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<SEC-DOCUMENT>0001156973-04-000790.txt : 20040701
<SEC-HEADER>0001156973-04-000790.hdr.sgml : 20040701
<ACCEPTANCE-DATETIME>20040701064048
ACCESSION NUMBER:		0001156973-04-000790
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040701

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:		04892842

	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>u47629e6vk.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


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





<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="30%" align="center">

<P align="center" style="font-size: 18pt"><B>Form&nbsp;6-K</B>


<P align="center" style="font-size: 10pt"><B>REPORT OF FOREIGN ISSUER</B><BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 of<BR>
the Securities Exchange Act of 1934


<P align="center" style="font-size: 10pt">For the month of June&nbsp;2004

<P align="center" style="font-size: 24pt"><B>Eni S.p.A.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)
</DIV>

<P align="center" style="font-size: 10pt"><B>Piazzale Enrico Mattei 1 &#151; 00144 Rome, Italy</B><BR>
(Address of principal executive offices)


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="30%" align="center">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F.)


<P align="center" style="font-size: 10pt">Form&nbsp;20-F <FONT face="Wingdings">&#254;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form 40-F <FONT face="Wingdings">&#111;</FONT>


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="30%" align="center">


<P align="left" style="font-size: 10pt">&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.)


<P align="center" style="font-size: 10pt">Yes <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No <FONT face="Wingdings">&#254;</FONT>


<P align="left" style="font-size: 10pt">&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): _________)


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

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><A href="#101">Press Release dated June 26, 2004</A></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><A href="#102">Press Release dated June 23, 2004</A></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><A href="#103">Report of Eni Board of Directors on the project of partial demerger of Italgas SpA</A></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><A href="#104">Project of partial demerger of Italgas SpA</A></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><A href="#105">Project of merger of ItalgasPi&#249; SpA with Eni SpA</A></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">-</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left"><A href="#106">Project of merger of EniData SpA with Eni SpA</A></TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left">
<!-- /TOC -->
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&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.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Eni S.p.A.</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 1px solid black" align="left" valign="top">Name: Fabrizio Cosco<BR>
Title: Company Secretary</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>



<P align="left" style="font-size: 10pt">Date: June&nbsp;30, 2004


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="101"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PRESS RELEASE</B>



<P align="left" style="font-size: 10pt"><B>Eni: sells the downstream activities in Brazil to Petrobras</B>

<P align="left" style="font-size: 10pt"><I>Eni and Petrobras reached the agreement to sell to the Brazilian national
company the entire stake of Agip do Brasil.</I>


<P align="left" style="font-size: 10pt">Eni and Petrobras reached the agreement to sell to the Brazilian national
company the entire stake of Agip do Brasil. The company, owned by Eni, is the
owner of an activity regarding the commercialization of LPG in tanks, as well
as a network of about 1,500 petrol stations.


<P align="left" style="font-size: 10pt">The value of the transaction is of approximately 500&nbsp;million dollars.


<P align="left" style="font-size: 10pt">The disposal of the activities in Brazil is part of the ongoing strategy aimed
to focus Eni&#146;s presence in the downstream in Europe, where the Italian company
is strengthening its own presence working on its logistic network and the
success of the Agip brand.


<P align="left" style="font-size: 10pt">San Donato Milanese (Milan), June&nbsp;26 2004



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="102"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>PRESS RELEASE</B>



<P align="left" style="font-size: 10pt"><B>Eni: the Board of Directors approves the merger of Italgas Pi&#249; in Eni</B>

<P align="left" style="font-size: 10pt">The Eni Board of Directors has approved the partial division of Italgas, with
assignment to Eni of the shareholding held by Italgas in the italian companies
that commercialize gas (including the 100% shareholding in Italgas Pi&#249;) and
foreign companies (including 40% in Tigaz), as well as the merger of Italgas
Pi&#249; in Eni. Italgas, with the headquarter in Turin, will continue to manage the
entire distribution network


<P align="left" style="font-size: 10pt">As a result of the Italgas Pi&#249; merger, Eni will have direct access to the 4.9
million clients supplied by the company in Italy, optimising its commercial
structure.


<P align="left" style="font-size: 10pt">The entire operation is in line with the aims of the Public Purchase Offer
launched in 2003 for the shares of Italgas and simplifies the Group&#146;s
shareholding structure.


<P align="left" style="font-size: 10pt">During the same meeting the Eni Board of Directors approved the merger of
EniData of which Eni already owns the entire shareholding.


