align="left"><A NAME="010"></A></DIV>
<P align="center"><FONT size="2"><B>MINORITY INTERESTS</B></FONT>
<P><FONT size="2">Minority interests (euro 471&nbsp;million) increased by euro 202&nbsp;million
over the first nine months of 2001, due to the attribution of net
income of Snam Rete Gas SpA for the first half of 2002 to minorities
(euro 199&nbsp;million) and higher net income earned by Saipem SpA and
Italgas SpA.
</FONT>
<!-- link2 "NET BORROWINGS" -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="center"><FONT size="2"><B>NET BORROWINGS</B></FONT>
<P><FONT size="2">Net borrowings at September&nbsp;30, 2002 amounted to euro 9,272&nbsp;million,
a euro 832&nbsp;million decrease over December&nbsp;31, 2001. Cash provided
from operating activities recorded in the third quarter allowed to
cover financial requirements for: (i)&nbsp;capital expenditure (euro
5,332&nbsp;million); (ii)&nbsp;financial investment (euro 1,170&nbsp;million)
related in particular to the acquisition of Bouygues Offshore (euro
869&nbsp;million at September&nbsp;30, 2002, including net cash acquired for
euro 109&nbsp;million); (iii)&nbsp;the payment of dividends for 2001 (euro
2,876&nbsp;million); (iv)&nbsp;the buy-back of own shares (euro 586&nbsp;million).
The positive effect of the appreciation of the euro over the dollar
contributed to the change in net borrowings. Debts and bonds
amounted to euro 12,330&nbsp;million, of which 6,991 were short-term and
5,339 were medium and long-term.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="44%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="1"><B>(million&nbsp;<font face="times new roman,times">&#128;</FONT>)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch. vs.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch. vs.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Dec. 31, 2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>June 30, 2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Sep. 30, 2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Dec. 31, 2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>June 30, 2002</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debts and bonds</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,819</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11,888</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12,330</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3.8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(2,715</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,402</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,058</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">12.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10.1</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net borrowings at period end</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>10,104</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>8,486</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>9,272</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(8.2</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>9.3</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link1 "CAPITAL EXPENDITURE AND FINANCIAL INVESTMENTS" -->
<DIV align="left"><A NAME="012"></A></DIV>
<P align="center"><FONT size="2"><B>CAPITAL EXPENDITURE<BR>AND FINANCIAL INVESTMENTS</B></FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="48%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="7"><FONT size="1"><B>(million&nbsp;<font face="times new roman,times">&#128;</FONT>)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1,186</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1,322</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">11.5</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exploration and Production</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,037</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,885</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">190</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">189</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(0.5</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;Exploration</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">560</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">610</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">956</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1,124</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">17.6</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;Development</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,065</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">27.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">40</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">9</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&#151;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;Acquisition of mineral rights</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">75</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">210</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">180.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">229</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">347</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">51.5</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas &#038; Power</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">799</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">793</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.8</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">68</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">100</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">47.1</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Refining and Marketing</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">235</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">304</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">29.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">49</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">25</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(49.0</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Petrochemicals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">279</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">145</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(48.0</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">72</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">32</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(55.6</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Oilfield Services and Engineering</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">200</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">143</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(26.5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">12</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">46</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">263.3</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other Activities</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">62</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1,616</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1,872</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>15.8</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Capital
expenditure and financial investments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,593</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>5,332</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>16.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>142</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>952</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>&#151;</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Financial investments</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,535</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,170</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(74.2</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1,758</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>2,824</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>60.6</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total capital expenditure</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>9,128</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>6,502</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(28.8</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B><I>Nine months</I></B>
</FONT>

<P><FONT size="2">Capital expenditure amounted to euro 5,332&nbsp;million, of these
approximately 88% related to the Exploration and Production and Gas
&#038; Power divisions.
</FONT>
<P align="right"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="right"><FONT size="2">11</FONT>
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<P><FONT size="2">Exploration expenditure amounted to euro 610&nbsp;million (of which 94%
was directed outside Italy), representing an 8.9% increase over the
first nine months of 2001. Outside Italy, exploration expenditure
concerned mainly the United States, Kazakhstan, Egypt, Russia,
Angola, Nigeria and Congo. Expenditure in Italy concerned primarily
offshore areas in the northern Adriatic Sea and in the deep waters
of the Sicily Channel and areas in northern-central Italy.
</FONT>
<P><FONT size="2">Expenditure for the acquisition of proved and unproved property
amounted to euro 210&nbsp;million and concerned the purchase of: (i)&nbsp;a
2.39% interest in the Kashagan field (Eni is single operator with a
16.67% interest after the purchase); (ii)&nbsp;a 5.6% interest in the
Bayu Undan field in Australia (Eni&#146;s interest 12.32% after the
purchase); (iii)&nbsp;an 11.3% interest in the T-Block fields (Eni is
operator with an 88.7% interest after the purchase); (iv)&nbsp;a 7.9%
interest in the Mikkel field in Norway.
</FONT>
<P><FONT size="2">Expenditure for development and capital goods totaled euro 3,065
million, of which 89.2% outside Italy, increasing by 27.6%.
Development expenditure in Italy referred primarily to the
continuation of construction of plant and infrastructure in the Val
d&#146;Agri; outside Italy it concerned fields in Nigeria, Kazakhstan,
Iran, Libya, Angola, Venezuela and the United Kingdom.
</FONT>
<P><FONT size="2">Total capital expenditure of the Exploration and Production division
in the first nine months of 2002 amounted to euro 3,885&nbsp;million,
increasing by euro 848&nbsp;million over the first nine months of 2001,
up 27.9%.
</FONT>
<P><FONT size="2">Capital expenditure in the Gas &#038; Power division totaled euro 793
million, relating in particular to: (i)&nbsp;development and maintenance
of Eni&#146;s primary transmission and distribution network in Italy
(euro 236&nbsp;million); (ii)&nbsp;the continuation of the development plan of
electricity generation capacity (euro 220&nbsp;million), in particular
for the Ferrera/Erbognone (Sannazzaro) and Ravenna power stations;
(iii)&nbsp;the construction (euro 174&nbsp;million) of the Greenstream gasline
that will carry natural gas from the Libyan fields of Wafa and
structure C in the permit NC-41 operated by Eni with a 50% interest
to Sicily; (iv)&nbsp;development and maintenance of urban networks in
Italy (euro 143&nbsp;million).
</FONT>
<P><FONT size="2">Capital expenditure in the Refining and Marketing division amounted
to euro 304&nbsp;million and concerned: (i)&nbsp;the distribution of refined
products in Italy (euro 92&nbsp;million) and outside Italy (euro 56
million) in particular the upgrade and construction of new service
stations; (ii)&nbsp;refining and logistics (euro 101&nbsp;million) aimed in
particular at maintaining plant efficiency and measures taken to
comply with health, safety and environmental standards and
regulations; (iii)&nbsp;the LPG business (euro 26&nbsp;million).
</FONT>
<P><FONT size="2">Financial investments amounted to euro 1,170&nbsp;million and concerned
primarily assets in <I>oilfield services</I>, in particular: (i)&nbsp;the
purchase of French company Bouygues Offshore (euro 869&nbsp;million at
September&nbsp;30, 2002, including net cash acquired for euro 109
million); (ii)&nbsp;a further 50% interest in English company European
Marine Contractors (euro 122&nbsp;million); (iii)&nbsp;a further 50% interest
in SaiClo Luxembourg (euro 23&nbsp;million) owner of the Maxita
multipurpose vessel.
</FONT>
<P align="left"><FONT size="2"><B><I>Third quarter</I></B>
</FONT>

<P><FONT size="2">Capital expenditure in the third quarter of 2002 amounted to euro
1,872&nbsp;million, of these approximately 71% related to the Exploration
and Production division, in particular for the development of
hydrocarbon fields in Libya, Iran, Nigeria, Kazakhstan and Italy.
</FONT>
<P align="left"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="left"><FONT size="2">12</FONT>
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<!-- link1 "MAIN EVENTS" -->
<DIV align="left"><A NAME="013"></A></DIV>
<P align="center"><FONT size="2"><B>MAIN EVENTS</B></FONT>
<P align="left"><FONT size="2"><B>In this paragraph main events
occurred in the period September&nbsp;18-November&nbsp;12, 2002 are
described<SUP>4</SUP>.</B>
</FONT>

