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<SEC-DOCUMENT>0001311435-05-000009.txt : 20050302
<SEC-HEADER>0001311435-05-000009.hdr.sgml : 20050302
<ACCEPTANCE-DATETIME>20050302093455
ACCESSION NUMBER:		0001311435-05-000009
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050228
FILED AS OF DATE:		20050302
DATE AS OF CHANGE:		20050302

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:		05652470

	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>sj0205en6k.htm
<TEXT>
<html>

<head>
<title>sj0205en6k</title>
</head>

<body bgcolor="#FFFFFF">

<h5 align="left"><a href="#tocpage">Table of Contents</a></h5>

<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"><font size="4"><b>SECURITIES
AND EXCHANGE COMMISSION</b></font> <br>
<font size="3"><b>Washington, D.C. 20549</b></font> </p>

<hr size="1" noshade width="25%">

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

<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>

<p align="center" style="font-size: 10pt">For the month of
February, 2005 </p>

<p align="center" style="font-size: 24pt"><b>Eni S.p.A.<br>
</b><font size="2">(Exact name of Registrant as specified in its
charter) </font></p>

<p align="center" style="font-size: 10pt"><b>Piazzale Enrico
Mattei 1 - 00144 Rome, Italy</b><br>
(Address of principal executive offices) </p>

<hr size="1" noshade width="25%">

<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>

<p align="center" style="font-size: 10pt">Form&nbsp;20-F&nbsp;<font
face="Wingdings">x</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;<font
face="Wingdings">o</font> </p>

<hr size="1" noshade width="25%">

<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 12g3-2b under the
Securities Exchange Act of 1934.) </p>

<p align="center" style="font-size: 10pt">Yes&nbsp;<font
face="Wingdings">o</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;<font
face="Wingdings">x</font> </p>

<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): <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>)
</p>

<hr size="1" noshade color="#000000" style="margin-top: -2px">

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

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade color="#000000">

<p align="left" style="page-break-before:always"><a
name="tocpage"></a> </p>

<p align="left" style="page-break-before:always">&nbsp;</p>

<p align="center" style="font-size: 10pt"><b>TABLE OF CONTENTS</b>
<!-- TOC --></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
style="font-size: 10pt">
<!-- Begin Table Head -->    <tr>
        <td valign="bottom" width="100%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom"><a href="#101">- Press Release dated
        February&nbsp;28, 2005</a></td>
    </tr>
    <tr>
        <td valign="bottom"><a href="#102">- Eni's Preliminary
        Results at December 31, 2004</a></td>
    </tr>
<!-- End Table Body --></table>
</center></div>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade color="#000000">

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

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

<p align="center" style="font-size: 10pt"><b>SIGNATURES</b> </p>

<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. </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
style="font-size: 10pt">
    <tr>
        <td width="48%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="35%">&nbsp;</td>
        <td width="15%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" colspan="3">Eni S.p.A.<br>
        &nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td valign="top">&nbsp;&nbsp;&nbsp;</td>
        <td colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td colspan="2">Name: Fabrizio Cosco&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td valign="top">Title:&nbsp;&nbsp;</td>
        <td>Company Secretary&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td colspan="5">&nbsp;</td>
    </tr>
</table>

<p align="left" style="font-size: 10pt">Date: February 28, 2005 </p>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a name="101"></a></h5>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p align="center"><font size="2"><strong>PRESS RELEASE</strong></font></p>

<p><font size="2"><strong>ENI &#150; 2004 </strong><b>PRELIMINARY
RESULTS </b></font></p>

<p><font size="2"><b>Year 2004</b></font></p>

<ul>
    <li><font size="2"><b>Net income: euro 7.3 billion, up 30.2% </b></font></li>
    <li><font size="2"><b>Proposed dividend: euro 0.90 per share,
        up 20%</b></font></li>
    <li><font size="2"><b>Revenues: euro 58.3 billion, up 13.3%</b></font></li>
    <li><font size="2"><b>Operating income: euro 12.5 billion, up
        31%</b></font></li>
    <li><font size="2"><b>Hydrocarbon production: 1.6 million
        boe/day, up 4%</b></font></li>
    <li><font size="2"><b>Proved hydrocarbon reserves: 7.2
        billion boe, down 0.7%</b></font></li>
</ul>

<p>&nbsp;</p>

<p><font size="2"><b>Fourth quarter 2004</b></font></p>

<ul>
    <li><font size="2"><b>Net income: euro 2.2 billion, up 41.6% </b></font></li>
    <li><font size="2"><b>Revenues: euro 16.4 billion, up 20.4%</b></font></li>
    <li><font size="2"><b>Operating income: euro 3.7 billion, up
        47.3%</b></font></li>
    <li><font size="2"><b>Hydrocarbon production: 1.7 million
        boe/day, up 4.1%</b></font></li>
</ul>

<p><font size="2"><b>Dividend payment: starting in 2005 dividend
will be paid every six months</b></font></p>

<p><font size="2">Eni&#146;s Board of Directors examined today
Eni&#146;s 2004 preliminary consolidated results which showed a <b>net
income</b> of euro 7,274 million<b> </b>with a euro 1,689 million
increase over 2003 (up 30.2%), due essentially to a positive
operating performance (up euro 2,946 million) registered in
particular in Eni&#146;s Exploration &amp; Production business,
offset in part by higher income taxes (euro 1,412 million). This
positive performance was achieved also with the contribution of
the petrochemical business. Eni&#146;s <b>operating income</b> of
euro 12,463 million is the highest ever achieved by Eni, euro 1.7
billion higher than the previous record of 2000.</font></p>

<p><font size="2">The Board of Directors resolved to propose to
the General Shareholders' Meeting to distribute a dividend of
euro 0.90<sup>1</sup> per share, with a euro 0.15 increase over
2003 (up 20%). Dividends will be paid out from June 23, 2005; the
ex-dividend date is June 20, 2005. Pay-out amounts to
approximately 47% (51% in 2003). Taking into account the practice
of financial markets and oil majors, the Board resolved that
starting in 2005 Eni will pay dividends every six months.</font></p>

<p><font size="2"><b>Return on capital employed</b> (ROACE<sup>2</sup>)
reached 18.8% (15.6% in 2003).</font></p>

<p><font size="2">In 2004 <b>daily hydrocarbon production</b>
amounted to 1,624,000 barrels of oil equivalent (boe) increasing
by 62,000 boe over 2003, up 4%, due to: (i) production increases
mainly in Nigeria, Angola, Kazakhstan, Pakistan, Libya and Egypt;
(ii) start-up of fields in Angola, Australia, Algeria and Libya.
These increases were partly offset by: (i) declines in mature
fields mainly in Italy and the United Kingdom; (ii) lower
production entitlements (38,000 boe) in Production </font></p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">As a
        consequence of new tax laws in force from January 1,
        2004, dividends do not entitle to a tax credit and,
        depending on the receiver, are subject to a withdrawal
        tax on distribution or are partially cumulated to the
        receiver&#146;s taxable income.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Ratio between
        net income before minority interest plus net financial
        charges on net financial debt, less the related tax
        effect and average net capital employed.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2">Sharing Agreements (PSA) related to higher
international oil prices<sup>3</sup>; (iii) the effect of the
divestment of assets (13,000 boe). The share of production
outside Italy was 83.3% (80.8% in 2003).</font></p>

<p><font size="2">Eni&#146;s <b>proved reserves of hydrocarbons</b>
at December 31, 2004 totaled 7,218 million boe slightly
decreasing (54 million boe, down 0.7%) over December 31, 2003.
The reserve replacement ratio before the impact of lower
entitlements due to higher prices realized in PSAs (161 million
boe) and of asset divestment (81 million boe) was 132%, which
declined to 91% after taking into account these effects. The
average reserve life index is 12.1 years (12.7 as of December 31,
2003). </font></p>

<p><font size="2"><b>Eni&#146;s operating income in</b> <b>2004 </b>totaled
euro 12,463 million, an increase of euro 2,946 million over 2003,
up 31%, due in particular to increases recorded by: (i) the
Exploration &amp; Production segment (euro 2,271 million, up
39.5%) related essentially to an increase in oil prices in
dollars (Brent up 32.5%)<sup>4</sup>, higher hydrocarbon
production sold (20.3 million boe, up 3.6%) and net gains on the
divestment of mineral assets (euro 334 million). These positive
factors were offset in part by the effect of the 10% depreciation
of the dollar over the euro (approximately euro 890 million,
partly due to the conversion of financial statements of
subsidiaries denominated in currencies other than the euro); (ii)
the Petrochemical segment (euro 447 million, from an operating
loss of euro 176 million to operating income of 271 million)
related to a recovery in margins, due to a better industrial and
sales performance and lower asset writedowns (euro 119 million);
(iii) the Refining &amp; Marketing segment (euro 382 million, up
65.5%) essentially due to an increase in refining margins (Brent
margin was up 1.37 dollar/barrel), higher intake processing and
higher sales on retail markets in the rest of Europe, whose
effects were offset in part by lower margins on retail markets in
Italy and the rest of Europe and the effect of the depreciation
of the dollar over the euro.</font></p>

<p><font size="2">These positive factors were partly offset by a
decline registered in the Gas &amp; Power segment (euro 164
million, down 4.5%) due essentially to a decline in margins on
natural gas sales, also related to the different measure of
appreciation of the euro over the dollar with respect to 2003,
whose effects were offset in part by an increase in volumes of
natural gas sold outside Italy (4.41 billion cubic meters, up
23.7%) and in volumes sold of electricity (8.38 terawatthour, up
151%), and higher operating results recorded in natural gas
transport activities outside Italy and in Italy.</font></p>

<p><font size="2"><b>Eni&#146;s net sales from operations</b> for
2004 hit the euro 58,346 million record level, with an increase
of euro 6,859 million over 2003, up 13.3%, due essentially to
higher oil prices in dollars, higher refined product and
petrochemical prices and higher volumes sold in Eni&#146;s main
operating segments, whose effects were partially offset by the
impact of the depreciation of the dollar over the euro
(approximately euro 1,100 million).</font></p>

<p><font size="2"><b>Net borrowings</b> at December 31, 2004
amounted to euro 10,228 million, a euro 3,315 million decline
over December 31, 2003, due to cash flows generated by operating
activities, cash from disposals (euro 1,813 million) and the
effect of the conversion of financial statements of subsidiaries
denominated in currencies other than the euro </font></p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(3)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">In PSAs the
        national oil company awards the execution of exploration
        and production activities to the international oil
        company (contractor). The contractor bears the mineral
        and financial risk of the initiative and, when
        successful, recovers capital expenditure and costs
        incurred in the year (cost oil) by means of a share of
        production. This production share varies along with
        international oil prices. In certain PSAs changes in
        international oil prices affect also the share of
        production to which the contractor is entitled in order
        to remunerate its expenditure (profit oil).</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(4)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">In 2004 Brent
        prices in euro increased by 20.5%.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2">(approximately euro 470 million). These factors
were offset in part by: (i) financial requirements for capital
expenditure and investments (euro 7,819 million) and the payment
of dividends for 2003 (euro 3,077 million, of which 2,828 by Eni
SpA); (ii) changes in consolidation (euro 351 million).</font></p>

<p><font size="2">As compared to September 30, 2004, net
borrowings declined by euro 959 million (from euro 11,187 million
to euro 10,228 million) related to cash flows from operating
activities and the effect of the conversion of financial
statements of subsidiaries denominated in currencies other than
the euro, whose effects were offset in part by financial
requirements for capital expenditure and investments. </font></p>

<p><font size="2">The <b>debt to equity ratio</b> went from 0.48
at December 31, 2003 to 0.32 at December 31, 2004. </font></p>

<p><font size="2"><b>Capital expenditure </b>amounted to euro
7,503 million (euro 8,802 million in 2003) and concerned: (i)
development of hydrocarbon fields (euro 4,369 million,) in
particular in Libya, Iran, Angola, Italy, Kazakhstan, Egypt,
Nigeria and Norway and exploration (euro 499 million); (ii)
development and maintenance of Eni&#146;s natural gas
transmission and distribution network in Italy (euro 721
million); (iii) the construction of the tar gasification plant at
the Sannazzaro refinery, actions on refineries for the adjustment
of automotive fuel characteristics to new European specifications
and the upgrade of the refined product distribution network in
Italy and in the rest of Europe (for a total of euro 669
million); (iv) the continuation of the construction of
electricity generation plants (euro 451 million). </font></p>

<p><font size="2"><b><i>Fourth quarter 2004</i></b></font></p>

<p><font size="2">Eni&#146;s <b>net income</b> for the fourth
quarter of 2004 totaled euro 2,180 million, an increase of euro
640 million over the fourth quarter of 2003, up 41.6%, due
essentially to higher operating income (euro 1,186 million),
whose effects were offset in part by: (i) higher income taxes
(euro 591 million); (ii) higher net extraordinary expense (euro
133 million) related in particular to higher provisions to
environmental risks and contingencies.</font></p>

<p><font size="2">Eni&#146;s <b>operating income</b> for the
fourth quarter of 2004 totaled euro 3,694 million, increasing by
47.3% over the fourth quarter of 2003, related essentially to the
increases recorded by:</font></p>

<table border="0">
    <tr>
        <td>&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td>&nbsp;</td>
        <td><font size="2">the Exploration &amp; Production
        segment (euro 919 million, up 66.6%) related essentially
        to an increase in oil prices in dollars (Brent up 49.6%)<sup>5
        </sup>and higher hydrocarbon production sold (5.2 million
        boe, up 3.5%), whose effects were offset in part by the
        impact of the 9% depreciation of the dollar over the euro
        (approximately euro 230 million);</font></td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td>&nbsp;</td>
        <td><font size="2">the Refining &amp; Marketing segment
        (euro 303 million, up 283%) essentially due to an
        increase in refining margins (Brent margin was up 84.6%)
        and higher intake processing, whose effects were offset
        in part by the effect of the depreciation of the dollar
        over the euro;</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td valign="top"><p align="center"><font size="2"
        face="Times New Roman">&#149;</font></p>
        </td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2">the Petrochemical segment
        (euro 213 million) related to a recovery in margins and a
        better industrial and sales performance.</font></td>
    </tr>
</table>

<p><font size="2">These positive factors were partly offset by a
decline in operating income registered in the Gas &amp; Power
segment (euro 288 million, down 24.6%) due essentially to a
decline in </font></p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(5)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">In the fourth
        quarter Brent prices in euro increased by 37.3%.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2">margins on natural gas sales, also related to
the different measure of appreciation of the euro over the dollar
with respect to the fourth quarter of 2003.</font></p>

<p><font size="2">In the fourth quarter of 2004 <b>daily
hydrocarbon production</b> amounted to 1,704,000 boe, increasing
by 67,000 boe over the fourth quarter of 2003, up 4.1%, due
mainly to start-ups of fields in Angola, Libya, Iran, Algeria and
Nigeria, as well as production increases registered mainly in
Angola, Nigeria, Kazakhstan, Egypt, Pakistan and the United
States. These increases were partly offset by: (i) production
declines in mature fields in Italy and the United Kingdom; (ii)
lower entitlements in PSAs (58,000 boe); (iii) the effect of the
divestment of assets (31,000 boe).</font></p>

<p align="center"><font size="2">******</font></p>

<p><font size="2"><b><i>Management&#146;s expectations of
operations</i></b></font></p>

<p><font size="2">The following are the forecasts for Eni&#146;s
key production and sales metrics in 2005:</font></p>

