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<SEC-DOCUMENT>0001311435-06-000004.txt : 20060306
<SEC-HEADER>0001311435-06-000004.hdr.sgml : 20060306
<ACCEPTANCE-DATETIME>20060306070323
ACCESSION NUMBER:		0001311435-06-000004
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20060301
FILED AS OF DATE:		20060306
DATE AS OF CHANGE:		20060306

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:		06665862

	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>sj0206en6k.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>

<head>
<title>sj0206en6k.htm</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 2006</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; </p>

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

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

<p align="left">&nbsp;</p>

<p><a href="#101">Press Release dated February 15, 2006</a></p>

<p><a href="#102">Press Release dated March 1, 2006</a></p>

<p><a href="#103">Eni&#146;s Preliminary Results at December 31,
2005</a></p>

<p align="center">&nbsp; </p>

<hr noshade>

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

<p align="left">&nbsp;</p>

<p align="center"><font size="4"><b>SIGNATURES</b> </font></p>

<p align="left">&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%">
    <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">Date: March 1, 2006</p>

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

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

<p align="center">&nbsp; </p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="101">Table of Contents</a></h5>

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

<p align="center"><font size="4"><b>PRESS RELEASE</b></font></p>

<p>&nbsp;</p>

<p>Eni takes cognizance of the administrative sanction that today
the Antitrust Authority has inflicted to the company after the
preliminary inquiry on the conducts dating year 2003 and related
to the non-completed development of the Tunisian gas pipeline. </p>

<p>Eni reminds of having recently submitted to the Authority,
during the process, some pro-competition measures consisting of
the TTPC and TAG gas pipeline development to be undertaken in the
shortest technical time and that is already being processed. </p>

<p>The Authority has acknowledged the effectiveness of the
commitments proposed, nevertheless, it has decided to sanction
the delay in the works for the development of the TTPC pipeline. </p>

<p>Eni will consider the reasons of the measure decided by the
Authority even for a possible appeal. </p>

<p>&nbsp;</p>

<p>Rome, 15 February 2006</p>

<hr noshade>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="33%"><font size="1"><img
        src="sj0305sj00000.gif" width="74" height="75"></font><p><font
        size="1">Societ&#224; per Azioni<br>
        Rome,<br>
        Piazzale Enrico Mattei, 1<br>
        <br>
        Capital stock<br>
        euro 4,005,358,876 fully paid<br>
        <br>
        Registro Imprese di Roma,<br>
        c. f. 00484960588<br>
        <br>
        Tel. +39-0659821<br>
        Fax +39-0659822141<br>
        <br>
        www.eni.it</font></p>
        </td>
        <td width="33%">&nbsp;</td>
        <td valign="bottom" width="34%">&nbsp; </td>
    </tr>
</table>

<p align="left"><font size="6">Eni:</font><font size="4"> </font><font
size="5">Preliminary Group Results<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full
Year and Fourth Quarter 2005</font><font size="4"><br>
</font><font size="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
size="2">(unaudited)</font><font size="4"><br>
</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="4"><strong>&#149;</strong></font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="4"><strong>Oil
        and gas production up 7% to 1.7 million boe/d</strong></font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="4"><strong>&#149;</strong></font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="4"><strong>Adjusted
        net profit up 39% to euro 9.3 billion (reported net
        profit up 24% to euro 8.8 billion)</strong></font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="4"><strong>&#149;</strong></font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="4"><strong>Full
        year dividend proposal: euro 1.10 per share, up 22%
        (includes interim dividend of euro 0.45 per share already
        paid)</strong></font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="4"><strong>&#149;</strong></font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="4"><strong>Total
        shareholder return: 35.3% </strong></font></td>
    </tr>
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="4"><strong>Adjusted
        net profit for the fourth quarter up 10% to euro 2.4
        billion</strong></font></td>
    </tr>
</table>

<p>San Donato Milanese, 1 March 2006 - Eni, the international oil
and gas company, today announces its preliminary group results
for the full year and the fourth quarter 2005.</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Key operating data</b></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="2%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,704 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,806 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">6.0</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="40%"><font size="2">Oil and
        natural gas production (thousand boe/day)</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.624 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.737 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">7.0</font></p>
        </td>
        <td valign="bottom" width="2%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Natural gas sales <sup>(1)</sup> (billion cubic
        metres)</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">89</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">96</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8.0</font></p>
        </td>
        <td valign="bottom" width="2%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3.14 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3.11 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(0.9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="40%"><font size="2">Retail
        sales of refined products in Europe (Agip brand) (million
        tonnes)</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">12.35 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">12.42 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">0.5</font></p>
        </td>
        <td valign="bottom" width="2%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.21 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.07 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">44.2 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Sold production of electricity (terawatthour)</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13.85 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22.77 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">64.4</font></p>
        </td>
        <td valign="bottom" width="2%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>
</center></div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="38%">&nbsp;</td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Summary group results </b><sup>(2)</sup>
        (euro million)</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="2%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,551 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4,399</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">23.9 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="40%"><font size="2">Operating
        profit</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5,738</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">8,041</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">40.1</font></p>
        </td>
        <td valign="bottom" width="2%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,820 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,934 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">29.2 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Adjusted operating profit <sup>(3)</sup></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12,582 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17,561 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">39.6</font></p>
        </td>
        <td valign="bottom" width="2%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2,109 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2,105 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(0.2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="40%"><font size="2">Net profit</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">7,059 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">8,788 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">24.5</font></p>
        </td>
        <td valign="bottom" width="2%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,182 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,396 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9.8 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Adjusted net profi <sup>(3)</sup></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,645 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,251 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">39.2</font></p>
        </td>
        <td valign="bottom" width="2%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>
</center></div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="38%">&nbsp;</td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom" width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<p>__________________</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Including
        upstream equity production sold in Europe.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Eni&#146;s
        consolidated accounts for 2005 have been prepared in
        accordance with International Financial Reporting
        Standards (IFRS) currently applied. Results for the year
        2004 have been restated accordingly. Eni has produced an
        explanatory note setting out its accounting policies
        under IFRS, the major differences between Italian GAAP
        and IFRS for Eni, and reconciliations of Italian GAAP to
        IFRS for its 2004 income statement and its balance sheets
        at 2003 and 2004 year-end. See Eni First Quarter and
        First Half reports available at www.eni.it, publications
        section.</font></td>
    </tr>
    <tr>
        <td><font size="1">(3)</font></td>
        <td>&nbsp;</td>
        <td><font size="1">Adjusted operating profit and net
        profit are before inventory holding gains or losses and
        special items. For an explanation of these measures and a
        reconciliation of adjusted operating profit and net
        profit to reported operating profit and net profit see
        tables below.</font></td>
    </tr>
</table>

<p align="center">- 1 -</p>

<hr noshade>

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

<p>Highlights of the year:<strong><br>
Operational </strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Oil and natural gas
        production increased 7% to 1.7 mboe/d. Growth was driven
        by continuing ramp-up of production, primarily in Libya
        and Angola. Excluding the impact of entitlement effects
        in certain Production Sharing Agreements (PSAs) and
        buy-back contracts<sup>4</sup> growth for the year was 9%</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Net proved reserves of oil
        and natural gas were 6.84 billion boe at year-end, down
        381 mboe from 2004 due to an estimated 478 mboe adverse
        impact related to lower entitlements in certain PSAs and
        buy-back contracts due to higher oil prices (58.20 at
        year-end 2005 as compared to 40.47 dollar per barrel at
        year-end 2004). Excluding the price impact, the reserve
        replacement ratio was 115% (40% taking account of the
        price impact)</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Natural gas sales volumes
        were up 8% to 96 bcm reflecting higher sales on both the
        Italian and European natural gas markets. Growth in the
        Italian natural gas market was driven primarily by
        increased consumption of natural gas in the
        thermoelectric segment</td>
    </tr>
</table>

<p><strong>Financial </strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Revenues: up 28% to euro 74
        billion</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">68% of operating income
        earned outside Italy as compared to 56% in 2004</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Net borrowings: euro 10.5
        billion, unchanged</td>
    </tr>
    <tr>
        <td>&#149;</td>
        <td>&nbsp;</td>
        <td>Cash returned to shareholders: euro 6.1 billion (euro
        5.1 billion as dividend payment and euro 1 billion
        through the share buy back program)</td>
    </tr>
</table>

<p>&nbsp;</p>

<p>Highlights of the fourth quarter:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Higher Brent crude oil price
        (up 29%) and the depreciation of the euro versus the
        dollar (down 8%) created a favourable trading
        environment. These positives were partly offset by
        declining refining margins (down 12%) and lower selling
        margins on natural gas and petrochemical products</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Oil and natural gas
        production was up 6% to 1.8 mboe/d. Milestones for the
        quarter were the ramp-up of production in the offshore
        section of the Western Libyan Gas Project and Kizomba B
        project off the coast of Angola. Production for the
        quarter was hit by adverse entitlement effects in certain
        PSAs and buy-back contracts</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Natural gas sales volumes up
        12% to 28 bcm reflecting the sharp increase in Italian
        natural gas consumption</td>
    </tr>
</table>

<p>Net profit for the quarter and the year was impacted by a
fiscally non-deductible charge from a euro 290 million fine
imposed by the Italian regulator regarding Algerian pipeline
capacity. Eni intends to appeal the decision of the Italian
regulator before the Administrative Court.</p>

<p>Dividend<br>
The Board of Directors resolved to submit to the Annual
Shareholders&#146; Meeting the proposal of distributing a cash
dividend of euro 1.10 per share<sup>5</sup> for 2005, up 22% as
compared to 2004 (euro 0.90 per share). Included in this annual
payment is euro 0.45 per share which has already been distributed
as interim dividend. The balance of euro 0.65 per share is
payable on 22 June 2006 to shareholders on the register on 19
June 2006.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>__________________</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(4)</font></td>
        <td valign="top" 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). A similar
        scheme applies to buy-back contracts.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(5)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">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>
</table>

<p align="center">- 2 -</p>

<hr noshade>

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

<p>&nbsp;</p>

<p>Outlook 2006<br>
Eni will present in detail its strategy, target and outlook for
its 2006-2009 plan at 15.30 CET today. The outook for the group
in 2006 remains positive, with the key business trends for the
year as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><strong>production of
        liquids and natural gas</strong> is forecast to continue
        growing. Increases will be achieved outside Italy mainly
        in Libya, Angola, Egypt, Nigeria and Norway; in
        particular natural gas production is expected to increase
        strongly in Libya due to the build up of supplies to
        Italy through the Greenstream pipeline, in Egypt and
        Nigeria, due to the build up of supplies to the Bonny
        (Eni&#146;s interest 10.4%) liquefaction plant. Oil
        production is expected to increase in Angola and Norway
        due to full production of fields started-up in the second
        half of 2005;</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><strong>sales volumes of
        natural gas</strong> are expected to increase outside
        Italy, in particular in Turkey, Spain, France and
        Germany;</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><strong>sold production of
        electricity</strong> is expected to increase due to the
        continuing ramp-up of new production capacity at the
        Brindisi and Mantova sites offset in part by lower
        production at the Ravenna and Ferrera Erbognone plants
        due to planned maintenance;</td>
    </tr>
    <tr>
        <td valign="top">-</td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><strong>refining throughputs on
        Eni&#146;s account</strong> are expected to decline
        slightly from 2005 (38.76 million tonnes in 2005), due
        mainly to planned maintenance at the Sannazzaro, Taranto
        and Livorno refineries. Eni&#146;s refineries are
        expected to run at full capacity;</td>
    </tr>
    <tr>
        <td valign="top">-</td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><strong>retail sales of refined products</strong>
        on the Agip branded network in Italy are expected to
        remain stable: the impact of the expected decline in
        domestic consumption will be offset by a higher network
        performance. In the rest of Europe the upward trend of
        sales is expected to continue despite stagnation in the
        overall market; in particular higher sales are expected
        in Spain, France, Germany and Hungary also due to
        construction/acquisition of service stations.</td>
    </tr>
</table>

<p>In 2006, capital expenditure is expected to increase from 2005
(euro 7.4 billion in 2005); main increases are expected in
exploration projects, the development of oil and natural gas
reserves, upgrading of natural gas transport and import
infrastructure and upgrading of refineries.<br>
<br>
Paolo Scaroni, Chief Executive Officer, commented:<br>
<em>&#147;It has been a record year for Eni and I am very pleased
to report a total shareholder return for the year of 35%. This
has been driven by a favourable trading environment and a level
of production growth which at 7% is among the very highest of our
peers. Eni has a strong platform to continue to deliver industry
leading growth and superior returns to our shareholders.&#148;</em></p>

<p>&nbsp;</p>

<p align="center">- 3 -</p>

<hr noshade>

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

<p>&nbsp;</p>

<p align="center">* * *</p>

<p>&nbsp;</p>

<p><strong>Contacts<br>
e-mailbox: </strong>segreteriasocietaria.azionisti@eni.it</p>

<p><strong>Investor Relations:<br>
</strong>Jadran Trevisan<br>
Antonio Pinto - Marco Porro</p>

<p><strong>e-mailbox: </strong>investor.relations@eni.it</p>

<p>Eni SpA<br>
Piazza Vanoni, 1<br>
20097 San Donato Milanese (Milan) - Italy<br>
Tel.: +39 - 02520.51651 - fax: +39 - 02520.31929</p>

<p><strong>Eni Press Office:<br>
</strong>Gianni Di Giovanni<br>
Domenico Negrini<br>
Tel.: +39 - 02520.31287<br>
gianni.digiovanni@eni.it<br>
domenico.negrini@eni.it</p>

<p align="center">* * *</p>

<p><em>This press release and Eni&#146;s Report on Preliminary
Group Results for the year and the fourth quarter 2005
(unaudited) are also available on the Eni web site:
&#147;www.eni.it&#148;.<br>
<br>
About Eni<br>
Eni is one of the leading integrated energy companies in the
world operating in the oil and gas, power generation,
petrochemicals, oilfield services construction and engineering
industries. In 2004, Eni reported net profits under IFRS of euro
7,059 million. Eni is present in 70 countries and is Italy&#146;s
largest company by market capitalisation.</em></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p align="center">- 4 -</p>

<hr noshade>

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

<p><font size="4"><strong>2005 Preliminary Results</strong></font></p>

<p>Eni&#146;s Board of Directors examined Preliminary Group
Results for the year and the fourth quarter 2005.<br>
<strong>Net profit</strong> for 2005 was a record euro 8,788
million, up euro 1,729 million from the year 2004, or 24.5%,
reflecting higher operating profit (up euro 4,431 million),
offset in part by higher income taxes (euro 2,606 million).<br>
<br>
Net profi<strong>t</strong> for the year includes an inventory
holding gain of euro 1,210 million (euro 759 million net of the
fiscal effect) and <strong>special charges</strong> of euro 1,941
million (euro 1,222 million net of the fiscal effect). Excluding
these items, <strong>adjusted net profit</strong> for the year
was up 39.2% to euro 9,251 million. Gross special charges related
primarily to environmental provisions (euro 835 million), asset
impairment (euro 363 million), a euro 290 million charge
pertaining to a fine imposed by the Italian regulator, a euro 201
million charge pertaining to risks on certain legal proceedings
and contractual obligations, and a euro 178 million charge
pertaining to an extra insurance premium due for 2005, reflecting
the exceptionally high accident rate of the 2004-2005 period, and
the expected rise in insurance premiums due for the next
five-year period assuming a normal rate of accidents. These
charges were partially offset by the gain recorded on the sale of
Italiana Petroli (euro 139 million).<br>
<br>
<strong>Replacement cost operating profit</strong> for the year
was euro 15,620 million, an increase of euro 3,669 million from
2004, or 30.7%, reflecting primarily the increases reported in
the following divisions:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Exploration &amp; Production
        (up euro 4,389 million, or 53.6%) primarily reflecting
        higher realisations in dollars (oil up 41.3%, natural gas
        up 15.6%) combined with increased production volumes sold
        (up 38.3 mboe, or 6.7%), offset in part by higher
        operating costs and amortisation charges and the fact
        that gains on the divestment of assets for euro 320
        million were recorded in 2004;</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Refining &amp; Marketing (up
        euro 106 million, or 15.4%) primarily reflecting stronger
        realised refining margins (margins on Brent were up 1.40
        dollar/barrel, or 33%) and marketing results in Italy
        offset in part by higher environmental provisions (euro
        195 million).</td>
    </tr>
</table>

<p>These increases were partly offset by:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">lower replacement cost
        operating profit in the Gas &amp; Power segment (down
        euro 222 million, or 6.5%) due primarily to a euro 290
        million charge pertaining to a fine imposed by the
        Italian regulator and the euro 225 million estimated
        adverse impact of a decision by the Italian Authority for
        Electricity and Gas affecting natural gas prices to
        residential customers and wholesalers. A decrease in
        natural gas and electricity sales margins also adversely
        impacted the Gas &amp; Power replacement cost operating
        profit. On the positive side, sales volumes of natural
        gas were up 6.13 bcm or 8% and production sold of
        electricity was up 8.92 terawatthours, or 64.4%;</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">higher operating losses
        recorded by the Other activities division (euro 507
        million) due primarily to higher environmental and other
        provisions (euro 439 million).</td>
    </tr>
</table>

<p><strong>Revenues</strong> for 2005 were euro 73,758 million, a
28.2% increase from 2004, primarily reflecting higher
realisations and volumes sold in all of Eni&#146;s main operating
segments.<br>
<br>
<strong>Net borrowings</strong> at 31 December 2005 were euro
10,461 million, unchanged from 31 December 2004. Cash inflows
from operating activities and proceeds from divestments (euro 563
million) were offset by: (i) financial requirements for capital
expenditure and investments (euro 7,560 million); (ii) the
payment of dividends for 2004 fiscal year, the payment of an
interim dividend for 2005 by Eni SpA and of an extraordinary
dividend by Snam Rete Gas (euro 6,287 million, of which euro
5,070 million by Eni SpA); (iii) the repurchase of its own shares
(euro 1,034 million). The depreciation of the euro versus the
dollar from 31 December 2004 (USD 1.180 versus 1.362, down 13.4%)
determined an increase in net borrowings of approximately euro
1,200 million in the translation of financial statements
denominated in currencies other than the euro.</p>