<P align="left"><FONT size="2"><B><I>Exploration and Production</I></B>
</FONT>

<P><FONT size="2">In the British section of the North Sea Eni sold to Oranje Nassau
Limited its interests in the Cook (20%), Janice (18.2%), Pierce
(3.7%) and Chestnut (6.3%) oil fields with a production of about
8,000 boe/day net to Eni. The agreement is part of an ongoing
program to rationalize Eni&#146;s asset portfolio in the area following
the recent acquisition of British Borneo and Lasmo designed to focus
Eni&#146;s resources on a number of material core assets, which present
growth potential and operational synergies.
</FONT>
<P><FONT size="2">In Kazakhstan Eni made a new oil discovery in the Kazakh sector of
the Caspian Sea within the Kalamkas exploration structure, adjacent
to the Kashagan field. This area is regulated by the same PSA of the
Kashagan field, where Eni is single operator with a 16.67% interest.
The Kalamkas-1 exploration well was drilled to a total depth of
2,360 meters and yielded over 2,000 barrels/day in test production.
Drilling in very shallow and extremely environmentally sensitive
waters was performed by the jack-up rig Qurtulus, floated into
Kazakh waters from Baku.
</FONT>
<P><FONT size="2">In September work started for the construction of the
Baku-Tblisi-Ceyhan pipeline (Eni&#146;s interest 5%), linking Baku to the
Turkish port of Ceyhan through Georgia, which will allow to
transport some of the oil produced in the Caspian Sea area to the
Mediterranean Sea. The pipeline will be 1,740-kilometer long with a
transport capacity of one million barrels/day, is expected to start
operating in 2005 and will cost about 3&nbsp;billion dollars.
</FONT>
<P><FONT size="2">In Angola, in Block 15 (Eni&#146;s interest 20%) located offshore 350
kilometers north-west of Luanda, a new oil discovery was made with
the Reco Reco-1 well, which was drilled at a water depth of 3,798
meters and yielded approximately 3,000 barrels in test production.
</FONT>
<P align="left"><FONT size="2"><B><I>Gas &#038; Power</I></B>
</FONT>

<P><FONT size="2">Law Decree No.&nbsp;193 of September&nbsp;4, 2002, in force from September 5
and turned into law No.&nbsp;238/02 among other things prevents any
increases in natural gas distribution tariffs to customers consuming
less than 200,000 cubic meters/year and in electricity tariffs to
eligible customers. Decree No.&nbsp;193, while confirming tariffs in
force before August 2002, prohibits the application of tariff
increases set by the Authority for Electricity and Gas (&#147;Authority&#148;)
for the September-October 2002 period and suspends increases
foreseen for the November-December period. As concerns the
September-October period in particular, the Authority had confirmed
the current tariff for natural gas distribution and set a 1.7%
increase for electricity supplies. On October&nbsp;31, 2002, the Council
of Ministers approved further criteria for the determination of
tariffs. Based on this Decree, the Authority will: (i)&nbsp;define,
calculate and update electricity and gas tariffs also after the
opening up of markets to eligible customers in order to ensure a
regular and gradual access to the free market of final users that
are eligible customers; (ii)&nbsp;define methods for updating tariffs
with reference to variable costs that minimize the impact of
inflation by providing for updating schedules adequate to the
objective of reducing the effects of energy prices on inflation, but
safeguarding the functioning of energy producing companies and the
competitivity of the producing system; (iii)&nbsp;define criteria for
allocating the costs deriving from social support measures, in order
to reduce as much as possible the aggregate net cost of
interventions and to ensure neutrality in the application of tariffs
to the various groups of users.
</FONT>
<P><FONT size="2">On November&nbsp;6, 2002 Eni filed a claim with the Regional
Administrative Court of Lombardia against decision No.&nbsp;137/02 of the
Authority for electricity and gas which
</FONT>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2"><I>(4)</I></FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Main events occurred in the period January 1-September&nbsp;17, 2002 are
described in Eni&#146;s half year report.</I></FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>


<P align="right"><FONT size="2">13</FONT>
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<P><FONT size="2">defined the priority criteria for the concession of transport
capacity at the entry points into the Italian domestic network,
aimed at obtaining its cancellation. Eni considers that the decision
is not legitimate in the light of the European Directive on natural
gas No.&nbsp;98/30/CE and Legislative Decree No.&nbsp;164/2000.
</FONT>
<P><FONT size="2">Eni has signed Heads of Agreement with Qatari company Ras Laffan
Liquefied Natural Gas Co Ltd (RasGas) for a supply of liquefied
natural gas volumes equivalent of about 1&nbsp;billion cubic meters/year
of natural gas beginning from the second quarter 2004, for 20&nbsp;years.
LNG volumes for the Spanish market will be delivered at Barcelona
terminal, or at other terminals in the Iberian Peninsula in
accordance to marketing needs. This agreement will allow Eni to
increase its LNG sales and further diversify and increase its supply
sources.
</FONT>
<P align="left"><FONT size="2"><B><I>Refining and Marketing</I></B>
</FONT>

<P><FONT size="2">On October&nbsp;3, the Italian Antitrust Authority approved the agreement
between Eni and Erg Petroli for the establishment of Erg Raffinerie
Mediterranee, a new company controlled by Erg which will own Eni&#146;s
Priolo and Erg&#146;s Melilli refineries in Sicily and ancillary power
plants.
</FONT>
<P><FONT size="2">Before the end of 2002 Eni will start selling in its Agip branded
service stations a new diesel fuel with low environmental impact
named BluDiesel, which anticipates by seven years the date of
mandatory introduction of low sulphur fuels decided by the European
Union. BluDiesel contains only 10 parts per million of sulphur (10
mg/kg) and allows for cleaner injection and protection of the fuel
burning system in cars, better combustion and faster startup even at
low temperatures.
</FONT>
<P align="left"><FONT size="2"><B><I>Oilfield Services and Engineering</I></B>
</FONT>

<P align="left"><FONT size="2"><B>Oilfield Services</B>
</FONT>

<P><FONT size="2">Within its purchase of Bouygues Offshore on September&nbsp;23, 2002,
having acquired over 95% of Bouygues&#146; share capital outstanding at
the closing of the public offer, Saipem performed a repurchase offer
followed by a squeeze-out of the minority shareholders. Such
procedures were closed on October&nbsp;30 and Bouygues shares were
withdrawn from the Paris and New York Stock Exchanges. At the end of
these procedures Saipem owned 100% of the voting rights and 98.8% of
the share capital, the remaining 1.2% is represented by own shares
held by Bouygues for its stock option plans. The total cost of this
transaction was euro 899&nbsp;million (including net cash acquired for
euro 109&nbsp;million).
</FONT>
<P><FONT size="2">In October Saipem was awarded two major turn-key contracts for a
total amount of 1&nbsp;billion dollars for the development of hydrocarbon
fields offshore Nigeria. The first contract relates to a floating
production, storage and offloading (FPSO)&nbsp;vessel for the Erha field
for Esso Exploration &#038; Production Nigeria Limited. The project
includes engineering, procurement, construction, towing and
commissioning of the FPSO. The FPSO will consist of a
285-meter-long, 63-meter-wide and 32-meter-high hull and 24,000
tonnes of production modules and living quarters. The vessel will
have a storage capacity of 2.2&nbsp;million barrels of oil and an initial
production capacity of 165,000 barrels of oil per day. The FPSO is
scheduled to arrive on the Erha field in June 2005, in line with
planned year end start-up. The second contract by Mobil Producing
Nigeria Unlimited concerns production facilities to develop the Yoho
and Awawa offshore fields. The project includes project management,
engineering, procurement, construction, transportation and
installation, hook up and commissioning of one production platform,
pipeline laying and the other facility installation. The Castoro 8
vessel will install the platform and lay the pipelines between late
2003 and early 2004, whereas the Saipem 7000 vessel will install the
deck during the second half of 2004. The contract is expected to be
completed by year-end 2004.
</FONT>
<P align="left"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="left"><FONT size="2">14</FONT>
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<P align="left"><FONT size="2"><B>Engineering</B>
</FONT>

