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<SEC-DOCUMENT>0001311435-06-000014.txt : 20060801
<SEC-HEADER>0001311435-06-000014.hdr.sgml : 20060801
<ACCEPTANCE-DATETIME>20060801070941
ACCESSION NUMBER:		0001311435-06-000014
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20060731
FILED AS OF DATE:		20060801
DATE AS OF CHANGE:		20060801

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:		06992565

	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>sj0706en6k.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>

<head>
<title>sj0706en6k</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 July
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="#102">Press Release dated July 28, 2006</a></p>

<p><a href="#trim">Report on the Second Quarter of 2006</a> as of
June 30, 2006</p>

<p><a href="#101">Press Release dated June 21, 2006</a></p>

<p>&nbsp;</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"><!-- /TOC --> </p>

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

<p align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorised. </p>

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

<p align="left" style="font-size: 10pt">Date: July 31, 2006 </p>

<p align="center" style="font-size: 10pt">&nbsp; </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="6"><img
        src="sj0306sj00000.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="center"><font size="6">ENI ANNOUNCES RESULTS FOR THE
FIRST HALF<br>
AND THE SECOND QUARTER OF 2006<br>
</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="90%">
    <tr>
        <td valign="top" width="1%"><font size="4"><strong>&#149;
        </strong></font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="97%"><font size="4"><strong>Reported
        net profit: up 21.5% to euro 5.28 billion for the first
        half and up 21.2% to euro 2.3 billion for the second
        quarter of 2006</strong></font></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="4"><strong>&#149;
        </strong></font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="97%"><font size="4"><strong>Adjusted
        net profit: up 23.3% to euro 5.44 billion or the first
        half and up 22.7% to euro 2.48 billion for the second
        quarter of 2006</strong></font></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="4"><strong>&#149;
        </strong></font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="97%"><font size="4"><strong>Oil
        and gas production in the first half: up 4.3% to 1.79
        million boe/d</strong></font></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="4"><strong>&#149;
        </strong></font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="97%"><font size="4"><strong>Natural
        gas sales in Europe in the first half: up 6.4% to 51.8
        bcm</strong></font></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="4"><strong>&#149;
        </strong></font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="97%"><font size="4"><strong>Share
        repurchase programme: during the first half Eni
        repurchased 42 million of its own shares at a cost of
        euro 978 million</strong></font></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="4"><strong>&#149;
        </strong></font></td>
        <td width="2%">&nbsp;</td>
        <td valign="top" width="97%"><font size="4"><strong>Interim
        dividend proposal: euro 0.60 per share in line with best
        practice for international reporting</strong></font></td>
    </tr>
</table>
</center></div>

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

<p>San Donato Milanese, 28 July 2006 - Eni, the international oil
and gas company, today announces its group results for the first
half and the second quarter of 2006 (unaudited).</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="2"><b>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="2"><b>First half</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="2"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="2"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="2"><b>% Ch.</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="2"><b>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="2"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="2"><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="10%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Summary Group results</strong> </font><font
        size="1">(million euro)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="10%"><font
        size="2">3,711</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">4,947</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">33.3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Reported
        operating profit</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">8,161</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">10,542</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">29.2</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="10%"
        bgcolor="#EEEEEE"><font size="2">3,833</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5,054</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">31.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Adjusted operating profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">8,181</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">10,587</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">29.4</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="10%"><font
        size="2">1,898</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2,301</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">21.2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Reported
        net profit <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">4,343</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">5,275</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">21.5</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="10%"
        bgcolor="#EEEEEE"><font size="2">2,024</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">2,483</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">22.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Adjusted net profit <sup>(1-2)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">4,409</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5,437</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">23.3</font></td>
    </tr>
</table>