<P align="left" style="font-size: 10pt">San Donato Milanese (Milan), 23 June&nbsp;2004



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="103"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>Report on the demerger of Societ&#224; Italiana per il Gas p.A. (&#147;Italgas&#148;) and<BR>
subsequent transfer of part of its assets to Eni S.p.A. (&#147;Eni&#148;)</B>


<P align="left" style="font-size: 10pt">The following report has been drawn up pursuant to Consob Regulation&nbsp;No.&nbsp;11971
dated May&nbsp;14, 1999, Annex 3A-Schedule&nbsp;1.



<P align="left" style="font-size: 10pt"><B>1.a) Description of the demerger, of its reasons and of the objectives of the
companies involved in the demerger and their related programs</B>

<P align="left" style="font-size: 10pt">Eni, in the Prospectus of the voluntary purchase public offer of Italgas
shares, indicated the following reasons of the operation:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reorganisation of Italgas and Eni Gas &#038; Power Division natural gas
commercial structures in order to pursue a more efficient marketing, in
connection with their full liberalisation as of January&nbsp;1, 2003;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the direct access to the over 5.5&nbsp;million Italgas and its
subsidiaries clients in Italy, in order to better take advantage of the
Group marketing skills and of its relationships with the natural gas
producer countries and of its natural gas production capacity;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the strengthening of the expansion in Europe through the complete
integration of the core activities in the entire value chain of the
natural gas.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">In order to achieve said targets, the following project of reorganisation of
Eni natural gas operations:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>partial and proportional demerger of Societ&#224; Italiana per il Gas p.A.-
Italgas, a sole shareholder company and an Eni&#146;s subsidiary, with
registered office in Via XX Settembre, No.&nbsp;41, Turin, Italy, company
share capital euro 348,523,506.00, fully paid up, enrolled in the
Turin Companies Register, Tax Identification Number 00489490011, and
subsequent transfer in favour of Eni S.p.A. of the assets mentioned in
paragraph 1.b) (&#147;Demerger&#148;);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>merger of Italgas Pi&#249; S.p.A. with Eni S.p.A., to be executed once the
Demerger becomes effective. Italgas Pi&#249; S.p.A. is a sole shareholder
company and an Eni&#146;s subsidiary.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">Once the Demerger is executed, Italgas will focus its activities in the
operation regarding the management of the natural gas distribution network in
Italy.


<P align="left" style="font-size: 10pt"><B>1.b) Description of the assets to be transferred from Italgas to Eni</B>


<P align="left" style="font-size: 10pt">The Demerger will be executed on the basis of the Annual Reports at December
31, 2003 of Eni and Italgas. The assets and liabilities to be transferred to
Eni through the Demerger and their related book value at December&nbsp;31, 2003 are
the following (values expressed in euro):



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Eni</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Italgas</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Group</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>participation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>participation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Book value</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>assigned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Participations</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="17" align="center"><B>Subsidiaries operating in Italy</B><BR></TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fiorentinagas Clienti S.p.A. &#151;
Florence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">342,179.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,505,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Italgas Pi&#249; S.p.A. &#151; Turin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,304,453.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,080,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Subsidiaries operating outside Italy</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adriaplin Doo &#151; Lubjana (Slovenja)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,308,207.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Distribuidora de Gas de Cuyana
S.A. &#151; Buenos Aires (Argentina)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,548,874.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,840,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.84</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inversora de Gas de Cuyana S.A. &#151;
Buenos Aires (Argentina)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,159,462.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,560,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tigaz RT &#151; Hajduszoboszlo
(Hungary)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,622,466.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,800,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="17" align="center"><B>Other participations in companies operating outside Italy</B><BR></TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Distribuidora de Gas del Centro
S.A. &#151; Buenos Aires (Argentina)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,897,944.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,303,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inversora de Gas del Centro S.A.
&#151; Buenos Aires (Argentina)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,229,439.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,700,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lusitaniagas S.A. &#151; Aveiro
(Portugal)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,918,134.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,171,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.59</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Setgas S.A. &#151; Setubal (Portugal)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,592,474.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.87</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Financial Loans to:</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lusitaniagas S.A. (Portugal)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,457,757.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Setgas S.A. (Portugal)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,923,304.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Deferred Tax Provisions</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,531,460.00</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>318,773,233.00</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The above-mentioned assets and liabilities will be transferred to Eni as
beneficiary company on the basis of the related book values on the date of
effectiveness of the Demerger. The imbalance, if any, in these assets and
liabilities that could arise in the period commencing on December&nbsp;31, 2003 and
ending on the date of effectiveness of the Demerger will be adjusted in cash.