<P><FONT size="2">Snamprogetti, in joint venture with the Japanese companies Chiyoda
and Mitsui &#038; Co, has been awarded a turn-key contract to implement
the fourth train for the production of LNG at the Ras Laffan complex
in Qatar owned by Ras Laffan Liquefied Gas Company. The plant is
expected to be completed by 2005 and to produce approximately 4.7
million tonnes/year of LNG. The joint venture partners will provide
detailed engineering, procurement and construction. The Ras Laffan
complex currently produces 6.6&nbsp;million tonnes/year of liquified gas
on two trains. Snamprogetti is also implementing the third train
with a capacity of 4.7&nbsp;million tonnes per year of LNG, as a result
of a contract awarded in April 2001.
</FONT>
<P align="left"><FONT size="2"><B>Libya project</B>
</FONT>

<P><FONT size="2">In Libya within the joint development of the natural gas, oil and
condensates Wafa field and of structure C in the NC-41 permit
(operated by Eni with a 50% interest, the other partner being the
Libyan national company NOC) Eni companies were awarded four
contracts:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">the first one to Saipem for a total value of approximately euro
285&nbsp;million involves the laying of the Greenstream pipeline
linking Mellitah, on the Libyan coast 80 kilometers west of
Tripoli, to Gela, Sicily. The pipeline with a 32 inch diameter and
540-kilometer long will be laid at a maximum water depth of 1,160
meters by the Castoro 6 vessel. Pipelaying activities will be
carried out during the second half of 2003. The project is
scheduled to be completed in June 2004;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">the second one to Saipem with a total value of approximately euro
400&nbsp;million, comprises the project management, engineering,
procurement, fabrication, transport and installation of two
pipelines linking the Sabratha offshore platform, about 100
kilometers north of Tripoli, to Mellitah. The project, including
also the construction and installation of facilities, will be
carried out by the Castoro 6 vessel during the first half of 2004
and is expected to be completed in the second quarter of 2005;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">the third one to Bouygues Offshore in joint venture with Doris
Engineering for euro 133&nbsp;million provides for the design,
construction and installation of an underwater production system
in the Libyan offshore at a water depth of 190 meters;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">the fourth one, a turn-key contract, to a consortium led by
Snamprogetti (the other partners being ABB Lumus and Hyundai
Engineering and Construction) for the construction of a treatment
plant (raw natural gas and liquid hydrocarbons from the Libyan
offshore) at Mellitah. The total value of the contract is euro 700
million. The consortium will provide engineering, material supply
and construction of the plant, which will have a capacity of 6.66
billion cubic meters/year. Work will be completed in 29&nbsp;months.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B><I>Share buy-back program</I></B>
</FONT>

<P><FONT size="2">In order to increase value for shareholders Eni&#146;s General
Shareholders&#146; Meeting on May&nbsp;30, 2002 resolved to continue the share
buy-back program up to a maximum of 400&nbsp;million own shares, nominal
value 1 euro, and increased by euro 2&nbsp;billion its maximum amount
(from euro 3.4 to 5.4&nbsp;billion). Both limits include shares in
portfolio at the Meeting&#146;s date (161.4&nbsp;million shares, nominal value
1 euro, for euro 2,175&nbsp;million).
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="55%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>No.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>average</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>total</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>share of</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>of shares</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>cost</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>cost</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>capital stock</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="left"><FONT size="1"><B>Period</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>million</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B><font face="times new roman,times">&#128;</FONT>/share</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>million&nbsp;<font face="times new roman,times">&#128;</FONT></B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>%</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">January
1&#151;November&nbsp;12, 2002</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">44.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.80</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">665</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.12</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">From the beginning of the
program (September&nbsp;1,
2000)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">199.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13.71</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,733</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.98</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="right"><FONT size="2">15</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link1 "MANAGEMENT&#146;S EXPECTATIONS OF OPERATIONS" -->
<DIV align="left"><A NAME="014"></A></DIV>
<P align="center"><FONT size="2"><B>MANAGEMENT&#146;S EXPECTATIONS OF OPERATIONS</B></FONT>
<P><FONT size="2">Trends in 2002 of main outside variables that influence Eni&#146;s
results of operations are indicated below:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">worldwide demand for oil is expected to recover in the fourth
quarter of 2002 in line with the gradual recovery of world economy
thus confirming demand trends showed in the third quarter of 2002.
On an annual basis demand is expected to remain at the levels of
2001. Despite the general market situation, the persisting tension
in the Middle East and the production cuts decided by OPEC should
support the price of oil, which is expected to reach about 26.5
dollars/barrel in the fourth quarter of 2002, representing a 37%
increase as compared to the third quarter of 2001. In 2002, then,
the price of Brent oil would average about 25 dollars/barrel
(24.46 in 2001);</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">demand for natural gas in Italy is expected to increase by 2.7%
compared to 2001, due to increased consumption for the production
of electricity;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">refining margins are expected to decline compared to 2001. The
recovery in the demand for refined products in the second half of
the year is not sufficient to trigger an upturn in refined product
prices as compared to oil prices. Refining margins that in the
third quarter of 2002 reached their lowest levels in the past ten
years are expected to remain low;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">growth in demand for petrochemical products is expected to
decelerate in the last part of 2002 as compared to the third
quarter of 2002. The recovery of margins registered in the third
quarter is not expected to continue due to the decline in prices
of monomers and polymers, offset only in part by the expected
decline in the cost of oil-based feedstocks. On an annual basis
margins are expected to remain on lower levels than in 2001 due to
taken into account the marked decline registered in the first
quarter.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="2%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="98%"><FONT size="2">The following are the forecasts for the production and sales
performance of Eni&#146;s main activities in 2002:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">daily production of hydrocarbons, before the effect of the
rationalization of the portfolio of mineral assets, is forecasted
to grow by approximately 8% compared to 2001, despite the effects
of production cuts decided by OPEC, due to production increases in
Kazakhstan, Venezuela, Norway, the United Kingdom, Egypt, Congo,
and Italy (oil), as well as new fields coming on line in
particular in Algeria, the United States, Nigeria, Iran, Trinidad
and Tobago and Pakistan;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">volumes of natural gas sold in primary distribution in Italy,
assuming that temperatures are normal for the rest of the year,
are expected to decline by approximately 8% compared to 2001,
within the gradual alignment of Eni&#146;s market share with the
regulatory limits; this decline will affect in particular sales to
wholesalers and industries. Volumes sold in Europe destined to
Italy are expected to more than double due to the reaching of full
supplies of some sale contracts to Italian importers. Volumes
transported on behalf of third parties in Italy are expected to
increase by about 70%, also in relation to the increase in Eni&#146;s
sales in Europe destined to Italy;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">electricity production sold is forecasted at approximately 5
terawatthour, roughly stable as compared to 2001; volumes of
purchased electricity sold on the market are forecasted at
approximately 1.6 terawatthour;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">total refinery processing intake on wholly owned refineries in
Italy and outside Italy is expected to decline by 6% due to the
agreements signed in 2002 with Erg for the Priolo refinery and
with Tamoil for the sale of processing capacity. The utilization
rate of available capacity in owned refineries is expected to
increase (99% as compared to 97%</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="left"><FONT size="2">16</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">in 2001) due to the sale of the Priolo refinery in October which
will allow Eni to achieve a better balance between refining
capacity and market requirements, as well as higher processing on
behalf of third parties. Sales of refined products are expected to
decline by about 2% as compared to 2001 due primarily to lower
sales on retail and wholesale markets in Italy;</FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&#149;</FONT></TD>
        <TD width="96%"><FONT size="2">sales of petrochemical products are expected to increase by
approximately 3% due to increase expected in the fourth quarter of
2002, due to the fact that in the corresponding period of 2001
demand was especially weak.</FONT></TD>
</TR>
</TABLE>
<P><FONT size="2">In 2002 capital expenditure is expected to amount to approximately
euro 8&nbsp;billion; about 86% of this capital expenditure will be made
in the Exploration and Production and Gas &#038; Power divisions.
</FONT>
<P align="right"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="right"><FONT size="2">17</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "EXPLORATION AND PRODUCTION" -->
<DIV align="left"><A NAME="015"></A></DIV>
<P align="center"><FONT size="2"><B>EXPLORATION AND PRODUCTION</B></FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="50%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1,144</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1,327</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>16.0</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income </B>(million euro)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,629</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>3,842</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(17.0</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1,337</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1,451</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>8.5</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Daily production of hydrocarbons </B>(thousand boe)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,356</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1,453</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">306</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">320</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">4.6</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">304</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">315</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">320</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">360</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">12.5</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;North Africa</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">316</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">347</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">9.8</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">230</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">240</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">4.3</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;West Africa</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">232</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">238</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">284</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">271</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(4.6</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;North Sea</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">281</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">299</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">6.4</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">197</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">260</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">32.0</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Rest of world</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">223</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">254</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">13.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>103.9</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>124.7</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>20.0</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Production sold </B>(million boe)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>351.2</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>380.8</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>8.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B><I>Nine months</I></B>
</FONT>