<table border="0">
    <tr>
        <td>&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td>&nbsp;</td>
        <td><font size="2">daily production of hydrocarbons is
        forecasted to grow over 2004 (1.62 million boe/day) in
        line with the planned average growth rate for the
        2004-2008 period (over 5%). Increases will be achieved
        outside Italy (in particular in Egypt, Libya, Angola,
        Norway, Algeria and Kazakhstan) due to the reaching of
        full production of fields started up in late 2004 and
        start-ups planned for 2005;</font></td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td>&nbsp;</td>
        <td><font size="2">volumes of natural gas sold<sup>6</sup>
        are expected to remain stable (84.45 billion cubic meters
        in 2004); higher sales expected in markets in Europe
        (Spain, Germany and Turkey) are going to be offset by
        expected declines in Italy;</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><p align="center"><font
        size="2" face="Times New Roman">&#149;</font></p>
        </td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2">volumes of natural gas
        transported on behalf of third parties in Italy are
        expected to increase by about 6% (28.26 billion cubic
        meters in 2004) related to the forecasted trends in the
        demand for natural gas;</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2">electricity production
        sold is expected to increase by about 50% (13.93
        terawatthour in 2004) due to the coming on stream of new
        generation capacity (about 3 gigawatt) at the Brindisi
        and Mantova sites (total installed generation capacity at
        December 31, 2004 was 3.3 gigawatt) and the full
        commercial activity of the units installed in 2004 at the
        Ravenna and Ferrera Erbognone plants;</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2">refinery processing
        intake on own account is expected to remain stable (37.68
        million tonnes in 2004) due in particular to higher
        processing outside Italy in support to higher sales in
        the rest of Europe, offset by an expected decline in
        Italy, also related to expected lower processing at the
        Gela refinery following the damage caused by a seastorm
        to the docking infrastructure in December 2004;</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2">sales of refined products
        on the Agip branded network in Italy and the rest of
        Europe are expected to increase by about 4% (14.4 million
        tonnes in 2004); average throughput on the Agip branded
        network is expected to increase both in Italy (2,528,000
        liters in 2004) and in the rest of Europe (2,393,000
        liters in 2004).</font></td>
    </tr>
</table>

<p><font size="2">In 2005 capital expenditure is expected to
amount to approximately euro 7.3 billion; about 91% of capital
expenditure will be made in the Exploration &amp; Production, Gas
&amp; Power and Refining &amp; Marketing segments. The major
projects concerned are: (i) in the Exploration &amp; Production
segment, the development of fields in Libya, Italy, Angola,
Kazakhstan, Egypt </font></p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(6)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Including own
        consumption and Eni&#146;s share of sales by Eni
        affiliates and relevant companies.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2">and Nigeria, as well as exploration; (ii) in
the Gas &amp; Power segment, upgrade and maintenance of
Eni&#146;s natural gas transmission and distribution networks, as
well as continuation of the plan for power station construction;
(iii) in the Refining &amp; Marketing segment, the completion of
the tar gasification plant at the Sannazzaro refinery, an
increase in efficiency and product quality and the upgrade of the
fuel distribution network in Italy and the rest of Europe.</font></p>

<p><font size="2">Following the closure of the divestment
procedure still underway, during 2005 Eni expects to sell 90% of
the share capital of Italiana Petroli SpA, with obligation for
the purchaser to buy the remaining shares (10%) five years after
the date of the purchase.</font></p>

<p><font size="2"><b><i>Subsequent Events</i></b></font></p>

<p><font size="2"><i>Sale of Eni&#146;s interest in Albacom</i></font></p>

<p><font size="2">On February 4, 2005 shareholders of Albacom
(Eni SpA &#150; 35%, Mediaset SpA &#150; 19.5%, Banca Nazionale
del Lavoro SpA (BNL) &#150; 19.5%) sold their interests in
Albacom to British Telecom Plc (BT). The contract provides also
for the sale to BT by Eni and Mediaset of a financial receivable
(Eni&#146; share is euro 87 million) acquired at nominal value
from BNL related to a euro 250 million loan granted by BNL to
Albacom and guaranteed by the partners proportionally to their
interest. BNL sold to BT the residual amount of the loan. The
consideration for the sale of the interest and financial
receivable, payable after 5 years, is linked to a formula linked
in turn to EBITDA achieved by Albacom in the year closing on
March 31, 2009 with a floor and a cap charged with interest
accrued.</font></p>

<p><font size="2"><i>Snam Rete Gas</i></font></p>

<p><font size="2">On February 18, 2005, the Council of Ministers,
on proposal of the Ministry for Economy and Finance, approved a
Draft Decree of the President of the Council of Ministers which
defined criteria and modes for the divestment of the interest
held by Eni in Snam Rete Gas SpA (50.06%). The special powers of
the Ministry of Economy and Finance provided for by the
regulations on the divestment of interests held by the Italian
Government will be included in the by-laws of this company. After
the publication of the relevant Decree, Eni will continue the
procedure for the sale of Snam Rete Gas SpA shares until
Eni&#146;s interest reaches 20% before July 1, 2007.</font></p>

<p>&nbsp;</p>

<p align="center"><font size="2">******</font></p>

<p><font size="2"><b><i>Information on bonds issued by Eni
companies</i></b></font></p>

<p><font size="2">Bonds issued by Eni companies maturing in the
18 months following December 31, 2004 are indicated in the
following table:</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="53%" height="26"><font size="2"><b>Issuing
        company</b></font></td>
        <td valign="top" width="29%" height="26">&nbsp;</td>
        <td valign="top" width="18%" height="26"><p align="right"><font
        size="2">(million euro)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" colspan="3" width="100%" height="8"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="53%" height="6"><font size="2">Eni
        Coordination Center SA </font></td>
        <td valign="bottom" width="29%" height="6">&nbsp;</td>
        <td valign="bottom" width="18%" height="6"><p
        align="right"><font size="2">440</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="53%" bgcolor="#EEEEEE"
        height="19"><font size="2">Enifin SpA</font></td>
        <td valign="bottom" width="29%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="18%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">260</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="53%" height="19"><font
        size="2">Eni USA Inc.</font></td>
        <td valign="bottom" width="29%" height="19">&nbsp;</td>
        <td valign="bottom" width="18%" height="19"><p
        align="right"><font size="2">220</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="53%" bgcolor="#EEEEEE"
        height="19"><font size="2">Eni Finance Inc.</font></td>
        <td valign="bottom" width="29%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="18%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">15</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="53%" height="19"><font
        size="2">Eni Investment Plc</font></td>
        <td valign="bottom" width="29%" height="19">&nbsp;</td>
        <td valign="bottom" width="18%" height="19"><p
        align="right"><font size="2">18</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="53%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="29%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="18%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>953 </b></font></p>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2">Amounts of bonds issued by Eni companies
guaranteed by Eni are as follows:</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="47%" height="64"><font
        size="2"><b>Issuing company</b></font></td>
        <td valign="bottom" width="1%" height="64">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="64"><p align="center"><font size="2"><b>Amount
        issued in millions</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="64">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="64"><p align="center"><font size="2"><b>Currency</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="64">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="64"><p align="center"><font size="2"><b>Amounts
        in millions of euro</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="64">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="64"><p align="center"><font size="2"><b>Maturity</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="64">&nbsp;</td>
        <td align="center" valign="bottom" colspan="2"
        width="12%" height="64"><p align="center"><font size="2"><b>%
        rate</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" height="8">&nbsp;</td>
        <td valign="bottom" width="1%" height="8">&nbsp;</td>
        <td align="center" valign="bottom" width="10%" height="8"><hr
        size="1" noshade color="#000000">
        </td>
        <td align="center" valign="bottom" width="1%" height="8">&nbsp;</td>
        <td align="center" valign="bottom" width="10%" height="8"><hr
        size="1" noshade color="#000000">
        </td>
        <td valign="bottom" width="1%" height="8">&nbsp;</td>
        <td align="center" valign="bottom" width="10%" height="8"><hr
        size="1" noshade color="#000000">
        </td>
        <td align="center" valign="bottom" width="1%" height="8">&nbsp;</td>
        <td align="center" valign="bottom" width="10%" height="8"><hr
        size="1" noshade color="#000000">
        </td>
        <td align="center" valign="bottom" width="1%" height="8">&nbsp;</td>
        <td align="center" valign="bottom" colspan="2"
        width="12%" height="8"><hr size="1" noshade
        color="#000000">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" bgcolor="#EEEEEE"
        height="19"><font size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">50 </font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">USD</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">37</font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">2014</font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">fixed</font></p>
        </td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">4.610</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" height="19"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">5,000 </font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">JPY</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">36</font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">2012</font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%" height="19"><p
        align="center"><font size="2">fixed</font></p>
        </td>
        <td align="center" valign="bottom" width="6%" height="19"><p
        align="center"><font size="2">1.250</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" bgcolor="#EEEEEE"
        height="19"><font size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">3,000 </font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">JPY</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">21</font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">2019</font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">fixed</font></p>
        </td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">2.320</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" height="19"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">50 </font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">EUR</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">50</font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">2024</font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%" height="19"><p
        align="center"><font size="2">fixed</font></p>
        </td>
        <td align="center" valign="bottom" width="6%" height="19"><p
        align="center"><font size="2">4.750</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" bgcolor="#EEEEEE"
        height="19"><font size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">100 </font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">GBP</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">142</font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">2019</font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">fixed</font></p>
        </td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">5.000</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" height="19"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">100 </font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">GBP</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">142</font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">2007</font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%" height="19"><p
        align="center"><font size="2">fixed</font></p>
        </td>
        <td align="center" valign="bottom" width="6%" height="19"><p
        align="center"><font size="2">5.250</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" bgcolor="#EEEEEE"
        height="19"><font size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">100 </font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">GBP</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">142</font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">2007</font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">fixed</font></p>
        </td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2">5.250</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" height="19"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">100 </font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">GBP</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">142</font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        height="19"><p align="center"><font size="2">2010</font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%" height="19"><p
        align="center"><font size="2">fixed</font></p>
        </td>
        <td align="center" valign="bottom" width="6%" height="19"><p
        align="center"><font size="2">4.875</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="47%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19"><p align="center"><font
        size="2"><b>712</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="10%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p align="center"><font size="2">******</font></p>

<p><font size="2"><b><i>Preliminary results of Eni SpA for 2004</i></b></font></p>

<p><font size="2">Eni&#146;s Board of Directors also examined Eni
SpA&#146;s preliminary results for 2004 which showed net income
amounting to euro 4,687 million (euro 2,850 million in 2003). The
euro 1,837 million increase was related essentially to the
effects of the cancellation of tax interference in statutory
financial statements, in accordance with Legislative Decree No. 6
of January 27, 2003 (so called Vietti reform).</font></p>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2"><b>Contacts</b></font></p>

<p><font size="2"><b>Internet page</b>: www.eni.it</font></p>

<p><font size="2"><b>Telephone</b>: +39-0659821</font></p>

<p><font size="2"><b>Toll-free number</b>: 800940924</font></p>

<p><font size="2"><b>e-mailbox</b>:
segreteriasocietaria.azionisti@eni.it</font></p>

<p><font size="2"><b><i>Investor Relations Team</i></b><b>:</b></font></p>

<p><font size="2">Jadran Trevisan, Manager</font></p>

<p><font size="2">Antonio Pinto - Marco Porro</font></p>

<p><font size="2"><b>e-mailbox</b>: investor.relations@eni.it</font></p>

<p><font size="2">Eni S.p.A.</font></p>

<p><font size="2">Piazza Vanoni, 1</font></p>

<p><font size="2">20097 San Donato Milanese (MI) &#150; Italia</font></p>

<p><font size="2">tel.: 0252051651 - fax: 0252031929 </font></p>

<p><font size="2"><b><i>Eni Press Room:</i></b></font></p>

<p><font size="2">Luciana Santaroni, Manager</font></p>

<p><font size="2">Domenico Negrini - Giuseppe Curr&#224;</font></p>

<p><font size="2">tel.: 0252031287</font></p>

<p><font size="2">luciana.santaroni@eni.it</font></p>

<p><font size="2">domenico.negrini@eni.it</font></p>

<p><font size="2">giuseppe.curr&#224;@eni.it</font></p>

<p>&nbsp;</p>

<p align="center"><font size="2">* * *</font></p>

<p><font size="2"><i>This press release is available on
Eni&#146;s web site at www.eni.it </i></font></p>

<p><font size="2"><em>Attached below are key unaudited
consolidated financial data of Eni and Eni SpA as of December 31,
2004</em></font></p>

<p><font size="2"><em>The unaudited report on 2004 preliminary
results is available at Eni&#146;s web site at 6:00 p.m. CET</em></font></p>