<P align="left" style="font-size: 10pt">The companies involved in the Demerger, pursuant to Article&nbsp;2506-ter, second
paragraph, of the Civil Code have appraised the effective value of the assets
to be transferred to Eni and of the assets left in Italgas. According to the
appraisal issued, the effective value of the Italgas assets is not less than
their respective book value.


<P align="left" style="font-size: 10pt">Once the Demerger is effective, Italgas shareholders&#146; equity will decrease of
318,773,233 euro corresponding to the book value of the above-mentioned assets
and liabilities to be transferred through the Demerger, as follows (values in
euro):



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Italgas shareholders&#146; equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Situation on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reduction due to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>After demerger</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>12.31.03<SUP>(1)</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the demerger</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>situation</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348,523,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(108,678,684</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,844,822</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share premium Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,389,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36,006,738</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,382,339</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revaluation Reserve pursuant to Law
No.&nbsp;413/91</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,986,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,126,548</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,860,258</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revaluation Reserve pursuant to Law
No.&nbsp;342/2000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,814,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(58,094,381</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255,719,857</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revaluation Reserve pursuant to Law
No.&nbsp;350/2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433,949,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(80,334,258</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,615,352</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legal Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,427,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,427,458</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Facultative Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,148,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,148,902</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Merger Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,435,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,703,779</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,732,096</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Taxed Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(98,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issue of shares Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(174,263</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Reserve for anticipated amortisations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,718,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,718,206</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Contributions in share capital paid
before 1993</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,914,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,686,704</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,228,132</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Contributions in share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,538,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,869,464</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,669,122</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net Profits carried forward</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,829,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,829,525</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,721,949,302</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(318,773,233</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,403,176,069</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>(1)</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Shareholders&#146; equity on December&nbsp;31, 2003 after the payment of the dividend
for the Financial Year 2003.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Once the Demerger is effective, Italgas share capital will decrease from
348,523,506 euro to 239,844,822 and 108,678,684 ordinary shares, nominal value
1 euro each, will be cancelled and the other elements of Italgas shareholders&#146;
equity will be reduced of the amount of the assets to be assigned to Eni.


<P align="left" style="font-size: 10pt">Eni will reduce the book value of its participation of Italgas of the amount
corresponding to the average book value of each Italgas share owned for the
shares to be cancelled. The difference between this amount and the book value
of the assets and liabilities to be transferred is the Demerger imbalance that
will be apportioned to the participations to be transferred through the
Demerger in consideration of their effective value. This increase of values is
not considered for tax purposes.


<P align="left" style="font-size: 10pt"><B>1.c) Criteria followed for the allocation of shares issued by Eni in order to
give execution to the Demerger</B>


<P align="left" style="font-size: 10pt">As the Italgas share capital is wholly owned by Eni, Eni shares will not be
issued nor assigned.


<P align="left" style="font-size: 10pt"><B>1.d) Comments of the Board of Directors on the existence of the withdrawal
right for dissenting shareholders</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>1.e) If the withdrawal right occurs, indication of persons allowed to and of
the terms and conditions of its exercise and for the payment of the price of
reimbursement and of the criteria used to determine it</B>


<P align="left" style="font-size: 10pt">The company objects of Eni already contain those of the companies to be
transferred through the Demerger; therefore they shall not be amended and
Article&nbsp;2437 of the Civil Code regarding the exercise of the withdrawal right
shall not apply.


<P align="left" style="font-size: 10pt"><B>1.f) Estimates of the effects of the Demerger on the relevant shareholdings and
on the control of the beneficiary company and of the company to be demerged</B>


<P align="left" style="font-size: 10pt">The Demerger will affect neither the relevant shareholdings of Eni and Italgas
shareholdings nor Eni or Italgas control.


<P align="left" style="font-size: 10pt"><B>1.g) Effects of the Demerger on the pacts among the shareholders of the
beneficiary company and of the company to be demerged mentioned in Article&nbsp;122
of Legislative Decree 58/98</B>


<P align="left" style="font-size: 10pt">Eni doesn&#146;t know the existence of pacts among its shareholders. Eni is the sole
shareholder of Italgas.


<P align="left" style="font-size: 10pt"><B>1.h) Description of the rights of the shares to be assigned to the shareholders
of the demerged company</B>


<P align="left" style="font-size: 10pt">As explained in paragraph 1.c), as Eni is the beneficiary company of the
Demerger and Italgas sole shareholder, shares will not be assigned.