<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>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="10%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Key operating data</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="10%"><font
        size="2">1,725</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,748</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1.3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Oil and
        natural gas production </font><font size="1">(kboe/day)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,714</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,787</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">4.3</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="10%"
        bgcolor="#EEEEEE"><font size="2">19.50</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">20.44</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">4.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Natural gas sales in Europe </font><font
        size="1">(bcm)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">48.71</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">51.82</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6.4</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="10%"><font
        size="2"><em>1.47</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>1.55</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>5.4</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><em>- of
        which upstream sales</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>2.97</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>3.08</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>3.7</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="10%"
        bgcolor="#EEEEEE"><font size="2">3.14</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3.15</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">0.3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Retail sales of refined products in Europe (Agip
        brand) </font><font size="1">(mtonnes)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6.03</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6.08</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">0.8</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="10%"><font
        size="2">5.57</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">6.00</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">7.7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Electricity
        sold production </font><font size="1">(terawatthour)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">10.55</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">12.42</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">17.7</font></td>
    </tr>
</table>

<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%">&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">Profit
        attributable to Eni shareholders.</font></td>
    </tr>
    <tr>
        <td><font size="1">(2)</font></td>
        <td>&nbsp;</td>
        <td><font size="1">Eni uses adjusted operating profit and
        net profit to assist investors to assess Eni&#146;s
        performance from period to period. For a detailed
        explanation of these measures see page 11.</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><strong>Financial highlights</strong><br>
First Half of 2006</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%">Adjusted operating profit:
        up 29.4% to euro 10.59 billion primarily reflecting the
        strong operating performance of the Exploration &amp;
        Production division, which was up 53.8% compared to the
        first half of 2005</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Adjusted net profit: up
        23.3% to euro 5.44 billion as a result of better
        operating performance partly offset by a higher Group tax
        rate on an adjusted basis, up 3.7 percentage points (from
        44.7% to 48.4%)</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Net cash generated by
        operating activities<sup>3</sup> came in at a robust euro
        10.48 billion allocated as follows: euro 3.12 billion to
        capital expenditure and investments, euro 2,401 million
        to the payment of dividends, euro 978 million to the
        repurchase of own shares and euro 4.08 billion to debt
        repayment</td>
    </tr>
    <tr>
        <td>&#149;</td>
        <td>&nbsp;</td>
        <td>The ratio of net borrowings to shareholders&#146;
        equity including minorities decreased from 0.27 at
        year-end 2005 to 0.16 at the end of the first half</td>
    </tr>
</table>

<p>Second Quarter of 2006</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%">Adjusted operating profit:
        up 31.9% to euro 5.05 billion primarily reflecting the
        strong operating performance of the Exploration &amp;
        Production and Gas &amp; Power divisions, up 45.4% and
        24% respectively compared to the second quarter of 2005.
        The Oilfield Services Construction and Engineering
        segment contributed with a 150.9% rise in operating
        profit</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Adjusted net profit: up
        22.7% to euro 2.48 billion as a result of better
        operating performance partly offset by a higher Group tax
        rate on an adjusted basis, up 3.6 percentage points (from
        46.8% to 50.4%)</td>
    </tr>
</table>

<p><strong>Interim dividend for 2006 in line with best practice
for international reporting</strong><br>
On the basis of the financial results achieved for the first half
of 2006, the CEO of Eni will propose the distribution of an
interim dividend for the fiscal year 2006 of euro 0.60 per share
(euro 0.45 per share in 2005, up 33%) to the Board of Directors
due to meet on 21 September 2006 to approve first half accounts.
The interim dividend is payable on 26 October 2006 to
shareholders on the register on 23 October 2006.<br>
<br>
<br>
<strong>Operational highlights and trading environment</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%">Ongoing exploration success:
        positive results were achieved in Italy, Angola, Nigeria,
        Congo, Algeria, Egypt, Libya, Croatia, Australia, the
        United Kingdom, Norway and the United States. New
        exploratory acreage was awarded offshore Mozambique,
        Australia, Congo, Angola, Brazil, Venezuela, Gulf of
        Mexico and Norway, onshore Pakistan, Egypt and Alaska and
        in the Timor Sea covering approximately a gross acreage
        51,000 square kilometres in total (99% of which is
        operated).</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 for the first half increased 4.3% year on year
        to 1.79 mboe/d driven by organic growth primarily in
        Libya, Angola and Egypt. Excluding the impact of
        entitlement effects in certain Production Sharing
        Agreements (PSAs)<sup>4</sup> and buy-back contracts,
        growth for the period was 6.1%. Production was also
        adversely impacted by the unilateral cancellation of the
        service contract for the Daci&#243;n oil field by the
        Venezuelan State oil company PDVSA effective on 1 April
        2006, outages and disruptions in Nigeria due to social
        unrest, residual hurricane impacts on production in the
        Gulf of Mexico and operational issues at certain
        facilities in Italy, Norway and Kazakhstan. These
        negatives affected in particular production performance
        in the second quarter which was down more than 4.3%
        sequentially to 1.75 mboe/d (up 1.3% from the second
        quarter of 2005).</td>
    </tr>
</table>