<p>&nbsp;</p>

<p><font size="2">San Donato Milanese, February 28, 2005</font></p>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<h5 align="left" style="font-size: 10pt"><font size="5">Eni
consolidated results</font></h5>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="18">
    <tr>
        <td valign="top" width="85%" height="18"><font size="3"><strong>Income
        Statement</strong></font></td>
        <td align="right" valign="top" width="15%" height="18"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">13,634</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>16,421</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><strong></strong>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">2,787</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">20.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net sales from operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">51,487</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>58,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">6,859</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">13.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">386</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>371</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><strong></strong>&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(15</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(3.9</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Other income and revenues</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">913</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,302</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">389</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">42.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(10,093</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(11,745</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(1,652</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(16.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Operating expenses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(37,732</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(42,324</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(4,592</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(12.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(1,419</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(1,353</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><strong>)</strong></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">66</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Depreciation, amortization and writedowns</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(5,151</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(4,861</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">290</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">5.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2,508</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>3,694</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><strong></strong>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1,186</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>47.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Operating income</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>9,517</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>12,463</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>2,946</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>31.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(50</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(43</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">14.0</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Net financial expense</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(154</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(95</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">59</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">38.3</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(112</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>40</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><strong></strong>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">152</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net income (expense) from
        investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>229</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">246</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,691</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><strong></strong>&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,345</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>57.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Income before extraordinary items and income
        taxes</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>9,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12,597</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,251</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>34.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(110</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(243</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(133</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">)</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(120.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net extraordinary income
        (expense)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(56</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(105</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,236</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,448</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><strong></strong>&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,212</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>54.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Income before income taxes</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>9,395</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12,541</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,146</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>33.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(528</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(1,119</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(591</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">)</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(111.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Income taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(3,241</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(4,653</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(1,412</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(43.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,708</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,329</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><strong></strong>&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>621</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>36.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Income before minority interest</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>6,154</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>7,888</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,734</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>28.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(168</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(149</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">11.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Minority interest</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(569</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(614</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(45</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(7.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,540</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,180</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><strong></strong>&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>640</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>41.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Net income</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5,585</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>7,274</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,689</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>30.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="49%" height="16"><font size="3"><b>Consolidated
        balance sheet</b></font></td>
        <td valign="top" width="51%" height="16"><p align="right"><font
        size="2">(million euro)</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="61%"
        height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>Ch. vs.</b></font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="61%"
        height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>2003</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>2004</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>Dec. 31,
        2003</b></font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="61%">&nbsp;</td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><hr
        size="1" noshade color="#000000">
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><hr
        size="1" noshade color="#000000">
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Net capital employed</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>41,861</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>42,699</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>838</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2">Shareholders&#146; equity including minority
        interests</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">28,318</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>32,471</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">4,153</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net borrowings</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">13,543</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>10,228</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(3,315</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2"><b>Total liabilities and shareholders&#146;
        equity</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>41,861</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>42,699</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>838</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2">Debt and bonds</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">16,254</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>12,725</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">(3,529</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2"><em>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;short-term</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><em>7,918</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><em><b>5,051</b></em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><em>(2,867</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2"><em>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;long-term</em></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><em>8,336</em></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><em><b>7,674</b></em></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><em>(662</em></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2">Cash, cash equivalents and
        certain non operating financing receivables and
        securities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(2,711</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(2,497</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">214</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2"><b>Net borrowings</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>13,543</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>10,228</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>(3,315</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="18">
    <tr>
        <td valign="top" width="85%" height="16"><font size="3"><strong>Operating
        income by segment</strong></font></td>
        <td align="right" valign="top" width="15%" height="16"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"
        height="14"><font size="2">Fourth quarter</font></td>
        <td valign="top" width="3%" height="14">&nbsp;</td>
        <td valign="top" width="34%" height="14">&nbsp;</td>
        <td valign="top" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="31%"
        height="14">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,379</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2,298</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">919</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">66.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">5,746</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>8,017</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">2,271</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">39.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,169</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>881</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(288</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(24.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Gas &amp; Power</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">3,627</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,463</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(164</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">)</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(4.5</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">)</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">107</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>410</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">303</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">283.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">583</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>965</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">382</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">65.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(62</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>151</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">213</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(176</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>271</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">447</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">91</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>83</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(8.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Oilfield Services Construction
        and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">311</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>260</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(51</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(16.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">(72</font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>(58</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">19.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="3%" height="19">&nbsp;</td>
        <td valign="bottom" width="34%" height="19"><font
        size="2">Other activities <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">(293</font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>(244</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">16.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">(104</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>(71</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">31.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="19"><font size="2">Corporate and financial
        companies <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">(281</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2"><b>(269</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">4.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,508</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,694</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,186</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>47.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Operating income</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>9,517</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12,463</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,946</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>31.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <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>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%" height="38"><font size="1">(1)</font></td>
        <td valign="top" width="2%" height="38">&nbsp;</td>
        <td valign="top" colspan="17" width="96%" height="38"><font
        size="1">Following its merger into Eni, EniData which
        manages Eni&#146;s IT activities, formerly included in
        &#147;Other Activities&#148;, is now included in
        &#147;Corporate and financial companies&#148;. Data for
        2003 and the fourth quarter of 2004 have been
        reclassified accordingly, in order to allow for a
        homogeneous comparison.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">-1-<!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="38">
    <tr>
        <td valign="top" width="85%" height="38"><font size="3"><strong>Special
        items</strong></font></td>
        <td align="right" valign="top" width="15%" height="38"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<p align="left"><font size="2">Information on net income and
operating income before non-special items is not envisaged by
either Italian and U.S. GAAP, but Eni provides it with the intent
to allow financial analysts to evaluate Eni&#146;s trading
performance on the basis of their forecasting models.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="15%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="66%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%">&nbsp;</td>
    </tr>
    <tr>
        <td width="15%"><hr size="1" noshade color="#000000">
        </td>
        <td width="3%">&nbsp;</td>
        <td width="66%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="15%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2">(169</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><strong>(122</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><strong>)</strong></font></td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" bgcolor="#EEEEEE"
        height="13"><font size="2">Asset impairment</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2">(441</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><strong>(295</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"><strong>28 </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="top" width="3%" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" height="13"><font
        size="2">Net gains on E&amp;P portfolio rationalization</font></td>
        <td valign="top" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"><strong>334</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" bgcolor="#EEEEEE"
        height="13"><font size="2">Antitrust fine (BluGas)</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><strong>(5</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="top" width="3%" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" height="13"><font
        size="2">Reimbursement of the first instalment of an
        environmental tax from Sicilia Region</font></td>
        <td valign="top" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><strong>11</strong></font></p>
        </td>
        <td valign="bottom">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><strong>(51</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><strong>)</strong></font></td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" bgcolor="#EEEEEE"
        height="13"><font size="2">Change in accounting treatment
        of link-up payments</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><strong>(51</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="top" width="3%" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" height="13"><font
        size="2">Positive (negative) effects of inventory
        evaluation</font></td>
        <td valign="top" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><b>(142</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><strong>(145</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><strong>)</strong></font></td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" bgcolor="#EEEEEE"
        height="13"><font size="2"><b>Special items of operating
        income</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><b>(441</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><strong>(6</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2">(110</font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"><strong>(243</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"><strong>)</strong></font></td>
        <td valign="top" width="3%" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" height="13"><font
        size="2">Net extraordinary income</font></td>
        <td valign="top" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"><strong>(56</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><b>(252</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><strong>(388</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><strong>)</strong></font></td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" bgcolor="#EEEEEE"
        height="13"><font size="2"><b>Non-recurring items before
        taxes</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><b>(392</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2"><strong>(62</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2">414</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="top" width="3%" height="13">&nbsp;</td>
        <td valign="bottom" width="66%" height="13"><font
        size="2">Net effect of asset revaluations (Budget Law
        2003)</font></td>
        <td valign="top" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2">414</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" bgcolor="#EEEEEE"><font
        size="2"><strong>0</strong></font></td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE"><font size="2">Deferred
        tax assets per Law 448/2001</font></td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" bgcolor="#EEEEEE"><font
        size="2">287</font></td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" bgcolor="#EEEEEE"><font
        size="2"><strong>259</strong></font></td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td align="right" valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><font size="2">Release of reserve for
        anticipated amortization as per Law 498/2001</font></td>
        <td valign="bottom">&nbsp;</td>
        <td align="right" valign="bottom"><font size="2">39</font></td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td align="right" valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" bgcolor="#EEEEEE"><font
        size="2"><strong>128</strong></font></td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE"><font size="2">Deferred
        tax assets on Syndial (inclusion in consolidation for
        Italian tax purposes)</font></td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" bgcolor="#EEEEEE"><font
        size="2"><strong>128</strong></font></td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom"><font size="2">111</font></td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td align="right" valign="bottom"><font size="2"><strong>137</strong></font></td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><font size="2">Taxes on special items
        (estimated)</font></td>
        <td valign="bottom">&nbsp;</td>
        <td align="right" valign="bottom"><font size="2">161</font></td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td align="right" valign="bottom"><font size="2"><strong>280</strong></font></td>
        <td valign="bottom">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" bgcolor="#EEEEEE"><font
        size="2">(20</font></td>
        <td valign="bottom" bgcolor="#EEEEEE">)</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE"><font size="2">Net
        effect of asset revaluations on Snam Rete Gas minority
        interest</font></td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" bgcolor="#EEEEEE"><font
        size="2">(20</font></td>
        <td valign="bottom" bgcolor="#EEEEEE"><font size="2">)</font></td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom"><font size="2"><strong>253</strong></font></td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td align="right" valign="bottom"><font size="2"><strong>(123</strong></font></td>
        <td valign="bottom"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><font size="2"><strong>Special items
        after taxes</strong></font></td>
        <td valign="bottom">&nbsp;</td>
        <td align="right" valign="bottom"><font size="2"><strong>489</strong></font></td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td align="right" valign="bottom"><font size="2"><strong>605</strong></font></td>
        <td valign="bottom">&nbsp;</td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="38">
    <tr>
        <td valign="top" width="85%" height="38"><font size="3"><strong>Net
        income before special items</strong></font></td>
        <td align="right" valign="top" width="15%" height="38"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>1,287</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>2,303</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>1,016</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>78.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman"><b>Net
        income before special items</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>5,096</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>6,669</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>1,573</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>30.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">-2-<!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="38">
    <tr>
        <td valign="top" width="85%" height="38"><font size="2"><b>Operating
        income by segment before special items</b></font></td>
        <td align="right" valign="top" width="15%" height="38"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">1,466</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>2,372</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">906</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">61.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">Exploration
        &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">5,973</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>7,949</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">1,976</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">33.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">1,200</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>938</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(262</font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(21.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="top" width="3%" height="13">&nbsp;</td>
        <td valign="bottom" width="34%" height="13"><font
        size="2" face="Tms Rmn,Times New Roman">Gas &amp; Power</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">3,661</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>3,514</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(147</font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(4.0</font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">107</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>413</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">306</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">286.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">Refining
        &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">584</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>968</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">384</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">65.8 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(50</font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>154</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">204</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">..</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="top" width="3%" height="13">&nbsp;</td>
        <td valign="bottom" width="34%" height="13"><font
        size="2" face="Tms Rmn,Times New Roman">Petrochemicals</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(54</font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>274</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">328</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">..</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">91</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>84</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(7.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">Oilfield
        Services Construction and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">311</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>261</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(50</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(16.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(60</font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>(52</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">9</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">15.0</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="top" width="3%" height="13">&nbsp;</td>
        <td valign="bottom" width="34%" height="13"><font
        size="2" face="Tms Rmn,Times New Roman">Other activities</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(236</font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>(228</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13"><font size="2"
        face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">8</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">3.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(104</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>(71</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">31.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="top" width="3%" bgcolor="#EEEEEE" height="13">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">Corporate
        and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(281</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>(269</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13"><font size="2" face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="13"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">4.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="13">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>2,650</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>3,839</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>1,189</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>44.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="top" width="3%" height="13">&nbsp;</td>
        <td valign="bottom" width="34%" height="13"><font
        size="2" face="Tms Rmn,Times New Roman"><b>Operating
        income before special items</b></font></td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>9,958</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>12,469</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>2,511</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="13"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>25.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="13">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="38">
    <tr>
        <td valign="top" width="85%" height="38"><font size="2"><b>Net
        sales from operations</b></font></td>
        <td align="right" valign="top" width="15%" height="38"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">3,280</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>4,520</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,240</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">37.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">12,746</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>15,349</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">2,603</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">20.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4,534</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5,175</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">641</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">14.1</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Gas &amp; Power</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">16,068</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>17,258</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,190</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">7.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">5,539</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>7,019</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,480</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">26.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">22,148</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>26,058</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">3,910</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">17.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,038</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,502</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">464</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">44.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4,487</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5,417</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">930</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">20.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,972</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1,766</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(206</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(10.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Oilfield Services Construction
        and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">6,306</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>6,503</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">197</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">3.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">363</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>259</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(104</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(28.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,302</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,279</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(1.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">313</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>294</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(6.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Corporate and financial
        companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">638</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>851</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">213</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">33.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(3,405</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(4,114</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(709</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">20.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Consolidation adjustment</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(12,208</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(14,369</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(2,161</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">17.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>13,634</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>16,421</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2,787</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>20.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>51,487</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>58,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>6,859</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>13.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p align="center" style="font-size: 10pt">-3-<!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

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

<p align="left" style="font-size: 10pt"><font size="5">Eni SpA's
results</font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="38">
    <tr>
        <td valign="top" width="85%" height="38"><font size="3"><strong>Income
        Statement</strong></font></td>
        <td align="right" valign="top" width="15%" height="38"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">Net
        sales from operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">29,006</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>34,097</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">5,091</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">17.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman">Other income and
        revenues</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">294</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>376</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">82</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">27.9</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>Revenues</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>29,300</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>34,473</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>5,173</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>17.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman">Operating
        expenses</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(25,339</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>(30,339</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(5,000</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">19.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>Gross
        operating margin</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>3,961</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>4,134</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>173</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>4.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman">Depreciation,
        amortization and writedowns</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(881</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>(907</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(26</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">3.0</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>Operating
        income</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>3,080</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>3,227</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>147</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>4.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman">Net financial
        expense</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(20</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>(56</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(36</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">180.0</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">Net
        income from investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">1,375</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>1,394</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">1.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman"><b>Income before
        extraordinary items and income taxes</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>4,435</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>4,565</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>130</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>2.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">Net
        extraordinary income (expense)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">103</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>(55</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(158</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(153.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman">Cancellation of
        tax interference</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">0</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>1,076</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">1,076</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">..</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>Income
        before income taxes</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>4,538</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>5,586</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">1,048</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>23.1</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman">Income taxes</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(586</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>(899</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(313</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">53.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">Adjustments
        for tax purposes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(1,102</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">1,102</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman"><b>Net income</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>2,850</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>4,687</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>1,837</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>64.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="49%" height="38"><font size="3"><b>Condensed
        balance sheet</b></font></td>
        <td valign="top" width="51%" height="38"><p align="right"><font
        size="2">(million euro)</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="61%"
        height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>Dec. 31,
        2003</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>Dec. 31,
        2004</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><strong>Change</strong></font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="61%">&nbsp;</td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><hr
        size="1" noshade color="#000000">
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><hr
        size="1" noshade color="#000000">
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>Net
        capital employed</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>29,133</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>27,185</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>(1,948</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman">Shareholders&#146;
        equity</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">24,402</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>26,207</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">1,805</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">Reserves
        for tax purposes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">1,409</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(1,409</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman">Net borrowings</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">3,322</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>978</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(2,344</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>Total
        liabilities and shareholders&#146; equity</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>29,133</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>27,185</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>(1,948</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">Debt
        and bonds</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">3,933</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>2,846</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman">(1,087</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
        size="2" face="Tms Rmn,Times New Roman"><i>short-term</i></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><i>2,508</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b><i>2,575</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><i>67</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
        size="2" face="Tms Rmn,Times New Roman"><i>long-term</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><i>1,425</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b><i>271</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><i>(1,154</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><i>)</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2" face="Tms Rmn,Times New Roman">Cash, cash
        equivalents and certain non operating financing
        receivables and securities</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(611</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman"><b>(1,868</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"
        face="Tms Rmn,Times New Roman">(1,257</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"
        face="Tms Rmn,Times New Roman">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>Net
        borrowings</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>3,322</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>978</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2" face="Tms Rmn,Times New Roman"><b>(2,344</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2" face="Tms Rmn,Times New Roman"><b>)</b></font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">-4-<!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a name="102"></a><a
href="#tocpage">Table of Contents</a></h5>