<P align="left" style="font-size: 10pt"><B>1.i) Date as of Italgas operations will be charged, also for tax purposes, to
Eni Financial Statements</B>


<P align="left" style="font-size: 10pt">The Demerger will be effective as of the date of the last deposit of the Deed
of Demerger, pursuant to Article&nbsp;2506-quarter, first Paragraph, of the Civil
Code. As of that date the assets and liabilities to be transferred to Eni
through the Demerger will appear in Eni Financial Statements.


<P align="left" style="font-size: 10pt"><B>1.l) Tax consequences of the Demerger on the companies involved</B>


<P align="left" style="font-size: 10pt">The Demerger will not determine capital gains nor capital losses for Italgas;
therefore no tax liabilities will arise from its execution for Eni or Italgas.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="104"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>Project of demerger of Societ&#224; Italiana per il Gas p.A.<BR>
and subsequent assignation of part of its assets and liabilities to Eni S.p.A.</B>


<P align="left" style="font-size: 10pt">Pursuant to Article&nbsp;2506-bis of the Civil Code, is hereby drawn up the
project of demerger (the &#147;Project&#148;) of Societ&#224; Italiana per il Gas p.A.
(&#147;Italgas&#148;) and subsequent transfer of part of its assets to Eni S.p.A.
(&#147;Eni&#148;).


<P align="left" style="font-size: 10pt"><B>Reasons of the demerger</B>


<P align="left" style="font-size: 10pt">The demerger aims to focus in Eni the retail sale of natural gas in Italy
and abroad and in Italgas the operations of the natural gas distribution
networks in Italy.


<P align="left" style="font-size: 10pt">Subject to the effectiveness of the demerger, the merger of Italgas Pi&#249;
S.p.A. in Eni will be executed.


<P align="left" style="font-size: 10pt"><B>Information to be given pursuant Article&nbsp;2506-bis of the Civil Code</B>


<P align="left" style="font-size: 10pt">The information required by Article&nbsp;2501-bis, first Paragraph, no. 1), 2),
3), 4), 5), 6), 7) and 8), to which Article&nbsp;2506-bis of the Civil Code,
refers to for the demerger, are hereby given.


<P align="left" style="font-size: 10pt"><B>Type, denomination and Registered Office of the companies involved in the
demerger</B>


<P align="left" style="font-size: 10pt"><I>Beneficiary Company:</I>


<P align="left" style="font-size: 10pt">Eni S.p.A., with registered office in Piazzale Enrico Mattei, No.&nbsp;1, Rome,
Italy, company share capital euro 4,003,021,876.00, fully paid up, enrolled
in the Rome Companies Register, Tax Identification Number 00484960588.


<P align="left" style="font-size: 10pt">Eni share capital may increase pursuant to the subscription of the shares
offered to the assignees of the Stock Grant Plans approved by the
Shareholders&#146; Meeting held on June&nbsp;6, 2000 and May&nbsp;30, 2002.


<P align="left" style="font-size: 10pt"><I>Company to be demerged:</I>


<P align="left" style="font-size: 10pt">Societ&#224; Italiana per il Gas p.A., a subsidiary of Eni S.p.A. and a sole
shareholder company, with registered office in Via XX Settembre, No.&nbsp;41,
Turin, Italy, company share capital euro 348,523,506.00, fully paid up,
enrolled in the Turin Companies Register, Tax Identification Number
00489490011.


<P align="left" style="font-size: 10pt"><B>Description of the assets and liabilities to be assigned to the beneficiary
company</B>


<P align="left" style="font-size: 10pt">The demerger will be executed on the basis of the Annual Reports at December
31, 2003 of Eni and Italgas.


<P align="left" style="font-size: 10pt">The assets and liabilities to be assigned to Eni through the demerger and their
related book value at December&nbsp;31, 2003 are the following (values expressed in
euro):



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Italgas</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Eni Group</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>participation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>participation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Book value</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>assigned</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(%)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Participations</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="17" align="center"><B>Subsidiaries operating in Italy</B><BR></TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fiorentinagas Clienti S.p.A. &#151; Florence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">342,179.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,505,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Italgas Pi&#249; S.p.A. &#151; Turin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,304,453.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,080,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD colspan="17" align="center"><B>Subsidiaries operating outside Italy</B><BR></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adriaplin Doo &#151; Lubjana (Slovenja)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,308,207.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Distribuidora de Gas de Cuyana S.A. &#151;
Buenos Aires (Argentina)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,548,874.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,840,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.84</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inversora de Gas de Cuyana S.A. &#151;
Buenos Aires (Argentina)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,159,462.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,560,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tigaz RT &#151; Hajduszoboszlo (Hungary)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,622,466.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,800,001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="17" align="center"><B>Other participations in companies operating outside Italy</B><BR></TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Distribuidora de Gas del Centro S.A. &#151;
Buenos Aires (Argentina)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,897,944.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,303,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inversora de Gas del Centro S.A. &#151;
Buenos Aires (Argentina)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,229,439.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,700,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lusitaniagas S.A. &#151; Aveiro (Portugal)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,918,134.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,171,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.59</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Setgas S.A. &#151; Setubal (Portugal)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,592,474.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.87</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.87</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Financial Loans to:</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lusitaniagas S.A. (Portugal)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,457,757.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Setgas S.A. (Portugal)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,923,304.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Deferred Tax Provisions</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,531,460.00</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>318,773,233.00</B></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>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>