<P><FONT size="2">Operating income for the first nine months of 2002 totaled euro
3,842&nbsp;million, representing a euro 787&nbsp;million decrease over the
corresponding period of 2001, down 17%, due mainly to: (i)&nbsp;lower
international oil prices (oil down 4.8%; natural gas down 15.2%)
related to the unfavorable energy environment in the first six
months and the appreciation of the euro over the dollar; (ii)&nbsp;a
decrease in storage and modulation tariffs due to the effects of
decision No.&nbsp;49/02 of the Authority for Electricity and Gas (euro 80
million); (iii)&nbsp;higher writedowns of mineral assets (euro 77
million) in particular in the Gulf of Mexico. These negative factors
were offset in part by: (i)&nbsp;increased hydrocarbon production sold
(29.6&nbsp;million boe, up 8.4%); (ii)&nbsp;gains on the disposal of mineral
assets (euro 50&nbsp;million); (iii)&nbsp;cost reductions related to synergies
deriving from the integration of purchased companies and
streamlining.
</FONT>
<P><FONT size="2">In the first nine months of 2002 daily hydrocarbon production
amounted to 1,453,000 boe (oil and condensates 915,000 barrels;
natural gas 538,000 boe) increasing by 97,000 boe, up 7.2%, despite
the 30,000 boe effect of production cuts decided by OPEC. The
production increase was due to: (i)&nbsp;start-up of new fields mainly in
Algeria, Nigeria, the United States, Trinidad and Tobago, Iran and
Pakistan; (ii)&nbsp;production increases recorded mainly in the United
Kingdom, Algeria, Egypt, Norway, Italy, Congo, Kazakhstan and the
United States. These increases were partly offset by declines of
mature gas fields in Italy. The share of production outside Italy
remained at 78%.
</FONT>
<P><FONT size="2">Daily production of oil and
condensates (915,000 barrels)
increased by 67,000 barrels, up
7.9%, due to increases registered
outside Italy (up 59,000 barrels),
in particular in: (i)&nbsp;Algeria, due
to the start-up of the HBN (Eni&#146;s
interest 34.63%) and HBNS/BKNE
(Eni&#146;s interest 12.25%) fields; (ii)
Kazakhstan, due to the fact that in
the third quarter of 2001 production
at the Karachaganak field
(co-operated by Eni with a 32.5%
interest) was suspended due to a
fiscal dispute between Russia and
Kazakhstan; (iii)&nbsp;Congo due to the
start-up of the Foukanda and Mwafi
fields (Eni is operator with a 65%
interest) in the second half of
2001; (iv)&nbsp;Norway; (v)&nbsp;Venezuela due
to the development of the Dacion
field (Eni is operator with a 100%
interest); (vi)&nbsp;the United Kingdom,
due to the full operation of the
Elgin/Franklin fields (Eni&#146;s
interest 21.87%); (vii)&nbsp;Iran due to
the
</FONT>
<P align="center"><FONT size="2"><IMG src="u45588bargraph3.gif" alt="(DAILY HYDROCARBON PRODUCTION BY GEOGRAPHIC AREA)">
</FONT>
<P align="left"><FONT size="2"><B>E n i &nbsp;THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="left"><FONT size="2">18</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2">start-up of the Dorood field (Eni&#146;s interest 45%); and Italy (up
20,000 barrels) due to the entry into operation of the Monte Alpi
pipeline which transports oil produced in the Val d&#146;Agri fields to
Eni&#146;s refinery in Taranto at the end of 2001. These increases were
partly offset by a 12,000 barrels reduction outside Italy, in
particular in Libya and Nigeria, due to production cuts decided by
OPEC, as well as in Ecuador.
</FONT>
<P><FONT size="2">Daily production of natural gas (538,000 boe) increased by 30,000
boe, up 5.9%, due to increases registered outside Italy (up 41,000
boe), in particular in the United States (in connection with the
start-up of the King Kong/Yosemite field &#151; Eni&#146;s interest 50%),
Egypt, the United Kingdom, Kazakhstan (due to the reasons mentioned
above) and Norway. These increases were offset in part by declines
of mature fields in Italy (down 9,000 boe), in particular the
Garibaldi/Agostino and Angela/Angelina fields and outside Italy
(Indonesia down 2,000 boe).
</FONT>
<P><FONT size="2">Hydrocarbon production sold amounted to 380.8&nbsp;million boe. The 16
million boe decrease over production was due essentially to lower
withdrawals as compared to allotted shares (underlifting)<SUP>5</SUP> outside
Italy (7&nbsp;million boe) and by natural gas production used for own
consumption (6.6&nbsp;million boe).
</FONT>
<P align="left"><FONT size="2"><B><I>Third quarter</I></B>
</FONT>