<p align="center"><img src="sj0205sj020500.gif" width="118"
height="118"></p>

<h1 align="center"><strong>Eni preliminary results</strong></h1>

<h1 align="center"><strong>for</strong></h1>

<h1 align="center"><strong>2004</strong></h1>

<p align="center" style="font-size: 10pt">&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="38">
    <tr>
        <td valign="top" width="85%" height="38"><font size="3"><b>Summary
        financial data</b></font></td>
        <td align="right" valign="top" width="15%" height="38"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">13,634</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>16,421</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">2,787</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">20.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net sales from operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">51,487</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>58,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">6,859</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">13.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">2,508</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,694</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,186</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">47.3</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Operating income</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">9,517</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12,463</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">2,946</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">31.0</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,540</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2,180</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">640</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">41.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net income</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">5,585</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>7,274</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">1,689</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">30.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">2,687</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,041</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(646</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(24.0</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Capital expenditure</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">8,802</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>7,503</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(1,299</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(14.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net borrowings at period end</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">13,543</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>10,228</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(3,315</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(24.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <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>
        <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>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="18">
    <tr>
        <td valign="top" width="85%" height="18"><font size="3"><b>Summary
        operating data</b></font></td>
        <td align="right" valign="top" width="15%" height="18">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Daily production:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,035</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,090</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">55</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">5.3</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;oil (thousand
        barrels)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">981</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,034</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">53</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">5.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">602</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>614</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">2.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="19"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;natural
        gas <sup>(1)</sup> (thousand boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">581</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2"><b>590</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">1.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>1,637</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>1,704</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>67</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>4.1</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="3%" height="19">&nbsp;</td>
        <td valign="bottom" width="34%" height="19"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>hydrocarbons</b>
        <sup>(2)</sup> (thousand boe)</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>1,562</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>1,624</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>62</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>4.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Proved reserves:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;oil (thousand
        barrels)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4,138</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>4,008</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(130</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(3.1</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="19"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;natural
        gas <sup>(1)</sup> (thousand boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">3,134</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2"><b>3,210</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">76</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">2.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="3%" height="19">&nbsp;</td>
        <td valign="bottom" width="34%" height="19"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>hydrocarbons</b>
        <sup>(2)</sup> (thousand boe)</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>7,272</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>7,218</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>(54</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>(0.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">20.32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>20.35</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">0.03</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">0.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Sales of natural gas to third
        parties (billion cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">69.49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>73.43</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">3.94</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">5.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.60</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1.05</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.45</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">75.0</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Own consumption of natural gas (billion cubic
        meters)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1.90</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3.70</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1.80</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">94.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>20.92</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>21.40</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.48</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>71.39</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>77.13</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>5.74</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>8.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">2.18</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2.15</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(0.03</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(1.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Sales of natural gas of Eni&#146;s affiliates
        and relevant companies (net to Eni) (billion cubic
        meters)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp; </td>
        <td align="right" valign="bottom" width="6%" height="15"><font
        size="2">6.94</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp; </td>
        <td align="right" valign="bottom" width="6%" height="15"><font
        size="2"><b>7.32</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp; </td>
        <td align="right" valign="bottom" width="6%" height="15"><font
        size="2">0.38</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp; </td>
        <td align="right" valign="bottom" width="6%" height="15"><font
        size="2">5.5</font></td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>23.10</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>23.55</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.45</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Total sales and own
        consumption of natural gas</b> (billion cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>78.33</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>84.45</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>6.12</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>7.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">6.58</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>7.47</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.89</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">13.5</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Natural gas transported on behalf of third
        parties in Italy (billion cubic meters)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp; </td>
        <td align="right" valign="bottom" width="6%" height="15"><font
        size="2">24.63</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp; </td>
        <td align="right" valign="bottom" width="6%" height="15"><font
        size="2"><b>28.26</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp; </td>
        <td align="right" valign="bottom" width="6%" height="15"><font
        size="2">3.63</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp; </td>
        <td align="right" valign="bottom" width="6%" height="15"><font
        size="2">14.7</font></td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1.88</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>4.29</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">2.41</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">128.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Electricity production sold
        (terawatthour)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">5.55</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>13.93</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">8.38</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">151.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">12.63</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12.64</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.01</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.1</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Sales of refined products (million tonnes)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">51.43</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>53.54</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">3.11</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">6.2</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,214</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1,270</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">56</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">4.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Sales of petrochemicals
        products (thousand tonnes)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">5,266</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>5,299</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">0.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="2" cellspacing="0" width="100%">
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%" height="14"><font size="1">(1)
        </font></td>
        <td valign="top" width="2%" height="14">&nbsp;</td>
        <td valign="top" width="94%" height="14"><font size="1">From
        January 1, 2004 in order to conform to the practice of
        other international oil companies, Eni unified the
        conversion rate of natural gas from cubic meters to boe.
        The new rate adopted is 0.00615 barrels of oil per one
        cubic meter of natural gas. In the past Eni used a rate
        of 0.0063 for natural gas produced in Italy and 0.0061
        for natural gas produced outside Italy. The change
        introduced does not affect the amount of proved reserves
        recorded in boe at December 31, 2003 and has a negligible
        impact on production expressed in boe in 2004.</font></td>
    </tr>
    <tr>
        <td valign="top"><font size="1">(2) </font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="1">Includes natural gas
        volumes consumed in operations (38,000 and 45,000 boe/day
        in 2004 and in the fourth quarter of 2004, respectively;
        26,000 and 29,000 boe/day in 2003 and in the fourth
        quarter of 2003, respectively).</font></td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="18">
    <tr>
        <td valign="top" width="85%" height="18"><font size="3"><b>Key
        market indicators</b></font></td>
        <td align="right" valign="top" width="15%" height="18">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">29.42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>44.01</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">14.59</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">49.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="19"><font size="2">Average price of Brent dated
        crude oil <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">28.84</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2"><b>38.22</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">9.38</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">32.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#FFFFFF"
        height="19"><p align="right"><font size="2">1.189</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#FFFFFF"
        height="19"><p align="right"><font size="2"><b>1.296</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#FFFFFF"
        height="19"><p align="right"><font size="2">0.107</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#FFFFFF"
        height="19"><p align="right"><font size="2">9.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#FFFFFF"
        height="19"><font size="2">Average EUR/USD exchange rate <sup>(2)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#FFFFFF" height="19"><p align="right"><font
        size="2">1.131</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#FFFFFF" height="19"><p align="right"><font
        size="2"><b>1.244</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#FFFFFF" height="19"><p align="right"><font
        size="2">0.113</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#FFFFFF" height="19"><p align="right"><font
        size="2">10.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">24.74</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>33.96</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">9.22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">37.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Average price in euro of Brent
        dated crude oil</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">25.50</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>30.72</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">5.22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">20.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">2.34</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>4.32</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">1.98</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">84.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="3%" height="19">&nbsp;</td>
        <td valign="bottom" width="34%" height="19"><font
        size="2">Average European refining margin <sup>(3)</sup></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">2.65</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>4.02</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">1.37</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">51.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1.97</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>3.33</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1.36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">69.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Average European refining
        margin in euro</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">2.34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>3.23</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">0.89</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">38.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">2.2</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Euribor - three-month euro rate (%)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">2.3</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2.1</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(0.20</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(8.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <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>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%" height="2"><font size="1">(1)</font></td>
        <td valign="top" width="2%" height="2">&nbsp;</td>
        <td valign="top" colspan="17" width="96%" height="2"><font
        size="1">In US dollars per barrel. Source: Platt&#146;s
        Oilgram.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%" height="2"><font size="1">(2)
        </font></td>
        <td valign="top" width="2%" height="2">&nbsp;</td>
        <td valign="top" colspan="17" width="96%" height="2"><font
        size="1">Source: ECB.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%" height="2"><font size="1">(3)
        </font></td>
        <td valign="top" width="2%" height="2">&nbsp;</td>
        <td valign="top" colspan="17" width="96%" height="2"><font
        size="1">In US dollars per barrel FOB Mediterranean Brent
        dated crude oil. Eni calculations based on Platt&#146;s
        Oilgram data.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp; -1-<!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="4"><strong>results of operations</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="38">
    <tr>
        <td valign="top" width="85%" height="38"><font size="3"><strong>Income
        Statement</strong></font></td>
        <td align="right" valign="top" width="15%" height="38"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">13,634</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>16,421</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">2,787</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">20.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net sales from operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">51,487</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>58,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">6,859</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">13.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">386</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>371</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(15</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(3.9</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Other income and revenues</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">913</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,302</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">389</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">42.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(10,093</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(11,745</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(1,652</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(16.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Operating expenses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(37,732</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(42,324</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(4,592</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(12.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(1,419</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(1,353</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">)</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">66</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Depreciation, amortization and writedowns</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(5,151</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(4,861</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">290</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">5.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2,508</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>3,694</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1,186</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>47.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Operating income</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>9,517</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>12,463</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>2,946</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>31.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(50</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(43</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">14.0</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Net financial expense</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(154</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(95</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">59</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">38.3</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(112</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>40</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">152</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net income from investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>229</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">246</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,691</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,345</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>57.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Income before extraordinary items and income
        taxes</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>9,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12,597</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,251</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>34.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(110</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(243</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(133</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">)</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(120.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net extraordinary income
        (expense)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(56</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(105</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,236</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,448</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,212</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>54.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Income before income taxes</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>9,395</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12,541</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,146</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>33.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(528</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(1,119</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(591</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">)</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(111.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Income taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(3,241</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(4,653</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(1,412</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(43.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,708</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,329</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>621</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>36.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Income before minority interest</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>6,154</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>7,888</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,734</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>28.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(168</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(149</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">11.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Minority interest</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(569</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(614</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(45</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(7.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,540</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,180</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>640</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>41.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Net income</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5,585</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>7,274</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,689</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>30.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman">Eni&#146;s preliminary
consolidated financial statements at December 31, 2004 showed a
net income of euro 7,274 million, an increase of euro 1,689
million over 2003, up 30.2%, due essentially to a positive
operating performance (up euro 2,946 million) regi</font><font
size="2">stered in particular in Eni&#146;s Exploration &amp;
Production business, offset by higher income taxes (euro 1,412
million). This positive performance was achieved also with the
contribution of the petrochemical business. Eni&#146;s operating
income of eu</font><font size="2" face="Times New Roman">ro
12,463 million is the highest ever achieved by Eni, euro 1.7
billion higher than the previous record of 2000.</font></p>

<p><font size="2" face="Times New Roman">Return on capital
employed (ROACE)</font><font size="2"><sup>1</sup></font><font
size="2" face="Times New Roman"> reached 18.8% (15.6% in 2003).</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="38">
    <tr>
        <td valign="top" width="85%" height="38"><font size="3"><strong>Operating
        Income</strong></font></td>
        <td align="right" valign="top" width="15%" height="38"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,379</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2,298</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">919</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">66.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">5,746</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>8,017</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">2,271</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">39.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,169</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>881</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(288</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(24.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Gas &amp; Power</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">3,627</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,463</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(164</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">)</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(4.5</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">)</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">107</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>410</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">303</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">283.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">583</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>965</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">382</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">65.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(62</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>151</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">213</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(176</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>271</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">447</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">91</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>83</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(8.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Oilfield Services Construction
        and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">311</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>260</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(51</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(16.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">(72</font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>(58</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">19.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="3%" height="19">&nbsp;</td>
        <td valign="bottom" width="34%" height="19"><font
        size="2">Other activities <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">(293</font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2"><b>(244</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="19"><p
        align="right"><font size="2">16.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">(104</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>(71</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">31.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="19"><font size="2">Corporate and financial
        companies <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">(281</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2"><b>(269</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><p align="right"><font
        size="2">4.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,508</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,694</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,186</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>47.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Operating income</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>9,517</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12,463</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,946</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>31.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <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>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%" height="38"><font size="1">(1)</font></td>
        <td valign="top" width="2%" height="38">&nbsp;</td>
        <td valign="top" colspan="17" width="96%" height="38"><font
        size="1">Following its merger into Eni, EniData which
        manages Eni&#146;s IT activities, formerly included in
        &#147;Other Activities&#148;, is now included in
        &#147;Corporate and financial companies&#148;. Data for
        2003 and the fourth quarter of 2004 have been
        reclassified accordingly, in order to allow for a
        homogeneous comparison.</font></td>
    </tr>
</table>

<p>&nbsp;</p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Ratio between
        net income before minority interest plus net financial
        charges on net financial debt, less the related tax
        effect and net capital employed.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp; -2-<!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">Eni&#146;s operating
income for 2004 totaled euro 12,463 million, an increase of euro
2,946 million over 2003, up 31%, due in particular to increases
recorded by:</font></p>

<table border="0">
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2" face="Times New Roman">the
        Exploration &amp; Production segment (euro 2,271 million,
        up 39.5%) related essentially to an increase in oil
        prices in dollars (Brent up 32.5%)</font><font size="2"><sup>2</sup></font><font
        size="2" face="Times New Roman">, higher hydrocarbon
        production sold (20.3 million boe, up 3.6%) and net gains
        on the sale of mineral assets (euro 334 million). These
        positive factors were offset in part by the effects of
        the 10% depreciation of the dollar over the euro
        (approximately euro 890 million, partly due to the
        conversion of financial statements of subsidiaries with
        currencies other than the euro);</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2" face="Times New Roman">the
        Petrochemical segment (euro 447 million) related to a
        recovery in margins, improved industrial and sales
        performance and lower asset writedowns (euro 119
        million);</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td valign="top"><p align="center"><font size="2"
        face="Times New Roman">&#149;</font></p>
        </td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2" face="Times New Roman">the
        Refining &amp; Marketing segment (euro 382 million, up
        65.5%) essentially due to an increase in refining margins
        (Brent margin was up 1.37 dollar/barrel), higher intake
        processing and higher sales on retail markets in the rest
        of Europe, whose effects were offset in part by lower
        margins on retail markets in Italy and the rest of Europe
        and the effect of the depreciation of the dollar over the
        euro.</font></td>
    </tr>
</table>

<p><font size="2" face="Times New Roman">These positive factors
were partly offset by a decline registered in the Gas &amp; Power
segment (euro 164 million, down 4.5%) due essentially to a
decline in margins on natural gas sales, also related to the
different measure of appreciation of the euro over the dollar
with respect to 2003, whose effects were offset in part by
increased volumes of natural gas sold outside Italy (4.41 billion
cubic meters, up 23.7%) and increased volumes of electricity
(8.38 terawatthour, up 151%) and higher operating income in
transport activities in Italy and outside Italy.</font></p>

<p>&nbsp;</p>

<p><font size="3"><strong>Analysis of income statement items</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="38">
    <tr>
        <td valign="top" width="85%" height="38"><font size="2"><b>Net
        sales from operations</b></font></td>
        <td align="right" valign="top" width="15%" height="38"><font
        size="2">(million euro)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">3,280</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>4,520</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,240</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">37.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">12,746</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>15,349</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">2,603</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">20.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4,534</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5,175</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">641</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">14.1</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Gas &amp; Power</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">16,068</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>17,258</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,190</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">7.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">5,539</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>7,019</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,480</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">26.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">22,148</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>26,058</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">3,910</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">17.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,038</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,502</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">464</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">44.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4,487</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5,417</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">930</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">20.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,972</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1,766</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(206</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(10.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Oilfield Services Construction
        and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">6,306</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>6,503</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">197</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">3.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">363</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>259</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(104</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(28.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,302</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,279</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(1.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">313</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>294</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(6.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Corporate and financial
        companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">638</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>851</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">213</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">33.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(3,405</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(4,114</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(709</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">20.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Consolidation adjustment</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(12,208</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(14,369</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(2,161</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">17.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>13,634</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>16,421</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2,787</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>20.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>51,487</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>58,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>6,859</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>13.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman">Eni&#146;s <b>net sales
from operations</b> for 2004 hit the euro 58,346 million record
level, with an increase of euro 6,859 million over 2003, up
13.3%, due essentially to higher oil prices in dollars, higher
refined product and petrochemical prices and higher volumes sold
in Eni&#146;s main operating segments, whose effects were
partially offset by the impact of the depreciation of the dollar
over the euro (approximately euro 1,100 million).</font></p>

<p><font size="2" face="Times New Roman"><b>Depreciation,
amortization and writedown charges</b> (euro 4,861 million)
decreased by euro 290 million over 2003, down 5.6%.</font></p>

<p>&nbsp;</p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">In 2004 Brent
        prices in euro increased by 20.5%.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">-3-&nbsp; <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">Depreciation and
amortization charges (euro 4,566 million) declined by euro 144
million due the decline registered in particular in the
Exploration &amp; Production segment (euro 112 million) related
to the effect of the conversion of financial statements of
subsidiaries with currency other than the euro, lower exploration
costs and lower amortization of exploration bonuses (euro 169
million on a constant exchange rate basis), offset only in part
by higher development amortization charges (euro 246 million on a
constant exchange rate basis) related to higher production and
expenditure aimed at maintaining production levels in mature
fields in Italy, Egypt, the United Kingdom and Indonesia.
Amortization charges of the Gas &amp; Power segment increased by
euro 39 million, due in particular to the coming on stream of
power generation units at Ferrera Erbognone and Ravenna.</font></p>

<p><font size="2" face="Times New Roman">Writedowns (euro 295
million) concerned essentially the impairment of proved and
unproved property in the Exploration &amp; Production segment
(euro 266 million). In 2003 writedowns (euro 441 million)
concerned mainly proved and unproved property in the Exploration
&amp; Production segment (euro 227 million) and petrochemical
plants (euro 122 million).</font></p>

<p><font size="2" face="Times New Roman">The amortization of the
difference between the purchase price and the net book value of
recently purchased companies (Italgas, Bouygues Offshore and
Lasmo) non allocated to assets/liabilities (goodwill) amounted to
euro 146 million. Including also the amortization of the goodwill
of purchased companies accounted for under the equity method
(euro 124 million, in particular Galp Energia, GVS and Uni&#243;n
Fenosa Gas) recognized in the income statement under the item net
income from investments, the overall effect of goodwill
amortization amounted to euro 270 million.</font></p>

<p><font size="2" face="Times New Roman"><b>Net financial expense</b>
(euro 95 million) decreased by euro 59 million over 2003, down
38.3%, due in particular to lower interest rates on European
markets (Euribor down 0.2 percentage points) and lower average
net borrowings</font><font size="2"><sup>3</sup></font><font
size="2" face="Times New Roman">. These positive factors were
offset in part by the provision to the risk reserve of euro 62
million, related to the sale to British Telecom Plc of the
financing receivable from Albacom (Eni&#146;s interest 35%) for
euro 87 million (see p. 10 below).</font></p>