<p align="center">- 5 -</p>

<hr noshade>

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

<p>Compared with 30 September 2005, net borrowings increased by
euro 4,107 million primarily due to cash outflows for capital
expenditure and investments (euro 2,545 million), the payment of
an interim dividend by Eni SpA (euro 1,686 million) the payment
of an extraordinary dividend by Snam Rete Gas (euro 976 million),
and the buy-back of shares (euro 789 million). Cash inflows from
operating activities were impacted by the payment of Italian
income taxes in November.<br>
<br>
At 31 December 2005, Eni&#146;s <strong>leverage</strong> (ratio
of net borrowings to shareholders&#146; equity including minority
interest) was 0.27, compared with 0.29 at 31 December 2004.<br>
<br>
From 1 January to 31 December 2005 a total of 47.06 million Eni
shares were purchased by the company for a total cost of euro
1,034 million (on average euro 21.966 per share). From the
beginning of the share buy-back plan (1 September 2000) Eni has
purchased 281.88 million own shares, equal to 7.04% of its share
capital, for a total cost of euro 4,272 million (on average euro
15.155 per share).<br>
<br>
<strong>Capital expenditure</strong> amounted to euro 7,414
million (euro 7,499 million in the year 2004) and primarily
related to:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">the development of oil and
        gas reserves (euro 3,994 million) in particular in
        Kazakhstan, Libya, Angola, Italy and Egypt, exploration
        projects (euro 656 million) and the purchase of proved
        and unproved property (euro 259 million);</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">upgrading of Eni&#146;s
        natural gas transport and distribution networks in Italy
        (euro 825 million);</td>
    </tr>
    <tr>
        <td>-</td>
        <td>&nbsp;</td>
        <td>the continuation of the construction of combined
        cycle power plants (euro 239 million);</td>
    </tr>
    <tr>
        <td>-</td>
        <td>&nbsp;</td>
        <td>actions for improving flexibility and yields of
        refineries, including the construction of the tar
        gasification plant at the Sannazzaro refinery, and the
        upgrade of the refined product distribution network in
        Italy and in the rest of Europe (overall euro 656
        million).</td>
    </tr>
</table>

<p><strong>Oil and natural gas production</strong> for the year
2005 increased 113 kboe/d to 1.737 mboe/d, or 7%. Excluding the
price effect on PSAs and buy-back contracts, this increase was
9%. Production growth was driven by continuing ramp-up of new
production mainly in Libya, Angola, Iran, Algeria, Egypt and
Kazakhstan. These increases were partially offset by: (i) adverse
entitlement impacts (down 32 kboe/d) in PSAs and buy-back
contracts related to higher international oil prices; (ii)
declines in mature fields mainly in Italy (natural gas) and the
North Sea; (iii) the effect of the divestment of assets in 2004
(down 16 kboe/d) and of hurricanes in the Gulf of Mexico (down 10
kboe/d). The share of production outside Italy was 85% (83.3% in
2004).<br>
<br>
Eni&#146;s <strong>net proved reserves of hydrocarbons</strong>
at 31 December 2005 were 6,837 mboe (oil: 3,773 mbbl; natural
gas: 3,064 mboe), down 381 mboe from 2004 due to an estimated 478
mboe adverse entitlement impact in certain PSA and buy-back
contracts following the escalation in crude oil prices (58.205 at
2005 year-end as compared to 40.47 dollar per barrel of crude
Brent at 2004 year-end). Excluding the price impact, the reserve
replacement ratio was 115% (40% taking account of the price
impact). The average reserve life index is 10.8 years (12.1 at 31
December 2004).</p>

<p>&nbsp;</p>

<p align="center">- 6 -</p>

<hr noshade>

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

<p><font size="4">Post closing events</font><br>
<br>
On 24 February 2006, Saipem agreed to purchase the entire share
capital of Snamprogetti owned by Eni SpA. The closing of the
transaction is expected on 31 March 2006. The transaction will
create a leader with worldwide clout in oilfield services both
onshore and offshore with 30,000 personnel, of which 6,500
engineers. The integration of the companies will boost their role
in the development of Eni&#146;s oil &amp; gas core business.<br>
<br>
<br>
<font size="4">Preliminary results of Eni SpA for 2005</font><br>
<br>
Eni&#146;s Board of Directors also examined Eni SpA&#146;s
preliminary results for 2005 which showed net profit amounting to
euro 5,288 million (euro 4,684 million in 2004). The euro 604
million increase was related essentially to higher income on
investment partly offset by 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) and a euro 412 million higher extraordinary charge
pertaining to a fine imposed by the Italian regulator and higher
environmental and other provisions.<br>
<br>
<strong>Fourth Quarter 2005</strong><br>
Eni&#146;s fourth quarter <strong>net profit</strong> was euro
2,105 million, unchanged from the fourth quarter of 2004. Higher
charges for income taxes, up euro 894 million, were almost
completely offset by a euro 848 million increase in operating
profit.<br>
<br>
The increase in operating profit was driven by higher
realisations in dollars on oil and natural gas (oil up 35.3%;
natural gas up 10.1%) combined with growth in sales volumes (up
8.5 mboe) in the upstream, and growth in sales volumes of natural
gas (up 3.17 bcm). The depreciation of the euro over the dollar
(8.3%) also boosted operating profit. Negative factors were a
euro 290 million charge pertaining to a fine imposed by the
Italian regulator and the euro 111 million estimated adverse
impact of a decision by the Italian Authority for Gas and
Electricity affecting natural gas prices to residential customers
and wholesalers and higher environmental provisions (euro 277
million).<br>
<br>
Higher charges for income taxes were driven by two significant
factors besides an increase in profit before income taxes (euro
857 million). Firstly, profit for the quarter was adversely
impacted by a euro 290 million fiscally non-deductible charge
pertaining to a fine imposed by the Italian regulator. The second
factor was the higher share of profit before income taxes earned
by subsidiaries in the Exploration &amp; Production division
operating in Countries where the statutory tax rate is higher
than the average tax rate for the Group.<br>
<br>
Eni&#146;s results for the fourth quarter were underpinned by a
stronger <strong>trading environment</strong> with the Brent
crude oil price up 29.3% and the euro down 8.3% over the dollar.
These positives were partly offset by declining refining margins
(down 12.2%) and lower selling margins on natural gas and
petrochemicals products.<br>
<br>
Net profit for the quarter includes an inventory holding gain of
euro 209 million (euro 131 million net of the fiscal effect) and<strong>
special charges</strong> of euro 744 million (euro 422 million
net of the fiscal effect). Excluding these items, <strong>adjusted
net profit </strong>for the quarter was up 9.8% to euro 2,396
million. Gross special charges related primarily to environmental
provisions (euro 314 million), a euro 290 million charge
pertaining to a fine imposed by the Italian regulator, and higher
insurance charges (euro 59 million).</p>

<p align="left">&nbsp;</p>

<p align="center">-7 -</p>

<hr noshade>

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

<p>&nbsp;</p>

<p><strong>Replacement cost operating profit</strong> for the
quarter was euro 4,190 million, a rise of euro 680 million from
the fourth quarter of 2004, or 19.4%, reflecting primarily the
increase reported in the Exploration &amp; Production segment (up
euro 1,306 million, or 58%) deriving mainly from higher
realisations in dollars (oil up 35.3%; natural gas up 10.1%)
combined with growth in sales volumes (up 8.5 million boe, or
5.6%). The depreciation of the euro over the dollar (8.3%) and
lower asset impairment (down euro 157 million) also boosted the
Exploration &amp; Production replacement cost operating profit.
Negative factors were higher operating costs and amortisation
charges.<br>
The increase in the Exploration &amp; Production division was
partially offset by:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">lower replacement cost
        operating profit in the Gas &amp; Power segment (down
        euro 273 million, or 31%) due primarily to a euro 290
        million charge pertaining to a fine imposed by the
        Italian regulator and the euro 111 million estimated
        adverse impact of a decision by the Italian Authority for
        Gas and Electricity affecting natural gas prices to
        residential customers and wholesalers. A decrease in
        natural gas and electricity sales margins also adversely
        impacted the Gas &amp; Power replacement cost operating
        profit. On the positive side, sales volumes of natural
        gas were up 3.17 bcm and production sold of electricity
        was up 1.86 terawatthour;</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">higher operating losses
        recorded by the Other Activities segment (down euro 204
        million) due primarily to higher environmental provisions
        (euro 134 million);</td>
    </tr>
    <tr>
        <td>-</td>
        <td>&nbsp;</td>
        <td>lower replacement cost operating profit in the
        Refining &amp; Marketing segment (down euro 163 million,
        or 51.7%) due primarily to higher environmental
        provisions (euro 133 million) and declining refining
        margins (down 0.70 dollars/barrel, or 12.2%).</td>
    </tr>
</table>

<p><strong>Oil and natural gas production</strong> for the
quarter increased 6% from the fourth quarter of 2004 to 1,806
mboe/d reflecting primarily the ramp-up of production in the
offshore section of Western Libyan Gas Project (Eni&#146;s
interest 50%) and Kizomba B development project off the coast of
Angola. These increases were partially offset by the impact of
the hurricanes on production in the Gulf of Mexico (down 29
kboe/d) adverse entitlement effects (down 26 kboe/d) and field
declines in mature areas, mainly in natural gas production in
Italy. Excluding the impact of adverse entitlement effects, oil
and natural gas production increased 7.5%.</p>

<p>&nbsp;</p>

<p align="center">- 8 -</p>

<hr noshade>

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

<p><font size="4">Trading environment indicators</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">44.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">56.90</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">29.3 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Average price of Brent dated crude oil <sup>(1)</sup></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">38.22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">54.38</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">42.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.296</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.189</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(8.3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Average
        EUR/USD exchange rate <sup>(2)</sup></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.244</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.244</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">33.95</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">47.86</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">41.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Average price in euro of Brent dated crude oil</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">30.72</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">43.71</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">42.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5.75</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5.05</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(12.2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Average
        European refining margin <sup>(3)</sup></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4.35</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5.78</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">32.9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.44</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Average European refining margin in euro</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.50</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.65</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">32.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Euribor -
        three-month rate (%)</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4.8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">87.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Libor - three-month dollar rate (%)</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">118.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="40%">&nbsp;</td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

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

<p>&nbsp;</p>

<p><font size="4">Summary group results</font></p>

<p><strong>Summarised consolidated profit and loss account</strong></p>

<p><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16,190</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">21,536</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">33.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Net sales from operations</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">57,545</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">73,758</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">28.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">360</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">318</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(11.7</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Other
        income and revenues</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,377</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">798</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(42.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(11,618</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(15,711</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(35.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Operating expenses</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(41,592</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(51,945</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(24.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,381</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,744</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(26.3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Depreciation,
        amortisation and writedowns</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(4,931</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(5,781</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(17.2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,551</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>12,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>16,830</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>35.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(98</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(66.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Net
        financial expense</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(156</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(366</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(134.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">95</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">143</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Net income from investments</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">820</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">911</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,587</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>4,444</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>23.9</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Profit
        before income taxes</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>13,063</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>17,375</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>33.0</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,343</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2,237</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(66.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Income taxes</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5,522</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(8,128</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(47.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,244</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,207</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(1.6</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Profit
        before minority interest</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>7,541</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>9,247</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>22.6</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(135</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(102</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(24.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Minority interest</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(482</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(459</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,109</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,105</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(0.2</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Net
        profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>7,059</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>8,788</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>24.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,109</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,105</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(0.2</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Net
        profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>7,059</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>8,788</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>24.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(131</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of inventory holding (gains) losses</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(281</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(759</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,083</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,974</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(5.2</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Replacement
        cost net profit </b><sup>(1)</sup></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6,778</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>8,029</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>18.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">99</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">422</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of special items</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(133</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,222</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,182</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,396</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>9.8</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Adjusted
        net profit</b> <sup>(1)</sup></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6,645</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>9,251</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>39.2</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="40%">&nbsp;</td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1" face="Times">For
        an explanation of adjusted profit and replacement cost
        profit see page 11.</font></td>
    </tr>
</table>

<p align="center">- 9 -</p>

<hr noshade>

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

<p>&nbsp;</p>

<p><strong>Segmental analysis of operating profit</strong></p>

<p><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,253</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,559</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">58.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8,185</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12,574</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">53.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">878</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">641</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(27.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Gas &amp;
        Power</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,428</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,321</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(3.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">329</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,080</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,857</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">71.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">164</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(77.4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Petrochemicals</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">320</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">202</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(36.9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">138</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">228.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">203</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">310</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">52.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(84</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(288</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(242.9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Other
        activities</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(395</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(902</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(128.4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(73</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(48</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">34.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(363</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(391</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(7.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Unrealized
        profit in inventory</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(141</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,551</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>12,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>16,830</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>35.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,551</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>12,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>16,830</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>35.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(41</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(209</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(448</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,210</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,510</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,190</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>19.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Replacement cost operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>11,951</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>15,620</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>30.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">310</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">744</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Exclusion
        of special items</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">631</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,941</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,820</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,934</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>29.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Adjusted operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>12,582</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>17,561</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>39.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="40%">&nbsp;</td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p><strong>Summarized consolidated balance sheet</strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>31 Dec. 2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>30 Sep. 2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>31 Dec. 2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>Change vs.<br>
        31 Dec. 2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>Change vs.<br>
        30 Sep. 2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2"><b>Net capital employed</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>45,983</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>46,416</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>49,691</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,708</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,275</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Shareholders&#146;
        equity including minority interests</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">35,540</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">40,062</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">39,230</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,690</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(832</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="left"><font
        size="2">)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Net borrowings</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10,443</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,354</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10,461</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,107</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2"><b>Total
        liabilities and shareholders&#146; equity</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>45,983</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>46,416</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>49,691</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,708</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,275</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Debt and
        bonds</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">12,684</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">9,908</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">12,975</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">291</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,067</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>short-term</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em>5,077</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em>2,648</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em>5,502</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em>425</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em>2,854</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>long-term</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>7,607</em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>7,260</em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>7,473</em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>(13</em></font></p>
        </td>
        <td valign="bottom" width="1%"><p align="left"><font
        size="2"><em>)</em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>213</em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Cash</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2,241</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><p
        align="left"><font size="2">)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(3,554</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><p
        align="left"><font size="2">)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2,514</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><p
        align="left"><font size="2">)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(273</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><p
        align="left"><font size="2">)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,040</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2"><b>Net
        borrowings</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>10,443</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6,354</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>10,461</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>18</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>4,107</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<p align="left">&nbsp;</p>

<p align="center">- 10 -</p>

<hr noshade>

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

<p><font size="5" face="Times">Reconciliation of reported
operating profit by division and net profit to adjusted operating
and net profit</font></p>

<p><font face="Times"><i>Adjusted operating profit and net profit
are before inventory holding gains or losses and special items.
Information on adjusted operating profit and net profit is
presented to help distinguish the underlying trends for the
company&#146;s core businesses and to allow financial analysts to
evaluate Eni&#146;s trading performance on the basis of their
forecasting models. These financial measures are not GAAP
measures under either IFRS or U.S. GAAP; they are used by
management in evaluating Group and Divisions performance.</i></font></p>

<p><font face="Times"><i>Replacement cost net profit and
operating profit reflect the current cost of supplies. The
replacement cost net profit for the period is arrived at by
excluding from the historical cost net profit the inventory
holding gain or loss, which is the difference between the cost of
sales of the volumes sold in the period based on the cost of
supplies of the same period and the cost of sales of the volumes
sold in the period calculated using the weighted-average cost
method of inventory accounting.</i></font></p>

<p><font face="Times"><i>Certain infrequent or unusual incomes or
charges are recognised as special items because of their
significance. Special items include also certain amounts not
reflecting the ordinary course of business, such as environmental
provisions or restructuring charges, and asset impairments or
write ups and gains or losses on divestments even though they
occurred in past exercises or are likely to occur in future ones.</i></font></p>

<p><font face="Times"><i>For a reconciliation of adjusted
operating profit and net profit to reported operating profit and
net profit see tables below.</i></font></p>

<p align="left"><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="100%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="39%"><p align="center"><font
        size="1"><b>Fourth quarter </b><strong>2005</strong></font></p>
        <hr size="1" noshade>
        </td>
        <td valign="bottom" width="22%">&nbsp; </td>
        <td valign="bottom" width="39%"><p align="center"><font
        size="1"><b>Year </b><strong>2005</strong></font></p>
        <hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Operating and net
        profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion of
        inventory<br>
        holding (gains) losses </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Replacement cost
        operating profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion special
        items</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Adjusted operating
        profit and net profit </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="21%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Operating and net
        profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion of
        inventory<br>
        holding (gains) losses</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Replacement cost
        operating profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion special
        items</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Adjusted operating
        profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="100%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">3,559</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">3,559</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">3,577</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">E&amp;P</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">12,574</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">12,574</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">309</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">12,883</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">641</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">609</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">281</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">890</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">G&amp;P</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,321</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(127</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,194</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,531</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">329</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(177</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">152</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">227</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">379</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">R&amp;M</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">1,857</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(1,064</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">793</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">421</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">1,214</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">74</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">202</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">183</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">78</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">261</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">138</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">138</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">144</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">Oilfield
        Services Construction and Engineering</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">310</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">310</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">316</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(288</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(288</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">210</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(78</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(902</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(902</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">646</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(256</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(48</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(48</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(35</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(83</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">Corporate
        and financial companies</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(391</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(391</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">144</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(247</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Unrealized profit in inventory</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>4,399</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>(209</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>4,190</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>744</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>4,934</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>16,830</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>(1,210</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>15,620</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>1,941</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>17,561</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,105</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(131</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>1,974</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>422</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,396</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2"><strong>Net profit</strong></font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>8,788</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(759</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>8,029</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>1,222</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>9,251</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td colspan="30" bgcolor="#FFFFFF"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<p align="center">&nbsp;</p>

<p align="center">- 11-</p>

<hr noshade>

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

<p><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="39%"><p align="center"><font
        size="1"><b>Fourth quarter </b><strong>2004</strong></font></p>
        <hr size="1" noshade>
        </td>
        <td valign="bottom" width="22%">&nbsp; </td>
        <td valign="bottom" width="39%"><p align="center"><font
        size="1"><b>Year </b><strong>2004</strong></font></p>
        <hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Operating and net
        profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion of
        inventory<br>
        holding (gains) losses </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Replacement cost
        operating profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion special
        items</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Adjusted operating
        profit and net profit </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="21%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Operating and net
        profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion of
        inventory<br>
        holding (gains) losses</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Replacement cost
        operating profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion special
        items</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Adjusted operating
        profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="100%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">2,253</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">2,253</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">113</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">2,366</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">E&amp;P</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">8,185</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">8,185</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">8,202</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">878</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">882</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">908</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">G&amp;P</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,428</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,416</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,448</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(22</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">315</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">63</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">378</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">R&amp;M</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">1,080</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(39</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">687</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">236</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">923</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">164</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">136</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">320</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">277</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(14</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">263</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">53</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">Oilfield
        Services and Engineering</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">203</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">203</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">215</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(84</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(84</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(395</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(395</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">172</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(223</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(73</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(73</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">67</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">Corporate
        and financial companies</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(363</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(363</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">176</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(187</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Unrealized profit in inventory</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>3,551</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>(41</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>3,510</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>310</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>3,820</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>12,399</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>(448</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>11,951</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>631</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>12,582</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,109</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(26</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,083</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>99</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,182</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2"><strong>Net profit</strong></font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>7,059</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(281</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>6,778</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(133</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>6,645</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td colspan="30" bgcolor="#FFFFFF"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="4">Analysis of special items</font></p>