<P align="left" style="font-size: 10pt">The above-mentioned assets and liabilities will be assigned to Eni as
beneficiary company on the basis of the related book values on the date of
effectiveness of the demerger. The imbalance, if any, in these assets and
liabilities that could arise in the period commencing on December&nbsp;31, 2003
and ending on the date of effectiveness of the demerger will be adjusted in
cash.


<P align="left" style="font-size: 10pt">The companies involved in the demerger, pursuant to Article&nbsp;2506-ter, second
paragraph, of the Civil Code have appraised the effective value of the
assets to be transferred to Eni and of the assets left in Italgas. According
to the appraisal issued, the effective value of the Italgas assets is not
less than their respective book value.


<P align="left" style="font-size: 10pt">Once the demerger is effective, Italgas shareholders&#146; equity will decrease
of 318,773,233 euro corresponding to the book value of the above-mentioned
assets and liabilities to be transferred through the demerger, as follows
(values in euro):



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Italgas shareholders&#146; equity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Situation on</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Reduction due to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>After demerger</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>12.31.03<SUP>(1)</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the demerger</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>situation</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348,523,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(108,678,684</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,844,822</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Share premium Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,389,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36,006,738</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,382,339</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revaluation Reserve pursuant to Law
No.&nbsp;413/91</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,986,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,126,548</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,860,258</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revaluation Reserve pursuant to Law
No.&nbsp;342/2000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,814,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(58,094,381</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255,719,857</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revaluation Reserve pursuant to Law
No.&nbsp;350/2003</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433,949,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(80,334,258</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,615,352</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legal Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,427,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,427,458</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Facultative Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,148,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,148,902</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Merger Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,435,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,703,779</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,732,096</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Taxed Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(98,414</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Issue of shares Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">174,263</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(174,263</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Reserve for anticipated amortisations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,718,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,718,206</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Contributions in share capital paid
before 1993</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,914,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,686,704</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,228,132</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Contributions in share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,538,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,869,464</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,669,122</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net Profits carried forward</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,829,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,829,525</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,721,949,302</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(318,773,233</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,403,176,069</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Shareholders&#146; equity on December&nbsp;31, 2003 after the payment of the dividend
for the Financial Year 2003.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">Once the demerger is effective, Italgas share capital will decrease from
348,523,506 euro to 239,844,822 and 108,678,684 ordinary shares, nominal
value 1 euro each, will be cancelled and the other elements of Italgas
shareholders&#146; equity will be reduced of the amount of the assets to be
assigned to Eni.


<P align="left" style="font-size: 10pt">Eni will reduce the book value of its participation of Italgas of the amount
corresponding to the average book value of each Italgas share owned for the
shares to be cancelled. The difference between this amount and the book
value of the assets and liabilities to be transferred is the demerger
imbalance that will be apportioned to the participations to be transferred
through the demerger in consideration of their effective value.


<P align="left" style="font-size: 10pt"><B>Incorporation Act of Eni and Italgas, with the indications of the
amendments to Eni By-laws to be approved in consequence of the demerger</B>


<P align="left" style="font-size: 10pt">Italgas was incorporated in the form of share capital company in Turin with
deed dated April&nbsp;26, 1856, under the name of &#147;Societ&#224; Gas Luce di Torino&#148;
through the merger of two existing companies.

<P align="left" style="font-size: 10pt">Italgas Articles of Association as amended in consequence of the demerger
are attached to the Project under Letter &#147;A&#148;.

<P align="left" style="font-size: 10pt">Eni was incorporated pursuant to the transformation of Ente Nazionale
Idrocarburi (National Agency for Hydrocarbons, E.N.I.), a public entity
established by law, set forth by Article&nbsp;15 of Law Decree No.&nbsp;333, dated
July&nbsp;11, 1992 converted by Law No.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">359 dated August&nbsp;8, 1992. Eni Memorandum and Articles of Association are
attached to the Project under Letters &#147;B&#148; and &#147;C&#148;, respectively.