<p><font size="2" face="Times New Roman"><b>Net income from
investments</b> amounted to euro 229 million (as compared to a
net expense of euro 17 million in 2003) and represented the
balance of income of euro 312 million and expense of euro 83
million. Income concerned essentially: (i) Eni&#146;s share of
income of subsidiaries accounted for with the equity method (euro
198 million), in particular in the Gas &amp; Power (euro 109
million), Oilfield Services, Construction and Engineering
segments (euro 49 million) and Refining &amp; Marketing (euro 35
million); (ii) dividends received by subsidiaries and affiliates
accounted for at cost (euro 72 million, euro 48 million of which
by Nigeria LNG Ltd - Eni&#146;s interest 10.4%); (iii) gains on
disposals (euro 36 million) concerning in particular the sale of
a 2.33% interest in Nuovo Pignone Holding SpA (euro 23 million)
and a 50% interest in Finifast Srl in the Refining &amp;
Marketing segment (euro 3 million). Expense concerned essentially
Eni&#146;s share of losses of subsidiaries and affiliates,
relating in particular to Albacom SpA (euro 41 million), Uni&#243;n
Fenosa Gas SA (euro 3 million, related to the amortization of the
difference between purchase cost and net book value) and Galp
Energia SGPS SA (euro 5 million, affected by the euro 107 million
amortization of the difference between purchase cost and net book
value).</font></p>

<p><font size="2" face="Times New Roman">The euro 246 million
improvement in net income from investments (from a euro 17
million expense to a euro 229 million income) was due to: (i)
lower losses recognized by Albacom (Eni&#146;s interest 35%) of
euro 87 million; (ii) improved results of operations of Blue
Stream (Eni&#146;s interest 50%), Galp Energia (Eni&#146;s
interest 33.35%) and Uni&#243;n Fenosa Gas (Eni&#146;s interest 50%)
for a total of euro 61 million; (iii) higher dividends received
(euro 50 million) in particular from Nigeria LNG (Eni&#146;s
interest 10.4%).</font></p>

<p>&nbsp;</p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(3)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Excluding
        loans directed to specific capital expenditure projects
        in the Exploration &amp; Production and Gas &amp; Power
        segments, whose financial charges are recognized as an
        increase of the relevant capital goods.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp;-4- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman"><b>Net extraordinary
income and expense</b> are described in the following table.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
height="0">
    <tr>
        <td valign="bottom" width="49%" height="1">&nbsp;</td>
        <td valign="bottom" width="51%" height="1"><p
        align="right"><font size="2">(million euro)</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="84%" height="1">&nbsp;</td>
        <td valign="bottom" width="1%" height="1">&nbsp;</td>
        <td align="right" valign="bottom" width="7%" height="1"><p
        align="center"><font size="2"><strong>2003</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="1">&nbsp; </td>
        <td align="right" valign="bottom" width="7%" height="1"><p
        align="center"><font size="2"><strong>2004</strong></font></p>
        </td>
    </tr>
    <tr>
        <td width="84%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade color="#000000">
        </td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Extraordinary income</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15"><font
        size="2">Gains on disposals</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">290</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>661</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15"><font size="2">Other extraordinary income</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">273</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>44</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>563</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>705</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15"><font
        size="2"><strong>Extraordinary expense</strong></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15"><font size="2">Restructuring costs:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15"><font
        size="2">- charges and provisions for risks and
        contingencies</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(248</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(601</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15"><font size="2">- cost of redundancy
        incentives</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(116</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(54</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15"><font
        size="2">- writedowns of fixed assets and losses from
        investments</font></td>
        <td>&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(66</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(20</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(430</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(675</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15"><font
        size="2">Other extraordinary expense</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(84</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(86</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Total extraordinary expense</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(514</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(762</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>49</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(56</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman">Gains on disposals
amounted to euro 661 million and concerned essentially: (i) the
sale of shares representing 9.054% of the share capital of Snam
Rete Gas SpA to Mediobanca SpA (euro 519 million); (ii) the
divestment of Eni&#146;s 100% interest in Agip do Brasil SA, a
company operating in the area of distribution of refined products
and LPG (euro 94 million); (iii) the divestment of the waste
disposal business in Ravenna (euro 27 million); (iv) the
divestment of service stations in the Refining &amp; Marketing
segment (euro 12 million).</font></p>

<p><font size="2" face="Times New Roman">Charges and provisions
for risks and contingencies of euro 601 million concerned
essentially: (i) environmental charges of Syndial SpA (euro 162
million) and in the Refining &amp; Marketing segment (euro 141
million); (ii) provisions to the reserve for risks and
liabilities of the estimated expense of euro 91 million related
to Eni&#146;s participation in Oil Insurance Ltd, related to the
accident rate of the past five years (strongly affected by the
exceptionally high number of accidents occurred in 2004) which
will be paid in the next five years; (iii) charges for contingent
liabilities related to divestments carried out in the Refining
&amp; Marketing segment (euro 64 million); (iv) a provision to
the reserve for risks and liabilities in connection with a tax
claim (euro 39 million) and restructuring charges (euro 14
million) related to the process of portfolio rationalization in
the United Kingdom in the Exploration &amp; Production segment;
(v) restructuring charges relating to decomissioned sites of
Syndial SpA (euro 20 million).</font></p>

<p><font size="2" face="Times New Roman">Redundancy incentives
amounted to euro 54 million and concerned in particular the
Refining &amp; Marketing (euro 20 million), Gas &amp; Power (euro
10 million), Petrochemical (euro 6 million), Corporate and
financial companies (euro 11 million).</font></p>

<p><font size="2" face="Times New Roman">Writedowns and losses on
disposal for euro 20 million concerned essentially the writedown
of the solvent manufacture plant in Fornovo, due to the
reorganization of activities (euro 18 million).</font></p>

<p><font size="2" face="Times New Roman">In 2003 extraordinary
income concerned essentially the settlement paid by Edison SpA
regarding the Enimont dispute (euro 200 million) and gains on the
sale of service stations and minor assets in the Refining &amp;
Marketing segment (euro 237 million). Extraordinary expense
concerned mainly: (i) environmental charges at Syndial SpA (euro
82 million) and in the Refining &amp; Marketing segment (euro 51
million), as well as charges related to the decommissioning of
certain dismissed sites related to Syndial SpA (euro 48 million);
(ii) redundancy incentives (euro 116 million); (iii) writedowns
and losses from investments (euro 66 million).</font></p>

<p><font size="2" face="Times New Roman"><b>Income taxes</b>
(euro 4,653 million) increased by euro 1,412 million, up 43.6%,
related essentially to higher income before taxes (euro 3,146
million) and the fact that in 2003 deferred tax assets of euro
701 million were recognized in connection with the revaluation of
assets provided for by the 2004 Italian budget law (euro 414
million) and the alignment of the fiscal value of Stoccaggi Gas
Italia SpA&#146;s assets to their book</font></p>

<p>&nbsp;</p>

<p align="center" style="font-size: 10pt">-5- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">value as well as the
elimination of certain favorable fiscal provisions. These
negative factors were offset in part by the recognition of
deferred tax assets concerning the timing difference between the
fiscal value and the book value of: (i) Stoccaggi Gas Italia
related to natural gas stocks which time difference had not been
recognized in 2003 (euro 259 million)</font><font size="2"><sup>4</sup></font><font
size="2" face="Times New Roman">; (ii) Syndial, due to the
inclusion of this company in Eni&#146;s consolidated accounts for
Italian tax purposes, related essentially to non deducted risk
reserve charges and writedown of tangible assets; (iii) Agip
Caspian Sea BV following the approval of the development plan of
the Kashagan field by the Kazakh authorities, related essentially
to exploration costs fully amortized in the year they were
incurred (euro 88 million). Exemption from corporate income tax
on gains from the sale of interests contributed to the reduction
of taxable income as well as the one percentage point decline in
statutory tax rate (from 34 to 33%).</font></p>

<p><font size="2" face="Times New Roman"><b>Minority interest</b>
(euro 614 million) concerned essentially Snam Rete Gas SpA (euro
489 million) and Saipem SpA (euro 114 million). The euro 45
million increase over 2003 was due in particular to the increase
in minority interest in Snam Rete Gas related to the sale of
9.054% of its share capital.</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="49%" height="38"><font size="3"><b>Consolidated
        balance sheet</b></font></td>
        <td valign="top" width="51%" height="38"><p align="right"><font
        size="2">(million euro)</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="61%"
        height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>Ch. vs.</b></font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="61%"
        height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>2003</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>2004</b></font></p>
        </td>
        <td align="center" valign="bottom" width="1%" height="14">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"
        height="14"><p align="center"><font size="2"><b>Dec. 31,
        2003</b></font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="61%">&nbsp;</td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><hr
        size="1" noshade color="#000000">
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><hr
        size="1" noshade color="#000000">
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Net capital employed</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>41,861</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>42,699</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>838</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2">Shareholders&#146; equity including minority
        interests</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">28,318</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>32,471</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">4,153</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net borrowings</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">13,543</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>10,228</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(3,315</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2"><b>Total liabilities and shareholders&#146;
        equity</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>41,861</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>42,699</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>838</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2">Debt and bonds</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">16,254</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>12,725</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2">(3,529</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2"><em>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;short-term</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><em>7,918</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><em><b>5,051</b></em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><em>(2,867</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2"><em>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;long-term</em></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><em>8,336</em></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><em><b>7,674</b></em></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><em>(662</em></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" bgcolor="#EEEEEE"
        height="15"><font size="2">Cash, cash equivalents and
        certain non operating financing receivables and
        securities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(2,711</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(2,497</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">214</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="61%" height="15"><font
        size="2"><b>Net borrowings</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>13,543</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>10,228</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="11%" height="15"><p
        align="right"><font size="2"><b>(3,315</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman">The appreciation of the
euro over other currencies, in particular the US dollar (at
December 31, 2004 the euro was up 7.8% over the US dollar with
respect to December 31, 2003) determined an estimated decline in
the book value of net capital employed of about euro 1,150
million, in net equity of about euro 680 million and in net
borrowings of about euro 470 million as a result of the
conversion of financial statements expressed in currencies other
than the euro at December 31, 2004.</font></p>

<p><font size="2" face="Times New Roman">Net borrowings at
December 31, 2004 amounted to euro 10,228 million, a euro 3,315
million decline over December 31, 2003, due to cash flow
generated by operating activities, cash from disposals (euro
1,813 million) and the effect of the conversion of financial
statements of subsidiaries denominated in currencies other than
the euro (approximately euro 470 million). These factors were
offset in part by: (i) financial requirements for capital
expenditure and investments (euro 7,819 million) and the payment
of dividends for 2003 (euro 3,077 million, of which 2,828 by Eni
SpA); (ii) the effects of changes in consolidation (euro 351
million).</font></p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(4)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">In fiscal
        year 2003, Stoccaggi Gas Italia, which in 2001 received a
        contribution-in-kind of natural gas storage assets from
        Eni SpA and Snam SpA, applied Law No. 448 of December 28,
        2001, that allows companies receiving
        contributions-in-kind of assets to align the taxable
        value of these assets to the higher book value by paying
        a 9% special rate tax instead of the 34% statutory tax
        rate. Therefore in Eni&#146;s 2003 consolidated financial
        statements a deferred tax asset of euro 287 million (net
        of the special rate tax of euro 154 million) was
        recognized on the temporary difference between the
        taxable value and the book value of these assets. See
        &#147;2003 Annual Report on Form 20-F - Item 5 Operating
        and financial review and prospects - Results of
        operations, under the caption Income Taxes&#148;. On that
        occasion, the deferred tax asset arising from the
        temporary difference between the taxable value and the
        book value of natural gas volumes held in storage (euro
        696 million) was not recognized because its
        recoverability was not considered reasonably certain,
        given the fact that Law No. 170 of 1974 did not establish
        limitations to the renewal of natural gas storage
        concessions. As a matter of fact Italian GAAP state that
        no deferred tax asset can be recognized unless there
        exists a reasonable degree of certainty about its future
        recoverability. On the contrary the newly enacted Law No.
        239 of August 23, 2004 establishes a limit to the renewal
        of natural gas storage concessions; in particular article
        1 line 61 states: &#147;holders of natural gas
        underground storage concessions are entitled to no more
        than two renewals, each lasting ten years, on condition
        that such persons carry out storage programs and all
        other obligations arising from the concession&#148;. On
        this basis in 2004 accounts a deferred tax asset was
        recognized of euro 259 million.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp;-6- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">As compared to September
30, 2004, net borrowings declined by euro 959 million (from euro
11,187 million to euro 10,228 million) related to cash flows from
operating activities and the effect of the conversion of
financial statements of subsidiaries denominated in currencies
other than the euro, whose effects were offset in part by
financial requirements for capital expenditure and investments.</font></p>

<p><font size="2" face="Times New Roman">Cash from disposals
(euro 1,813 million) concerned essentially: (i) the sale of
shares representing 9.054% of the share capital of Snam Rete Gas
SpA to Mediobanca SpA (euro 650 million); (ii) the divestment of
mineral assets in the North Sea, Italy, Azerbaijan, Mauritania
and Gabon within the process of rationalization of Eni&#146;s
mineral portfolio (euro 552 million) in the Exploration &amp;
Production segment; (iii) the divestment of Agip do Brasil SA, a
wholly-owned subsidiary operating in the area of distribution of
refined products and LPG (euro 366 million); (iv) the sale of the
waste disposal business in Ravenna (euro 49 million); (v) the
divestment of the Baytown plant for the manufacture of elastomers
(euro 31 million) in the Petrochemical segment; (vi) the sale of
a 2.33% interest in Nuovo Pignone Holding SpA (euro 28 million);
(vii) the sale of service stations in the Refining &amp;
Marketing segment (euro 16 million).</font></p>

<p><font size="2" face="Times New Roman">The debt to equity ratio
went from 0.48 at December 31, 2003 to 0.31 at December 31, 2004.</font></p>

<p><font size="2" face="Times New Roman">Debts and bonds amounted
to euro 12,725 million, of which 5,051 were short-term (including
the short-term portion of long-term debt due within 12 months for
euro 936 million) and 7,674 were long-term.</font></p>

<p><font size="2" face="Times New Roman">Net equity at December
31, 2004 (euro 32,471 million) increased by euro 4,153 million
over December 31, 2003, due essentially to net income before
minority interest for the period (euro 7,888 million), whose
effects were offset in part by the payment of dividends for 2003
(euro 3,077 million) and the effects of the conversion of
financial statements of subsidiaries denominated in currencies
other than the euro (approximately euro 680 million).</font></p>

<p><font size="2" face="Times New Roman">In the period from
January 1 to December 31, 2004 a total of 4.23 million own shares
were purchased for a total of euro 70 million (on average euro
16.60 per share). From the beginning of the share buy-back
program on September 1, 2000, a total of 234.8 million own shares
were purchased, equal to 5.86% of Eni&#146;s share capital, for a
total of euro 3,238 million (on average euro 13.79 per share).</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="49%" height="38"><font size="3"><strong>Capital
        expenditure</strong></font></td>
        <td valign="top" width="51%" height="38"><p align="right"><font
        size="2">(million euro)</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,537</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1,264</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(273</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(17.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">5,681</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>4,912</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(769</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(13.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">649</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>358</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(291</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(44.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Gas &amp; Power</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,760</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,446</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(314</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(17.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">303</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>278</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(8.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">730</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>669</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(61</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(8.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">66</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>41</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(25</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(37.9</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">141</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>99</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(42</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(29.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">69</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>72</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">4.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Oilfield Services Construction
        and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">278</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>209</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(69</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(24.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>15</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(20</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(57.1</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">71</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>48</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(32.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>13</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(53.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">)</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Corporate and financial
        companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>120</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(21</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(14.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,687</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2,041</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(646</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(24.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>8,802</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>7,503</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(1,299</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(14.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman">Capital expenditure
amounted to euro 7,503 million, of which 94% related to the
Exploration &amp; Production, Gas &amp; Power and Refining &amp;
Marketing segments.</font></p>