<p><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom"><hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
        size="1"><b> </b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">314</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Environmental provisions</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">303</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">835</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">161</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">69</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Provision
        to the risk reserve</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">234</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">379</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">154</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Mineral and other asset impairments</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">336</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">363</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">290</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Antitrust
        fine</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">290</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">44</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Provision for redundancy incentives</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">65</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">79</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(29</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Net gains
        on E&amp;P portfolio rationalisation</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(320</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(47</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Other</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>310</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>744</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Special
        items of operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>631</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,941</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Expense (income) from investments</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(390</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(137</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><i>- Gain
        on the sale of a 9.054% stake of Snam Rete Gas</i></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(308</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><i>- Gain on the sale of Agip do Brasil SA</i></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(94</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(4</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><i>- Gain
        on the sale of IP</i></font></td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(139</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Other</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>317</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>739</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Non-recurring
        items before taxes</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>241</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,831</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(218</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(317</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Taxes on special items</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(374</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(609</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>99</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>422</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Total
        special items</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(133</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,222</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="40%">&nbsp;</td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p align="center">- 12 -</p>

<hr noshade>

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

<p><font size="4">Adjusted operating profit and net profit</font></p>

<p><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,366</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,577</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">51.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">E&amp;P</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8,202</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12,883</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">57.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">908</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">890</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">G&amp;P</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,448</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,531</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">378</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">379</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">R&amp;M</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">923</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,214</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">31.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">136</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">74</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(45.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Petrochemicals</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">263</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">261</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(0.8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">53</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">144</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">171.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">215</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">316</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">47.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(49</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(78</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(59.2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Other
        activities</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(223</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(256</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(14.8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(83</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(187</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(247</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(32.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Unrealized
        profit in inventory</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(141</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,820</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,934</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>29.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Adjusted operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>12,582</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>17,561</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>39.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,182</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,396</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>9.8</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Adjusted
        net profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6,645</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>9,251</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>39.2</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="40%">&nbsp;</td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="5" face="Times">Information on bonds</font></p>

<p><font size="4" face="Times"><b>Bonds maturing in the 18-month
period starting on 31 December 2005</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%"><font size="2">(million
        euro)</font><hr size="1" noshade>
        </td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="1"><b>Issuing
        company</b></font></td>
        <td valign="bottom" width="20%"><p align="right"><font
        size="1"><b>Amount at 31 December 2005 </b><sup>(1)</sup></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="20%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">181</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Eni USA
        Inc</font></td>
        <td valign="bottom" width="20%"><p align="right"><font
        size="2">254</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>435</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><hr size="1" noshade>
        <hr size="1" noshade>
        </td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        <hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1" face="Times">Amounts
        in euro at 31 December 2005 include instalments with
        interest accrued.</font></td>
    </tr>
</table>

<p><font size="4" face="Times"><b>Bonds issued in the 2005
(guaranteed by Eni SpA)<br>
</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="10%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1"><b>Issuing
        company</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>Nominal amount</b><br>
        (million)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>Currency</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>Amount at 31 Dec. 2005</b> <br>
        (million euro) <sup>(1)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>Maturity</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>Rate</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="right"><font
        size="1"><b>%</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="10%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="40%" bgcolor="#EEEEEE"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">100</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">USD</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">86</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2015</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">fixed</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4.800</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="40%"><font size="2">Eni
        Coordination Center SA</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">75</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">USD</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">62</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">2015</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">fixed</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">4.450</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="40%" bgcolor="#EEEEEE"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,000</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">JPY</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">22</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2021</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">fixed</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1.955</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="40%"><font size="2">Eni
        Coordination Center SA</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">5,000</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">JPY</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">36</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">2013</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">fixed</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">1.150</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="40%" bgcolor="#EEEEEE"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">100</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">EUR</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">102</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2017</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">fixed</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3.750</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="40%"><font size="2">Eni
        Coordination Center SA</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">100</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">EUR</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">100</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">2010</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">fixed</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2">2.876</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="40%" bgcolor="#EEEEEE"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">50</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">CHF</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">33</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2010</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">fixed</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2.043</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="40%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><p align="right"><font
        size="2"><b>441</b></font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="40%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1" face="Times">Amounts
        in euro at 31 December 2005 include instalments with
        interest accrued.</font></td>
    </tr>
</table>

<p align="center">- 13 -</p>

<hr noshade>

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

<p><font size="5" face="Times">Profit and loss account and
balance sheets of Eni SpA</font></p>

<p><font size="4" face="Times"><b>Summarised consolidated profit
and loss account</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Net sales from operations </font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">34,017</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">44,812</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">10,795</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">31.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Other
        income and revenues</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">376</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">285</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(91</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(24.2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Operating expenses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(30,262</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(41,033</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(10,771</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">35.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Depreciation,
        amortisation and writedowns</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(907</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(809</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">98</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(10.8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,224</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,255</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>31</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Net
        financial expense</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(56</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(58.9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Net income from investments </font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,394</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,461</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2,067</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">148.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><b>Profit
        before extraordinary items and income taxes</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2"><b>4,562</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2"><b>6,693</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2"><b>2,131</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2"><b>46.7</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Net extraordinary expense</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(55</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(467</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(412</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">749.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Cancellation
        of tax interference</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">1,076</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(1,076</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><b>Profit before income taxes </b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5,583</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6,226</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>643</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>11.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Income
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(899</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(938</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(39</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">4.3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><b>Net profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,684</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5,288</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>604</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="4" face="Times"><b>Summarised consolidated balance
sheet</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="57%"><font size="1">(million
        euro)</font></td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><font
        size="1"><b>31 Dec. 2004</b></font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><font
        size="1"><b>31 Dec. 2005</b></font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="57%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="13%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="13%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="56%" bgcolor="#EEEEEE"><font
        size="2"><b>Fixed assets</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>25,848</b></font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>25,995</b></font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>147</b></font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="56%"><font size="2"><b>Working
        capital, net</b></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><p align="right"><font
        size="2"><b>1,536</b></font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><p align="right"><font
        size="2"><b>549</b></font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><p align="right"><font
        size="2"><b>(987</b></font></p>
        </td>
        <td valign="top" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="top" width="56%" bgcolor="#EEEEEE"><font
        size="2"><b>Reserve for employee termination indemnities</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(202</b></font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(222</b></font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(20</b></font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="top" width="56%"><font size="2"><b>Net
        capital employed</b></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><p align="right"><font
        size="2"><b>27,182</b></font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><p align="right"><font
        size="2"><b>26,322</b></font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><p align="right"><font
        size="2"><b>(860</b></font></p>
        </td>
        <td valign="top" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="top" width="56%" bgcolor="#EEEEEE"><font
        size="2">Shareholders&#146; equity</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">26,204</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">25,440</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(764</font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="top" width="56%"><font size="2">Net
        borrowings</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><p align="right"><font
        size="2">978</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><p align="right"><font
        size="2">882</font></p>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><p align="right"><font
        size="2">(96</font></p>
        </td>
        <td valign="top" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="top" width="56%" bgcolor="#EEEEEE"><font
        size="2"><b>Total liabilities and shareholders&#146;
        equity</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>27,182</b></font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>26,322</b></font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="12%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(860</b></font></p>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="57%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="13%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="13%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>There follows a review of financial and operating performance
of Eni&#146;s main business divisions.</p>

<p align="center">- 14 -</p>

<hr noshade>

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

<p><font size="5">Fourth quarter operating results by division</font></p>

<p><font size="5">Exploration &amp; Production</font></p>

<p><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,436</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,405</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">44.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Revenues</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15,346</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22,477</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">46.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2,253</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,559</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">58.0</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Operating
        profit</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">8,185</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">12,574</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">53.6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">113</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Exclusion special items</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">309</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,366</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,577</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>51.2</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Adjusted
        operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>8,202</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>12,883</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>57.1</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="40%">&nbsp;</td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,234</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,516</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Capital expenditure</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,853</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,964</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font face="Times">Operating profit for the fourth quarter of
2005 was up euro 1,306 million to euro 3,559 million, or 58%,
reflecting primarily higher realisations in dollars (oil up
35.3%; natural gas up 10.1%) combined with a growth in sales
volumes (up 8.5 million boe, or 5.6%). The depreciation of the
euro over the dollar (approximately euro 280 million mainly
currency translation effects) and lower asset impairment (euro
157 million) also boosted the Exploration &amp; Production
replacement cost operating profit. Negative factors were higher
operating costs and amortisation charges also pertaining to
higher exploratory costs (euro 71 million) that Eni fully
amortised when incurred. Amortisation charges were also affected
by price impacts in certain PSAs and buy-back contracts.</font></p>

<p><font face="Times">Included in the results for the quarter was
a special charge of euro 18 million primarily resulting from
insurance charges, partly offset by asset write ups. In the
fourth quarter 2004 a special charge of euro 113 million was
recorded as a result of asset impairments.</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,704</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,806</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Daily production of oil and natural gas </b><sup>(1)</sup>
        (thousand boe)</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,624</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,737</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">272</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">254</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(6.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">271</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">261</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(3.7</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">411</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">522</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">27.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Africa</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">380</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">480</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">26.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">339</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">372</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">9.7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West
        Africa</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">316</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">343</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">8.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">306</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">291</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">308</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">283</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(8.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">376</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">367</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2.4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest
        of world</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">349</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">370</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">6.0</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>152.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>161.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Oil and natural gas production sold </b><sup>(1)</sup>
        (million boe)</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>577.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>614.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1" face="Times">Includes
        Eni&#146;s share of production of joint ventures
        accounted for under the equity method.</font></td>
    </tr>
</table>

<p><font face="Times"><b>Oil and natural gas production</b> for
the quarter increased 6% from the fourth quarter of 2004 to 1,806
mboe/d reflecting primarily the ramp-up of production in the
offshore section of the Western Libyan Gas Project (Eni&#146;s
interest 50%) and Kizomba B development project off the coast of
Angola (Eni&#146;s interest 20%). These increases were partially
offset by the impact of the hurricanes on production in the Gulf
of Mexico (down 29 kboe/d), adverse entitlement effects (down 26
kboe/d) and field declines in mature areas, mainly in natural gas
production in Italy. Excluding the impact of adverse entitlement
effects, oil and natural gas production increased 7.5%.</font></p>

<p>&nbsp;</p>

<p align="center">- 15 -</p>

<hr noshade>

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

<p>&nbsp;</p>

<p><font face="Times"><b>Net Proved Oil and Natural Gas Reserves
at 31 December 2005</b></font></p>

<p><font face="Times">Eni&#146;s <b>net proved reserves of oil
and natural gas</b> at 31 December 2005 were 6,837 mboe (oil:
3,773 mbbl; natural gas: 3,064 mboe), down 381 mboe from 2004 due
to an estimated 478 mboe adverse entitlement impact in certain
PSAs and buy-back contracts following the escalation in crude oil
prices (58.205 at 2005 year-end as compared to 40.47 dollar per
barrel of crude Brent at 2004 year-end). Excluding the price
impact, the reserve replacement ratio was 115% (40% taking
account of the price impact). The average reserve life index is
10.8 years (12.1 at 31 December 2004).</font></p>

<p><font face="Times">The change in proved reserves during the
year was as follows:</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%"><font size="2">(million
        boe)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net proved reserves at 31 December 2004</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>7,218</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Revisions,
        extensions and discoveries and improved recovery</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">625</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Production for the year</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(634</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2"><strong>7,209</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Purchase of proved property</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">106</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Price
        impact in PSAs and buy-back contracts</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(478</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net proved reserves at 31 December 2005</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6,837</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font face="Times">Additions to proved reserves booked in 2005
were 625 mboe, before the price impact (478 mboe). After the
price impact, additions were 147 mboe and derived from: (i)
extensions and discoveries (156 mboe), in particular in Nigeria,
Norway, Kazakhstan and Algeria; (ii) improved recovery (89 mboe),
in particular in Algeria, Angola and Kazakhstan. These increases
were partially offset by downward revisions for 98 mboe, in
particular in Kazakhstan, Angola and Libya. Upward revisions were
effected in Algeria, Norway and Congo. Eni also purchased 106
million boe of proved reserves in Kazakhstan, Australia, Italy
and Angola.</font></p>

<p><font face="Times">At 31 December 2005 proved developed
reserves amounted to 4,306 mboe, or 63% of total proved reserves
(60% as of 31 December 2004).</font></p>

<p align="center">- 16 -</p>

<hr noshade>

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

<p><font size="5">Gas &amp; Power</font></p>

<p><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,201</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,419</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">42.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Revenues</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17,302</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22,969</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">32.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">878</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">641</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(27.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Operating
        profit</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,428</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,321</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(3.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of inventory holding (gains) losses</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(127</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>882</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>609</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(31.0</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Replacement
        cost operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,416</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,194</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(6.5</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">281</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Exclusion special items</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>908</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>890</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(2.0</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Adjusted
        operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,448</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,531</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2.4</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="40%">&nbsp;</td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">352</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">411</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Capital expenditure</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,451</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,152</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(20.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font face="Times">Replacement cost operating profit in the
fourth quarter of 2005 was euro 609 million, down euro 273
million, or 31%, due primarily to a euro 290 million charge
pertaining to a fine imposed by the Italian regulator and the
euro 111 million estimated adverse impact of a decision by the
Italian Authority for Electricity and Gas affecting natural gas
prices to residential customers and wholesalers. A decrease in
natural gas sales margins and lower transport tariffs in Italy
following a revision of the tariff regime by the Italian
Authority for Electricity and Gas also adversely impacted the Gas
&amp; Power replacement cost operating profit. On the positive
side, sales volumes of natural gas were up 3.17 bcm or 14.9% and
production sold of electricity was up 1.86 terawatthour, or
44.2%; volumes distributed in Italy were also higher.</font></p>

<p><font face="Times">Included in the results for the quarter was
a special charge of euro 281 million related primarily to a euro
290 million charge pertaining to a fine imposed by the Italian
regulator. Special charges for the fourth quarter 2004 related
primarily to contingency provisions.</font></p>

<p align="center">- 17 -</p>

<hr noshade>

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

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Sales of natural gas </b>(billion cubic
        metres)</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">13.66 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">15.67 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">14.7 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Italy</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">50.08 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">52.47 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4.8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.75</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.39</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Rest of Europe</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">21.54 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23.44 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">0.25 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">0.22 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(12.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Outside
        Europe</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.17 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.17 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1.05 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1.47 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">40.0 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Own consumption</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.70 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5.54 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">49.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.15</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.59</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">20.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Sales of
        natural gas of Eni&#146;s affiliates (net to Eni)</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">7.32 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">8.53 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">16.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23.38
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>26.99
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>15.4
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Total sales of natural gas</b></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>83.81
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>91.15
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>8.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Transport
        of natural gas</b></font></td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>21.02
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>22.05
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>in Italy </b>(billion cubic metres)</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>80.41
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>85.10
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">13.55 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">14.75</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">8.9 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">52.15</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">54.88 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5.2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7.47 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7.30</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third parties</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">28.26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">30.22 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>4.21</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6.07</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>44.2</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Electricity
        production sold </b>(terawatthour)</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>13.85</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>22.77 </b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>64.4</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font face="Times">Natural gas sales for the fourth quarter of
2005 increased 3.61 billion cubic metres (bcm) to 26.99 bcm from
the fourth quarter of 2004, or 15.4%, primarily reflecting higher
sales in Italy (up 2.01 bcm) and in the rest of Europe (up 1.28
bcm) and higher own consumption of natural gas for power
generation (up 0.42 bcm).</font></p>

<p><font face="Times">Sales in Italy were up 14.7% from the
fourth quarter of 2004 reflecting higher sales in all segments
due also to weather conditions: sales volumes to wholesalers were
up 0.71 bcm, to the power generation industry up 0.52 bcm, to
residential customers up 0.39 bcm and to the industrial sector up
0.37 bcm. Increases in sales volumes to the industrial and
wholesalers sectors do not take into account that volumes of 0.56
bcm were supplied to operators in these sectors in accordance
with certain decisions of the Italian Antitrust Authority (known
as the &quot;Gas Release&quot;).</font></p>

<p><font face="Times">Sales volumes in the rest of Europe were up
mainly in Turkey and France.</font></p>

<p><font face="Times">Electricity production sold increased by
44.2% due to the continuing ramp-up of new production capacity.</font></p>

<p align="center">- 18 -</p>

<hr noshade>

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

<p><font size="5">Refining &amp; Marketing</font></p>

<p><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,050</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,555</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">35.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Revenues </font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">26,089</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">33,732</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">29.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">329</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2.4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Operating
        profit</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,080</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,857</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">71.9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(177</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of inventory holding (gains) losses</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(393</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,064</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>315</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>152</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(51.7</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Replacement
        cost operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>687</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>793</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>15.4</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">227</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Exclusion special items</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">236</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">421</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>378</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>379</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>0.3</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Adjusted
        operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>923</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,214</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>31.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="40%">&nbsp;</td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">253</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">317</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">25.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Capital expenditure</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">693</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">656</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
</table>

<p><font face="Times">Replacement cost operating profit for the
fourth quarter of 2005 totalled euro 152 million, a decrease of
euro 163 million from the fourth quarter of 2004, or 51.7%, due
primarily to higher environmental provisions and insurance
charges (euro 164 million). Excluding these negatives, operating
profit remained unchanged. In refining activities, declining
realised refining margins (Brent margin was down 0.70
dollars/barrel, or 12%) were partially offset by higher
throughputs and the favourable impact of the depreciation of the
euro over the dollar. In marketing activities, positive factors
were higher operating profit on the Italian network and sales
margins on oxygenates, partially offset by lower sales margins in
the wholesale market and higher royalties for highway
concessions.</font></p>

<p><font face="Times">Included in the result for the quarter was
a special charge of euro 227 million related to environmental
provisions and insurance charges. Special charges for the fourth
quarter of 2004 were euro 63 million and related to environmental
provisions and asset impairments.</font></p>