<P align="left" style="font-size: 10pt">Eni By-laws shall not be amended for the execution of the demerger because:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the company objects of Eni already contain those of the companies to be assigned through
the demerger;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as Eni is the sole shareholder of Italgas, no Eni shares will assigned; therefore Eni
will not issue new shares.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt"><B>Exchange ratio, terms and conditions of the assignation of shares issued by
the beneficiary company</B>


<P align="left" style="font-size: 10pt">Because of the above-mentioned reasons, no Eni shares will assigned;
therefore no exchange ratio shall be calculated.


<P align="left" style="font-size: 10pt"><B>Date as of the shares assigned give right to dividend payment</B>


<P align="left" style="font-size: 10pt">Because of the above-mentioned reasons, no Eni shares will assigned;
therefore such date shall not be defined.


<P align="left" style="font-size: 10pt"><B>Date as of the asset and liabilities to be transferred will be charged to
the Financial Statements of the beneficiary company</B>


<P align="left" style="font-size: 10pt">The proposed partial demerger will be effective as of the date of the last
deposit of the Deed of demerger, pursuant to Article&nbsp;2506-quarter, first
Paragraph, of the Civil Code. As of the same date the assets and
liabilities to be transferred to Eni through the demerger will appear in
Eni Financial Statements.


<P align="left" style="font-size: 10pt"><B>Treatment of particular categories of shareholders and holders of
securities different from shares</B>


<P align="left" style="font-size: 10pt">There are no particular categories of shareholders; no particular treatment
is foreseen for the holders of securities different from the shares.


<P align="left" style="font-size: 10pt">Eni bond issues outstanding are &#147;Eni S.p.A. &#151; Euro Medium Term Notes
2000-2010&#148; and &#147;Eni S.p.A. &#151; Euro Medium Term Notes 2003-2013&#148;; their
Regulations will not be amended pursuant to the demerger.


<P align="left" style="font-size: 10pt"><B>Advantages proposed in favour of the Board members of the demerging company
and of the beneficiary company</B>


<P align="left" style="font-size: 10pt">No advantage is foreseen in favour of the Board members of the demerging
company and of the beneficiary company.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">The Chairman of the Board of<BR>
Societ&#224; Italiana per il Gas p.A.<BR>
Mr.&nbsp;Alberto Meomartini
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The Managing Director<BR>
of Eni S.p.A.<BR>
Mr.&nbsp;Vittorio Mincato</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="105"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>Project of merger of Italgas Pi&#249; S.p.A. into Eni S.p.A.</B>


<P align="left" style="font-size: 10pt">Pursuant to Article&nbsp;2501-ter of the Civil Code, is hereby drawn up the
project of merger (the &#147;Project&#148;) of Italgas Pi&#249; S.p.A. (&#147;Italgas Pi&#249;&#148;)
into Eni S.p.A. (&#147;Eni&#148;).


<P align="left" style="font-size: 10pt"><B>Reasons of the merger</B>


<P align="left" style="font-size: 10pt">The merger aims to better integrate the retail sale of natural gas
operations in Italy, in order to improve their marketing more efficiently.

<P align="left" style="font-size: 10pt">The merger allows also to streamline Eni Group structure, increase the
efficiency of the Group operations through the reduction of the decisional
levels and the rationalisation of the staff structures operating for the
business units.


<P align="left" style="font-size: 10pt"><B>Information to be given pursuant Article&nbsp;2501-ter of the Civil Code</B>


<P align="left" style="font-size: 10pt">The merger of Italgas Pi&#249; is subject to the effectiveness of the partial
demerger of Italgas with registered office in Via XX Settembre, No.&nbsp;41,
Turin, Italy, company share capital euro 348,523,506.00, fully paid up,
enrolled in the Turin Companies Register, Tax Identification Number
00489490011, in favour of Eni which is separately proposed.
Subject to the effectiveness of said demerger, Eni will be the sole
shareholder of Italgas Pi&#249;. Therefore the information required by Article
2501-ter, first Paragraph, no. 1), 2), 6), 7) and 8), of the Civil Code are
hereby given.


<P align="left" style="font-size: 10pt">The merger will be executed on the basis of the Annual Reports at December
31, 2003 of Eni and Italgas Pi&#249;.


<P align="left" style="font-size: 10pt"><B>Type, denomination and Registered Office of the companies involved in the
merger</B>


<P align="left" style="font-size: 10pt"><I>Merging Company:</I><BR><BR>
Eni S.p.A., with registered office in Piazzale Enrico Mattei, No.&nbsp;1, Rome,
Italy, company share capital euro 4,003,021,876.00, fully paid up, enrolled
in the Rome Companies Register, Tax Identification Number 00484960588.