<p>&nbsp;</p>

<p>__________________</p>

<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">(3)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">See
        disclaimer at the end of this section.</font></td>
    </tr>
    <tr>
        <td><font size="1">(4)</font></td>
        <td>&nbsp;</td>
        <td><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 also affect 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">- 2 -</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="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Natural gas sales in Europe
        were up 6.4% to 51.82 bcm in the first half driven
        primarily by an increase in the number of clients.</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&#149;</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">The first half trading
        environment was supported by strong oil prices with
        average Brent crude prices exceeding $60 per barrel, up
        32.6% and by a 4.4% decrease in the average exchange rate
        of the euro versus the US dollar. These positives were
        offset in part by lower refining margins, down 21% over
        the first half of 2005 and lower petrochemical products
        margins. The decline of natural gas margins in Italy was
        a consequence of the implementation of resolution No.
        248/2004 by the Italian Authority for Electricity and
        Gas. This was partly offset by a favourable trading
        environment, particularly for the second quarter. The
        impact of the regulatory regime of resolution No.
        248/2004 on natural gas margins for the second half of
        the year is expected to be softened by the enactment of
        resolution No. 134/2006 by the Italian Authority for
        Electricity and Gas effective 1 July 2006.</td>
    </tr>
</table>

<p><strong>Outlook 2006<br>
</strong>Eni reaffirms its 2006 outlook, with 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 forecasted to
        continue growing. Increases will be achieved outside
        Italy mainly in Libya, Angola, Egypt, Nigeria and Norway
        due to the achievement of full production in fields which
        started-up in 2005 and to new start-ups in 2006. These
        positives will be partly offset by natural field declines
        and also by: (i) the impact of the unilateral
        cancellation of the service contract for the Daci&#243;n oil
        field by the Venezuelan State oil company PDVSA effective
        on 1 April 2006; (ii) outages and disruptions in Nigeria
        due to social unrest; (iii) residual hurricane impacts on
        production in the Gulf of Mexico; and (iv) operational
        issues at certain facilities in Italy, Norway and
        Kazakhstan. Despite the adverse impact of the unforeseen
        events in Venezuela and Nigeria, production growth rate
        for the year is expected to be approximately 3% assuming
        a Brent crude oil price of approximately $55 per barrel
        in the market scenario for 2006;</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 in Europe</strong> are forecasted to increase
        approximately 5% from 2005 levels (94 billion cubic
        meters) with major increases expected in volumes sold on
        the German/Austrian, Iberian Peninsula, Turkish and
        French markets;</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
        approximately 9% from 2005 levels (22.77 terawatthour)
        due to the continuing ramp-up of new production capacity
        at the Brindisi and Mantova sites partially offset by
        expected 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, due mainly to maintenance at the
        Sannazzaro and Livorno refineries counterbalanced by
        higher throughputs expected at the Gela and Venice
        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. In the rest of Europe an upward trend of
        sales is expected to continue, in particular higher sales
        are expected in Spain, France and Central-Eastern Europe
        also as a result of construction/acquisition of service
        stations.</td>
    </tr>
</table>