<p><font size="2" face="Times New Roman">Capital expenditure of
the Exploration &amp; Production segment amounted to euro 4,912
million and concerned primarily development expenditure (euro
4,369 million, euro 4,969 million in 2003) mainly directed
outside Italy (euro 3,991 million): in particular in Libya (the
Wafa and Bahr Essalam project), Iran (the South Pars project,
phases 4 and 5), Angola (fields in Block 15), Kazakhstan, Egypt,
Nigeria and Norway. Development expenditure in Italy (euro 378
million) concerned in particular the continuation of </font></p>

<p>&nbsp;</p>

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<hr noshade>

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href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">the drilling program and
work for plant and infrastructure in Val d&#146;Agri and
sidetrack and infilling activities in mature areas. Exploration
expenditure amounted to euro 499 million (euro 635 million in
2003), of which about 90% was directed outside Italy. Outside
Italy exploration concerned in particular the following
countries: Egypt, United States, Nigeria, Norway, Indonesia and
Kazakhstan. In Italy essentially the onshore of Sicily and
Central Italy.</font></p>

<p><font size="2" face="Times New Roman">Capital expenditure in
the Gas &amp; Power segment totaled euro 1,446 million and
related mainly to: (i) development and maintenance of Eni&#146;s
natural gas transmission network in Italy (euro 553 million);
(ii) the continuation of the construction of combined cycle power
plants (euro 451 million) in particular at Ferrera Erbognone,
Brindisi and Mantova; (iii) development and maintenance of
Eni&#146;s natural gas distribution network in Italy (euro 168
million); (iv) the completion of the Greenstream gasline (euro
159 million) that started operations in October.</font></p>

<p><font size="2" face="Times New Roman">Capital expenditure in
the Refining &amp; Marketing segment amounted to euro 669 million
and concerned essentially: (i) refining and logistics (euro 414
million), in particular the construction of the tar gasification
plant at the Sannazzaro refinery, efficiency improvement actions
and adjustment of automotive fuel characteristics to new European
specifications in force from January 1, 2005; (ii) the upgrade of
the refined product distribution network in Italy (euro 184
million); (iii) the upgrade of the refined product distribution
network and the purchase of service stations in the rest of
Europe (euro 69 million, of which 20 million related to
construction of new stations and purchases in particular in Spain
and France).</font></p>

<p><font size="2" face="Times New Roman">Capital expenditure in
the Oilfield Services, Construction and Engineering segment
amounted to euro 209 million and concerned mainly: (i) the
construction and upgrade of logistical support means in
Kazakhstan, Angola and Nigeria; (ii) the completion of
interventions on the semi-submersible platforms Scarabeo 3 and
Scarabeo 4, on the Perro Negro 3 jack-up and on the Castoro 8
pipelaying vessel; (iii) the purchase of plant and equipment
required for the Sakhalin project in Russia.</font></p>

<p><font size="2" face="Times New Roman">Capital expenditure in
the Corporate and financial companies segment amounted to euro
120 million and concerned mainly expenditure of Serleasing SpA
(euro 50 million) related in particular to IT, the Eni Slurry
Technology project (euro 44 million) and Eni&#146;s IT
applications (euro 14 million).</font></p>

<p><font size="2" face="Times New Roman"><b>Fourth quarter</b></font></p>

<p><font size="2" face="Times New Roman">Eni&#146;s net income
for the fourth quarter of 2004 totaled euro 2,180 million, an
increase of euro 640 million over the fourth quarter of 2003, up
41.6%, due essentially to higher operating income (euro 1,186
million), whose effects were offset in part by: (i) higher income
taxes (euro 591 million); (ii) higher net extraordinary expense
(euro 133 million) related in particular to higher provisions to
the reserve for environmental risks and for liabilities.</font></p>

<p><font size="2" face="Times New Roman">Eni&#146;s operating
income for the fourth quarter of 2004 totaled euro 3,694 million,
increasing by 47.3% over the fourth quarter of 2003, related in
particular to the increases recorded by:</font></p>

<table border="0" cellpadding="0" cellspacing="0">
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2" face="Times New Roman">the
        Exploration &amp; Production segment (euro 919 million,
        up 66.6%) related essentially to an increase in oil
        prices in dollars (Brent up 49.6%)</font><font size="2"><sup>5</sup></font><font
        size="2" face="Times New Roman"> and higher hydrocarbon
        production sold (5.2 million boe, up 3.5%), whose effects
        were offset in part by the impact of the 9% depreciation
        of the dollar over the euro (approximately euro 230
        million);</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2" face="Times New Roman">the
        Refining &amp; Marketing segment (euro 303 million, up
        283%) essentially due to an increase in refining margins
        (Brent margin was up 84.6%) and higher intake processing,
        whose effects were offset in part by the effect of the
        depreciation of the dollar over the euro;</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td valign="top"><p align="center"><font size="2"
        face="Times New Roman">&#149;</font></p>
        </td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2" face="Times New Roman">the
        Petrochemical segment (euro 213 million) related to a
        recovery in margins and a better industrial and sales
        performance.</font></td>
    </tr>
</table>

<p>&nbsp;</p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(5)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">In the fourth
        quarter Brent prices in euro increased by 37.3%.</font></td>
    </tr>
</table>

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href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">These positive factors
were partly offset by a decline in operating income registered in
the Gas &amp; Power segment (euro 288 million, down 24.6%) due
essentially to a decline in margins on natural gas sales, also
related to the different measure of appreciation of the euro over
the dollar with respect to the fourth quarter of 2003.</font></p>

<p>&nbsp;</p>

<p><font size="3"><strong>Management&#146;s expectations of
operations</strong></font></p>

<p><font size="2" face="Times New Roman">The following are the
forecasts for Eni&#146;s key production and sales metrics in
2005:</font></p>

<table border="0" cellpadding="0" cellspacing="0">
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2" face="Times New Roman">daily
        production of hydrocarbons is forecasted to grow over
        2004 (1.62 million boe/day) in line with the planned
        average growth rate for the 2004-2008 period (over 5%).
        Increases will be achieved outside Italy (in particular
        in Egypt, Libya, Angola, Norway, Algeria and Kazakhstan)
        due to the reaching of full production of fields started
        up in late 2004 and start-ups planned for 2005;</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2" face="Times New Roman">volumes
        of natural gas sold (including own consumption and sales
        by Eni affiliates and relevant companies)</font><font
        size="2"><sup>6</sup></font><font size="2"
        face="Times New Roman"> are expected to remain stable
        (84.45 billion cubic meters in 2004); higher sales
        expected in Europe (Spain, Germany and Turkey) are going
        to be offset by expected declines in Italy;</font></td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td align="center" valign="top"><p align="center"><font
        size="2" face="Times New Roman">&#149;</font></p>
        </td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="2" face="Times New Roman">volumes
        of natural gas transported on behalf of third parties in
        Italy are expected to increase by about 6% (28.26 billion
        cubic meters in 2004) related to the forecasted trends of
        demand for natural gas;</font></td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td>&nbsp;</td>
        <td><font size="2" face="Times New Roman">electricity
        production sold is expected to increase by about 50%
        (13.93 terawatthour in 2004) due to the coming on stream
        of new generation capacity (about 3 gigawatt) at the
        Brindisi and Mantova sites (total installed generation
        capacity at December 31, 2004 was 3.3 gigawatt) and the
        full commercial activity of the units installed in 2004
        at the Ravenna and Ferrera Erbognone plants;</font></td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td>&nbsp;</td>
        <td><font size="2" face="Times New Roman">refinery
        processing intake on own account is expected to remain
        stable (37.68 million tonnes in 2004) due in particular
        to higher processing outside Italy in support of
        increasing sales in the rest of Europe, offset by an
        expected decline in Italy, also related to expected lower
        processing at the Gela refinery following the damage
        caused by a seastorm to the docking infrastructure in
        December 2004;</font></td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td align="center" valign="top"><font size="2"
        face="Times New Roman">&#149;</font></td>
        <td>&nbsp;</td>
        <td><font size="2" face="Times New Roman">sales of
        refined products on the Agip branded network in Italy and
        the rest of Europe are expected to increase by about 4%
        (14.4 million tonnes in 2004); average throughput on the
        Agip branded network is expected to increase both in
        Italy (2,528,000 liters in 2004) and in the rest of
        Europe (2,393,000 liters in 2004).</font></td>
    </tr>
</table>

<p><font size="2" face="Times New Roman">In 2005 capital
expenditure is expected to amount to euro 7.3 billion; about 91%
of capital expenditure will be made in the Exploration &amp;
Production, Gas &amp; Power and Refining &amp; Marketing
segments. The major projects concerned are: (i) in the
Exploration &amp; Production segment, the development of fields
in Libya, Italy, Angola, Kazakhstan, Egypt and Nigeria, as well
as exploration; (ii) in the Gas &amp; Power segment, upgrade and
maintenance of Eni&#146;s natural gas transmission and
distribution network in Italy, as well as continuation of the
plan of power station construction; (iii) in the Refining &amp;
Marketing segment, the completion of the tar gasification plant
at the Sannazzaro refinery, the increase in efficiency and
product quality and the upgrade of the fuel distribution network
in Italy and the rest of Europe.</font></p>

<p><font size="2" face="Times New Roman">Following the closure of
the divestment procedure underway, during 2005 Eni expects to
sell 90% of the share capital of Italiana Petroli SpA, with
obligation for the purchaser to buy the remaining shares (10%)
five years after the date of the purchase.</font></p>

<p>&nbsp;</p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(6)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">At present
        the only relevant company is Nigeria LNG (Eni&#146;s
        interest 10.4%).</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp;-9- <!-- PAGEBREAK --> </p>

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href="#tocpage">Table of Contents</a></h5>

<p><font size="3"><strong>Subsequent Events</strong></font></p>

<p><font size="2" face="Times New Roman"><b>Sale of Eni&#146;s
interest in Albacom</b></font></p>

<p><font size="2" face="Times New Roman">On February 4, 2005
shareholders of Albacom (Eni SpA - 35%, Mediaset SpA - 19.5%,
Banca Nazionale del Lavoro SpA (BNL) - 19.5%) sold their
interests in Albacom to British Telecom Plc (BT). The contract
provides also for the sale to BT by Eni and Mediaset of a
financial receivable (Eni&#146;s share is euro 87 million)
acquired at nominal value from BNL related to a euro 250 million
loan granted by BNL to Albacom and guaranteed by the partners
proportionally to their interest. BNL sold to BT the residual
amount of the loan. The consideration for the sale of the
interest and financial receivable, payable after 5 years, is
linked to a formula linked in turn to EBITDA achieved by Albacom
in the year closing on March 31, 2009 with a floor and a cap
charged with interest accrued. In the preparation of 2004
preliminary consolidated results the floor price was assumed.</font></p>

<p><font size="2" face="Times New Roman"><b>Snam Rete Gas</b></font></p>

<p><font size="2" face="Times New Roman">On February 18, 2005,
the Council of Ministers, on proposal of the Ministry for Economy
and Finance, presented a Draft Decree of the President of the
Council of Ministers which defined criteria and modes for the
divestment of the interest held by Eni in Snam Rete Gas SpA
(50.06%). The special powers of the Ministry of Economy and
Finance provided for by the regulations on the divestment of
interests held by the Italian Government will be included in the
by-laws of this company. After the publication of the relevant
Decree, Eni will continue the procedure for the sale of Snam Rete
Gas SpA shares until Eni&#146;s interest reaches 20% before July
1, 2007.</font></p>

<p>&nbsp;</p>

<p align="center" style="font-size: 10pt">&nbsp;-10- <!-- PAGEBREAK --> </p>

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href="#tocpage">Table of Contents</a></h5>

<h3><font size="5">operating and economic review by segment</font></h3>

<p><font size="4">exploration &amp; production</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1,379</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2,298</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>919</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>66.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Operating income</b>
        (million euro)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>5,746</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>8,017</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>2,271</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>39.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,637</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,704</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>67</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>4.1</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Daily production of hydrocarbons</b>
        (thousand boe)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,562</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,624</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>62</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>4.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">293</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>272</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(21</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(7.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">300</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>271</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(29</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(9.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">368</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>411</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">43</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">11.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Africa</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">351</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>380</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">29</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">8.3</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">278</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>339</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">61</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">21.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West
        Africa</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">260</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>316</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">56</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">21.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">348</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>306</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(42</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(12.1</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">345</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>308</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(37</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(10.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">350</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>376</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">7.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest
        of world</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">306</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>349</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">43</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">14.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>147.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>152.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Hydrocarbon production sold</b> (million boe)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>556.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>576.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>20.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman"><b>2004</b></font></p>

<p><font size="2" face="Times New Roman">Operating income
amounted to euro 8,017 million increasing by euro 2,271 million
over 2003, up 39.5%, due to: (i) higher average realizations in
dollars (oil up 30.3%, natural gas up 9.3%); (ii) higher
hydrocarbon production sold (20.3 million boe, up 3.6%); (iii)
the recognition of net gains on the sale of assets, as part of
Eni&#146;s mineral right portfolio rationalization program (euro
334 million); (iv) lower exploration costs and lower amortization
of exploration bonuses (euro 169 million on a constant exchange
rate basis). These positive factors were offset in part by: (i)
the effect (approximately euro 890 million) of the appreciation
of the euro over the dollar (up 10%); (ii) higher production
costs and amortization related to higher production and capital
expenditure aimed at maintaining production levels in mature
fields (in Italy, Egypt, the United Kingdom and Indonesia); (iii)
higher provisions to the site restoration and abandonment reserve
(euro 182 million).</font></p>

<p><font size="2" face="Times New Roman">In 2004 daily
hydrocarbon production amounted to 1,624,000 boe increasing by
62,000 boe over 2003, up 4%, due to: (i) production increases
mainly in Nigeria, Angola, Kazakhstan, Pakistan, Libya and Egypt;
(ii) the start-up of fields in Angola, Australia, Algeria and
Libya. These increases were partly offset by: (i) declines in
mature fields mainly in Italy and the United Kingdom; (ii) lower
production entitlements (38,000 boe) in Production Sharing
Agreements (PSA) related to higher international oil prices</font><font
size="2"><sup>7</sup></font><font size="2" face="Times New Roman">;
(iii) the effect of the divestment of assets (13,000 boe). The
share of production outside Italy was 83.3% (80.8% in 2003).</font></p>

<p><font size="2" face="Times New Roman">Daily production of oil
and condensates (1,034,000 barrels) increased by 53,000 barrels
over 2003, up 5.4%, due to increases registered in: (i) Nigeria,
due to the start-up of the Okpoho field (Eni&#146;s interest
100%) and the reaching of full production of the Abo (Eni
operator with a 50.19% interest) and the Nase-EA (Eni&#146;s
interest 12.86%) fields; (ii) Angola, due to the reaching of full
production at the Xicomba field and the start-up of the Kizomba A
area in Block 15 (Eni&#146;s interest 20%); (iii) Kazakhstan, in
the Karachaganak field (Eni co-operator with a 32.5% interest)
due to the beginning of exports from the Novorossiysk terminal on
the Russian coast of the Black Sea; (iv) Venezuela, due to the
fact that in early 2003 production had been interrupted during a
general strike; (v) Australia, due to the reaching of full
production at the Woollybutt field (Eni operator with a 65%
interest) and the start-up of the Bayu Undan field (Eni&#146;s
interest 12.04%); (vi) Libya, due to the start-up of the Wafa
(Eni&#146;s interest 50%) and Elephant fields (Eni&#146;s
interest 33.33%); (vii) Algeria, due to the start-up of the Rod
and satellite fields (Eni&#146;s interest 63.96%). These
increases were partly offset by declines of mature fields in
particular in the United Kingdom and by the effect of the</font></p>