<P><FONT size="2">Operating income for the third quarter of 2002 totaled euro 1,327
million, representing a euro 183&nbsp;million increase over the
corresponding period of 2001, up 16%, due mainly to increased
hydrocarbon production sold (20.8&nbsp;million boe, up 20%), in
particular of natural gas<SUP>6</SUP>, and to higher prices realized by Eni on
hydrocarbons produced (up 4.1%). These positive factors were offset
in part by the appreciation of the euro over the dollar.
</FONT>
<P><FONT size="2">In the third quarter of 2002 daily hydrocarbon production amounted
to 1,451,000 boe (oil and condensates 908,000 barrels, natural gas
543,000 boe) increasing by 114,000 boe, up 8.5%, despite the 22,000
boe effect of production cuts decided by OPEC. The production
increase was due to the start-up of new fields and production
increases mainly in Algeria, Norway, the United States, Venezuela,
Egypt, Congo, Nigeria, Iran, Italy and Kazakhstan. These increases
were partly offset by declines in the United Kingdom due to planned
maintenance of the Elgin/Franklin and Liverpool Bay fields.
</FONT>
<P><FONT size="2">Daily production of oil and condensates (908,000 barrels) increased
by 70,000 barrels, up 8.4%, due to increases registered in
particular in Algeria, Kazakhstan, Norway, Venezuela, Nigeria and
Italy, partly offset by reductions in the United Kingdom, Egypt and
Libya.
</FONT>
<P><FONT size="2">Daily production of natural gas (543,000 boe) increased by 44,000
boe, up 8.8%, due to the increases registered in particular in
Egypt, the United States, Kazakhstan and Norway, offset in part by
declines in the United Kingdom and Italy.
</FONT>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2"><I>(5)</I></FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>Agreements between partners regulate the right to withdraw
proportional amounts of production in the period. Higher or lower
volumes withdrawn as compared to entitlements determine a temporary
over or underlifting.</I></FONT></TD>
</TR>
<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2"><I>(6)</I></FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>The increase in production sold is due also to the fact that in
the third quarter of 2001 part of natural gas produced in Italy was
set aside for rebuilding stocks. In the preceding years, in fact, it
was assumed that the increase in stocks was made up entirely of
domestically produced gas, which therefore did not contribute to
quarterly results of operations. From 2002, due also to the merger
of Snam SpA into Eni SpA, increases in stocks are proportionally
attributed to imported and domestically produced gas; this allows
for a harmonization of quarterly results, while the full year result
remains unchanged. The effect in terms of higher volumes sold over
the third quarter of 2001 amounted to 1.4&nbsp;billion cubic meters (8.8
million boe).</I></FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2"><B>E n i&nbsp;&nbsp;THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="right"><FONT size="2">19</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "GAS &#038; POWER" -->
<DIV align="left"><A NAME="016"></A></DIV>
<P align="center"><FONT size="2"><B>GAS &#038; POWER</B></FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="54%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>339</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>375</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>10.6</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income </B>(million euro)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>2,401</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>2,378</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(1.0</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>10.04</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>10.80</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>7.6</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Natural gas sales </B>(billion cubic meters)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>42.51</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>44.06</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>3.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>9.48</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>8.91</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(6.0</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><I>Italy</I></B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>41.09</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>38.30</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(6.8</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.79</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.14</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(23.3</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesalers (distribution companies)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.06</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.02</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10.2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">6.69</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">6.77</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1.2</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End customers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">21.03</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3.6</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">3.25</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">3.29</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1.2</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Industrial users</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">11.28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">10.58</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(6.2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1.24</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1.14</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(8.1</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Industrial electricity producers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.17</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.86</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7.4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.20</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.34</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">6.4</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- Distributors of electricity</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.58</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.84</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>0.56</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1.89</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>237.5</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B><I>Outside Italy</I></B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1.42</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>5.76</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>305.6</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">0.56</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1.78</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">217.9</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Europe destined to Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.39</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.54</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">298.6</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">0.00</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">0.11</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&#151;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;European market</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.03</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">0.22</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">633.3</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>0.66</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>0.61</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(7.6</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Sales in secondary distribution</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>2.00</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1.94</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(3.0</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>outside Italy </B>(billion cubic meters)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>15.05</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>15.41</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>2.4</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Transport of natural gas in Italy</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>51.07</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>54.72</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7.1</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(billion cubic meters)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">12.44</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">10.47</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(15.8</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">43.59</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">40.44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7.2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.61</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">4.94</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">89.3</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third parties</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.48</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">14.28</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">90.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Sales of power generation activity</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1,023</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1,061</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">3.7</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricity (gigawatthour)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,681</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,666</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(0.4</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">182</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">433</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">137.9</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electricity trading (gigawatthour)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,036</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,223</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">18.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2,406</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2,024</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(15.9</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steam (thousand tonnes)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,570</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7,017</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(7.3</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B><I>Nine months</I></B>
</FONT>

<P><FONT size="2">Operating income in the first nine months of 2002 amounted to euro
2,378&nbsp;million, a euro 23&nbsp;million decrease over the first nine months
of 2001, down 1%, due to: (i)&nbsp;the negative effect of the change in
the sale mix in primary distribution related to the higher share of
sales in Europe destined to Italy; (ii)&nbsp;the payment of a new
environmental tax (euro 65&nbsp;million) established by the Sicilia
Region with Regional Law No.&nbsp;2 of March&nbsp;26, 2002; (iii)&nbsp;asset
impairment in Brazil (euro 25&nbsp;million) and in Argentina (euro 17
million) due to lower profitability prospects. These negative
factors were offset almost entirely by: (i)&nbsp;higher margins in
secondary distribution related to higher tariffs (of which euro 74
million related to 2001) following the application of decision No.
122/02<SUP>7</SUP> of the Authority for Electricity and Gas; (ii)&nbsp;lower costs
related to streamlining, in particular in transport activities in
Italy, which were partly offset by salary increases and inflation.
</FONT>
<P><FONT size="2">In the first nine months of 2002 natural gas sales in primary
distribution in Italy and in Europe destined to Italy (44.06&nbsp;billion
cubic meters) increased by 1.55&nbsp;billion cubic meters over the first
nine months of 2001 (up 3.6%), due to higher sales in Europe
destined to Italy (4.15&nbsp;billion cubic meters, up 298.6%) due to the
progressive coming on line of long-term supply contracts to Italian
importers (Plurigas, Edison, Dalmine and Cir Energia), offset in
part by a 2.79&nbsp;billion cubic meters decline in sales in Italy (down
6.8%), due mainly to
</FONT>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left" nowrap><FONT size="2"><I>(7)</I></FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2"><I>With this decision the Authority for Electricity and Gas changed
and complemented its decision No.&nbsp;237 of December&nbsp;28, 2000, which
defined the new tariff regime for natural gas distribution and
supply to eligible customers. Decision No.&nbsp;122 keeps into account
the decision of the Regional Administrative Court of Lombardia of
June&nbsp;13, 2001, which accepted the claim of the Association of
natural gas distribution companies against the parameters used by
the Authority in determining the cost of capital employed in order
to quantify the revenue cap of said companies, and therefore
annulled the part of decision No.&nbsp;237 which determined such
parameters. The changes introduced by decision No.&nbsp;122 concern in
particular the determination of capital employed for those companies
that are provided with audited financial statements starting from
the year closing before January&nbsp;1, 1991, such as Italgas.</I></FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>


<P align="left"><FONT size="2">20</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2">lower sales to wholesalers (2.04&nbsp;billion cubic meters) and to industrial users (0.70&nbsp;billion
cubic meters).
</FONT>
<P><FONT size="2">Sales of natural gas in secondary distribution in Italy (5.43&nbsp;billion cubic meters) increased by 0.22&nbsp;billion cubic meters, up 4.2%, due
mainly to the approximately 103,000 units increase in the number of customers served (5.63&nbsp;million as of September&nbsp;30, 2002) and to a
cold winter.
</FONT>
<P><FONT size="2">Sales in secondary distribution outside Italy (2.52&nbsp;billion cubic meters) were substantially stable
(2.56&nbsp;billion cubic meters in the first nine months of 2001).
</FONT>
<P><FONT size="2">Eni transported 54.72&nbsp;billion cubic meters of natural gas in Italy, an increase of 3.65&nbsp;billion cubic meters, up 7.1%, due mainly to
increased volumes transported on behalf of Italian importers (6.80&nbsp;billion cubic meters).
</FONT>
<P><FONT size="2">In the first nine months of 2002, sales of electricity amounted to
3,666 gigawatthour. Eni sold 1,223 gigawatthour of purchased
electricity to eligible customers.
</FONT>
<P align="center"><FONT size="2"><IMG src="u45588bargraph4.gif" alt="(QUARTERLY VOLUMES OF NATURAL GAS SOLD AND TRANSPORTED)">
</FONT>
<P align="left"><FONT size="2"><B><I>Third quarter</I></B>
</FONT>

<P><FONT size="2">Operating income in the third quarter of 2002 amounted to euro 375
million, a euro 36&nbsp;million increase over the third quarter of 2001,
up 10.6%, due mainly to higher volumes sold (0.76&nbsp;million cubic
meters, up 7.6%) and lower costs in particular for natural gas
transmission, offset in part by the payment of the environmental tax
(euro 33&nbsp;million) established by the Sicilia Region with Regional
Law No.&nbsp;2 of March&nbsp;26, 2002 and asset impairment in Brazil (euro 25
million).
</FONT>
<P><FONT size="2">Natural gas sales in primary distribution (10.80&nbsp;billion cubic
meters) increased by 0.76&nbsp;billion cubic meters over the third
quarter of 2001 (up 7.6%), due to higher sales in Europe destined to
Italy (up 1.22&nbsp;billion cubic meters) offset in part by a 0.57
billion cubic meters decline in sales in Italy due in particular to
lower sales to wholesalers (down 0.65&nbsp;billion cubic meters).
</FONT>
<P><FONT size="2">Eni transported 15.41&nbsp;billion cubic meters of natural gas in Italy,
an increase of 0.36&nbsp;billion cubic meters, up 2.4%.
</FONT>
<P align="right"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>