<p>In 2006, capital expenditure is expected to amount euro 9.1
billion, representing a 23% increase from 2005. Approximately 90%
of capital expenditure is planned in Eni&#146;s Exploration &amp;
Production, Gas &amp; Power and Refining &amp; Marketing
divisions; the majority of increases are expected in exploration
projects, development of oil and natural gas reserves, upgrading
of refineries and upgrading of natural gas transport and import
infrastructure. The Oilfield Services Construction and
Engineering segment is also expected to increase its capital
expenditure by approximately 82% due to the construction of a new
FPSO unit and upgrading of the fleet and logistic centres. Lower
capital expenditure as compared to the outlook of the first
quarter of 2006 (euro 9.7 billion) is due mainly to currency
translation effects pertaining to a different assumption of
expected trends in the euro/US dollar exchange rate.</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>Paolo Scaroni, Chief Executive Officer, commented:<br>
<em>&#147;Eni delivered a set of excellent results in the first
half of 2006 against a backdrop of high oil prices, strong growth
of Eni&#146;s oil and gas production and a significant increase
in European gas demand. I am confident that 2006 will be for Eni
another year of sound performance. This confidence underpins my
proposal to Eni&#146;s board to pay an interim dividend of euro
0.60 per share for fiscal year 2006.&#148;</em></p>

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

<p><em>Disclaimer<br>
Due to the seasonality in demand for natural gas and certain
refined products and the changes in a number of external factors
affecting Eni&#146;s operations, such as prices and margins of
hydrocarbons and refined products, Eni&#146;s results from
operations and changes in average net borrowings for the first
half of the year cannot be extrapolated for the full year.<br>
<br>
This press release contains certain forward-looking statements,
particularly the statements under &#147;Outlook&#148;. By their
nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that will or may occur in the future. Actual
results may differ from those expressed in such statements,
depending on a variety of factors, including the timing of
bringing new fields on stream; management&#146;s ability in
carrying out industrial plans and in succeeding in commercial
transactions, future levels of industry product supply; demand
and pricing; operational problems; general economic conditions;
political stability and economic growth in relevant areas of the
world; changes in laws and governmental regulations; development
and use of new technology; changes in public expectations and
other changes in business conditions; the actions of competitors;
and other factors discussed elsewhere in this document.</em></p>

<p>&nbsp;</p>

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

<p>&nbsp;</p>

<p><strong>Contacts<br>
Toll-free number: </strong>800940924<br>
<strong>e-mailbox: </strong>segreteriasocietaria.azionisti@eni.it</p>

<p><strong>Investor Relations:<br>
e-mailbox: </strong>investor.relations@eni.it<br>
Tel.: +39 0252051651 - fax: +39 0252031929</p>

<p><strong>Eni Press Office:<br>
e-mailbox: </strong>ufficiostampa@eni.it<strong><br>
Tel.: +39 0252031287 +39 0659822040</strong></p>

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

<p align="left"><em>This press release and Eni&#146;s Report on
Second Quarter of 2006 (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. Eni is present in 70 countries and is Italy&#146;s
largest company by market capitalisation.</em></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>Summary First Half Results</strong></font></p>

<p><strong>Eni&#146;s net profit</strong> for the first half of
2006 was euro 5,275 million, up euro 932 million from the first
half of 2005, or 21.5%, reflecting higher operating profit (up
euro 2,381 million, or 29.2%), partially offset by a higher Group
tax rate, up 4.4 percentage points (from 45.3% to 49.7%). The
increase in the rate was due principally to a 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 benefited from a favourable trading
environment with a higher Brent crude oil price (up 32.6%) and a
depreciation of the euro versus the dollar (down 4.4%). These
positives were partially offset by declining refining margins,
down 21%, and lower petrochemical products margins. Selling
margins on natural gas were also lower as a consequence of the
implementation of resolution No. 248/2004<sup>5</sup> by the
Italian Authority for Electricity and Gas. This was partly offset
by a favourable trading environment, particularly for the second
quarter. The impact of the regulatory regime of resolution No.
248/2004 on natural gas margins for the second half of the year
is expected to be softened by the enactment of resolution No.
134/2006 by the Italian Authority for Electricity and Gas
effective 1 July 2006.<br>
<br>
Net profit for the first half includes an <strong>inventory
holding gain</strong> of euro 210 million (net of the fiscal
effect) and <strong>special charges</strong> of euro 372 million
(net of the fiscal effect) relating principally to asset
impairments in the Exploration &amp; Production and Gas &amp;
Power divisions, environmental provisions, and provisions for
redundancy incentives, partially offset by gains on the
divestment of mineral properties. Excluding these items, <strong>adjusted
net profit</strong> for the period was up 23.3% to euro 5,437
million.<br>
<br>
<strong>Replacement cost operating profit</strong> for the first
half was euro 10,207 million, an increase of euro 2,542 million
over the first half of 2005, or 33.2%, reflecting primarily the
increase reported in the:</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
        division (up euro 3,049 million, or 57%) due to higher
        realisations in dollars (oil up 36.3%, natural gas up
        21.5%) combined with increased production volumes sold
        (up 12.4 mboe, or 4.2%), and to the favourable impact of
        the depreciation of the euro versus the US dollar (euro
        370 million), offset in part by higher operating costs
        and amortisation charges.</td>
    </tr>
</table>