<P align="left" style="font-size: 10pt">Eni share capital may increase pursuant to the subscription of the shares
offered to the assignees of the Stock Grant Plans approved by the
Shareholders&#146; Meeting held on June&nbsp;6, 2000 and May&nbsp;30, 2002.


<P align="left" style="font-size: 10pt"><I>Company to be merged:</I><BR><BR>
Italgas Pi&#249; S.p.A., with registered office in Via XX Settembre, No.&nbsp;41,
Turin, Italy, company share capital euro 30,080,000.00, fully paid up,
enrolled in the Turin Companies Register, Tax Identification Number
08105000015. The company is an Eni S.p.A. subsidiary with a sole
shareholder.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>Merging company Incorporation Act, with the indications of the amendments
of the By-laws to be approved in consequence of the merger</B>


<P align="left" style="font-size: 10pt">Eni was incorporated pursuant to the transformation of Ente Nazionale
Idrocarburi (National Agency for Hydrocarbons, E.N.I.), a public entity
established by law, set forth by Article&nbsp;15 of Law Decree No.&nbsp;333, dated
July&nbsp;11, 1992 converted by Law No.&nbsp;359 dated August&nbsp;8, 1992.


<P align="left" style="font-size: 10pt">The up-dated text of the by-laws and the documentation regarding the
incorporation-transformation of Eni are attached to the Project under
Letters &#147;A&#148; and &#147;B&#148;, respectively.


<P align="left" style="font-size: 10pt">The company objects of Eni already contain those of the company to be
merged and no shares will be issued by Eni because, on the date of
effectiveness of the merger, Eni will be Italgas Pi&#249;&#146;s sole shareholder;
therefore Eni Articles of Association shall not be amended.


<P align="left" style="font-size: 10pt"><B>Date as of the operations of the companies to be merged will be charged to
the Financial Statements of the merging company</B>


<P align="left" style="font-size: 10pt">The merger will be effective as of 23:59 of December&nbsp;31, 2004 and the
operations of the company to be merged will be charged to Eni Financial
Statements as of January&nbsp;1, 2004, also for tax purposes.


<P align="left" style="font-size: 10pt">If the last deposit of the Deed of merger pursuant to Article&nbsp;2504 of the
Civil Code is executed after December&nbsp;30, 2004, the merger will be e
effective as of the first day of the month after the month when the deposit
of the Deed of merger is executed. In this case the operations of the
company to be merged will be charged to Eni Financial Statements as of the
first day of the year when the deposit takes place, also for tax purposes.


<P align="left" style="font-size: 10pt"><B>Treatment of particular categories of shareholders and holders of
securities different from shares</B>


<P align="left" style="font-size: 10pt">There are no particular categories of shareholders; no particular treatment
is foreseen for the holders of securities different from the shares.


<P align="left" style="font-size: 10pt">Eni bond issues outstanding are &#147;Eni S.p.A. &#151; Euro Medium Term Notes
2000-2010&#148; and &#147;Eni S.p.A. &#151; Euro Medium Term Notes 2003-2013&#148;; their
Regulations will not be amended pursuant to the merger.


<P align="left" style="font-size: 10pt"><B>Advantages proposed in favour of the Board members of the merging company
and of the companies to be merged</B>


<P align="left" style="font-size: 10pt">No advantage is foreseen in favour of the Board members of Eni and Italgas
Pi&#249;.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">The Chairman of the Board of<BR>
Italiana Pi&#249; S.p.A.<BR>
Mr.&nbsp;Alberto Meomartini
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The Managing Director<BR>
of Eni S.p.A.<BR>
Mr.&nbsp;Vittorio Mincato</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="106"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>Project of merger of Enidata S.p.A. into Eni S.p.A.</B>


<P align="left" style="font-size: 10pt">Pursuant to Article&nbsp;2501-ter of the Civil Code, is hereby drawn up the
project of merger (the &#147;Project&#148;) of Enidata S.p.A. (&#147;Enidata&#148;) into Eni
S.p.A. (&#147;Eni&#148;).


<P align="left" style="font-size: 10pt"><B>Reasons of the merger</B>


<P align="left" style="font-size: 10pt">The merger aims to integrate the IT activities and the ICT operations of
Eni.
The merger allows also to streamline Eni Group structure, increase the
efficiency of the Group operations through the reduction of the decisional
levels and the rationalisation of the staff structures operating for the
business units.