<p><font face="Times">Refining throughputs on its own account for
the quarter in Italy and outside Italy were up 0.42 million
tonnes to 10.22 million tonnes from the fourth quarter of 2004,
or 4.3%, reflecting higher processing both at wholly-owned
refineries and at third party refineries.</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>13.43
        </b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>13.66</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><b>Sales </b>(million tonnes)</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>53.54</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>51.63</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(3.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.77 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.20 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(20.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail
        sales Italy</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">10.93 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">10.05 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(8.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.88 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.91 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.4 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail sales rest
        of Europe</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.47 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.67 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5.8 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail
        sales Brazil</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">0.57 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.91 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.83 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesale sales
        Italy</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10.70 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10.48 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.16 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.20 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3.4 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesale
        sales outside Italy</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5.30 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4.50 </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(15.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5.71 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.52 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">14.2 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other sales</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22.57 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22.93 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1.6 </font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font face="Times">Sales volumes of refined products for the
quarter were up 230 ktonnes to 13.66 million tonnes from the
fourth quarter of 2004, or 1.7%, reflecting increased sales
volumes on retail and wholesale markets in the rest of Europe (up
70 ktonnes) and sales to traders and other oil companies outside
Italy (up 390 ktonnes). Sales volumes on the wholesale market and
on the Agip branded network in Italy were down 140 ktonnes. The
500 ktonnes reduction due to the divestment of the entire share
capital of IP which occurred early in September 2005 was
partially offset by Eni&#146;s ongoing supply of significant
volumes of fuels and other products to the divested company (up
483 ktonnes).</font></p>

<p align="center">- 19 -</p>

<hr noshade>

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

<p>&nbsp;</p>

<p><font face="Times">Sales volumes of refined products on the
Agip branded network in Italy were down 60 ktonnes to 2.2
mtonnes, due primarily to lower domestic consumption, the effect
of which was partly offset by a better performance of the
network.</font></p>

<p><font face="Times">Sales volumes of refined products on retail
markets in the rest of Europe increased 31 ktonnes, or 3.4%,
reflecting principally the build-up in the number of service
stations in Germany and Spain.</font></p>

<p>&nbsp;</p>

<p align="center">- 20 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="103">Table of Contents</a></h5>

<p align="center"><font size="6"
face="Times New Roman,Times New Roman"><img
src="sj0305sj00000.gif" width="74" height="75"></font></p>

<p align="center" style="font-size: 10pt"><font size="6"
face="Times New Roman,Arial Bold">Eni preliminary results<br>
</font><font size="4" face="Times New Roman,Arial Bold">for</font><font
size="5" face="Times New Roman,Arial Bold"> <br>
</font><font size="6" face="Times New Roman,Arial Bold">2005</font></p>

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

<p>&nbsp;</p>

<p align="center"><font size="2"
face="Times New Roman,Arial Bold">February 28, 2006</font></p>

<hr noshade>

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

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><b>Summary financial data</b></td>
        <td valign="bottom" width="50%"><p align="right"><font
        size="1">(million euro)</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">16,190</font></p>
        </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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>21,536</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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">5,346</font></p>
        </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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">33.0</font></p>
        </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="44%" 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 valign="bottom" width="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">57,545</font></p>
        </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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>73,758</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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">16,213</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 valign="bottom" width="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">28.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" height="15"><p
        align="right"><font size="2">3,551</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="5%" height="15"><p
        align="right"><font size="2"><b>4,399</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="5%" height="15"><p
        align="right"><font size="2">848</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="5%" height="15"><p
        align="right"><font size="2">23.9</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="44%" height="15"><font
        size="2">Operating profit</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="5%" height="15"><p
        align="right"><font size="2">12,399</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="5%" height="15"><p
        align="right"><font size="2"><b>16,830</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="5%" height="15"><p
        align="right"><font size="2">4,431</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="5%" height="15"><p
        align="right"><font size="2">35.7</font></p>
        </td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">3,510</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>4,190</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">680</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">19.4</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="44%" bgcolor="#EEEEEE"
        height="19"><font size="2">Replacement cost operating
        profit <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">11,951</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>15,620</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">3,669</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">30.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" height="19"><p
        align="right"><font size="2">3,820</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="5%" height="19"><p
        align="right"><font size="2"><b>4,934</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="5%" height="19"><p
        align="right"><font size="2">1,114</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="5%" height="19"><p
        align="right"><font size="2">29.2</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="44%" height="19"><font
        size="2">Adjusted operating profit <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="5%" height="19"><p
        align="right"><font size="2">12,582</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="5%" height="19"><p
        align="right"><font size="2"><b>17,561</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="5%" height="19"><p
        align="right"><font size="2">4,979</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="5%" height="19"><p
        align="right"><font size="2">39.6</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">2,109</font></p>
        </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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>2,105</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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(4</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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">(0.2</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="44%" bgcolor="#EEEEEE"
        height="15"><font size="2">Net profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">7,059</font></p>
        </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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2"><b>8,788</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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">1,729</font></p>
        </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="5%" bgcolor="#EEEEEE"
        height="15"><p align="right"><font size="2">24.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="15">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" height="19"><p
        align="right"><font size="2">2,083</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="5%" height="19"><p
        align="right"><font size="2"><b>1,974</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="5%" height="19"><p
        align="right"><font size="2">(109</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="5%" height="19"><p
        align="right"><font size="2">(5.2</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="44%" height="19"><font
        size="2">Replacement cost net profit <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
        <td valign="bottom" width="5%" height="19"><p
        align="right"><font size="2">6,778</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="5%" height="19"><p
        align="right"><font size="2"><b>8,029</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="5%" height="19"><p
        align="right"><font size="2">1,251</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="5%" height="19"><p
        align="right"><font size="2">18.5</font></p>
        </td>
        <td valign="bottom" width="1%" height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">2,182</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>2,396</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">214</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">9.8</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="44%" bgcolor="#EEEEEE"
        height="19"><font size="2">Adjusted net profit <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">6,645</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2"><b>9,251</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">2,606</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="5%" bgcolor="#EEEEEE"
        height="19"><p align="right"><font size="2">39.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="19">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" height="15"><p
        align="right"><font size="2">1,995</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="5%" height="15"><p
        align="right"><font size="2"><b>2,464</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="5%" height="15"><p
        align="right"><font size="2">469</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="5%" height="15"><p
        align="right"><font size="2">23.5</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="44%" height="15"><font
        size="2">Capital expenditure</font></td>
        <td valign="bottom" width="1%" height="15">&nbsp;</td>
        <td valign="bottom" width="5%" height="15"><p
        align="right"><font size="2">7,499</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="5%" height="15"><p
        align="right"><font size="2"><b>7,414</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="5%" height="15"><p
        align="right"><font size="2">(85</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="5%" height="15"><p
        align="right"><font size="2">(1.1</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 valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">For a
        definition of replacement cost profit and adjusted profit
        see note to the profit and loss account in the financial
        review below.</font></td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><strong>Key market
        indicators</strong></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">44.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>56.90</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">12.90</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">29.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Average price of Brent dated crude oil <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">38.22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>54.38</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">16.16</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">42.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.296</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.189</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(0.107</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(8.3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Average
        EUR/USD exchange rate <sup>(2)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.244</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.244</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">33.95</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>47.86</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">13.91</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">41.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Average price in euro of Brent dated crude oil</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">30.72</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>43.71</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">12.99</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">42.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">5.75</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>5.05</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(0.70</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(12.2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Average
        European refining margin <sup>(3)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">4.35</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>5.78</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.43</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">32.9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4.44</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4.25</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(0.19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(4.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Average European refining margin in euro</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3.50</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4.65</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1.15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">32.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">2.2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2.3</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">4.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Euribor -
        three-month rate (%)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">2.1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2.2</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">4.8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">87.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Libor - three-month dollar rate (%)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1.90</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">118,8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

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

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 2 &#150;</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%">
    <tr>
        <td valign="bottom" width="50%"><strong>Summary operating
        data</strong></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Daily production:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1,090</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,132</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3.9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;oil
        (thousand barrels)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1,034</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,111</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">77</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">7.4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">614</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>674</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">60</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">9.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;natural gas <sup>(1)</sup>
        (thousand boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">590</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>626</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">6.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,704</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,806</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>102</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>6.0</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>hydrocarbons</b>
        <sup>(1)</sup> (thousand boe)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,624</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,737</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>113</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7.0</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Proved reserves:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;oil
        (million barrels)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">4,008</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>3,773</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(235</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(5.9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;natural gas
        (million boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,210</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,064</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(146</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(4.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>hydrocarbons</b>
        (million boe)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7,218</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>6,837</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(381</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(5.3</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">20.18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>22.93</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2.75</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">13.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Sales of natural gas to third parties (billion
        cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">72.79</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>77.08</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4.29</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">5.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.05</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.47</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">40.0</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Own
        consumption of natural gas (billion cubic meters)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3.70</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>5.54</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.84</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">49.7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>21.23</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>24.40</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3.17</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>14.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>76.49</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>82.62</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6.13</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>8.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">2.15</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2.59</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.44</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">20.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Sales of
        natural gasof Eni&#146;s affiliates (net to Eni) (billion
        cubic meters)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">7.32</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>8.53</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.21</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">16.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>23.38</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>26.99</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3.61</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>15.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><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">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>83.81</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>91.15</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>7.34</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>8.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">7.47</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7.30</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(0.17</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(2.3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Natural
        gas transported on behalf of third parties in Italy
        (billion cubic meters)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">28.26</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>30.22</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.96</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">6.9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4.21</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6.07</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1.86</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">44.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Electricity production sold (terawatthour)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">13.85</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>22.77</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">8.92</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">64.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">13.43</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>13.66</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.23</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Sales of
        refined products (million tonnes)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">53.54</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>51.63</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(1.91</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(3.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,242</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,289</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">47</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Sales of petrochemicals products (thousand
        tonnes)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">5,187</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5,376</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">189</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Includes own
        consumption of natural gas (44,000 and 38,000 boe/day in
        2005 and 2004; 49,000 and 45,000 boe/day in the fourth
        quarter of 2005 and 2004, respectively).</font></td>
    </tr>
</table>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 3 &#150;</p>

<hr noshade>

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

<p><font size="4">Basis of presentation</font></p>

<p><font face="Times New Roman,Arial Bold">Eni&#146;s preliminary
results for 2005, unaudited, have been prepared in accordance
with the evaluation and measurement criteria contained in the
International Financial Reporting Standards (IFRS) issued by the
International Accounting Standard Board (IASB) and adopted by the
European Commission according to the procedure set forth in
Article 6 of the European Regulation (CE) No. 1606/2002 of the
European Parliament and European Council of July 19, 2002.</font></p>

<p><font face="Times New Roman,Arial Bold">Financial information
relating to profit and loss account data are presented as of
December 31, 2005 and the fourth quarter of 2005 and as of
December 31, 2004 and the fourth quarter of 2004. Financial
information relating to balance sheet data are presented at
December 31, 2005 and December 31, 2004. Tables are comparable
with those of 2004 financial statements and the first half
report.</font></p>

<p><font face="Times New Roman,Arial Bold">Accounts for 2004 and
the fourth quarter of 2004 have been restated for comparability
with the exception of IAS no. 32 and IAS no. 39, pertaining to
the account of derivative contracts, which have been applied
starting on January 1, 2005.</font></p>

<p>&nbsp;</p>

<p><font face="Times New Roman,Arial Bold"><b>Inclusion of Saipem
in consolidation</b></font></p>

<p><font face="Times New Roman,Arial Bold">Saipem SpA, in which
Eni held a 43.26% share of voting stock as of December 31, 2005,
was excluded from consolidation in the quarterly reports of 2005
and in comparable accounts from January 1, 2004 due to a
restrictive interpretation of the provisions of IAS 27
&quot;Consolidated Financial Statements and Accounting for
Investments in Subsidiaries&quot;, according to which full
consolidation is admissible only if the parent company holds the
majority of voting rights exercisable in ordinary
shareholders&#146; meetings, or failing this, when there exists
an agreement among shareholders or other situations that give to
the parent company the autonomous and uncontrollable power to
appoint the majority of the Board of Directors. Under this
interpretation Saipem SpA, despite being controlled by Eni in
accordance with article 2359, paragraph 2 of the Italian Civil
Code, in 2005 quarterly reports was accounted for under the
equity method.</font></p>

<p><font face="Times New Roman,Arial Bold">In October 2005, IASB
Update published a statement indicating that the concept of
control as defined by IAS 27 included the situation as described
by article 2359, paragraph 2 of the Italian Civil Code, despite
the fact that the lack of precise indications allows also for a
different interpretation of this standard. IASB declared its
intention to provide more detailed indications on the exercise of
control in its new version of IAS 27.</font></p>

<p><font face="Times New Roman,Arial Bold">In consideration of
the intention expressed by IASB, Eni included Saipem SpA and its
subsidiaries in consolidation under IFRS starting January 1,
2004. This determined also the recovery of the Oilfield Services
Construction and Engineering segment which includes Saipem and
Snamprogetti. Data for 2004 used for comparisons and financial
information as of September 30, 2005 have been reclassified
accordingly.</font></p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 4 &#150;</p>

<hr noshade>

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

<p align="left"><font size="5">financial review</font></p>

<p align="left"><font size="4">Profit and loss account</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">16,190</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>21,536</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">5,346</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">33.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Net sales from operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">57,545</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>73,758</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">16,213</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">28.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">360</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>318</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(42</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(11.7</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Other
        income and revenues</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1,377</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>798</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(579</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(42.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(11,618</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(15,711</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(4,093</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(35.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Operating expenses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(41,592</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(51,945</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(10,353</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(24.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(1,381</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(1,744</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(363</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(26.3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Depreciation,
        amortization and writedowns</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(4,931</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(5,781</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(850</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(17.2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,551</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>848</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>23.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>16,830</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,431</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>35.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(98</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(39</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(66.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Net
        financial expense</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(156</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(366</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(210</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(134.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">95</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>143</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">48</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">50.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Net income from investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">820</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>911</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">91</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">11.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>3,587</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>4,444</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>857</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>23.9</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Profit
        before income taxes</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>13,063</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>17,375</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>4,312</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>33.0</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(1,343</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(2,237</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(894</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(66.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Income taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(5,522</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(8,128</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(2,606</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(47.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,244</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,207</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(37</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(1.6</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Profit
        before minority interest</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7,541</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>9,247</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,706</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>22.6</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(135</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(102</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(24.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Minority interest</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(482</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(459</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,109</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,105</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(4</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(0.2</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Net
        profit</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7,059</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>8,788</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,729</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>24.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,109</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,105</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(4</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(0.2</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Net
        profit</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7,059</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>8,788</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,729</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>24.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(131</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(105</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(281</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(759</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(478</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,083</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,974</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(109</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(5.2</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Replacement
        cost net profit</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>6,778</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>8,029</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,251</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>18.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">99</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>422</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">323</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(133</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,222</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,355</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,182</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,396</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>214</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>9.8</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Adjusted
        net profit</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>6,645</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>9,251</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,606</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>39.2</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p align="left">&nbsp;</p>

<p align="left"><font face="Times New Roman,Arial Bold"><b>2005</b></font></p>

<p><font face="Times New Roman,Arial Bold">Eni&#146;s preliminary
consolidated financial statements at December 31, 2004 showed a
net profit of euro 8,788 million, a new record for Eni. The euro
1,729 million increase from 2004, (up 24.5%) reflected primarily
a euro 4,431 million increase in operating profit (up 35.7%)
&#150; of which euro 762 million are a higher inventory holding
gain &#150; recorded in particular in the Exploration &amp;
Production segment, deriving from an increase in realizations in
dollars (Brent up 42.3%) and higher sales volumes of oil and gas
(up 38.3 million boe, or 6.7%) whose effects were offset in part
by higher environmental provisions (euro 532 million), a
provision to the risk reserve concerning the fine imposed on
February 15, 2006 by the Antitrust Authority and the estimated
impact of the application of Decision No. 248/2004 of the
Authority for Electricity and Gas from January 1, 2005 affecting
natural gas prices to residential customers and wholesalers (euro
515 million) and the recording of net gains on the sale of assets
in 2004 by the Exploration &amp; Production segment (euro 320
million).</font></p>

<p><font face="Times New Roman,Arial Bold">The increase in
operating profit was offset in part by higher income taxes (euro
2,606 million).</font></p>

<p><font face="Times New Roman,Arial Bold">Adjusted net profit,
that does not include an inventory holding gain of euro 759
million after taxes, and a euro 1,222 million special charge
after taxes, increased by euro 2,606 million or 39.2% to euro
9,251 million.</font></p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 5 &#150;</p>

<hr noshade>

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

<p align="left">&nbsp;</p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="4%"><img src="sj0505sj00004.gif"
        width="75" height="21"></td>
        <td valign="top" width="5%">&nbsp;</td>
        <td valign="top" width="92%"><p align="left"><strong>Operating
        profit</strong></p>
        </td>
    </tr>
</table>
</div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2,253</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,559</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,306</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">58.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">8,185</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12,574</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4,389</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">53.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">878</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>641</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(237</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(27.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3,428</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>3,321</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(107</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(3.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>329</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(2.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,080</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,857</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">777</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">71.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">164</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>37</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(127</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(77.4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">320</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>202</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(118</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(36.9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>138</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">96</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">228.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">203</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>310</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">107</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">52.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(84</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(288</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(204</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(242.9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(395</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(902</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(507</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(128.4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(73</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(48</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">34.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(363</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(391</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(7.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>31</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Unrealized
        profit in inventory <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(141</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(82</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,551</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>848</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>23.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12,399</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>16,830</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,431</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>35.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(41</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(209</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(168</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(448</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(1,210</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(762</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,510</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,190</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>680</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>19.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Replacement cost operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>11,951</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>15,620</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,669</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>30.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">310</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>744</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">434</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">631</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,941</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1,310</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,820</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,934</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,114</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>29.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Adjusted operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12,582</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>17,561</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,979</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>39.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Unrealized
        profit in inventory concerned intersegment sales of goods
        and services.</font></td>
    </tr>
</table>

<p align="left">Replacement cost operating profit for year 2005
was euro 15,620 million, an increase of euro 3,669 million from
2004, or 30.7%, reflecting primarily the increases reported in
the following segments:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">Exploration &amp; Production
        (up euro 4,389 million, or 53.6%) primarily reflecting
        higher realizations in dollars (oil up 41.3%, natural gas
        up 15.6%) combined with increased production volumes sold
        (up 38.3 million boe, or 6.7%), offset in part by higher
        operating costs and amortization charges and the fact
        that net gains on the divestment of assets for euro 320
        million were recorded in 2004;</td>
    </tr>
    <tr>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%"><font
        face="Times New Roman,Arial Bold">Refining &amp;
        Marketing (up euro 106 million, or 15.4%) primarily
        reflecting stronger realized refining margins (margins on
        Brent were up 1.40 dollar/barrel, or 33%) and realized
        marketing margins on the Italian network, offset in part
        by higher environmental provisions</font></td>
    </tr>
</table>