<p>Operating profit of the Oilfield Services Construction and
Engineering segment improved by 88.4% from the first half of
2005.<br>
<br>
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 division (down
        euro 238 million, or 11.2%) due primarily to a decrease
        in natural gas margins as a consequence of the regulatory
        regime of resolution No. 248/2004 by the Italian
        Authority for Electricity and Gas, which affected natural
        gas prices to both residential customers and wholesalers,
        partly offset by a favourable trading environment,
        particularly for the second quarter. Operating profit was
        adversely impacted also by higher purchase prices of
        natural gas relating to the climatic emergency of the
        2005-2006 winter and by lower transport tariffs for
        natural gas in Italy than for the same period a year ago
        as a consequence of the regulatory regime enacted by the
        Italian Authority for Electricity and Gas with resolution
        No. 166/2005. On the positive side, sales of natural gas
        of consolidated subsidiaries were up 2.6 bcm or 6.1% and
        electricity production sold was up 1.87 terawatthours, or
        17.7%. Transported natural gas volumes outside Italy were
        also higher reflecting the coming on line of volumes
        transported through the Greenstream pipeline from Libya;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p>__________________</p>

<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">(5)</font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="1">For a
        detailed explanation of resolution No. 248/2004 of the
        Italian Authority for Electricity and Gas and later
        amendments see Eni&#146;s Report on the Second Quarter of
        2006 &#150; Operating review &#150; Gas &amp; Power.</font></td>
    </tr>
</table>

<p align="center">- 5 -</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="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">lower replacement cost
        operating profit in the Refining &amp; Marketing division
        (down euro 205 million, or 50.5%) due primarily to
        declining refining margins (margins on Brent were down
        1.16 dollars/barrel, or 21%), partly offset by the
        favourable impact of the depreciation of the euro versus
        the US dollar, and the impact of longer refinery outages
        for planned maintenance. Replacement cost operating
        profit was also adversely impacted by lower results in
        marketing activities in Italy, reflecting rapidly
        escalating prices of refined products not recovered in
        full in final prices as well as competitive pressure.
        These negative factors were offset in part by higher
        operating result of activities in the rest of Europe;</td>
    </tr>
    <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 Petrochemical segment (euro 201
        million, or 96.2%) affected by the significantly higher
        cost of oil-based feedstocks, not completely transferred
        to selling prices. In addition production volumes were
        adversely impacted by the outage of the Priolo cracker
        due to the accident occurred to the nearby refinery late
        in April.</td>
    </tr>
</table>