<p>&nbsp;</p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(7)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">In PSAs the
        national oil company awards the execution of exploration
        and production activities to the international oil
        company (contractor). The contractor bears the mineral
        and financial risk of the initiative and, when
        successful, recovers capital expenditure and costs
        incurred in the year (cost oil) by means of a share of
        production. This production share varies along with
        international oil prices. In certain PSAs changes in
        international oil prices affect also the share of
        production to which the contractor is entitled in order
        to remunerate its expenditure (profit oil).</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp;-11- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">divestment of assets. In
Italy the production decline of mature fields (in particular
Villafortuna/Trecate, Ragusa and Aquila) was offset in part by
higher production in Val d&#146;Agri affected by standstills
related to the connection of the fourth treatment train of the
oil center.</font></p>

<p><font size="2" face="Times New Roman">Daily production of
natural gas (590,000 boe) increased by 9,000 boe over 2003, up
1.5%, due essentially to increases registered in: (i) Pakistan
due to the reaching of full production at the Sawan (Eni&#146;s
interest 23.68%) and Bhit (Eni operator with a 40% interest)
fields; (ii) Egypt for the increase in local demand; (iii) Libya,
due to the start-up of the Wafa field (Eni&#146;s interest 50%);
(iv) Kazakhstan, Norway (reaching of full production of the
Mikkel field, Eni&#146;s interest 14.9%) and Nigeria. These
increases were offset in part by declines of mature fields in
particular in Italy and the United Kingdom.</font></p>

<p><font size="2" face="Times New Roman">Hydrocarbon production
sold amounted to 576.5 million boe. The 18.1 million boe
difference over production was due essentially to own consumption
of natural gas (13.9 million boe) and lower withdrawals as
compared to allotted shares (over/underlifting</font><font
size="2"><sup>8</sup></font><font size="2" face="Times New Roman">)
outside Italy for 4 million boe.</font></p>

<p><font size="2" face="Times New Roman">Eni&#146;s proved
reserves of hydrocarbons at December 31, 2004 totaled 7,218
million boe (oil and condensate 4,008 million barrels; natural
gas 3,210 million boe) slightly decreasing (down 54 million boe,
or 0.7%) over December 31, 2003. The reserve replacement ratio
was 132% without taking into account the effects of lower
entitlements due to higher oil prices in PSA contracts (161
million boe) and asset divestment (81 million boe); this average
declines to 91% after these effects. The average reserve life
index is 12.1 years (12.7 in 2003). The following table describes
the evolution of proved reserves in 2004.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="49%" height="38">&nbsp;</td>
        <td valign="top" width="51%" height="38"><p align="right"><font
        size="2">(million boe)</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15"><font size="2">Proved reserves at December
        31, 2003</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">7,272</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15"><font
        size="2">Extensions and discoveries, revisions of
        previous estimates and improved recovery</font></td>
        <td>&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">782</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15"><font size="2">Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(594</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">188</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>7,460</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15"><font size="2">Effect of higher oil prices in
        PSAs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(161</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" height="15"><font
        size="2">Sales of minerals in place</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(81</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="84%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Proved reserves at December
        31, 2004</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>7,218</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman">After the PSA&#146;s
price effect, proved reserves booked in 2004 (621 million boe)
derived from: (i) extensions and discoveries (329 million boe) in
particular in Kazakhstan, Egypt, Libya, Australia, Angola and the
United Kingdom; (ii) revisions of previous estimates (227 million
boe) in particular in Egypt, Libya, Iran, Congo, Pakistan, Angola
and Norway, offset in part by decreasing revisions in Kazakhstan,
the United States and Algeria; (iii) improved recovery (65
million boe) in particular in Angola and Algeria. These increases
offset in part the decline related to production (594 million
boe) and sales of minerals in place in the British section of the
North Sea, Italy, Gabon, Azerbaijan, the Netherlands and Egypt
(81 million boe).</font></p>

<p><font size="2" face="Times New Roman"><b>Fourth quarter</b></font></p>

<p><font size="2" face="Times New Roman">Operating income for the
fourth quarter of 2004 totaled euro 2,298 million, representing a
euro 919 million increase over the fourth quarter of 2003, up
66.6%, due mainly to higher average realizations in dollars (oil
up 41.4%, natural gas up 24.9%) and increased hydrocarbon
production sold (5.2 million boe, up 3.5%), whose effects were
offset in part by the appreciation of the euro over the dollar
(approximately euro 230 million).</font></p>

<p>&nbsp;</p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(8)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Agreements
        between partners regulate the right to withdraw
        proportional production volumes in the period. Higher or
        lower production volumes withdrawn as compared to
        entitlements determine a temporary over or underlifting.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp;-12- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">In the fourth quarter of
2004 daily hydrocarbon production amounted to 1,704,000 boe,
increasing by 67,000 boe over the fourth quarter of 2003, up
4.1%, due to start-ups of fields in Angola, Libya, Iran, Algeria
and Nigeria, as well as production increases registered in
Angola, Nigeria, Kazakhstan, Egypt, Pakistan and the United
States. These increases were partly offset by: (i) production
declines in mature fields in Italy and the United Kingdom; (ii)
lower entitlements in PSAs (58,000 boe); (iii) the effect of the
divestment of assets (31,000 boe).</font></p>

<p><font size="2" face="Times New Roman">Daily production of oil
and condensates (1,090,000 barrels) increased by 55,000 barrels,
up 5.3%, due to increases registered in particular in Angola,
Nigeria, Libya, Kazakhstan, the United States and Italy, whose
effects were partly offset by the effects of the divestment of
assets and declines of mature fields in the United Kingdom.</font></p>

<p><font size="2" face="Times New Roman">Daily production of
natural gas (614,000 boe) increased by 12,000 boe, up 2%, due to
increases registered in Libya, Egypt, Pakistan and Kazakhstan,
whose effects were offset in part by production declines of
mature fields in particular in Italy and the impact of
divestments.</font></p>

<p>&nbsp;</p>

<p align="center" style="font-size: 10pt">&nbsp;-13- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="4">gas &amp; power</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1,169</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>881</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(288</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(24.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Operating income </b>(million
        euro)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>3,627</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>3,463</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(164</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(4.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Sales of natural gas </b>(billion cubic
        meters)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><b>14.20</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><b>13.74</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><b>(0.46</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><b>(3.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="16"><font size="2"><b><i>Italy</i></b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b>50.86</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b>50.39</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b>(0.47</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b>(0.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4.64</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3.37</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(1.27</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(27.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Wholesalers</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">15.36</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>14.18</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(1.18</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(7.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.54</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">0.54</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Gas release</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>0.54</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">0.54</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">9.56</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>9.83</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.27</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">2.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">End customers</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">35.50</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>35.67</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.17</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.5</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><i>3.35</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><b><i>3.36</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><i>0.01</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><i>0.3</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="16"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Industrial
        users</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><i>13.17</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b><i>12.39</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><i>(0.78</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><i>(5.9</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>3.79</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><b><i>4.18</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>0.39</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>10.3</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="34%" height="16"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Thermoelectric
        users</i></font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>15.03</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><b><i>15.92</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>0.89</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>5.9</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><i>2.42</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><b><i>2.29</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><i>(0.13</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><i>(5.4</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="16"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Residential
        and commercial</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><i>7.30</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b><i>7.36</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><i>(0.06</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><i>(0.8</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5.88</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>6.36</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>0.48</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>8.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Rest of Europe</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>17.54</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>21.87</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>4.33</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>24.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.24</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.25</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.01</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>4.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Outside Europe</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>1.09</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>1.17</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>0.08</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>7.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>20.32</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>20.35</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>0.03</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>0.1</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Total sales to third parties</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>69.49</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>73.43</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3.94</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.60</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1.05</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.45</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>75.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Own consumption</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>1.90</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>3.70</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>1.80</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>94.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>20.92</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>21.40</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>0.48</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>71.39</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>77.13</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5.74</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>8.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>2.18</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>2.15</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>(0.03</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>(1.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="19"><font size="2"><b>Natural gas sales of
        affiliates and relevant companies</b><sup> (1)</sup><b> </b>(net
        to Eni)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp; </td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><font size="2"><b>6.94</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp; </td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><font size="2"><b>7.32</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp; </td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><font size="2"><b>0.38</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp; </td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="19"><font size="2"><b>5.5</b></font></td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>2.05</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><b><i>1.95</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>(0.10</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>(4.9</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="3%" height="16">&nbsp;</td>
        <td valign="bottom" width="34%" height="16"><font
        size="2"><i>Europe</i></font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>6.23</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><b><i>6.60</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>0.37</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="16"><p
        align="right"><font size="2"><i>5.9</i></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><i>0.13</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><b><i>0.20</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><i>0.07</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="16"><p align="right"><font size="2"><i>53.8</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="16"><font size="2"><i>Outside Europe</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><i>0.71</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b><i>0.72</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><i>0.01</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><i>1.4</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>23.10</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>23.55</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>0.45</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Total sales and own consumption of natural
        gas </b>(billion cubic meters)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>78.33</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>84.45</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>6.12</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>7.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>20.72</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>21.02</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.30</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Transport of natural gas in
        Italy </b>(billion cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>76.37</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>80.41</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>4.04</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>5.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">14.14</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>13.55</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(0.59</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(4.2</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Eni</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">51.74</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>52.15</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.41</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">6.58</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>7.47</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">0.89</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">13.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Third parties</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">24.63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>28.26</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">3.63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">14.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1.88</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>4.29</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2.41</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>128.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Electricity production sold </b>(terawatthour)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5.55</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>13.93</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>8.38</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>151.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%" height="14"><font size="1">(1)
        </font></td>
        <td valign="top" width="2%" height="14">&nbsp;</td>
        <td valign="top" width="95%" height="14"><font size="1">At
        present the only relevant company is Nigeria LNG
        (Eni&#146;s interest 10.4%).</font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman"><b>2004</b></font></p>

<p><font size="2" face="Times New Roman">Operating income in 2004
amounted to euro 3,463 million, a euro 164 million decrease over
2003, down 4.5%, due mainly to: (i) lower margins on natural gas
sales, due also to the effect of the different measure of
appreciation of the euro over the dollar with respect to 2003;
(ii) lower natural gas distribution tariffs; (iii) higher net
operating expense (euro 49 million) related in particular to
lower release of redundant risk reserves. These negative factors
were offset in part by: (i) an increase in natural gas volumes
sold (5.74 billion cubic meters, including own consumption, up
8%) and distributed, whose effects were offset in part by a
different sales mix; (ii) higher results in natural gas transport
activities outside Italy due to the tariff review process and in
natural gas transmission in Italy, due also to the reimbursement
of the first instalment paid to the Sicilia Region in 2002
following the establishment of a new tax under Regional Law No. 2
of March 26, 2002 (euro 11 million)</font><font size="2"><sup>9</sup></font><font
size="2" face="Times New Roman">; (iii) higher results in power
generation related in particular to increased production sold
(8.38 terawatthour, up 151%); (iv) the fact that in the fourth
quarter of 2003 the writedown of distribution assets in Brazil
was recorded (euro 30 million).</font></p>

<p><font size="2" face="Times New Roman">Natural gas sales (84.45
billion cubic meters, including own consumption and Eni&#146;s
share of sales of affiliates and relevant companies) increased by
6.12 billion cubic meters over 2003, up 7.8%, due mainly to
higher sales in the rest of Europe (4.33 billion cubic meters).</font></p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(9)</font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">The
        Provincial Tax Commission of Palermo confirmed the
        illegitimacy of the environmental tax imposed by the
        Sicilia Region with a decision deposited on January 5,
        2005 and obliged the Region to pay back to Snam Rete Gas
        the other instalments paid (euro 75.3 million).</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp; -14-<!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">In a more and more
competitive market, natural gas sales in Italy (50.39 billion
cubic meters) decreased by 0.47 billion cubic meters over 2003,
down 0.9%, due mainly to a decline in sales to wholesalers (down
1.18 billion cubic meters), also related to the different impact
of weather conditions, and to industries (down 0.78 billion cubic
meters), and the fact that in the fourth quarter part of supplies
(0.54 billion cubic meters) to operators in these areas &#150; in
particular wholesalers &#150; was achieved in accordance with a
certain decisions of the Antitrust Authority (so called gas
release)</font><font size="2"><sup>10</sup></font><font size="2"
face="Times New Roman">. These declines were offset in part by
higher sales to thermoelectric users (up 0.89 billion cubic
meters).</font></p>

<p><font size="2" face="Times New Roman">Natural gas sales in the
rest of Europe (21.87 billion cubic meters) increased by 4.33
billion cubic meters (up 24.7%), due to increases registered in:
(i) sales under long-term supply contracts with Italian operators
of the natural gas market (1.71 billion cubic meters), also due
to the start-up of supplies from Libyan fields in the fourth
quarter of 2004; (ii) supplies to the Turkish market via the Blue
Stream gasline (0.97 billion cubic meters); (iii) Spain (0.60
billion cubic meters) related to increased supplies to the
electric company Iberdrola and to the start-up of supplies to
Eni&#146;s affiliate Uni&#243;n Fenosa Gas (Eni&#146;s interest 50%);
(iv) Germany, related to the start-up of supplies to Eni&#146;s
affiliate GVS (Eni&#146;s interest 50%) and to a German operator
(overall 0.56 billion cubic meters); (v) gas marketing activities
in the United Kingdom (0.27 billion cubic meters); (vi) France,
related to the beginning of gas marketing activities (0.15
billion cubic meters).</font></p>

<p><font size="2" face="Times New Roman">Own consumption</font><font
size="2"><sup>11</sup></font><font size="2"
face="Times New Roman"> amounted to 3.70 billion cubic meters
(1.90 billion cubic meters in 2003) and concerned essentially
supplies to EniPower (2.61 billion cubic meters), to Polimeri
Europa (0.34 billion cubic meters) and to Eni&#146;s Refining
&amp; Marketing segment (0.25 billion cubic meters).</font></p>

<p><font size="2" face="Times New Roman">Sales of natural gas by
Eni&#146;s affiliates and relevant companies, net to Eni and net
of Eni&#146;s supplies, amounted to 7.32 billion cubic meter,
increasing by 0.38 billion cubic meters over 2003, up 5.5%, and
concerned: (i) GVS (Eni&#146;s interest 50%) with 3.37 billion
cubic meters; (ii) Galp Energia (Eni&#146;s interest 33.35%) with
1.34 billion cubic meters; (iii) volumes of natural gas (1.48
billion cubic meters) treated at the Nigeria LNG Ltd liquefaction
plant (Eni&#146;s interest 10.4%) in Nigeria, destined to US and
European markets.</font></p>

<p><font size="2" face="Times New Roman">Eni transported 80.41
billion cubic meters of natural gas in Italy, an increase of 4.04
billion cubic meters over 2003, up 5.3%, due mainly to increases
registered in the thermoelectric segment, related to the coming
on stream of new combined cycle power stations, and in the
industrial segment.</font></p>

<p><font size="2" face="Times New Roman">Electricity production
sold amounted to 13.93 terawatthour, increasing by 8.38
terawatthour over 2003, up 151%, due essentially to the full
commercial operation of the first generation unit and the coming
on stream of the second and third units at the Ferrera Erbognone
power station (up 5.06 terawatthour), and the start-up of new
installed capacity at the Ravenna power station (up 3.25
terawatthour).</font></p>