<p align="left">These increases were partly offset by:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%"><font
        face="Times New Roman,Arial Bold">lower replacement cost
        operating profit in the Gas &amp; Power segment (down
        euro 222 million, or 6.5%) due primarily to a euro 290
        million charge pertaining to a fine imposed by the
        Italian regulator and the euro 225 million estimated
        adverse impact of a decision by the Italian Authority for
        Gas and Electricity affecting natural gas prices to
        residential customers and wholesalers. A decrease in
        natural gas and electricity sales margins also adversely
        impacted the Gas &amp; Power replacement cost operating
        profit. On the positive side, sales volumes of natural
        gas were up 6.13 billion cubic meters or 8% and
        production sold of electricity was up 8.92 terawatthour,
        or 64.4%;</font></td>
    </tr>
    <tr>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%"><font
        face="Times New Roman,Arial Bold">higher operating losses
        recorded by the Other activities segment (down euro 507
        million, or 128.4%) due primarily to higher environmental
        and other provisions (euro 439 million).</font></td>
    </tr>
</table>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 6 &#150;</p>

<hr noshade>

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

<p align="left"><font face="Times New Roman,Arial Bold"><b>Fourth
quarter</b></font></p>

<p><font face="Times New Roman,Arial Bold">Eni&#146;s fourth
quarter <b>net profit</b> was euro 2,105 million, substantially
unchanged, from the fourth quarter 2004, primarily due to higher
charges for income taxes, up euro 894 million and a euro 848
million increase in operating profit.</font></p>

<p><font face="Times New Roman,Arial Bold">The increase in
operating profit was driven by higher realizations in dollars on
oil and natural gas (oil up 29.3%; natural gas up 10.1%) combined
with growth in sales volumes (up 8.5 million boe) in the
upstream, and growth in sales volumes of natural gas (up 3.17
billion cubic meters). The depreciation of the euro over the
dollar also boosted operating profit. Negative factors were a
euro 290 million charge pertaining to a fine imposed by the
Italian regulator and the euro 111 million estimated adverse
impact of a decision by the Italian Authority for Gas and
Electricity affecting natural gas prices to residential customers
and wholesalers and higher environmental provisions (euro 277
million).</font></p>

<p><font face="Times New Roman,Arial Bold">Higher charges for
income taxes were driven by two significant factors besides an
increase in profit before income taxes (euro 857 million).
Firstly, profit for the quarter was adversely impacted by a euro
290 million fiscally non-deductible charge pertaining to a fine
imposed by the Italian regulator. The second factor was the
higher share of profit before income taxes earned by subsidiaries
in the Exploration &amp; Production segment operating in
Countries where the statutory tax rate is higher than the average
tax rate for the Group.</font></p>

<p><font face="Times New Roman,Arial Bold">Adjusted net profit,
that does not include an inventory holding gain of euro 131
million after taxes, and a euro 422 million special charge after
taxes, increased by euro 214 million or 9.8% to euro 2,396
million.</font></p>

<p><font face="Times New Roman,Arial Bold">Replacement cost
operating profit for the quarter was euro 4,190 million, a rise
of euro 680 million from the fourth quarter of 2004, or 19.4%,
reflecting primarily the increase reported in the Exploration
&amp; Production segment (up euro 1,306 million, or 58%) deriving
mainly from higher realizations in dollars (oil up 35.3%; natural
gas up 10.1%) combined with growth in sales volumes (up 8.5
million boe, or 5.6%). The appreciation of the dollar over the
euro (8.3%) and lower asset impairment (down euro 157 million)
also boosted the Exploration &amp; Production replacement cost
operating profit. Negative factors were higher operating costs
and amortization charges.</font></p>

<p><font face="Times New Roman,Arial Bold">The increase in the
Exploration segment was partially offset by:</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%"><font
        face="Times New Roman,Arial Bold">lower replacement cost
        operating profit in the Gas &amp; Power segment (down
        euro 273 million, or 31%) due primarily to a euro 290
        million charge pertaining to a fine imposed by the
        Italian regulator and the euro 111 million estimated
        adverse impact of a decision by the Italian Authority for
        Gas and Electricity affecting natural gas prices to
        residential customers and wholesalers. A decrease in
        natural gas and electricity sales margins also adversely
        impacted the Gas &amp; Power replacement cost operating
        profit. On the positive side, sales volumes of natural
        gas were up 3.17 billion cubic meters or 15.4% and
        production sold of electricity was up 1.86 terawatthour,
        or 44.2%;</font></td>
    </tr>
    <tr>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%"><font
        face="Times New Roman,Arial Bold">higher operating losses
        recorded by the Other activities segment (euro 204
        million, or 244%) due primarily to higher environmental
        provisions (euro 134 million);</font></td>
    </tr>
    <tr>
        <td valign="top">&#149;</td>
        <td valign="top">&nbsp;</td>
        <td valign="top">lower replacement cost operating profit
        in the Refining &amp; Marketing segment (down euro 163
        million, or 51.7%) due primarily to higher environmental
        provisions (euro 133 million) and declining realized
        refining margins.</td>
    </tr>
</table>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 7 &#150;</p>

<hr noshade>

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

<p align="left"><font size="5">Analysis of profit and loss
account items<br>
</font></p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="4%"><img src="sj0505sj00004.gif"
        width="75" height="21"></td>
        <td valign="top" width="5%">&nbsp;</td>
        <td valign="top" width="92%"><p align="left"><strong>Net
        sales from operations</strong></p>
        </td>
    </tr>
</table>
</div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="28%"><font size="1">&nbsp; </font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4,436</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6,405</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,969</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">44.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">15,346</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>22,477</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">7,131</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">46.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">5,201</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7,419</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">2,218</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">42.6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">17,302</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>22,969</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">5,667</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">32.8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">7,050</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>9,555</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2,505</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">35.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">26,089</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>33,732</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">7,643</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">29.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1,476</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,656</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">180</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">12.2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">5,331</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>6,255</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">924</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">17.3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,577</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,837</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">260</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">16.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">5,696</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5,763</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">67</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">385</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>420</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">9.1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1,279</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,358</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">79</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">6.2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">249</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>317</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">68</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">27.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">851</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>977</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">126</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">14.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(4,184</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(6,073</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(1,889</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(45.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Consolidation
        adjustment</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(14,349</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(19,773</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(5,424</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(37.8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>16,190</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>21,536</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5,346</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>33.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Net sales from operations</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>57,545</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>73,758</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>16,213</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>28.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p align="left"><font face="Times New Roman,Arial Bold"><b>2005</b></font></p>

<p>Eni&#146;s <b>net sales from operations</b> (revenues) for
2005 were euro 73,758 million, up euro 16,213 million from 2004,
or 28.2%, reflecting primarily higher product prices and volumes
sold in all of Eni&#146;s main operating segments.</p>

<p>Revenues generated by the Exploration &amp; Production segment
were euro 22,477 million, up euro 7,131 million, or 46.5%,
reflecting primarily higher prices realized in dollars (oil up
41.3%, natural gas up 15.6%) and higher oil and gas production
sold (38.3 million boe), partially offset by the appreciation of
the euro over the dollar.</p>

<p>Revenues generated by the Gas &amp; Power segment were euro
22,969 million, up euro 5,667 million, or 32.8%, reflecting
primarily increased natural gas prices and increased volumes sold
of natural gas (4.29 billion cubic meters, or 5.9%) and higher
electricity production sold (8.92 terawatthour, up 64.4%).</p>

<p>Revenues generated by the Refining &amp; Marketing segment
were euro 33,732 million, up euro 7,643 million, or 29.3%,
reflecting primarily higher international prices for oil and
refined products, offset in part by: (i) lower volumes sold on
Italian retail and wholesale markets (down 1.1 million tonnes),
also related to the divestment of IP, offset in part by higher
sales to the divested company related to a five year supply
contract; (ii) the effect of the sale of LPG and refined product
distribution activities in Brazil in August 2004; (iii) lower
trading activities (1.3 million tonnes).</p>

<p>Revenues generated by the Petrochemical segment were euro
6,255 million, up euro 924 million, or 17.3%, reflecting
primarily the 12% increase in average selling prices and the 3.6%
increase in volumes sold.</p>

<p align="left">&nbsp;</p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="4%"><img src="sj0505sj00004.gif"
        width="75" height="21"></td>
        <td valign="top" width="5%">&nbsp;</td>
        <td valign="top" width="92%"><p align="left"><strong>Other
        income and revenues</strong></p>
        </td>
    </tr>
</table>
</div>

<p align="left"><font face="Times New Roman,Arial Bold"><b>Other
income and revenues</b> for 2005 (euro 798 million) declined by
euro 579 million, down 42%, principally due to lower gains on
asset divestment in relation to the fact that in 2004 gains on
the sale of mineral assets were recorded by the Exploration &amp;
Production segment for euro 373 million, the fact that starting
in 2005 derivative contracts on commodities were accounted for
under IFRS no. 32 and 39 and the fact that in 2004 part of an
environmental tax paid to the Sicilia Region was reimbursed for
euro 11 million.</font></p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 8 &#150;</p>

<hr noshade>

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

<p align="left">&nbsp;</p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="4%"><img src="sj0505sj00004.gif"
        width="75" height="21"></td>
        <td valign="top" width="5%">&nbsp;</td>
        <td valign="top" width="92%"><p align="left"><strong>Operating
        expenses</strong></p>
        </td>
    </tr>
</table>
</div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="28%"><font size="1">&nbsp; </font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">10,761</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>14,858</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4,097</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">38.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Purchases, services and other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">38,347</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>48,587</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">10,240</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">26.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">857</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>853</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(0.5</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Payroll
        and related costs</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3,245</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>3,358</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">113</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>11,618</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>15,711</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,093</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>35.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>41,592</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>51,945</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>10,353</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>24.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold"><b>Operating expenses</b>
for 2005 (euro 51,945 million) were up euro 10,353 million from
2004, or 24.9%, reflecting primarily: (i) higher prices for
oil-based and petrochemical feedstocks and for natural gas; (ii)
higher environmental provisions (euro 532 million in 2005;),
recorded in particular in the Other activities and the Refining
&amp; Marketing segment; (iii) a provision to the risk reserve
concerning the fine imposed on February 15, 2006 by the Antitrust
Authority and the estimated impact of the application of Decision
No. 248/2004 of the Authority for electricity and gas starting on
January 1, 2005 (euro 515 million); (iv) a euro 87 million
increase in insurance charges deriving from the extra premium due
for 2005 and for the next five years (assuming normal accident
rates) related to the participation of Eni to Oil Insurance Ltd.
These higher charges took account of the exceptionally high rate
of accidents occurred in 2004-2005 two-year period; (v) higher
charges pertaining to risks on certain legal proceedings and
contractual obligations (euro 58 million). These increases were
partially offset by the sale of activities in Brazil.</font></p>

<p><font face="Times New Roman,Arial Bold">Labor costs (euro
3,358 million) were up euro 113 million, or 3,5%, reflecting
primarily an increase in unit labor cost in Italy, offset in part
by a decline in the average number of employees in Italy and the
effect of the sale of refined product distribution activities in
Brazil.</font></p>

<p>&nbsp;</p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="4%"><img src="sj0505sj00004.gif"
        width="75" height="21"></td>
        <td valign="top" width="5%">&nbsp;</td>
        <td valign="top" width="92%"><p align="left"><strong>Depreciation,
        amortization and writedowns</strong></p>
        </td>
    </tr>
</table>
</div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="28%"><font size="1">&nbsp; </font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">831</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,326</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">495</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">59.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,047</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,945</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">898</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">29.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">176</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>169</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(7</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(4.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Gas &amp;
        Power </font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">637</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>684</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">47</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">7.4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">118</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>121</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">465</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>461</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(0.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>30</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">7.1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">114</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>118</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">38</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>44</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">15.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">184</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>176</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(4.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(30.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">45</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>31</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(14</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(31.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">29</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>41</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">41.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">106</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>98</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(7.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(4</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Unrealized
        profit in stock</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(4</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,230</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,734</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>504</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>41.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Total amortization and depreciation</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,598</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5,509</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>911</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>19.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>151</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>10</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(141</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(93.4</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Writedowns</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>333</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>272</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(61</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(18.3</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,381</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,744</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>363</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>26.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,931</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5,781</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>850</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>17.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold">In 2005 <b>depreciation
and amortization charges</b> (euro 5,509 million) were up euro
911 million, or 19.8%, from 2004 mainly in the Exploration &amp;
Production segment (euro 898 million) reflecting primarily: (i)
increased expenditure aimed at maintaining production levels in
mature fields and higher development expenditure; </font></p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 9 &#150;</p>

<hr noshade>

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

<p><font face="Times New Roman,Arial Bold">(ii) the effects of
revised estimates of asset retirement obligations for certain
fields; (iii) the impact of oil prices on amortizations in PSAs
and buy-back contracts; (iv) higher production; (v) higher
exploration costs. In the Gas &amp; Power segment amortization
charges increased by euro 47 million due to the coming on stream
of the Greenstream gasline and new power generation capacity.</font></p>

<p><font face="Times New Roman,Arial Bold"><b>Writedowns</b>
(euro 272 million) concerned essentially the Exploration &amp;
Production segment (euro 156 million), the Other activities (euro
76 million) and the Petrochemical segment (euro 19 million).</font></p>

<p align="left">&nbsp;</p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="4%"><img src="sj0505sj00004.gif"
        width="75" height="21"></td>
        <td valign="top" width="5%">&nbsp;</td>
        <td valign="top" width="92%"><p align="left"><strong>Net
        financial expense</strong></p>
        </td>
    </tr>
</table>
</div>

<p align="left"><font face="Times New Roman,Arial Bold">2005 <b>net
financial expense</b> (euro 366 million) was up euro 210 million
from 2004, or 135%, due to higher charges related to the
recording at fair value of derivative financial instruments and
to higher interest rates on dollar loans (Libor up 2 percentage
points), whose effects were offset in part by a decrease in
average net borrowings and the fact that in 2004 a euro 62
million provision to the risk reserve was recorded with reference
to the sale to British Telecom of a receivable from Albacom.</font></p>

<p align="left">&nbsp;</p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="4%"><img src="sj0505sj00004.gif"
        width="75" height="21"></td>
        <td valign="top" width="5%">&nbsp;</td>
        <td valign="top" width="92%"><p align="left"><strong>Net
        income from investments</strong></p>
        </td>
    </tr>
</table>
</div>

<p align="left"><font face="Times New Roman,Arial Bold"><b>Net
income from investments</b> in 2005 were euro 911 million and
concerned primarily: (i) Eni&#146;s share of income of affiliates
accounted for with the equity method (euro 702 million), in
particular affiliates in the Gas &amp; Power (euro 358 million)
and Refining &amp; Marketing (euro 194 million) segments; (ii)
gains on disposal (euro 179 million) relating in particular to
the sale of 100% of IP (euro 139 million) and a 2.33% stake in
Nuovo Pignone Holding SpA (euro 24 million); (iii) dividends
received by affiliates accounted for at cost (euro 31 million).</font></p>

<p><font face="Times New Roman,Arial Bold">The euro 91 million
increase in net income from investments was due essentially to
improved results of operations of affiliates in the Gas &amp;
Power segment, in particular Galp Energia SGPS SA (Eni&#146;s
interest 33.34%), Uni&#243;n Fenosa Gas SA (Eni&#146;s interest 50%)
and Blue Stream Pipeline Co BV (Eni&#146;s interest 50%) as well
as the fact that in 2004 a euro 41 million depreciation was
recorded relating to Eni&#146;s 35% interest in Albacom. These
increases were offset in part by lower gains on disposal (euro
257 million) related to the fact that in 2004 the gains on the
sale of 9.054% of the share capital of Snam Rete Gas, of 100% of
Agip do Brasil and other minor assets were recorded for a total
of euro 437 million, as compared to the euro 179 million gain
recorded in 2005.</font></p>

<p align="left">&nbsp;</p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="4%"><img src="sj0505sj00004.gif"
        width="75" height="21"></td>
        <td valign="top" width="5%">&nbsp;</td>
        <td valign="top" width="92%"><p align="left"><strong>Income
        taxes</strong></p>
        </td>
    </tr>
</table>
</div>

<p align="left"><font face="Times New Roman,Arial Bold"><b>Income
taxes</b> were euro 8,128 million, up euro 2,606 million from
2004, or 47.2% and reflected primarily higher income before taxes
(euro 4,312 million). The 4.5 percentage points increase in
statutory tax rate (from 42.3 to 46.8%) related mainly to: (i)
higher non deductible provisions for contingencies and higher non
deductible depreciation; (ii) lower gains from disposals not
subject to corporate tax; (iii) a higher share of taxable income
generated outside Italy by subsidiaries of the Exploration &amp;
Production segment subject to higher tax rates.</font></p>

<p align="left">&nbsp;</p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="4%"><img src="sj0505sj00004.gif"
        width="75" height="21"></td>
        <td valign="top" width="5%">&nbsp;</td>
        <td valign="top" width="92%"><p align="left"><strong>Minority
        interests</strong></p>
        </td>
    </tr>
</table>
</div>

<p align="left"><font face="Times New Roman,Arial Bold"><b>Minority
interests</b> were euro 459 million and concerned primarily Snam
Rete Gas SpA (euro 321 million) and Saipem (euro 115 million).</font></p>

<p align="left">&nbsp;</p>

<p align="left">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 10 &#150;</p>

<hr noshade>

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

<p align="left"><font size="4">Consolidated balance sheet</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>31 Dec. 2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>30 Sep. 2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>31 Dec. 2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>Change vs.<br>
        31 Dec. 2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="1"><b>Change vs.<br>
        30 Sep. 2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2"><b>Net capital employed</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>45,983</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>46,416</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>49,691</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,708</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,275</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Shareholders&#146;
        equity including minority interests</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">35,540</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">40,062</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>39,230</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,690</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(832</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="left"><font
        size="2">)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Net borrowings</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10,443</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,354</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>10,461</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,107</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2"><b>Total
        liabilities and shareholders&#146; equity</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>45,983</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>46,416</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>49,691</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,708</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,275</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Debt and
        bonds</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">12,684</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">9,908</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>12,975</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">291</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,067</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>short-term</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em>5,077</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em>2,648</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em><strong>5,502</strong></em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em>425</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><em>2,854</em></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>long-term</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>7,607</em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>7,260</em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em><strong>7,473</strong></em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>(13</em></font></p>
        </td>
        <td valign="bottom" width="1%"><p align="left"><font
        size="2"><em>)</em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>213</em></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Cash</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2,241</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><p
        align="left"><font size="2">)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(3,554</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><p
        align="left"><font size="2">)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>(2,514</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><p
        align="left"><font size="2"><strong>)</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(273</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><p
        align="left"><font size="2">)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,040</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2"><b>Net
        borrowings</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>10,443</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6,354</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>10,461</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>18</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>4,107</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold"><b>Net borrowings</b>
at December 31, 2005 were euro 10,461 million, substantially
unchanged from December 31, 2004, mainly due to the balancing of
cash flows generated by operating activities and proceeds from
divestments (euro 563 million) and financial requirements: (i)
for capital expenditure and investments (euro 7,560 million);
(ii) the payment of Eni&#146;s dividends for 2004 fiscal year,
Eni&#146;s interim dividends for 2005 and Snam Rete Gas
extraordinary dividend (euro 6,287 million, of which euro 5,070
million by Eni SpA and 1,171 by Snam Rete Gas) and Eni&#146;s
buy-back program (euro 1,034 million). The depreciation of the
euro over other currencies, in particular the US dollar (down
13.4% from December 31, 2004) determined with respect to 2004
year-end an increase in net borrowings of about euro 1,200
million as a result of the conversion of financial statements of
subsidiaries denominated in currencies other than the euro at
December 31, 2005.</font></p>