<p><strong>Revenues</strong> for the first half of 2006 were euro
44,323 million, a euro 10,222 million increase from the first
half of 2005, or 30%, primarily reflecting higher realised prices
and higher sales volumes in virtually all of Eni&#146;s operating
divisions. Also contributing to these increases was the
favourable impact of the depreciation of the euro versus the US
dollar.<br>
<br>
<strong>Net borrowings </strong>as at 30 June 2006 were euro
6,394 million, representing a decrease of euro 4,081 million from
31 December 2005. Cash inflow generated by operating activities
came in at euro 10,477 million also benefiting from seasonality
factors, and was partly offset by: (i) financial requirements for
capital expenditure and investments for euro 3,118 million; (ii)
dividend payments amounting to euro 2,621 million, of which euro
2,401 million pertaining to the payment of the balance of the
dividend for fiscal year 2005 by the parent company Eni SpA; and
(iii) the repurchase of own shares for euro 978 million.
Contributing to the reduction in net borrowings were also cash
from divestments (euro 104 million) and currency translation
effects (approximately euro 400 million).<br>
<br>
Net borrowings increased by euro 103 million from the level as of
31 March 2006 (euro 6,291 million) as cash inflow generated by
operating activities (euro 4,614 million) was absorbed by: (i)
dividend payments for euro 2,621 million; (ii) financial
requirements for capital expenditure for euro 1,714 million; and
(iii) the repurchase of own shares for euro 665 million.<br>
<br>
At June 30, 2006, the ratio of net borrowings to
shareholders&#146; equity including minority interests was 0.16,
compared with 0.27 at 31 December 2005.<br>
<br>
From 1 January to 30 June 2006 a total of 41.97 million <strong>Eni
shares</strong> were purchased by the company for a total cost of
euro 978 million (representing an average cost of euro 23.294 per
share). Since the inception of the share buy-back programme (1
September 2000), Eni has repurchased 323.8 million shares, equal
to 8.09% of its share capital, at a total cost of euro 5,249
million (representing an average cost of euro 16.210 per share).<br>
<br>
<strong>Capital expenditure</strong> in the first half of 2006
amounted to euro 3,054 million (euro 3,206 million in the first
half of 2005) and was 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 1,711 million) in particular in
        Kazakhstan, Angola, Italy and Egypt and exploration
        projects (euro 378 million) in Egypt, Nigeria, Italy and
        the United States;</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">the upgrading of Eni&#146;s
        natural gas transport and distribution networks in Italy
        (euro 270 million);</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">ongoing construction of
        combined cycle power plants (euro 78 million);</td>
    </tr>
    <tr>
        <td valign="top">-</td>
        <td valign="top">&nbsp;</td>
        <td valign="top">actions for the improvement of
        flexibility and yields of refineries, including the
        construction of new hydrocracking and deasphalting units
        at the Sannazzaro refinery, and the upgrade of the
        refined product distribution network in Italy and in the
        rest of Europe (overall euro 232 million);</td>
    </tr>
    <tr>
        <td valign="top">-</td>
        <td valign="top">&nbsp;</td>
        <td valign="top">the construction of a new FPSO unit and
        upgrading of the fleet and logistic centres in the
        Oilfield Services Construction and Engineering segment
        (euro 224 million).</td>
    </tr>
</table>

<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"><strong>Summary quarterly results</strong></font></p>