<p><font size="2" face="Times New Roman"><b>Fourth quarter</b></font></p>

<p><font size="2" face="Times New Roman">Operating income in the
fourth quarter of 2004 amounted to euro 881 million, a euro 288
million decrease over the fourth quarter of 2003, down 24.6%, due
mainly to lower margins on natural gas sales, also related to the
different measure of appreciation of the euro over the dollar
with respect to the fourth quarter of 2003, and on distribution
activities and, at a lower extent, lower results in electricity
generation related to higher maintenance costs and the effect of
fixed costs deriving from maintenance standstills that could not
be recovered as well as the fact that in the fourth quarter of
2003 the writedown of distribution assets in Brazil was recorded
(euro 30 million). These negative factors were offset in part by
an increase in natural gas volumes sold (up 0.48 billion cubic
meters, including own consumption, up 2.3%) and higher results in
natural gas transport activities outside Italy and in Italy.</font></p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(10)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Eni agreed
        with the Antitrust Authority to sell a total volume of
        9.2 billion cubic meters of natural gas (2.3
        billion/year) in the four thermal years from October 1,
        2004 to September 30, 2008 at the Tarvisio entry point
        into the Italian network.</font></td>
    </tr>
    <tr>
        <td valign="top"><font size="1">(11)</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="1">In accordance with
        article 19, line 4 of Legislative Decree No. 164/2000,
        the volumes of natural gas consumed in operations by a
        company or its subsidiaries are excluded from the
        calculation of ceilings for sales to end customers and
        from volumes input into the Italian network to be sold in
        Italy.</font></td>
    </tr>
</table>

<p align="center" style="font-size: 10pt">&nbsp;-15- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">Natural gas sales (23.55
billion cubic meters, including own consumption and sales by
affiliates and relevant companies) increased by 0.45 billion
cubic meters over the fourth quarter of 2003, up 1.9%, due to
higher sales in the rest of Europe.</font></p>

<p><font size="2" face="Times New Roman">Sales in the rest of
Europe (6.36 billion cubic meters) increased by 0.48 billion
cubic meters, up 8.2%, due mainly to increases registered in
sales under long-term supply contracts with Italian operators of
the natural gas market (0.31 billion cubic meters) due to the
beginning of supplies of natural gas produced in Libyan fields,
in Germany (0.23 billion cubic meters) and Turkey (0.11 billion
cubic meters).</font></p>

<p><font size="2" face="Times New Roman">In a more and more
competitive market, sales in Italy (13.74 billion cubic meters)
declined by 0.46 billion cubic meters, down 3.2%, due essentially
to declines in sales to wholesalers (1.27 billion cubic meters)
and to residential and commercial customers (0.13 billion cubic
meters), as well as the fact that in the fourth quarter of 2004
part of supplies (0.54 billion cubic meters) to wholesalers and
industrial users (in particular to wholesalers) was achieved in
accordance with the gas release program agreed with the Antitrust
Authority. These declines were offset in part by higher sales to
the thermoelectric segment (0.39 billion cubic meters).</font></p>

<p><font size="2" face="Times New Roman">Eni transported 7.47
billion cubic meters of natural gas on behalf of third parties in
Italy, an increase of 0.89 billion cubic meters, up 13.5%.</font></p>

<p><font size="2" face="Times New Roman">Electricity production
sold amounted to 4.29 terawatthour, with an increase of 2.41
terawatthour, up 128.2%.</font></p>

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

<p align="center" style="font-size: 10pt">-16-<!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="4">refining &amp; marketing</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>107</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>410</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>303</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>283.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Operating income </b>(million
        euro)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>583</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>965</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>382</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>65.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12.63</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>12.64</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>0.01</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>0.1</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Sales </b>(million tonnes)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>51.43</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>53.54</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3.11</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>6.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">2.77</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2.77</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Retail sales Italy</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">10.99</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>10.93</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(0.06</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(0.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.81</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>0.88</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.07</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">8.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Retail sales rest of Europe</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">3.02</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3.47</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.45</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">14.9</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">0.31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>0.00</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(0.31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(100.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Retail sales Brazil</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">1.18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>0.57</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(0.61</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(51.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">2.92</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>2.91</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(0.01</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(0.3</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Wholesale sales Italy</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">10.35</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>10.70</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.35</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">3.4</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1.45</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>1.16</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(0.29</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(20.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Wholesale sales outside Italy</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">6.01</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>5.30</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(0.71</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(11.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4.37</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>4.92</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">0.55</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">12.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Other sales</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">18.88</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>22.57</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">3.69</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">19.5</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman"><b>2004</b></font></p>

<p><font size="2" face="Times New Roman">Operating income in 2004
amounted to euro 965 million, a euro 382 million increase over
2003, up 65.5%, due essentially to: (i) higher refining margins
(the margin on Brent was up 1.37 dollars/barrel) enhanced by the
effect of an increase in the differential between the prices of
light crudes and products and heavy crudes and fuel oil, which
favored Eni&#146;s refining system, characterized by a high
conversion capacity. The effects of this increase were offset in
part by the effect of the appreciation of the euro over the
dollar; (ii) higher intake processing on own account (2.25
million tonnes, up 6.4%) in Italy, also due to fewer maintenance
standstills at wholly-owned refineries, and in the rest of
Europe; (iii) increased volumes sold on retail markets in the
rest of Europe (0.45 million tonnes, up 14.9%) following the
purchase of service stations in Spain, Germany and France in
2003; (iv) higher distribution margins on wholesale markets.
These positive factors were offset in part by a decline in
distribution margins on retail markets in Italy and the rest of
Europe, related to the increase in international refined product
prices, not wholly reflected in selling prices, and higher
royalties paid to highway companies in Italy.</font></p>

<p><font size="2" face="Times New Roman">In 2004 refinery intake
processing on own account in Italy and outside Italy (37.68
million tonnes) increased by 2.25 million tonnes over 2003, up
6.4%, due mainly to: (i) increased intake processing in Italy
(1.55 million tonnes, up 4.9%) in particular at the Gela, Taranto
and Sannazzaro refineries, whose effects were offset in part by
the impact of the maintenance standstill of the Livorno and
Milazzo refineries; (ii) higher processing in the rest of Europe
(0.7 million tonnes, up 19.3%) due essentially to higher
processing at Ceska Rafinerska (Eni&#146;s interest 16.33%),
which, under its new organization defined in the second half of
2003, provides a processing service to shareholders proportional
to their interests (formerly shareholders bought finished
products from the refinery according to their requirements).
Total intake processing (on own account and for third parties) on
wholly owned refineries amounted to 26.76 million tonnes (25.09
in 2003) with full utilization of their overall balanced
capacity.</font></p>

<p><font size="2" face="Times New Roman">In 2004 sales of refined
products (53.54 million tonnes) increased by 3.11 million tonnes,
up 6.2%, mainly due to higher sales: (i) to oil companies and
traders (about 3.2 million tonnes); (ii) on retail markets in the
rest of Europe (0.45 million tonnes); (iii) on wholesale markets
in Italy (0.35 million tonnes); (iv) to the petrochemical segment
(0.26 million tonnes). These positive factors were offset in part
by the divestment of activities in Brazil (1.6 million tonnes).</font></p>

<p><font size="2" face="Times New Roman">Sales of refined
products on retail markets in Italy (10.93 million tonnes) were
in line with those of 2003 (down 60,000 tonnes), the effect of
the sale/closure of service stations within the network
rationalization process and of the decline in the number of
highway concessions following bid procedures was almost entirely
offset by higher sales in service stations with higher
throughput. At December 31, 2004, Eni&#146;s retail distribution
network in Italy consisted of 7,244 service stations, 46 less
than at December 31, 2003, due to the closure of 167 service
stations, and the decline in the number of highway concessions
(11 units) offset in part by the positive balance (106 units) of
purchases and releases of lease contracts, the opening of 24 new
service stations and the awarding of 2 highway concessions.
Average throughput (1,863,000 liters) increased by 50,000 liters
over 2003, up 2.8%. Market share declined from 36.6% to 36.3%, a
0.3 percentage</font></p>

<p>&nbsp;</p>

<p align="center" style="font-size: 10pt">-17- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="2" face="Times New Roman">point decline due to the
effect of sales/closures and the decline in the number of highway
concessions, offset in part by the increase of sales of service
station with high throughput.</font></p>

<p><font size="2" face="Times New Roman">Sales of refined
products on retail markets in the rest of Europe (3.47 million
tonnes) increased by 0.45 million tonnes, over 2003, up 14.9%,
related to the progressive consolidation of service stations
purchased in 2003 and 2004, in particular in Spain, Germany and
France. Following the divestment of distribution activities in
Brazil (which included 1,544 service stations at December 31,
2003) at December 31, 2004, Eni&#146;s retail distribution
network outside Italy was represented by service stations located
only in the rest of Europe and consisted of 1,896 service
stations, 83 more than at December 31, 2003, due to the
finalization in 2004 of purchases defined in Germany in 2003 (86
service stations), whose effects were offset in part by the
closure of 11 service stations and the release of lease contracts
(in Switzerland, Hungary and France). Average throughput
(2,393,000 liters) increased by 15,000 liters over 2003, up 0.6%.</font></p>

<p><font size="2" face="Times New Roman"><b>Fourth quarter</b></font></p>

<p><font size="2" face="Times New Roman">Operating income in the
fourth quarter of 2004 amounted to euro 410 million, a euro 303
million increase over the fourth quarter of 2003, up 283.2%, due
mainly to higher refining margins (the margin on Brent was up
1.98 dollars/barrel) whose effects were offset in part by the
appreciation of the euro over the dollar and higher intake
processing on own account in Italy and in the rest of Europe
(0.84 million tonnes, up 9.3%).</font></p>

<p><font size="2" face="Times New Roman">Sales of refined
products (12.64 million tonnes) were stable over the fourth
quarter of 2003: higher sales to oil companies and traders
outside Italy (0.35 million tonnes), to the petrochemical segment
in Italy (0.18 million tonnes) and on retail markets in the rest
of Europe (0.07 million tonnes) were offset in part by the impact
of the divestment of activities in Brazil (0.60 million tonnes).</font></p>

<p>&nbsp;</p>

<p align="center" style="font-size: 10pt">-18- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="4">petrochemicals</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(62</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>151</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>213</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>..</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Operating income </b>(million
        euro)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(176</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">)</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>271</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>447</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>..</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,214</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,270</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>56</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>4.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Sales </b>(thousand tonnes)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5,266</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>5,299</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>33</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>0.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">602</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>667</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">65</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">10.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Basic petrochemicals</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">2,704</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>2,766</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">62</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">2.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">284</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>273</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(11</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(3.9</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Styrenes and elastomers</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">1,171</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>1,150</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(21</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">)</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(1.8</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">328</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>330</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">0.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Polyethylenes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">1,391</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>1,383</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">(0.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2">)</font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman"><b>2004</b></font></p>

<p><font size="2" face="Times New Roman">In 2004 operating income
amounted to euro 271 million (as compared to a euro 176 million
operating loss in 2003); the euro 447 million improvement was due
mainly to: (i) an increase in margins, in particular in basic
petrochemicals (cracker margin) related to a better trend in
prices than in the cost of oil-based feedstocks, related to a
positive trend in demand as well as to an improved industrial and
sales performance; (ii) the fact that in 2003 plant writedowns
were recognized for euro 122 million (euro 3 million in 2004);
(iii) a profit on stocks</font><font size="2"><sup>12</sup></font><font
size="2" face="Times New Roman"> of euro 39 million.</font></p>

<p><font size="2" face="Times New Roman">Sales of petrochemical
products (5.299 million tonnes) increased by 33,000 tonnes, up
0.6% over 2003, due essentially to the increase registered in
olefins (in particular ethylene and butadiene) related to a
recovery in demand. This increase was offset in part by declining
sales in: (i) aromatics (down 5.2%), due to the standstill of the
Priolo plant and low trading activities; (ii) intermediates (down
2.3%) due to lower availability of acetone and phenol following a
standstill due to an accident occurred at the Porto Torres dock;
(iii) styrenes (down 2%) in particular ABS, following a
rationalization of the product/customer portfolio; (iv)
elastomers (down 1.5%) due to the divestment of the Baytown plant
(thermoplastic rubber) and the shutdown of the Ravenna
polybutadiene rubber manufacturing line.</font></p>

<p><font size="2" face="Times New Roman">Production (7,118,000
tonnes) increased by 211,000 tonnes, up 3.1% over 2003, due more
regular operations of plants.</font></p>

<p><font size="2" face="Times New Roman"><b>Fourth quarter</b></font></p>

<p><font size="2" face="Times New Roman">In the fourth quarter of
2004 operating income amounted to euro 151 million (as compared
to a euro 62 million loss in the fourth quarter of 2003); the
euro 213 million improvement was due mainly to increased margins
related to a recovery in demand and an improved industrial and
sales performance, as well as lower asset writedowns (euro 36
million) and profit on stocks (euro 30 million).</font></p>

<p><font size="2" face="Times New Roman">Sales of petrochemical
products (1,270 million tonnes) increased by 56,000 tonnes, up
4.6% over the fourth quarter of 2003, due mainly to higher olefin
sales.</font></p>

<p><font size="2" face="Times New Roman">Production (1,648,000
tonnes) increased by 124,000 tonnes, up 8.1%.</font></p>

<hr size="1" align="left" noshade width="18%">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(12)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Difference
        between the current period cost of products sold and the
        cost deriving from the application of the weighted
        average cost method in the evaluation of inventories.</font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p align="center" style="font-size: 10pt">&nbsp;-19- <!-- PAGEBREAK --> </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage">Table of Contents</a></h5>

<p><font size="4">oilfield services construction and engineering</font></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="31%"><font
        size="2">Fourth quarter</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="31%">&nbsp;</td>
    </tr>
    <tr>
        <td><hr size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="34%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2003</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>2004</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>Change</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="2"><strong>% Ch.</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
        <td>&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade color="#000000">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>91</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>83</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>(8.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>Operating income </b>(million
        euro)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>311</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>260</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(51</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>(16.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2"><b>Order backlog </b>(million euro)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>9,405</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>8,521</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(884</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>(9.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="3%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"
        height="15"><font size="2">Oilfield services and
        construction</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">5,225</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2"><b>5,306</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">81</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE" height="15"><p align="right"><font
        size="2">1.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="6%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="3%" height="15">&nbsp;</td>
        <td valign="bottom" width="34%" height="15"><font
        size="2">Engineering</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">4,180</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2"><b>3,215</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(965</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td align="right" valign="bottom" width="6%" height="15"><p
        align="right"><font size="2">(23.1</font></p>
        </td>
        <td valign="bottom" width="1%" height="15"><font size="2">)</font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="2" face="Times New Roman"><b>2004</b></font></p>

<p><font size="2" face="Times New Roman">Operating income in 2004
totaled euro 260 million, a euro 51 million decline over 2003,
down 16.4%. Engineering registered an operating loss amounting to
euro 33 million, as compared to an operating income of euro 7
million in 2003, due to the lower profitability of certain
contracts. Oilfield services and construction recorded an
operating income of euro 293 million, with a euro 11 million
decline, following lower results in particular in: (i) the
Onshore construction area, due to the completion of relevant
contracts in Kazakhstan (Karachaganak field), Saudi Arabia and
Nigeria, whose effects were offset in part by the start-up of a
new contract in Sakhalin in Russia; (ii) the Offshore
construction and LNG areas, due to lower profitability of
contracts. These negative factors were offset in part by
increased results in the Offshore drilling area due to increased
utilization rate of certain vessels and the Leased FPSO area, due
essentially to a contract for the recovery of oil from the tanks
of the Prestige tanker, that sunk off the coast of Galicia in
November 2002.</font></p>

<p><font size="2" face="Times New Roman">Orders acquired in 2004
amounted to euro 5,784 million. About 90% of new orders acquired
was represented by work to be carried out outside Italy, and 14%
by work originated by Eni companies. Eni&#146;s order backlog was
euro 8,521 million at December 31, 2004 (euro 9,405 million at
December 31, 2003). Projects to be carried out outside Italy
represented 84% of the total order backlog, while orders from Eni
companies amounted to 8% of the total.</font></p>

<p><font size="2" face="Times New Roman"><b>Fourth quarter</b></font></p>

<p><font size="2" face="Times New Roman">Operating income for the
fourth quarter of 2004 totaled euro 83 million, with a euro 8
million decrease over the fourth quarter of 2003, down 8.8%,
related essentially to engineering.</font></p>

<p>&nbsp;</p>

<p align="center" style="font-size: 10pt">&nbsp;-20- <!-- PAGEBREAK --> </p>

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