<p><font face="Times New Roman,Arial Bold">Compared with
September 30, 2005, net borrowings increased by euro 4,107
million due primarily to: (i) cash outflows for capital
expenditure and investments (euro 2,545 million); (ii) the
payment of an interim dividend by Eni SpA (euro 1,686 million)
and of an extraordinary dividend by Snam Rete Gas (euro 976
million) and the repurchase of own shares (euro 789 million).
Cash inflows from operating activities were hit by the payment of
Italian income taxes in November.</font></p>

<p><font face="Times New Roman,Arial Bold"><b>Debts and bonds</b>
amounted to euro 12,975 million, of which euro 5,502 million were
short-term (including the portion of long-term debt due within
twelve months for euro 693 million) and euro 7,473 million were
long-term.</font></p>

<p><font face="Times New Roman,Arial Bold"><b>Net equity</b> at
December 31, 2005 (euro 39,230 million) was up euro 3,690 million
from December 31, 2004, due primarily to net profit before
minority interest (euro 9,243 million) and currency translation
effects (about euro 1,200 million), offset in part by the payment
of Eni&#146;s 2004 dividends and 2005 interim dividends and Snam
Rete Gas extraordinary dividend (euro 6,287 million) and the
purchase of own shares (euro 1,034 million).</font></p>

<p><font face="Times New Roman,Arial Bold">At December 31, 2005,
leverage (ratio of net borrowings to shareholders&#146; equity
including minority interest) was 0.27 as compared to 0.29 at
December 31, 2004.</font></p>

<p><font face="Times New Roman,Arial Bold">From January 1 to
December 31, 2005 a total of 47.06 million <b>own shares</b> were
purchased for a total expense of euro 1,034 million (on average
euro 21.966 per share). From the beginning of the share buy-back
plan (September 1, 2000) Eni purchased 281.88 million own shares,
equal to 7.04% of its share capital, for a total expense of euro
4,272 million (on average euro 15.155 per share).</font></p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 11 &#150;</p>

<hr noshade>

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

<p align="center">&nbsp;</p>

<p><font size="4">Capital expenditure</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center">&nbsp;<font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,234</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,516</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">282</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">22.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4,853</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,964</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">111</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">352</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>411</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">59</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">16.8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1,451</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,152</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(299</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(20.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">253</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>317</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">64</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">25.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">693</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>656</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(5.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">73</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>33</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(40</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(54.8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">148</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>112</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(36</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(24.3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">57</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>114</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">57</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">100.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">186</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>349</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">163</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">87.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">15</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>31</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">16</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">106.7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>69</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">20</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">40.8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>42</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">281.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">119</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>112</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(5.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,995</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,464</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>469</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>23.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Capital
        expenditure</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7,499</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7,414</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(85</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(1.1</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold">Capital expenditure
amounted to euro 7,414 million, of which 91% related to the
Exploration &amp; Production, Gas &amp; Power and Refining &amp;
Marketing segments.</font></p>

<p><font face="Times New Roman,Arial Bold">Capital expenditure in
the Exploration &amp; Production segment amounted to euro 4,964
million and concerned essentially development (euro 3,952
million) directed mainly outside Italy (euro 3,583 million), in
particular Kazakhstan, Libya, Angola and Egypt. Development
expenditure in Italy (euro 411 million) concerned in particular
the continuation of work for well drilling, plant and
infrastructure in Val d&#146;Agri and sidetrack and infilling
work in mature areas. Exploration expenditure amounted to euro
656 million, of which about 96% was directed outside Italy.
Exploration concerned in particular the following countries:
Norway, Egypt, Brazil, Gulf of Mexico, Brazil and Indonesia; in
Italy essentially the onshore of Sicily and Central Italy.
Expenditure for the purchase of proved and unproved property
amounted to euro 301 million and concerned: (i) a further 1.85%
stake in the Kashagan project with an outlay of dollar 200
million. Eni&#146;s share in the project went from 16.67% to
18.52%; (ii) 104 exploration blocks and two fields in the
pre-development phase in Northern Alaska; (iii) a 40% stake in
the OML 120 and OML 121 concessions under development in the
Nigerian offshore.</font></p>

<p><font face="Times New Roman,Arial Bold">Capital expenditure in
the Gas &amp; Power segment totaled euro 1,152 million and
related essentially to: (i) development and maintenance of
Eni&#146;s primary transmission and distribution network in Italy
(euro 643 million); (ii) the continuation of the construction of
combined cycle power plants (euro 239 million) in particular at
Brindisi and Ferrara; (iii) development and maintenance of
Eni&#146;s natural gas distribution network in Italy (euro 182
million); (iv) development of Eni&#146;s transport network
outside Italy (euro 48 million).</font></p>

<p><font face="Times New Roman,Arial Bold">Capital expenditure in
the Refining &amp; Marketing segment amounted to euro 656 million
and concerned: (i) refining and logistics in Italy and
flexibility improvement actions, in particular the construction
of the tar gasification plant at the Sannazzaro refinery (euro
349 million); (ii) the upgrade of the refined product
distribution network in Italy (euro 154 million); (iii) the
upgrade of the fuel distribution network and the purchase of
service stations in the rest of Europe (euro 71 million).</font></p>

<p><font face="Times New Roman,Arial Bold">Capital expenditure in
the Oilfield Services, Construction and Engineering segment
amounted to euro 349 million, up 87.6% from the fourth quarter of
2004 and concerned mainly oilfield services and construction
(euro 346 million) in particular for: (i) maintenance and upgrade
of existing equipment; (ii) vessels and logistical support means
for specific projects, in particular Kashagan; (iii) upgrade of
operating equipment in Kazakhstan and West Africa; (iv) the
purchase and conversion of the Margaux tanker into an FPSO unit
required for operations on the Golfinho 2 field in Brazil.</font></p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 12 &#150;</p>

<hr noshade>

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

<p align="left"><font size="4">Business trends</font></p>

<p align="left"><font face="Times New Roman,Arial Bold">The
following are the forecasts for Eni&#146;s key production and
sales metrics in 2006:</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%"><font
        face="Times New Roman,Arial Bold"><b>production of
        liquids and natural gas</b> is forecasted to grow from
        2005 (1.74 million boe/day). Increases will be achieved
        outside Italy mainly in Libya, Angola, Egypt, Nigeria and
        Norway; in particular natural gas production is expected
        to increase strongly in Libya due to the build up of
        supplies to Italy through the Greenstream pipeline and in
        Egypt and Nigeria, due to the build up of supplies to the
        Bonny (Eni&#146;s interest 10.4%) liquefaction plant. Oil
        production is expected to increase in Nigeria and Norway
        due to full production of fields started-up in the second
        half of 2005;</font></td>
    </tr>
    <tr>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%"><font
        face="Times New Roman,Arial Bold"><b>sales volumes of
        natural gas</b> are expected to increase from 2005 (91.15
        billion cubic meters<sup>1</sup>). Sales volumes are
        expected to increase in markets outside Italy in
        particular in Turkey, Spain, France and Germany;</font></td>
    </tr>
    <tr>
        <td valign="top">&#149;</td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font face="Times New Roman,Arial Bold"><b>sold
        production of electricity</b> is expected to increase
        from 2005 (22.77 terawatthour) due to the continuing
        ramp-up of new production capacity at the Brindisi and
        Mantova sites, offset in part by lower production at the
        Ravenna and Ferrera Erbognone plants due to planned
        maintenance;</font></td>
    </tr>
    <tr>
        <td valign="top">&#149;</td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font face="Times New Roman,Arial Bold"><b>refining
        throughputs on Eni&#146;s account</b> are expected to
        decline slightly from 2005 (38.76 million tonnes), due
        mainly to planned maintenance at the Sannazzaro, Taranto
        and Livorno refineries. Eni&#146;s refineries are
        expected to run at full capacity;</font></td>
    </tr>
    <tr>
        <td valign="top">&#149;</td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font face="Times New Roman,Arial Bold"><b>sales
        volumes of refined products</b> on the Agip branded
        network in Italy are expected to remain stable (8.76
        million tonnes in 2005): the impact of the expected
        decline in domestic consumption will be offset by a
        higher network performance. In the rest of Europe the
        upward trend of sales is expected to continue despite
        stagnation in the overall market; in particular higher
        sales are expected in Spain, France, Germany and Hungary
        also due to construction/acquisition of service stations.</font></td>
    </tr>
</table>

<p align="left"><font face="Times New Roman,Arial Bold">In 2006,
capital expenditure is expected to increase from 2005 (euro 7.4
billion in 2005); main increases are expected in exploration
projects and the development of oil and natural gas reserves,
upgrading of natural gas transport and import infrastructure,
upgrading of refineries.</font></p>

<p align="left">__________________</p>

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

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 13 &#150;</p>

<hr noshade>

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

<p><font size="4">Exploration &amp; Production</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2,253</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,559</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,306</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">58.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Operating profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">8,185</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12,574</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4,389</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">53.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">113</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>18</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(95</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>309</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">292</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>2,366</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,577</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,211</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>51.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Adjusted operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>8,202</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12,883</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,681</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>57.1</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold"><b>2005</b></font></p>

<p><font face="Times New Roman,Arial Bold">Operating profit for
2005 was euro 12,574 million, up euro 4,389 million from 2004, or
53.6%, reflecting primarily: (i) higher oil and gas realizations
in dollars (oil up 41.3%, natural gas up 15.6%); (ii) higher
volumes sold (up 38.3 million boe, or 6.7%); (iii) lower asset
impairment (euro 40 million). These positive factors were offset
in part by: (i) higher operating costs and amortization related
to higher development expenditure, higher share of expenditure
aimed at maintaining production levels in mature fields and the
impact of revisions of estimates of asset retirement obligations
for certain fields; (ii) net gains on divestments recorded in
2004 (euro 320 million); (iii) the impact of the increase in oil
prices on calculation of amortization charges in Production
Sharing Agreements (PSA) and buy-back contracts<sup>2</sup>; (iv)
higher exploration costs (euro 50 million) and higher insurance
costs.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,704</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,806</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>102</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Daily production of oil and natural gas </b><sup>(1)</sup>
        (thousand boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,624</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,737</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>113</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>7.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">272</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>254</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(18</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(6.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">271</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>261</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(10</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(3.7</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">411</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>522</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">111</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">27.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Africa</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">380</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>480</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">100</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">26.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">339</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>372</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">9.7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West
        Africa</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">316</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>343</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">8.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">306</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>291</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(4.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Sea</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">308</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>283</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(8.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">376</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>367</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(2.4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest
        of world</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">349</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>370</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">21</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">6.0</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>152.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>161.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>8.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Oil and gas production sold </b><sup>(1)</sup>
        (million boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>577.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>614.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>37.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Includes
        Eni&#146;s share of production of joint ventures
        accounted for with the equity method.</font></td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold">In 2005 oil and
natural gas production was 1,737,000 boe/day, up 113,000 boe from
2004, or 7%. This increase was 8.9% without taking into account
the price effect on PSAs and buy-back contracts. Production
increases were registered in particular in Libya, Angola, Iran,
Algeria, Egypt and Kazakhstan. These increases were partly offset
by: (i) lower production entitlements (down 32,000 boe/day) in
PSAs and buy-back contracts related to higher international oil
prices; (ii) declines in mature fields mainly in Italy (natural
gas) and the United Kingdom; (iii) the effect of the divestment
of assets in 2004 (down 16,000 boe/day) and of hurricanes in the
Gulf of Mexico (down 10,000 boe/day). The share of production
outside Italy was 85% (83.3% in 2004).</font></p>

<p><font face="Times New Roman,Arial Bold">Daily production of
oil and condensates (1,111,000 barrels) was up 77,000 barrels
from 2004, or 7.4%, due to increases registered in: (i) Angola,
due to full production of the Hungo and Chocalho fields within
phase A of the development of the Kizomba area in Block 15 and
the start-up of the Kissanje and Dikanza fields within phase B of
the same project in Block 15 (Eni&#146;s interest 20%) and the
start-up of the Sanha-Bomboco field in area B of Block 0
(Eni&#146;s interest 9.8%); (ii) Libya, due to full production at
the onshore Wafa field and the start-up of the offshore </font></p>

<p>__________________</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td valign="top" 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). A similar
        scheme applies to buy-back contracts.</font></td>
    </tr>
</table>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 14 &#150;</p>

<hr noshade>

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

<p><font face="Times New Roman,Arial Bold">Bahr Essalam field
within the Western Libyan Gas Project (Eni&#146;s interest 50%);
(iii) Iran, due to full production at the South Pars field Phases
4-5 (Eni operator with a 60% interest) and production increases
at the Dorood (Eni&#146;s interest 45%) and Darquain fields (Eni
operator with a 60% interest); (iv) Algeria, due to full
production at the Rod and satellite fields (Eni operator with a
63.96% interest); (v) Kazakhstan, in the Karachaganak field (Eni
co-operator with a 32.5% interest) due to increased exports
through the Caspian Pipeline Consortium&#146;s pipeline linking
to the Novorossiysk terminal on the Russian coast of the Black
Sea; (vi) Italy, due to increased production in the Val
d&#146;Agri resulting from full production of the fourth
treatment train of the oil center. These increases were partly
offset by declines of mature fields in particular in the United
Kingdom and by the effect of the divestment of assets carried out
in 2004.</font></p>

<p><font face="Times New Roman,Arial Bold">Daily production of
natural gas (626,000 boe) was up 36,000 boe from 2004, or 6.1%,
reflecting primarily increases registered in Libya, due to full
production at the Wafa field and start-up of the Bahr Essalam
field (Eni&#146;s interest 50%), Egypt, for the start-up of the
Barboni field and the el Temsah 4 platform in the offshore of the
Nile Delta, Kazakhstan and Pakistan. These increases were offset
in part by the declines registered in particular in Italy due to
declining mature fields, the effect of the divestment of assets
effected in 2004 and of the hurricanes in the Gulf of Mexico.</font></p>

<p><font face="Times New Roman,Arial Bold">Oil and gas production
sold amounted to 614.9 million boe, up 37 million boe, or 6.4%.
The 19.3 million boe difference over production was due
essentially to own consumption of natural gas (16.2 million boe).</font></p>

<p><font face="Times New Roman,Arial Bold">Eni&#146;s proved
reserves of hydrocarbons at December 31, 2005 totaled 6,837
million boe (oil and condensates 3,773 million barrels; natural
gas 3,064 million boe) decreasing 381million boe from December
31, 2004, due mainly to the impact of higher realized oil prices
(Brent price was 40.47 dollars/barrel at December 31, 2004 and
58.205 dollars/barrel at December 31, 2005) on PSAs and buy-back
contracts (478 million boe). Excluding the price impact, the
reserve replacement ratio was 115% (40% taking account of the
price impact). The average reserve life index is 10.8 years (12.1
at December 31, 2004).</font></p>

<p><font face="Times New Roman,Arial Bold">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="bottom" width="80%"><font size="1">(million
        boe)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net proved reserves at 31 December 2004</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>7,218</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Revisions,
        extensions and discoveries and improved recovery</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">625</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Production for the year</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(634</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2"><strong>7,209</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Purchase of proved property</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">106</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Price
        impact in PSAs and buy-back contracts</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(478</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net proved reserves at 31 December 2005</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6,837</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold">Net of the price
effect on PSAs and buy-back contracts, proved reserves booked in
2005 (147 million boe) derived from: (i) extensions and
discoveries (156 million boe) in particular in Nigeria, Norway,
Kazakhstan and Algeria; (ii) improved recovery (89 million boe)
in particular in Algeria, Angola and Kazakhstan. These increase
were offset in part by adverse revisions of previous estimates
(down 98 million boe) in particular in Kazakhstan, Angola and
Libya. Positive revisions were registered in Algeria, Norway and
Congo. Net of the price effect, portfolio transactions concerned
the purchase of 106 million boe of proved reserves in Kazakhstan,
Australia, Italy and Angola.</font></p>

<p><font face="Times New Roman,Arial Bold">At December 31, 2005
proved developed reserves amounted to 4,306 million boe, or 63%
of total proved reserves (60% as of December 31, 2004).</font></p>

<p align="center">&nbsp;</p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 15 &#150;</p>

<hr noshade>

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

<p><font face="Times New Roman,Arial Bold"><b>Fourth quarter</b></font></p>

<p><font face="Times New Roman,Arial Bold">Operating profit for
the fourth quarter of 2005 was euro 3,559 million, up euro 1,306
million from the fourth quarter of 2004, or 58%, reflecting
primarily: (i) higher oil and gas realizations in dollars (oil up
35.3%, natural gas up 10.1%); (ii) increased volumes sold (up 8.5
million boe, or 5.6%); (iii) the effect of the appreciation of
the euro over the dollar (approximately euro 280 million, partly
related to currency translation effects); (iv) lower asset
impairment (euro 157 million). These positive factors were offset
in part by: (i) higher operating costs and higher amortization
and depreciation charges also in relation to the price effect of
PSAs and buy-back contracts; (ii) higher exploration costs and
higher insurance charges.</font></p>

<p><font face="Times New Roman,Arial Bold">In the fourth quarter
of 2005 daily oil and natural gas production was 1,806,000 boe,
up 102,000 boe from the fourth quarter of 2004, due mainly to the
start-up of the offshore section of the Western Libyan Gas
project (Eni&#146;s interest 50%) and of phase B of the Kizomba
development project in the offshore of Angola (Eni&#146;s
interest 20%). These increases were partly offset by: (i) lower
production entitlements (down 26,000 boe/day) in PSAs and
buy-back contracts related to higher oil prices; (ii) declines in
mature fields mainly in Italy (natural gas); (iii) the
consequences of hurricanes in the Gulf of Mexico (down 29,000
boe/day). The production increase was 7.5% without taking into
account the price effect on PSAs and buy-back contracts.</font></p>