<p><strong>Eni&#146;s net profit</strong> for the second quarter
of 2006 was euro 2,301 million, up euro 403 million from the
second quarter of 2005, or 21.2%, reflecting higher operating
profit (up euro 1,236 million or 33.3%), partially offset by a
higher Group tax rate, up 4.6 percentage points (from 48.4% to
53%). The increase in the rate was due principally to a 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 benefited from a favourable trading
environment with a higher Brent crude oil price (up 35%) and
higher natural gas sales margins reflecting a favourable trading
environment, partly offset by the adverse impact of resolution
No. 248/2004 for natural gas prices to both wholesalers and
residential customers established by the Italian Authority for
Electricity and Gas. These positives were partially offset by
declining refining margins, with Brent refining margin down
14.9%, and lower petrochemical products margins.<br>
<br>
Net profit for the second quarter includes an <strong>inventory
holding gain</strong> of euro 151 million (net of the fiscal
effect) and <strong>special charges</strong> of euro 333 million
(net of the fiscal effect) relating principally to asset
impairments in the Exploration &amp; Production and Gas &amp;
Power divisions, environmental provisions, and provisions for
redundancy incentives. Excluding these items, <strong>adjusted
net profit</strong> for the quarter was up 22.7% to euro 2,483
million.<br>
<br>
<strong>Replacement cost operating profit</strong> for the second
quarter was euro 4,706 million, an increase of euro 1,297 million
over the second quarter of 2005, or 38.0%, reflecting primarily
the increase reported in the:</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
        division (up euro 1,314 million, or 47.3%) due to higher
        realisations in US dollars (oil up 39.3%, natural gas up
        18.7%), offset in part by higher operating costs and
        amortisation charges;</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">Gas &amp; Power division (up
        euro 104 million, or 16.9%) due primarily to higher
        natural gas sales margins reflecting a favourable trading
        environment, offset in part by the adverse impact of
        resolution No. 248/2004 for natural gas prices to both
        wholesalers and residential customers by the Italian
        Authority for Electricity and Gas. Other positives
        include an increase in sales of natural gas of
        consolidated subsidiaries (up 0.73 bcm or 4.3%), higher
        electricity production sold (up 0.43 terawatthours, or
        7.7%) and higher natural gas volumes transported outside
        Italy. On the negative side, transport tariffs of natural
        gas in Italy were lower than in the same period a year
        ago as a consequence of resolution No. 166/2005 enacted
        by the Italian Authority for Electricity and Gas.</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 Refining &amp; Marketing division
        (down euro 121 million, or 43.2%) due primarily to
        declining refining margins (margins on Brent were down
        1.01 dollars/barrel, or 14.9%) and the impact of longer
        refinery outages for planned maintenance;</td>
    </tr>
    <tr>
        <td valign="top" width="2%">-</td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%">replacement cost operating
        loss in the Petrochemical segment which recorded
        operating loss of euro 14 million as compared to an
        operating profit of euro 50 million a year ago,
        reflecting a significantly higher cost of oil-based
        feedstocks, not completely transferred to selling prices.
        In addition production volumes were adversely impacted by
        the outage of the Priolo cracker due to the accident
        occurred to the nearby refinery late in April.</td>
    </tr>
</table>