<P align="right"><FONT size="2">21</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link2 "REFINING AND MARKETING" -->
<DIV align="left"><A NAME="017"></A></DIV>
<P align="center"><FONT size="2"><B>REFINING AND MARKETING</B></FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="48%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>266</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>122</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(54.1</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income </B>(million euro)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>932</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>244</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(73.8</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>13.55</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>13.20</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(2.6</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Sales </B>(million tonnes)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>39.40</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>38.84</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(1.4</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.98</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.87</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(3.7</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Retail sales Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.74</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.35</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4.5</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1.10</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1.00</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(9.1</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Retail sales outside Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.11</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3.01</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3.2</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.82</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.55</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(9.6</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Wholesale sales Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">8.13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">7.75</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(4.7</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1.47</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">1.59</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">8.2</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Wholesale sales outside Italy</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.15</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4.20</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.2</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">5.18</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">5.19</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">0</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Other sales</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.27</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">15.53</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B><I>Nine months</I></B>
</FONT>

<P><FONT size="2">Operating income in the first nine months of 2002 amounted to euro
244&nbsp;million, a euro 688&nbsp;million decrease over the first nine months
of 2001, down 73.8%, due mainly to: (i)&nbsp;the unfavorable refining
scenario (Brent margin was down 72%), related to weak demand and
high stocks of refined products worldwide, as well as to lower
margins on continent-based refineries following a reduction in
Fob/Cif differentials on refined products; (ii)&nbsp;the fact that in the
first nine months of 2001 the positive effect of a decrease in
stocks (valued at Lifo) was recorded for euro 29&nbsp;million; (iii)
lower volumes sold in retail and wholesale markets in Italy due in
particular to sales/closures of service stations (720 units from
September&nbsp;30, 2001); (iv)&nbsp;lower margins on oxygenates related
essentially to the decline in international prices. These negative
factors were offset in part by: (i)&nbsp;increased results in LPG and
lubricants activities in Italy; (ii)&nbsp;lower costs related to
streamlining, which offset in part salary increases and inflation.
</FONT>
<P><FONT size="2">Refinery intake processing on own account in Italy and outside Italy
(28.55&nbsp;million tonnes) declined by 1.16&nbsp;million tonnes, down 3.9%
due to the sale of refining capacity to Tamoil following agreements
signed in 2001 and longer maintenance standstills. The overall
balanced capacity utilization rate of wholly owned refineries was
substantially stable (95% as compared to 96% in the first nine
months of 2001). About 36.6% of all oil processed came from Eni&#146;s
Exploration and Production division (29.3% in the first nine months
of 2001).
</FONT>
<P><FONT size="2">Sales of refined products on retail and wholesale markets in Italy
(16.10&nbsp;million tonnes) decreased by 0.77&nbsp;million tonnes, down 4.6%,
due mainly to the effect of the sale/closure of 720 service stations
as compared to September&nbsp;30, 2001, and lower sales of gasoil on
wholesale markets, of fuel oil to the thermoelectric industry and of
jet fuel.
</FONT>
<P><FONT size="2">Sales of refined products on retail and wholesale markets outside
Italy (7.21&nbsp;million tonnes) were substantially stable as compared to
the first nine months of 2001.
</FONT>
<P><FONT size="2">At September&nbsp;30, 2002, Eni&#146;s retail distribution network consisted
of 11,024 service stations (of which 7,940 in Italy), 683 less than
at December&nbsp;31, 2001. In Italy the 411 unit reduction was due mainly
to divestments related to the agreements defined with Tamoil in 2001
(247 service stations) and to closures (242 stations), offset in
part by the opening of 78 new service stations. Outside Italy the
decrease amounted to 272 service stations due mainly to the
divestment of Eni&#146;s distribution network in Nigeria.
</FONT>
<P align="left"><FONT size="2"><B><I>Third quarter</I></B>
</FONT>

<P><FONT size="2">Operating income in the third quarter of 2002 amounted to euro 122
million, a euro 144&nbsp;million decrease over the third quarter of 2001,
down 54.1%, due mainly to: (i)&nbsp;the negative trend in refining
margins; despite the slight recovery registered in the third quarter
as compared to the first half of the year, margins remained much
lower than in the third quarter of 2001 (Brent margin was down
50.7%); (ii)&nbsp;lower results in marketing in Italy due in
</FONT>
<P align="left"><FONT size="2"><B>E n i &nbsp;THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="left"><FONT size="2">22</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<P><FONT size="2">particular to sales/closures of service stations and lower margins.
These negative factors were offset in part by increased results in
LPG and lubricants activities in Italy and lower costs for the
maintenance of refineries in the third quarter, related to the early
performance of planned maintenance due to the especially negative
refining scenario in the second quarter of 2002.
</FONT>
<P><FONT size="2">Refinery intake processing on own account in Italy and outside Italy
(9.89&nbsp;million tonnes) declined by 0.55&nbsp;million tonnes, down 5.3% due
to the sale of refining capacity to Tamoil following agreements
signed in 2001 and lower processing at the Gela and Taranto
refineries. Sales of refined products on retail and wholesale
markets in Italy (5.42&nbsp;million tonnes) decreased by 0.38&nbsp;million
tonnes, down 6.6%.
</FONT>
<P align="right"><FONT size="2"><B>E n i &nbsp;THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="right"><FONT size="2">23</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<!-- link2 "PETROCHEMICALS" -->
<DIV align="left"><A NAME="018"></A></DIV>
<P align="center"><FONT size="2"><B>PETROCHEMICALS</B></FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="48%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(124</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(26</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(79.0</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income </B>(million euro)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(220</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(167</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>(24.1</B></FONT></TD>
        <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1,484</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>1,445</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>(2.6</B></FONT></TD>
        <TD valign="top" nowrap><FONT size="2"><B>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Sales </B>(thousand tonnes)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,658</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,721</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>1.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">884</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">881</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(0.3</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Basic petrochemicals</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,690</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2,763</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">2.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">274</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">280</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">2.2</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Styrenes and elastomers</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">879</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">894</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1.7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">326</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">284</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">(12.9</FONT></TD>
        <TD valign="top" nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Polyethylenes</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,005</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">1,064</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5.9</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Polyurethanes</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">83</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B><I>Nine months</I></B>
</FONT>

<P><FONT size="2">Operating losses amounted to euro 167&nbsp;million, as compared to a euro
220&nbsp;million loss in the first nine months of 2001. The euro 53
million improvement (or 24.1%) was due to: (i)&nbsp;lower depreciation
and amortization charges (euro 104&nbsp;million) following plant
writedowns recorded in 2001; (ii)&nbsp;the positive effect of the price
increase of the second quarter on the valuation of stocks (euro 44
million), while in the first nine months of 2001 this effect had
been negative for euro 22&nbsp;million; (iii)&nbsp;lower costs related to
streamlining and divestments, offset in part by salary increases and
inflation; (iv)&nbsp;higher sales (up 1.4%). These positive factors were
offset in part by lower margins, registered in particular in the
first quarter, due to lower selling prices of products (down 13% on
average) as compared to a less marked decline in oil-based
feedstocks prices in euro.
</FONT>
<P><FONT size="2">Sales of petrochemical products (4,721,000 tonnes) increased by
63,000 tonnes, up 1.4%, due to the first signs of recovery in demand
and to the building up of stocks by end users, in particular in the
first quarter.
</FONT>
<P><FONT size="2">Production (7,201,000 tonnes) decreased by 258,000 tonnes, down 3.5%.
</FONT>
<P align="left"><FONT size="2"><B><I>Third quarter</I></B>
</FONT>

<P><FONT size="2">In the third quarter of 2002 operating losses amounted to euro 26
million, with a euro 98&nbsp;million improvement (or 79.0%) on the third
quarter of 2001 due to: (i)&nbsp;the positive effect of the price
increase on the valuation of stocks (euro 16&nbsp;million), while in the
third quarter of 2001 this effect had been negative for euro 22
million; (ii)&nbsp;lower depreciation and amortization charges; (iii)&nbsp;a
slight increase in margins due to higher selling prices of products
as compared to a less marked increase in oil-based feedstocks prices
in euro.
</FONT>
<P><FONT size="2">Sales of petrochemical products (1,445,000 tonnes) decreased by
39,000 tonnes, down 2.6%, mainly in polyethylenes.
</FONT>
<P><FONT size="2">Production (2,302,000 tonnes) decreased by 110,000 tonnes.
</FONT>
<P align="left"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="left"><FONT size="2">24</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>