<p><font face="Times New Roman,Arial Bold">Daily production of
oil and condensates (1,132,000 barrels) was up 42,000 barrels
from the fourth quarter of 2004, or 3.9%, due to the start-up of
phase B of the Kizomba development project in Angola, of Bahr
Essalam in Libya, Bonga (Eni&#146;s interest 12.5%) in Nigeria
and Kristin (Eni&#146;s interest 8.25%) and Svale/Staer
(Eni&#146;s interest 11.5%) in Norway, along with increases
registered in particular in Iran and Algeria. These increases
were partly offset by (i) declines in the North Sea reflecting
the decline of mature fields; (ii) reduced operations after the
hurricanes in the Gulf of Mexico.</font></p>

<p><font face="Times New Roman,Arial Bold">Daily production of
natural gas (674,000 boe) was up 60,000 boe from the fourth
quarter of 2004, or 9.8%, reflecting primarily increases
registered in Libya, Egypt, the United Kingdom and Kazakhstan,
offset in part by declines registered mainly in Italy and the
impact of hurricanes on production in the Gulf of Mexico.</font></p>

<p align="left">&nbsp;</p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 16 &#150;</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 valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">878</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>641</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(237</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(27.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Operating profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,428</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,321</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(107</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(3.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(32</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(36</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Exclusion
        of profit in stock</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(12</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(127</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(115</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>882</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>609</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(273</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(31.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Replacement cost operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,416</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,194</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(222</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(6.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">26</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>279</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">253</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">32</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>337</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">305</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>908</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>890</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(18</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(2.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Adjusted operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,448</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,531</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>83</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>2.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p align="left"><font face="Times New Roman,Arial Bold"><b>2005</b></font></p>

<p><font face="Times New Roman,Arial Bold">Replacement cost
operating profit in 2005 was euro 3,194 million, down euro 222
million from 2004, or 6.5%, reflecting primarily: (i) a provision
to the risk reserve concerning the fine imposed on February 15,
2006 by the Antitrust Authority<sup>3</sup> (euro 290 million)
and the estimated impact of the application of Decision No.
248/2004<sup>4</sup> of the Authority for Electricity and Gas
from January 1, 2005 affecting natural gas prices to residential
customer and wholesalers (euro 225 million); (ii) weaker realized
margins on natural gas sales related to competitive pressure
offset in part by the different trends in the energy parameters
to which natural gas sale and purchase prices are contractually
indexed; (iii) higher provisions to the reserve for contingencies
(euro 46 million). These negative factors were offset in part by:
(i) increased natural gas volumes sold (up 6.13 billion cubic
meters including own consumption, or 8%) and distributed; (ii)
higher results in natural gas transport activities outside Italy.</font></p>

<p><font face="Times New Roman,Arial Bold">Operating profit of
power generation activities was euro 138 million, up euro 77
million, or 126%, reflecting primarily an increase in electricity
production sold (8.92 terawatthour, up 64.4%) whose effects were
offset in part by a decline in sale margins related to the
different trend in prices of reference energy parameters for the
determination of selling prices and the cost of fuels.</font></p>

<p>__________________</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top"><font size="1">(3)</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="1">On February 15, 2006 the
        Italian Antitrust Authority fined Eni for euro 290
        million stating that Eni&#146;s behavior represented an
        abuse of dominant position, as per article 82 of the
        European Treaty. The events that led to this inquiry
        concern the behavior of Eni&#146;s 100% subsidiary Trans
        Tunisian Pipeline Co Ltd (TTPC), that in November 2003
        considered as expired the ship-or-pay contracts entered
        on March 31, 2003 with four shippers that obtained
        transport capacity on the TTPC pipeline due to the failed
        realization of three out of five suspensive clauses to
        which the force of the contract was subject. TTPC
        therefore decided that it was not necessary to upgrade
        its pipeline that would have made 6.5 billion cubic
        meters/year of additional capacity available from 2007.
        Eni intends to file a recourse against this decision with
        the Regional Administrative Court of Lazio.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(4)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">With this
        decision the Authority decided the revision of the
        parameters for the upgrading of the raw material
        component in price formulas for end users and introduced
        a safeguard clause that dampens the changes in energy
        prices that are considered &#147;abnormal&#148; (Brent
        price higher than 35 dollars/barrel or lower than 20
        dollars/barrel), assuming that this is a practice in
        import markets to Italy (the details of this decision are
        included in Eni&#146;s First Half Report).<br>
        This decision also states that the Authority may review
        these clauses in the light of import contracts. Eni
        provided the Authority with details on its import
        contracts following 2005 that may lead the Authority to
        reconsider its decision, as Eni is one of the largest
        importers to Italy.<br>
        In May 2005 the Regional Administrative Court of
        Lombardia, based on claims of Eni and other operators,
        annulled Decision No. 248/2004. In October 2005 the
        Council of State suspended the Court&#146;s decision upon
        recourse of the Authority. The final decision by the
        Council of State is pending.</font></td>
    </tr>
</table>

<p align="left">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 17 &#150;</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%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Sales of natural gas </b>(billion cubic
        meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>13.66</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>15.67</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2.01</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>14.7</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b><i>Italy</i></b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>50.08</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>52.47</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2.39</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>4.8</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3.29</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4.00</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.71</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">21.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Wholesalers (distribution companies)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">13.87</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12.05</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(1.82</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(13.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.54</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>0.56</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.02</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3.7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Gas
        release</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.54</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.95</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.41</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">261.1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">9.83</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>11.11</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1.28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">13.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">End customers</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">35.67</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>38.47</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2.80</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">7.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>3.36</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b><i>3.73</i></b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>0.37</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>11.0</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Industrial
        users</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>12.39</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b><i>13.07</i></b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>0.68</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>5.5</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>4.18</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b><i>4.70</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>0.52</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>12.4</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Thermoelectric
        users</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>15.92</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b><i>17.60</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>1.68</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>10.6</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>2.29</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b><i>2.68</i></b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>0.39</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>17.0</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Residential
        and commercial</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>7.36</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b><i>7.80</i></b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>0.44</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><i>6.0</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6.27</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>7.04</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>0.77</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b><i>Rest of Europe</i></b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>21.54</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>23.44</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1.90</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>8.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>0.25</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>0.22</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(0.03</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(12.0</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b><i>Outside
        Europe</i></b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.17</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.17</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>..</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>..</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>20.18</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>22.93</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>2.75</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>13.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Total sales to third parties</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>72.79</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>77.08</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4.29</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.05</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.47</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>0.42</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>40.0</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b><i>Own
        consumption</i></b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>3.70</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>5.54</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.84</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>49.7</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>21.23</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>24.40</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3.17</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>14.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Sales to third parties and volumes consumed
        by Eni</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>76.49</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>82.62</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6.13</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>8.0</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2.15</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2.59</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>0.44</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>20.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Natural
        gas sales of affiliates </b>(net to Eni)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>7.32</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>8.53</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.21</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>16.5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>1.95</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b><i>2.46</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>0.51</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>26.2</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Europe</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>6.60</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b><i>7.85</i></b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>1.25</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><i>18.9</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><em>0.20</em></font></p>
        </td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><em><b>0.13</b></em></font></p>
        </td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><em>(0.07</em></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><em>(35.0</em></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><em>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outside
        Europe</em></font></td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><em>0.72</em></font></p>
        </td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><em><b>0.68</b></em></font></p>
        </td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><em>(0.04</em></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><em>(5.6</em></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>23.38</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>26.99</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3.61</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>15.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Total sales of natural gas </b>(billion cubic
        meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>83.81</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>91.15</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>7.34</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>8.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>21.02</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>22.05</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1.03</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Transport of natural gas in Italy </b>(billion
        cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>80.41</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>85.10</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4.69</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">13.55</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>14.75</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.20</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">8.9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eni</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">52.15</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>54.88</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">2.73</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">5.2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">7.47</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>7.30</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(0.17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(2.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third parties</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">28.26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>30.22</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1.96</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">6.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4.21</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6.07</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1.86</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>44.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Electricity production sold </b>(terawatthour)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>13.85</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>22.77</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>8.92</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>64.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold">In 2005 natural gas
sales (91.15 billion cubic meters, including own consumption and
Eni&#146;s share of sales of affiliates<sup>5</sup>) were up 7.34
billion cubic meters from 2004, or 8.8%. This increase concerned
all areas, in particular markets in the rest of Europe (up 3.15
billion cubic meters, including sales of affiliates, or 11.2%),
the Italian market (up 2.39 billion cubic meters, or 4.8%) and
natural gas supplies for power generation at EniPower&#146;s
power stations (up 1.84 billion cubic meters, or 49.7%).</font></p>

<p><font face="Times New Roman,Arial Bold">In a more and more
competitive market, natural gas sales in Italy (52.47 billion
cubic meters) were up 2.39 billion cubic meters from 2004, or
4.8%, reflecting primarily an increase in sales to the
thermoelectric (up 1.68 billion cubic meters or 10.6%),
industrial (up 0.68 billion cubic meters or 5.5%) and residential
and commercial (up 0.44 billion cubic meters or 6%) segments,
offset in part by lower sales to wholesalers (down 1.82 billion
cubic meters, or 13.1%). These changes were also related to the
fact that part of supplies (1.95 billion cubic meters) to
operators in these sectors &#150; in particular wholesalers
&#150; was carried out in accordance with certain decisions of
the Antitrust Authority (so called gas release<sup>6</sup>).</font></p>

<p><font face="Times New Roman,Arial Bold">Natural gas sales in
the rest of Europe (23.44 billion cubic meters) were up 1.9
billion cubic meters, or 8.8%, due to increases registered in:
(i) supplies to the Turkish market via the Blue Stream gasline
(0.86 billion cubic meters); (ii) sales under long-term supply
contracts with importers to Italy (0.57 billion cubic meters),
also due to reaching of full supplies from Libyan fields; (iii)
France, related to the increase in supplies to industrial
customers and to Gaz de France (0.5 billion cubic meters); (iv)
Germany, related in particular to increased supplies (0.3 billion
cubic meters) to Eni&#146;s affiliate GVS (Eni&#146;s interest
50%) and the start-up of supplies to Wingas.</font></p>

<p><font face="Times New Roman,Arial Bold">Own consumption<sup>7</sup>
was 5.54 billion cubic meters, up 1.84 billion cubic meters from
2004, or 49.7%, reflecting primarily higher supplies to EniPower
due to the coming on stream of new generation capacity.</font></p>

<p>__________________</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(5)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">At present
        the only relevant company is Nigeria LNG Ltd (Eni&#146;s
        interest 10.4%).</font></td>
    </tr>
    <tr>
        <td valign="top"><font size="1">(6)</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="1">In June 2004 Eni agreed
        with the Antitrust Authority to sell a total volume of
        9.2 billion cubic meters of natural gas (2.3 billion
        cubic meters/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">(7)</font></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><font size="1">In accordance with
        article 19, paragraph 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">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 18 &#150;</p>

<hr noshade>

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

<p><font face="Times New Roman,Arial Bold">Sales of natural gas
by Eni&#146;s affiliates, net to Eni and net of Eni&#146;s
supplies, were 8.53 billion cubic meters and related to: (i) GVS
(Eni&#146;s interest 50%) with 3.29 billion cubic meters; (ii)
Galp Energia (Eni&#146;s interest 33.34%) with 1.56 billion cubic
meters; (iii) Uni&#243;n Fenosa Gas (Eni&#146;s interest 50%) with
1.52 billion cubic meters; (iv) volumes of natural gas (1.45
billion cubic meters) treated at the Nigeria LNG Ltd liquefaction
plant (Eni&#146;s interest 10.4%) in Nigeria sold to US and
European markets. As compared to 2004 sales increased 1.21
billion cubic meters, up 16.5%, in particular due to Uni&#243;n
Fenosa Gas.</font></p>

<p><font face="Times New Roman,Arial Bold">Eni transported 30.22
billion cubic meters of natural gas on behalf of third parties,
up 1.96 billion cubic meters from 2004, or 6.9%.</font></p>

<p><font face="Times New Roman,Arial Bold">In 2005 electricity
production sold was 22.77 terawatthour, up 8.92 terawatthour from
2004, or 64.4%, due to the entry into service of two power units
at Mantova (up 3.85 terawatthour) and the first power unit at
Brindisi (up 1.88 terawatthour) as well as the full commercial
operation of the Ravenna (up 1.57 terawatthour) and Ferrera
Erbognone (up 1.08 terawatthour) plants.</font></p>

<p>&nbsp;</p>

<p><font face="Times New Roman,Arial Bold"><b>Fourth quarter</b></font></p>

<p><font face="Times New Roman,Arial Bold">Replacement cost
operating profit in the fourth quarter of 2005 was euro 609
million, down euro 273 million from the fourth quarter of 2004,
or 31%, reflecting primarily: (i) a provision to the risk reserve
for the fine imposed by the Antitrust Authority (euro 290
million) and the estimated impact of the application from January
1, 2005 of Decision No. 248/2004 of the Authority for Electricity
and Gas affecting natural gas prices to residential customers and
wholesalers (euro 111 million); (ii) weaker realized margins on
natural gas sales due selling prices to competitive pressure,
whose effects were offset in part by the different trend of
energy parameters to which natural gas sale and purchase prices
are contractually indexed; (iii) lower transport tariffs due to
the impact of the new tariff regime defined in Decision No.
166/2005 of the Authority for Electricity and Gas. These negative
factors were offset in part by: (i) increased natural gas volumes
sold (up 3.17 billion cubic meters, including own consumption, or
14.9%) and distributed; (ii) higher volumes of electricity sold
(up 1.86 terawatthour, or 44.2%).</font></p>

<p><font face="Times New Roman,Arial Bold">Natural gas sales
(26.99 billion cubic meters, including own consumption and
Eni&#146;s share of sales of affiliates) were up 3.61 billion
cubic meters from the fourth quarter of 2004, or 15.4%, due to
higher sales in Italy (2.01 billion cubic meters, up 14.7%),
higher own consumption of natural gas for power generation at
EniPower&#146;s power stations (0.42 billion cubic meters, up
40%) and higher sales in the rest of Europe (1.28 billion cubic
meters, up 15.6%).</font></p>

<p><font face="Times New Roman,Arial Bold">The increase in sales
in Italy reflects higher demand for natural gas from all segments
also related to weather conditions, in particular to wholesalers
(up 0.71 billion cubic meters, or 21.6%), the thermoelectric (up
0.52 billion cubic meters or 12.4%), residential and commercial
(up 0.39 billion cubic meters or 17%) and industrial segments (up
0.37 billion cubic meters or 11%). The changes in sales to
industries and wholesalers are also related to the fact that part
of supplies (0.56 billion cubic meters) to operators in these
sectors &#150; in particular wholesalers &#150; was carried out
in accordance with certain decisions of the Antitrust Authority
(so called gas release).</font></p>

<p><font face="Times New Roman,Arial Bold">The increase in sales
in the rest of Europe (up 1.28 billion cubic meters including
Eni&#146;s share of affiliates) concerned in particular Spain,
Turkey and France and sales to importers into Italy.</font></p>

<p><font face="Times New Roman,Arial Bold">Electricity production
sold increased by 44.2% due to the continuing ramp-up of new
production capacity.</font></p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 19 &#150;</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 valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>329</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(2.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Operating profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,080</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,857</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">777</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">72.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(22</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(177</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(155</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Exclusion
        of profit in stock</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(393</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(1,064</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(671</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>315</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>152</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(163</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(51.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Replacement cost operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>687</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>793</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>106</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>15.4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">63</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>227</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">164</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">236</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>415</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">179</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>378</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>379</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>0.3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Adjusted operating profit at replacement cost</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>923</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,214</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>291</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>31.5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold"><b>2005</b></font></p>

<p><font face="Times New Roman,Arial Bold">Replacement cost
operating profit in 2005 was euro 793 million, up euro 106
million from 2004, or 15.4%, reflecting primarily: (i) higher
refining margins (the margin on Brent was up 1.43 dollars/barrel,
or 32.9%), higher processing on own refineries and an improvement
in the mix of refined products obtained, whose effect was offset
in part by the impact of the standstill of the Gela refinery in
the first half of 2005; (ii) higher operating profit in
distribution activities in Italy; (iii) an increase in operating
results of refining and marketing activities in the rest of
Europe related to a positive scenario and to increased volumes
sold on retail markets. These positive factors were offset in
part by the negative change in special items (euro 185 million)
related in particular to higher environmental provisions and
higher insurance costs and the effect of the sale of Agip do
Brasil (euro 28 million) effected in August 2004.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        tonnes)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>13.43</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>13.66</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>0.23</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1.7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Sales</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>53.54</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>51.63</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(1.91</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(3.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">2.77</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2.20</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(0.57</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(20.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Retail
        sales Italy</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">10.93</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>10.05</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(0.88</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(8.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.88</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>0.91</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.03</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Retail sales rest of Europe</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3.47</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3.67</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">5.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Retail
        sales Brazil</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.57</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2.91</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>2.83</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(0.08</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(2.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Wholesale sales Italy</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">10.70</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>10.48</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(0.22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(2.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.16</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1.20</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.04</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3.4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Wholesale
        sales outside Italy</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">5.30</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>4.50</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(0.80</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(15.1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">5.71</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>6.52</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.81</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">14.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Other sales</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">22.57</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>22.93</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1.6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold">In 2005 refining
throughputs on own account in Italy and outside Italy were 38.76
million tonnes, up 1.09 million tonnes from 2004, or 2.9%, due to
higher processing at Eni&#146;s wholly-owned refineries of
Taranto, Livorno and Sannazzaro resulting also from fewer
maintenance standstills. These increases were offset in part by
the impact of the maintenance standstill of the Porto Marghera
refinery and lower processing at the Gela refinery following the
damage caused by a sea storm to the docking infrastructure in
December 2004. Processing on third parties refineries increased,
especially at Milazzo (Eni&#146;s interest 50%). Total
throughputs on wholly owned refineries (27.34 million tonnes)
increased 0.59 million tonnes from 1994, up 2.2% with full
capacity utilization.</font></p>