<P align="left" style="font-size: 10pt"><B>Information to be given pursuant Article&nbsp;2501-ter of the Civil Code</B>


<P align="left" style="font-size: 10pt">As Eni is the sole shareholder of Enidata, the information required by
Article&nbsp;2501-ter, first Paragraph, no. 1), 2), 6), 7) and 8), of the Civil
Code are hereby given.


<P align="left" style="font-size: 10pt">The merger is proposed on the basis of the Annual Reports at December&nbsp;31,
2003 of Eni and Enidata.


<P align="left" style="font-size: 10pt"><B>Type, denomination and Registered Office of the companies involved in the
merger</B>


<P align="left" style="font-size: 10pt"><I>Merging Company:</I>


<P align="left" style="font-size: 10pt">Eni S.p.A., with registered office in Piazzale Enrico Mattei, No.&nbsp;1, Rome,
Italy, company share capital euro 4,003,021,876.00, fully paid up, enrolled
in the Rome Companies Register, Tax Identification Number 00484960588.
Eni share capital may increase pursuant to the subscription of the shares
offered to the assignees of the Stock Grant Plans approved by the
Shareholders&#146; Meeting held on June&nbsp;6, 2000 and May&nbsp;30, 2002.


<P align="left" style="font-size: 10pt"><I>Company to be merged:</I>


<P align="left" style="font-size: 10pt">Enidata S.p.A., with registered office in Via Fabiani, No.&nbsp;1, San Donato
Milanese (Milan), Italy, company share capital euro 16,770,000.00, fully
paid up, enrolled in the Milan Companies Register, Tax Identification
Number 00543020325. Enidata is an Eni&#146;s subsidiary and a sole shareholder
company.


<P align="left" style="font-size: 10pt"><B>Merging company Incorporation Act, with the indications of the amendments
of the By-laws to be approved in consequence of the merger</B>


<P align="left" style="font-size: 10pt">Eni was incorporated pursuant to the transformation of Ente Nazionale
Idrocarburi (National Agency for Hydrocarbons, E.N.I.), a public entity
established by law, set forth by Article&nbsp;15 of Law Decree No.&nbsp;333, dated
July&nbsp;11, 1992 converted by Law No.&nbsp;359 dated August&nbsp;8, 1992.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt">The up-dated text of the By-laws and the documentation regarding the
incorporation-transformation of Eni are attached to the Project under
Letters &#147;A&#148; and &#147;B&#148;, respectively.


<P align="left" style="font-size: 10pt">The company objects of Eni already contain those of the company to be
merged and no shares will be issued by Eni because Eni is EniData&#146;s sole
shareholder; therefore Eni Articles of Association shall not be amended.


<P align="left" style="font-size: 10pt"><B>Date as of the operations of the companies to be merged will be charged to
the Financial Statements of the merging company</B>


<P align="left" style="font-size: 10pt">The merger will be effective as of 23:59 of December&nbsp;31, 2004. The
operations of the company to be merged will be charged to Eni Financial
Statements as of January&nbsp;1, 2004, also for tax purposes.


<P align="left" style="font-size: 10pt">If the last deposit of the Deed of merger pursuant to Article&nbsp;2504 of the
Civil Code is executed after December&nbsp;31, 2004, the merger will be effective
as of the first day of the month after the month when the deposit of the
Deed of merger is executed. In this case the operations of the company to be
merged will be charged to Eni Financial Statements as of the first day of
the year when the deposit takes place, also for tax purposes.


<P align="left" style="font-size: 10pt"><B>Treatment of particular categories of shareholders and holders of
securities different from shares</B>


<P align="left" style="font-size: 10pt">There are no particular categories of shareholders; no particular treatment
is foreseen for the holders of securities different from the shares.


<P align="left" style="font-size: 10pt">Eni bond issues outstanding are &#147;Eni S.p.A. &#151; Euro Medium Term Notes
2000-2010&#148; and &#147;Eni S.p.A. &#151; Euro Medium Term Notes 2003-2013&#148;; their
Regulations will not be amended pursuant to the merger.


<P align="left" style="font-size: 10pt"><B>Advantages proposed in favour of the Board members of the merging company
and of the companies to be merged</B>


<P align="left" style="font-size: 10pt">No advantage is foreseen in favour of the Board members of Eni and Enidata.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:0px; text-indent:-0px">The Chairman of the Board of<BR>
Directors of Enidata S.p.A.<BR>
Mr.&nbsp;Mauro Vecchi
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">The Managing Director<BR>
of Eni S.p.A.<BR>
Mr.&nbsp;Vittorio Mincato</TD>
</TR>

<!-- End Table Body --></TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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</TEXT>
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