<!-- link2 "OILFIELD SERVICES AND ENGINEERING" -->
<DIV align="left"><A NAME="019"></A></DIV>
<P align="center"><FONT size="2"><B>OILFIELD SERVICES AND ENGINEERING</B></FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="46%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="7"><FONT size="1"><B>(million&nbsp;<font face="times new roman,times">&#128;</FONT>)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Third quarter</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="11"><FONT size="1"><B>Nine months</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="11"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="11"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>% Ch.</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>52</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>73</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2"><B>40.4</B></FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>142</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>232</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>63.4</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Order backlog at September 30</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,337</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>10,339</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>40.9</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Oilfield services</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">3,123</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,278</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">69.0</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Engineering</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">4,214</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">5,061</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">20.1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B><I>Nine months</I></B>
</FONT>

<P><FONT size="2">Operating income for the first nine months of 2002 totaled euro 232
million, of which euro 240&nbsp;million related to <I>oilfield services</I>,
with a euro 90&nbsp;million increase over the first nine months of 2001,
up 63.4%. <I>Oilfield services </I>recorded an increase in operating income
of euro 77&nbsp;million due to the Blue Stream contract and to the
results obtained in the Onshore construction area, especially
following increases in activity in the Far East, West Africa and
Saudi Arabia. These positive factors were offset in part by the
lower profitability of the Offshore drilling areas. <I>Engineering</I>
activities recorded an operating loss of euro 8&nbsp;million, with a euro
13&nbsp;million improvement, due primarily to increased activity levels
in particular related to the contract for the construction of the
Milan-Bologna high speed train tracks, offset in part by increased
provisions to the reserve for risks related to contractual disputes
concerning two projects.
</FONT>
<P><FONT size="2">Orders acquired in the first nine months of 2002 amounted to euro
6,580&nbsp;million (euro 2,794&nbsp;million in the first nine months of 2001).
About 98% of new orders acquired was represented by work to be
carried out outside Italy, and 13% by work originated by Eni
companies. Eni&#146;s order backlog reached euro 10,339&nbsp;million at
September&nbsp;30, 2002 (euro 6,937&nbsp;million at December&nbsp;31, 2001).
Projects to be carried out outside Italy represented 79% of the
total order backlog, while orders from Eni companies amounted to 12%
of the total.
</FONT>
<P align="left"><FONT size="2"><B><I>Third quarter</I></B>
</FONT>

<P><FONT size="2">Operating income for the third quarter of 2002 totaled euro 73
million, a euro 21&nbsp;million increase of the third quarter of 2001, up
40.4. <I>Oilfield services </I>activities registered an operating income of
euro 65&nbsp;million.
</FONT>
<P align="right"><FONT size="2"><B>E n i &nbsp;THIRD QUARTER REPORT OF 2002</B>
</FONT>

<P align="right"><FONT size="2">25</FONT>
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<!-- link2 "ANNEX: PRO-FORMA CONSOLIDATED FINANCIAL STATEMENTS OF ENI AND POLIMERI EUROPA SRL AT SEPTEMBER 30, 2001" -->
<DIV align="left"><A NAME="020"></A></DIV>
<P align="center"><FONT size="2"><B>ANNEX: PRO-FORMA CONSOLIDATED
FINANCIAL STATEMENTS OF ENI<BR>AND POLIMERI EUROPA SRL AT SEPTEMBER 30, 2001</B></FONT>

<P align="left"><FONT size="2"><B>INCOME STATEMENT</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="76%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="right" colspan="3"><FONT size="1"><B>(million&nbsp;<font face="times new roman,times">&#128;</FONT>)</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Eni</B></FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD nowrap align="center" colspan="3"><FONT size="1"><B>Eni pro-forma</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net sales from operations</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">36,961</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">37,293</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating expenses</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(25,765</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(26,084</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Gross operating margin</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>11,196</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>11,209</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation, amortization and writedowns</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,396</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,446</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,800</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,763</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net financial income (expense)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(249</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(269</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net income (expense)&nbsp;from investments</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(80</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(10</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Income before net extraordinary income and income taxes</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,471</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,484</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net extraordinary income</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">423</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">402</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Income before income taxes</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,894</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>7,886</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income taxes</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,225</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(3,226</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Income before minority interest</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,669</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,660</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interest</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(162</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">(153</FONT></TD>
        <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net income</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,507</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>4,507</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net borrowings</B></FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>10,549</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right"><FONT size="2"><B>10,809</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2"><B>E n i THIRD QUARTER REPORT OF 2002</B>
</FONT>


<P align="left"><FONT size="2">26</FONT>
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<P align="center"><FONT size="2"><B><I>Investor Relations</I></B><BR>
<I>Eni SpA, Piazzale Enrico Mattei, 1 &#151; 00144 Roma<BR>
Tel. &#043;39-0659822624 &#151; Fax &#043;39-0659822631<BR>
e-mail: investor.relations@eni.it</I>
</FONT>
<P align="center"><FONT size="2"><B><I>Internet Home page:
</I></B><I>http://www.eni.it </I><BR>
<B><I>Rome office telephone: </I></B><I>&#043;39-0659821</I><BR>
<B><I>Toll-free number: </I></B><I>800940924</I><BR>
<B><I>e-mail: </I></B><I>segreteriasocietaria.azionisti@eni.it</I>
</FONT>
<P align="center"><FONT size="2"><B><I>ADRs/Depositary</I></B><BR>
<I>Morgan Guaranty Trust Company of New York<BR>
ADR Department<BR>
60 Wall Street (36th Floor)<BR>
New York, New York 10260<BR>
Tel. 212-648-3164</I>
</FONT>
<P align="center"><FONT size="2"><B><I>ADRs/Transfer agent</I></B><BR>
<I>Morgan ADR Service Center<BR>
2 Heritage Drive<BR>
North Quincy, MA 02171<BR>
Tel. 617-575-4328</I>
</FONT>
<P align="center"><FONT size="2"><B><I>Overall coordination:</I></B><BR>
<I>EniComunicazione SpA &#151; Rome &#151; Italy</I><BR>
<B><I>Design: </I></B><I>Angelini Design &#151; Rome &#151; Italy</I><BR>
<B><I>Cover: </I></B><I>On-Off &#151; Milan &#151; Italy</I><BR>
<B><I>Cover photo: </I></B><I>Laura Ronchi</I>
</FONT>
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<P align="center"><FONT size="2"><IMG src="u45588eni.gif" alt="(ENI LOGO)">
</FONT>
<P align="center"><FONT size="2"><I>Societ&#224; per Azioni<BR>
Headquarters: Rome, Piazzale Enrico Mattei, 1<BR>
Capital Stock: </I><I><font face="times new roman,times">&#128;</font></I> <I>4,001,733,276 fully paid<BR>
Branches: <BR>
San Donato Milanese (MI) &#151; Via Emilia, 1<BR>
San Donato Milanese (MI) &#151; Piazza Ezio Vanoni, 1<BR>
Gela (CL) &#151; Strada Provinciale, 82</I>
</FONT>
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<P align="center"><FONT size="2"><IMG src="u45588photo2.jpg" alt="(PHOTO)">
</FONT>
<P align="center"><FONT size="2"><IMG src="u45588eni.gif" alt="(ENI LOGO)">
</FONT>
<P align="center"><FONT size="2">Societ&#224; per Azioni<BR>
Piazzale Enrico Mattei, 1 &#151; 00144 Roma<BR>
Tel. &#043;39.0659821<BR>
Fax &#043;39.0659822141<BR>
www.eni.it
</FONT>



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<P align="center"><FONT size="2"><B>PRESS RELEASE</B>
</FONT>

<P align="center"><FONT size="2"><B>Eni: Acquires the Norwegian Company Fortum Petroleum AS</B>
</FONT>