<p><font face="Times New Roman,Arial Bold">In 2005 sales of
refined products (51.63 million tonnes) were down 1.91 million
tonnes from 2004, or 3.6%, mainly due to the divestment of
activities in Brazil in August 2004 (down 1.51 million tonnes),
lower sales to oil companies and traders outside Italy (down
305,000 tonnes), declining wholesale sales in Italy (220,000
tonnes) and lower sales on the Agip branded network (130,000
tonnes) related to lower domestic consumption. These declines
were offset in part by higher retail and wholesale sales in the
rest of Europe (375,000 tonnes) due to Eni&#146;s expansion
strategy. The impact of the divestment of 100% of Italiana
Petroli (IP) effective from September 1, 2005, on retail sales
volumes (down 750,000 tonnes) was partly offset by higher sales
volumes to the divested company (up 650,000 tonnes) as Eni
continues to supply fuels under a five-year contract signed
concurrently with the divestment.</font></p>

<p><font face="Times New Roman,Arial Bold">Sales of refined
products on retail markets in Italy (10.05 million tonnes) were
down 0.88 million tonnes from 2004, or 8.1%, reflecting primarily
the divestment of IP. Sales on the Agip branded network (8.76
million tonnes) </font></p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 20 &#150;</p>

<hr noshade>

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

<p><font face="Times New Roman,Arial Bold">were down 130,000
tonnes due mainly to a decline in domestic consumption (down
1.5%) in particular of gasoline and LPG, whose effects were
offset in part by a more efficient network. Market share of the
Agip network was up 0.2 percentage points from 29.5 to 29.7%.
Average throughput of the Agip network was substantially
unchanged at 2,509,000 liters (down 0.7%).</font></p>

<p><font face="Times New Roman,Arial Bold">At December 31, 2005,
Eni&#146;s retail distribution network in Italy consisted of
4,349 Agip branded service stations, 2,895 less than at December
31, 2004 (7,244 service stations), due to the divestment of IP
(2,888 service stations) and sales/closures (22 service
stations), offset in part by the positive balance (5 units) of
acquisitions/releases of lease concessions and the opening of 12
new service stations.</font></p>

<p><font face="Times New Roman,Arial Bold">Sales of refined
products on retail markets in the rest of Europe were 3.67
million tonnes, up 0.20 million tonnes from 2004, or 5.8%, in
particular in Germany, Spain and the Czech Republic, due to the
purchase/construction of service stations and higher efficiency,
whose effects were offset in part by a decline in the demand for
fuels. At December 31, 2005, Eni&#146;s retail distribution
network in the rest of Europe consisted of 1,937 service
stations, 41 more than at December 31, 2004, due in particular to
acquisition of lease concessions in Spain, France and Germany.
Average throughput (2,425,000 liters) was up 1.3%.</font></p>

<p><font face="Times New Roman,Arial Bold">Sales on wholesale
markets in Italy were 10.48 million tonnes, down 0.22 million
tonnes from 2004, or 2.1%, reflecting mainly lower sales of fuel
oil to the thermoelectric segment, due to the progressive
substitution of fuel oil with natural gas in power plants.</font></p>

<p><font face="Times New Roman,Arial Bold">Sales on wholesale
markets outside Italy (4.50 million tonnes) declined by 0.80
million tonnes, or 15.1%, due mainly to lower LPG sales resulting
from the divestment of activities in Brazil, offset in part by
higher sales in the rest of Europe, in particular in
Central-Eastern Europe, while they declined in Germany and Spain.</font></p>

<p><font face="Times New Roman,Arial Bold">Other sales (22.93
million tonnes) increased by 0.36 million tonnes, or 1.6%, due
mainly to higher sales in Italy related to supplies to IP (up
650,000 tonnes) offset in part by lower sales to oil companies
and traders outside Italy (down 305,000 tonnes).</font></p>

<p>&nbsp;</p>

<p><font face="Times New Roman,Arial Bold"><b>Fourth quarter</b></font></p>

<p><font face="Times New Roman,Arial Bold">Replacement cost
operating profit in the fourth quarter of 2005 was euro 152
million, down euro 163 million from the fourth quarter of 2004,
or 51.7%, reflecting primarily a negative change in special items
(euro 164 million) related in particular to higher environmental
provisions and higher insurance costs. Without taking into
account this charge, replacement cost operating profit was
substantially stable from the fourth quarter of 2004. Other
factors influencing this change were: (i) lower refining margins
(the margin on Brent was down 0.70 dollars/barrel, or 12%) offset
in part by the effect of higher throughputs on own account and
the effect of the appreciation of the dollar over the euro; (ii)
higher margins on oxygenates sales and higher marketing margins
on Italian network offset in by lower operating results of
wholesale activities and higher royalties on highway service
stations.</font></p>

<p><font face="Times New Roman,Arial Bold">Special items for the
quarter (euro 227 million) concerned essentially a provision to
the environmental risk reserve and for insurance costs. In the
fourth quarter of 2004 special items (euro 63 million) concerned
previsions to the environmental risk reserve and asset
impairment.</font></p>

<p><font face="Times New Roman,Arial Bold">In the fourth quarter
of 2005 refining throughputs on own account in Italy and outside
Italy were 10.22 million tonnes, up 0.42 million tonnes from the
fourth quarter of 2004, or 4.3%, due to increased processing on
wholly owned refineries and on third parties refineries.</font></p>

<p><font face="Times New Roman,Arial Bold">In the fourth quarter
of 2005 sales of refined products (13.66 million tonnes) were up
0.23 million tonnes from 2004, or 1.7%, mainly due to increased
retail and wholesale sales in the rest of Europe (70,000 tonnes)
and sales to oil companies and traders outside Italy (390,000
tonnes, offset in part by lower sales on wholesale markets in
Italy (80,000 tonnes) and lower retail sales in Italy (60,000
tonnes). The impact of the divestment of IP on retail sales
volumes (down 500,000 tonnes) was offset in part by 483,000
tonnes in higher sales to the same company. Eni continues to
supply fuels under a five-year contract signed concurrently with
the divestment.</font></p>

<p><font face="Times New Roman,Arial Bold">Sales of refined
products on the Agip branded network in Italy (2.20 million
tonnes) were down 60,000 tonnes, or 2.7%, due to a decrease in
domestic consumption, whose effects were offset in part by higher
efficiency.</font></p>

<p><font face="Times New Roman,Arial Bold">Sales of refined
products in the rest of Europe were up 31,000 tonnes, or 3.4% due
mainly to the increase in the number of service stations in
particular in Germany and Spain.</font></p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 21 &#150;</p>

<hr noshade>

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

<p align="left"><font size="4">Petrochemicals</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">164</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>37</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(127</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(77.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Operating profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">320</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>202</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(118</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(36.9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Exclusion
        of profit in stock</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(43</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(19</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">24</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>141</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>37</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(104</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(73.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Replacement cost operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>277</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>183</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(94</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(33.9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>37</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(14</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>78</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">92</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>136</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>74</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(62</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(45.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Adjusted operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>263</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>261</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(0.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold"><b>2005</b></font></p>

<p><font face="Times New Roman,Arial Bold">Replacement cost
operating profit for 2005 was euro 183 million, down euro 94
million from 2004, or 33.9%, reflecting primarily: (i) the
recording of higher special charges (euro 92 million) pertaining
to restructuring charges for the shutdown of the Champagnier
plant and provisions for litigation and higher insurance costs;
(ii) a decline in product margins, in particular of the cracker
and polyethylene margin, related to the increase in the cost of
oil-based feedstocks not entirely reflected in selling prices.
These negative factors were offset in part by higher volumes sold
(up 3.6%) and an improved industrial performance.</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(thousand
        tonnes)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,242</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,289</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>47</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3.8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Sales</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5,187</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>5,376</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>189</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">668</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>746</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">78</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">11.7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Basic
        petrochemicals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">2,766</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>3,022</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">256</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">9.3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">244</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>229</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(6.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Styrenes and elastomers</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,038</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,003</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(35</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(3.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">330</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>314</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(16</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(4.8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Polyethylenes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1,383</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>1,351</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(32</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(2.3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p><font face="Times New Roman,Arial Bold">Sales of petrochemical
products (5,376,000 tonnes) were up 189,000 tonnes, or 3.6% from
2004, reflecting primarily higher sales of intermediates (up
13%), olefins (up 8.8%) and aromatics (up 6%) related to positive
demand, higher product availability and the fact that
intermediate sales, in particular acetone and phenol, declined in
the first quarter of 2004 following a standstill due to an
accident occurred at the Porto Torres dock. These increases were
offset in part by a decline in: (i) elastomers (down 4.5%)
related mainly to the standstill of the polychloroprene rubber
plant in Champagnier, France; (ii) styrene (down 6.3%) related to
standstills and shutdowns; (iii) polyethylenes (down 2.3%) due to
weak demand for LDPE and LLDPE.</font></p>

<p><font face="Times New Roman,Arial Bold">Production (7,282,000
tonnes) was up 164,000 tonnes from 2004, or 2.3%, due to an
increase in basic petrochemicals (up 5%), offset in part by
declines in styrenes and elastomers (down 5.2%) due mainly to
plant shutdowns and standstills. Nominal production capacity
declined 1.8% from 2004 due mainly to revisions of the nominal
capacity of the Gela cracker and the shutdown of the DMC and ABS
plants in Ravenna. The average plant utilization rate calculated
on nominal capacity was up 3 percentage points from 75.2 to 78.4
due mainly to fewer maintenance standstills.</font></p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 22 &#150;</p>

<hr noshade>

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

<p><font face="Times New Roman,Arial Bold"><b>Fourth quarter</b></font></p>

<p><font face="Times New Roman,Arial Bold">In the fourth quarter
of 2005 this segment reported replacement cost operating profit
of euro 37 million, down euro 104 million from the fourth quarter
of 2004, or 73.9%, reflecting primarily: (i) a decline in product
margins, in particular of the cracker margin, related to the
increase in the cost of oil-based feedstocks not entirely
reflected in selling prices; (ii) the recording of higher special
charges (euro 42 million) pertaining to restructuring charges and
higher insurance costs. These negative factors were offset in
part by increased volumes sold (up 3.8%).</font></p>

<p><font face="Times New Roman,Arial Bold">Sales of petrochemical
products (1,289,000 tonnes) were up 47,000 tonnes, or 3.8%, from
the fourth quarter of 2004, due mainly to higher sales of basic
petrochemicals (up 11.7%) related to a positive trend in demand,
offset in part by declines in: (i) polyethylenes (down 4.8%), due
to lower sales of LDPE and LLDPE related to a weak demand and
competition from imported products; (ii) styrenes and elastomers
(down 6.1%) due in particular to standstill sand shutdowns and
lower product availability due to technical accidents caused by a
black out at the Mantova site.</font></p>

<p><font face="Times New Roman,Arial Bold">Production (1,879,000
tonnes) increased by 231,000 tonnes, up 14% in particular in
basic petrochemicals.</font></p>

<p align="center">&nbsp;</p>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 23 &#150;</p>

<hr noshade>

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

<p><font face="Times New Roman,Arial Bold"><b>Reconciliation of
reported operating profit by division and net profit to adjusted
operating and net profit<br>
</b><i>Adjusted operating profit and net profit are before
inventory holding gains or losses and special items. Information
on adjusted operating profit and net profit is presented to help
distinguish the underlying trends for the company&#146;s core
businesses and to allow financial analysts to evaluate Eni&#146;s
trading performance on the basis of their forecasting models.
These financial measures are not GAAP measures under either IFRS
or U.S. GAAP; they are used by management in evaluating Group and
Divisions performance.<br>
Replacement cost net profit and operating profit reflect the
current cost of supplies. The replacement cost net profit for the
period is arrived at by excluding from the historical cost net
profit the inventory holding gain or loss, which is the
difference between the cost of sales of the volumes sold in the
period based on the cost of supplies of the same period and the
cost of sales of the volumes sold in the period calculated using
the weighted-average cost method of inventory accounting.<br>
Certain infrequent or unusual incomes or charges are recognized
as special items because of their significance. Special items
include also certain amounts not reflecting the ordinary course
of business, such as environmental provisions or restructuring
charges, and asset impairments or write ups and gains or losses
on divestments even though they occurred in past exercises or are
likely to occur in future ones.<br>
For a reconciliation of adjusted operating profit and net profit
to reported operating profit and net profit see tables below.</i></font></p>

<p align="left"><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="100%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="39%"><p align="center"><font
        size="1"><b>Fourth quarter </b><strong>2005</strong></font></p>
        <hr size="1" noshade>
        </td>
        <td valign="bottom" width="22%">&nbsp; </td>
        <td valign="bottom" width="39%"><p align="center"><font
        size="1"><b>Year </b><strong>2005</strong></font></p>
        <hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Operating and net
        profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion of
        inventory<br>
        holding (gains) losses </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Replacement cost
        operating profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion special
        items</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Adjusted operating
        profit and net profit </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="21%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Operating and net
        profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion of
        inventory<br>
        holding (gains) losses</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Replacement cost
        operating profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion special
        items</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Adjusted operating
        profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="100%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">3,559</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">3,559</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">3,577</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">E&amp;P</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">12,574</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">12,574</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">309</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">12,883</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">641</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">609</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">281</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">890</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">G&amp;P</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,321</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(127</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,194</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,531</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">329</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(177</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">152</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">227</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">379</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">R&amp;M</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">1,857</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(1,064</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">793</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">421</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">1,214</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">74</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">202</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">183</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">78</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">261</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">138</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">138</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">144</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">Oilfield
        Services Construction and Engineering</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">310</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">310</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">316</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(288</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(288</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">210</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(78</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(902</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(902</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">646</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(256</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(48</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(48</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(35</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(83</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">Corporate
        and financial companies</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(391</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(391</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">144</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(247</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Unrealized profit in inventory</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>4,399</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>(209</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>4,190</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>744</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>4,934</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>16,830</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>(1,210</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>15,620</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>1,941</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>17,561</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,105</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(131</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>1,974</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>422</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,396</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2"><strong>Net profit</strong></font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>8,788</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(759</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>8,029</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>1,222</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>9,251</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td colspan="30" bgcolor="#FFFFFF"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="39%" height="8"><p
        align="center"><font size="1"><b>Fourth quarter </b><strong>2004</strong></font></p>
        <hr size="1" noshade>
        </td>
        <td valign="bottom" width="22%" height="8">&nbsp; </td>
        <td valign="bottom" width="39%" height="8"><p
        align="center"><font size="1"><b>Year </b><strong>2004</strong></font></p>
        <hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Operating and net
        profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion of
        inventory<br>
        holding (gains) losses </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Replacement cost
        operating profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion special
        items</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Adjusted operating
        profit and net profit </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="21%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Operating and net
        profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion of
        inventory<br>
        holding (gains) losses</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Replacement cost
        operating profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Exclusion special
        items</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
        <td valign="bottom" width="6%" height="40"><p
        align="right"><font size="1"><strong>Adjusted operating
        profit and net profit</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="40">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="100%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating profit</b></font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">2,253</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">2,253</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">113</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">2,366</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">E&amp;P</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">8,185</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">8,185</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">8,202</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">878</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">882</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">908</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">G&amp;P</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,428</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,416</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,448</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(22</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">315</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">63</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">378</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">R&amp;M</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">1,080</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(39</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">687</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">236</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">923</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">164</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">136</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">320</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">277</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(14</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">263</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">53</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">Oilfield
        Services and Engineering</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">203</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">203</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">215</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(84</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(84</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(395</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(395</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">172</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(223</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(73</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(73</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">67</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%"><font size="2">Corporate
        and financial companies</font></td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(363</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(363</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">176</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2">(187</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2">Unrealized profit in inventory</font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>3,551</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>(41</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>3,510</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>310</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>3,820</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="21%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>12,399</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>(448</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>11,951</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>631</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="2"><strong>12,582</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,109</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(26</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,083</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>99</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>2,182</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="21%" bgcolor="#EEEEEE"><font
        size="2"><strong>Net profit</strong></font></td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>7,059</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(281</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>6,778</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>(133</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>6,645</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td colspan="30" bgcolor="#FFFFFF"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 24 &#150;</p>

<hr noshade>

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

<p><font size="4">Analysis of special items</font></p>

<p><font size="1">(million euro)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom"><hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>Year</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
        size="1"><b> </b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2005</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
        <td valign="bottom"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>314</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Environmental provisions</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">303</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>835</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">161</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>69</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Provision
        to the risk reserve</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">234</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>379</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">154</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>27</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Mineral and other asset impairments</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">336</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>363</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>290</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Antitrust
        fine</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>290</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>44</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Provision for redundancy incentives</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">65</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>79</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(29</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2">Net gains
        on E&amp;P portfolio rationalisation</font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(320</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(47</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Other</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>(5</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>310</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>744</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Special
        items of operating profit</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>631</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>1,941</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>(4</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Expense (income) from investments</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(390</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>(137</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><em>- Gain
        on the sale of a 9.054% stake of Snam Rete Gas</em></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><em>(308</em></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2"><i>- Gain on the sale of Agip do Brasil SA</i></font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(94</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong><i>(4</i></strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><em><strong>)</strong></em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><i>- Gain
        on the sale of IP</i></font></td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong><i>(139</i></strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><em><strong>)</strong></em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>(1</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Other</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>27</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>317</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>739</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Non-recurring
        items before taxes</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>241</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>1,831</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(218</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>(317</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="35%" bgcolor="#EEEEEE"><font
        size="2">Taxes on special items</font></td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(374</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>(609</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>99</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>422</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="35%"><font size="2"><b>Total
        special items</b></font></td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(133</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>1,222</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="40%">&nbsp;</td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
        <td width="10%"><hr size="1">
        <hr size="1">
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="4">Adjusted operating profit and net profit</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1"><b>Fourth quarter</b></font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%">&nbsp; </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>Change</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="right"><font
        size="1"><b>% Ch.</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2,366</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,577</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,211</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">51.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">E&amp;P</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">8,202</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12,883</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4,681</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">57.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">908</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>890</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(18</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(2.0</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">G&amp;P</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3,448</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>3,531</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">83</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">2.4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">378</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>379</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">R&amp;M</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">923</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,214</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">291</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">31.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">136</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>74</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(62</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(45.6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">263</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>261</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(0.8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">53</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>144</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">91</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">171.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">215</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>316</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">101</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">47.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(49</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(78</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(29</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(59.2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(223</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(256</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(33</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(14.8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(83</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(77</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(187</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(247</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(60</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(32.1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>31</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Unrealised
        profit in inventory</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>(141</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(82</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>3,820</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,934</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>1,114</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>29.2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Adjusted operating profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>12,582</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>17,561</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>4,979</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>39.6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,182</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,396</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>214</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>9.8</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><b>Adjusted
        net profit</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>6,645</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>9,251</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>2,606</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2"><b>39.2</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1">
        </td>
    </tr>
</table>

<p align="center"><font size="1" face="Arial Black">ENI </font><font
size="1" face="Arial">PRELIMINARY RESULTS FOR 2005</font><br>
&#150; 25 &#150;</p>

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