<P align="left"><FONT size="2"><B><I>Mr Vittorio Mincato, Eni Chief Executive Officer: &#147;The acquisition is in line
with our strategy of production growth through the consolidation of our
presence in core areas.&#148;</I></B>
</FONT>
<P align="left"><FONT size="2">Eni has signed, with the Finnish oil company Fortum, the agreement for the
acquisition of 100% of the Norwegian subsidiary Fortum Petroleum AS at the
price of US$ 420&nbsp;million. <B>The value of the company, including the outstanding
debt at June&nbsp;30, 2002, is of US$&nbsp;1078&nbsp;million.</B>
</FONT>
<P align="left"><FONT size="2">Fortum Petroleum AS, based in Lysaker, near Oslo, carries out activities in the
Norwegian North Sea where it has stakes in producing fields such as Asgard
(7%), Brage (12.26%) and Heidrun (5.12%), and also holds interests in the field
of Mikkel (7%), under development and Goliath (15%) still to be developed. Eni
already holds interests in the fields of Asgard, Mikkel and Goliath, in the
latter, it acts as operator.
</FONT>
<P align="left"><FONT size="2">In addition, Fortum Petroleum AS has stakes in important gas transmission
infrastructures such as Haltenpipe (5%), Heidrun Gas Export (5.12%) and Asgard
Transport (5%) connecting the fields of Asgard and Heidrun to the Norwegian
coast. The company is also present in Franpipe (1.29%) and the related
Dunkerque terminal (0.84%) in France and in Europipe II (3.66%) for gas
transmission to the German coast.
</FONT>
<P align="left"><FONT size="2">At the end of 2001 Fortum Petroleum AS had reserves of approximately 210
million barrels of oil equivalent of which half, natural gas. In the first half
of 2002 its daily production was above 35,000 barrels of oil equivalent, up
from 2001 production. In 2003, production is expected to exceed 40,000 barrels
per day.
</FONT>
<P align="left"><FONT size="2">In 2001 Fortum Petroleum AS posted revenues for US$ 295&nbsp;million and earnings
before taxes equal to US$ 92&nbsp;million.
</FONT>
<P align="left"><FONT size="2">The acquisition will be submitted for approval to the relevant Antitrust
Authorities and the Norwegian Authorities and could be finalised in the first
quarter of 2003.
</FONT>
<P align="left"><FONT size="2">The acquisition has a strong industrial rationale for Eni.
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="left"><FONT size="2">In particular:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">It strengthens its presence in Norway with a production increase of
40% in 2003;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">focuses activity by stepping up its participating interests in
already owned assets and creates operational synergies;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">increases production by 14% and reserves by 17% in the North Sea;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Mr.&nbsp;Vittorio Mincato, Chief Executive Officer of Eni, said: &#147;The acquisition of
Fortum Petroleum AS is in line with our strategy of production growth through
the consolidation of our presence in core areas. This operation strengthens
Eni&#146;s presence in Norway where our production will rise by more than 40% in
2003. Furthermore focusing on assets where we already have interests will
enable us to generate operational synergies.&#148;
</FONT>
<P align="left"><FONT size="2">&#147;The operation confirms &#151; continued Mr.&nbsp;Vittorio Mincato &#151; Eni&#146;s commitment to
grow in the core business also through acquisitions of assets in strategic
areas as long as fully respecting rigorous financial criteria.&#148;
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<P align="left"><FONT size="2">San Donato Milanese, November&nbsp;20, 2002
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2"><B>PRESS RELEASE</B>
</FONT>

<P align="left"><FONT size="2"><B>NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA AND JAPAN</B>
</FONT>

<P align="left"><FONT size="2">The board of directors of Eni S.p.A. today approved the launch of a public
tender offer for all the outstanding shares of Italgas S.p.A. that are not
currently held, directly or indirectly by Eni. Today, Eni holds approximately
44% of Italgas&#146; share capital. If the required conditions are met, delisting of
Italgas from the Mercato Telematico Azionario will be requested. The Tender
Offer does not relate to the shares of Acque Potabili S.p.A., a subsidiary of
Italgas.
</FONT>
<P align="left"><FONT size="2">The Italgas group is one of the largest distributors to retail customers in
Europe. Italgas has 7&nbsp;million customers and distributed approximately 12
billion cubic meters of gas in 2001 in Italy and abroad.
</FONT>
<P align="left"><FONT size="2">Eni will offer <FONT face="Times New Roman,Times">&#128;</FONT> 13.00 per Italgas share, all in cash. This offer price
represents a premium of 25.7% over the weighted average official price of
Italgas shares for the month prior to the date of this announcement and a
premium of 19.1% over the official price on the trading day prior to this
announcement. If all Italgas shares are tendered, the aggregate consideration
payable by Eni would be approximately <FONT face="Times New Roman,Times">&#128;</FONT> 2.5&nbsp;billion.
</FONT>
<P align="left"><FONT size="2">The Tender Offer will be made conditional upon anti-trust regulatory clearance.
</FONT>
<P align="left"><FONT size="2">This transaction is part of Eni&#146;s strategy of rationalization and development
in Italy and internationally, and is consistent with the plans which Eni has
previously announced and is currently implementing.
</FONT>
<P align="left"><FONT size="2">The integration of industrial capabilities in the gas value chain will provide
Eni with the required set of competences to develop further its activities in
Europe, as the European market gradually liberalizes towards a single market.
</FONT>
<P align="left"><FONT size="2">Eni expects to commence the Tender Offer around mid December 2002, subject to
the applicable regulatory process.
</FONT>
<P align="left"><FONT size="2">Eni will finance the Tender Offer through currently available committed credit
lines.
</FONT>
<P align="left"><FONT size="2">Goldman Sachs and Banca IMI are financial advisors to Eni for the Tender Offer.
Banca IMI will also act as coordination agent for the collection of
acceptances. Eni&#146;s legal advisors are studio Libonati Jaeger and Sullivan &#038;
Cromwell.
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<P align="left"><FONT size="2">San Donato Milanese, November&nbsp;25, 2002
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<P align="left"><FONT size="2"><I>This press release does not constitute, or form part of, any offer or
invitation to purchase, or any solicitation of any offer to sell, any
securities in any jurisdiction, nor shall it (or any part of it) or the fact of
its distribution form the basis of or be relied on in connection with, any
contract therefore. It is not currently contemplated that the Tender Offer will
be made directly or indirectly in, or by use of the mails of, or by any means
or instrumentality of</I>
</FONT>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2"><I>interstate or foreign commerce of, or any facilities of a national securities
exchange of, the United States of America or any other country where the Tender
Offer cannot be made absent registration or an exemption from registration (the
&#147;Other Countries&#148;). This includes, but is not limited to, facsimile
transmission, electronic mail, telex, telephone and the Internet. Accordingly,
copies of this document and any related offering documents cannot be mailed or
otherwise transmitted or distributed in or into the United States of America or
the Other Countries. Absent compliance with, or an exemption from, the
requirements of such jurisdictions any purported acceptance of the Tender Offer
resulting directly or indirectly from a violation of these restrictions will be
invalid.</I>
</FONT>
<P align="left"><FONT size="2"><I>This document contains forward-looking statements. In particular, among other
statements, certain statements with regard to management objectives, the
execution of the tender offer, and the achievement of synergies, the
optimization of assets are forward looking in nature. These forward-looking
statements can be identified by the fact that they do not relate only to
historical or current facts. The words &#147;believe&#148;, &#147;intend&#148;, &#147;aim&#148;, &#147;project&#148;,
&#147;anticipate&#148;, &#147;estimate&#148;, &#147;plan&#148;, &#147;will&#148;, &#147;may&#148;, &#147;should&#148;, &#147;risk&#148; and similar
expressions commonly identify such forward-looking statements.</I>
</FONT>
<P align="left"><FONT size="2"><I>Eni cautions investors not to place undue reliance on its forward-looking
statements. Eni has based these statements on its current expectations and
projections about future events. Forward-looking statements are subject to
risk, uncertainties and assumptions. In light of these risks, uncertainties
and assumptions, actual results could be materially different from any future
results expressed or implied by these forward-looking statements. No one
undertakes any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future events.</I>
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>



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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