<p align="center">- 7 -</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">Post closing events</font><br>
<br>
The Algerian State is currently reviewing the fiscal regime
applicable to oil companies. With regard to the legislative text
already enacted, fiscal terms applicable to existing PSAs to
which foreign oil companies are parties have not been modified
directly. Nevertheless, Sonatrach, the State oil company, intends
to renegotiate the economic terms of certain PSAs to which Eni or
other Eni&#146;s co-venture partners are a party. According to
Sonatrach, the renegotiation of contractual terms is necessary in
order to restore the economics of such contracts which have been
altered by the new fiscal charges that Sonatrach is incurring. At
present management is not able to foresee the final outcome of
such renegotiations.<br>
In addition, the government of Algeria has recently adopted a
legislative text amending the existing hydrocarbon laws to
impose, among other things, a windfall profit tax on foreign oil
companies which are parties of existing PSAs to the extent that
oil prices exceed US$30 per barrel. The amendments will have to
be ratified by the Parliament and enacted through implementing
regulations. At present Eni&#146;s management is not able to
estimate any additional fiscal charges that Eni may incur.<br>
<br>
<br>
<font size="5">Other information</font><br>
<br>
<font size="4"><strong>Eni&#146;s Stock option plan for the
2006-2008 period:<br>
Eni&#146;s Board of Directors approved grant for 2006</strong></font><br>
In application of Eni&#146;s Shareholders&#146; Meeting
resolution of 25 May 2006, Eni&#146;s Board of Directors in its
meeting of 27 July 2006 defined the terms and conditions for the
granting for 2006 of Eni&#146;s Stock Option Plan 2006-2008 and
also approved the relevant regulation.<br>
In particular the Board of Directors &#150; on proposal of the
Compensation Committee &#150; decided the granting of a maximum
of 9 million rights for the purchase of shares (options) for a
corresponding number of Eni treasury shares.<br>
Options will be offered to 350 managers of the parent company Eni
SpA and its non listed subsidiaries who hold positions of
significant responsibility and of strategic relevance and provide
grantees with the right to purchase Eni shares after three years
from the date of the grant at a price corresponding to the higher
of the arithmetic average of official prices recorded on the
Mercato Telematico Azionario in the month preceding the date of
the grant and the average cost of the treasury shares as of the
day prior to the grant (strike price).<br>
The number of options that each grantee will be able to exercise
will be established by the Board of Directors before March 2009
and may vary from zero to 100% of the options granted according
to the total shareholder return of Eni shares as compared to that
of the other six major international oil companies by market
capitalisation.</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="5">Trading environment indicators</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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2">51.59</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">69.62</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">34.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" 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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">49.55</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">65.69</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">32.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1.260</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.256</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(0.3</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Average
        EUR/USD exchange rate <sup>(2)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.285</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.229</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(4.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">40.94</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">55.43</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">35.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" 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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">38.56</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">53.45</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">38.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">6.78</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5.77</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(14.9</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Average
        European refining margin <sup>(3)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5.52</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4.36</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(21.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5.38</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4.59</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(14.6</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Average European refining margin in euro</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4.30</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3.55</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(17.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2.13</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2.89</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">35.7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Euribor -
        three-month rate </font><font size="1">(%)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2.14</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2.75</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">28.5</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3.25</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5.13</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">57.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Libor - three-month dollar rate </font><font
        size="1">(%)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3.03</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4.93</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">62,7</font></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="5">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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE" height="16"><font size="2">16,656</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">20,739</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">24.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2">Net sales from operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">34,101</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">44,323</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">30.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%" height="16"><font
        size="2">139</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">163</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">17.3</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" height="16"><font
        size="2">Other income and revenues</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">323</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">372</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">15.2</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE" height="16"><font size="2">(11,610</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(14,380</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(23.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2">Operating expenses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(23,633</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(31,119</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(31.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%" height="16"><font
        size="2">(1,474</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">(1,575</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">(6.9</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" height="16"><font
        size="2">Depreciation, amortisation and writedowns</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">(2,630</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">(3,034</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">(15.4</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>3,711</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>4,947</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>33.3</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2"><strong>Operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>8,161</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>10,542</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>29.2</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%" height="16"><font
        size="2">(116</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">109</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">..</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" height="16"><font
        size="2">Net financial expense</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">(208</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">151</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">..</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE" height="16"><font size="2">279</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">227</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(18.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2">Net income from investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">413</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">467</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">13.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%" height="16"><font
        size="2"><strong>3,874</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>5,283</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>36.4</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" height="16"><font
        size="2"><strong>Profit before income taxes</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>8,366</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>11,160</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>(33.4</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE" height="16"><font size="2">(1,875</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(2,800</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(49.3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2">Income taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(3,790</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(5,547</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">(46.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%" height="16"><font
        size="2">1,999</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">2,483</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">24.2</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" height="16"><font
        size="2">Net profit</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">4,576</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">5,613</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">22.7</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2">of which:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%" height="16"><font
        size="2"><strong>1,898</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>2,301</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>21.2</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" height="16"><font
        size="2"><strong>- net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>4,343</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>5,275</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"><strong>21.5</strong></font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE" height="16"><font size="2">101</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">182</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">80.2</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2">- net profit of minorities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">233</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">338</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2">45.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>1,898</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>2,301</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>21.2</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2"><strong>Net profit pertaining
        to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>4,343</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>5,275</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>21.5</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%" height="16"><font
        size="2">(189</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">(151</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" height="16"><font
        size="2">Exclusion of inventory holding</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">(311</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">(210</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>1,709</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>2,150</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>25.8</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2"><strong>Replacement cost net
        profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>4,032</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>5,065</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>25.6</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%" height="16"><font
        size="2">315</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">333</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" height="16"><font
        size="2">Exclusion of special items</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">377</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2">372</font></td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" height="16"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>2,024</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>2,483</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>22.7</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"
        height="16"><font size="2"><strong>Adjusted net profit
        pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>4,409</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>5,437</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><font size="2"><strong>23.3</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16"><font size="2"></font>&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">For an explanation of
        adjusted profit and replacement cost profit see page 11.</font></td>
    </tr>
</table>

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

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

<hr noshade>

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

<p><font size="4"><strong>Segmental analysis of operating profit</strong></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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2">2,776</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,090</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">47.3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,349</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">8,398</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">57.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">592</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">708</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">19.6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,155</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,907</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(11.5</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">596</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">366</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(38.6</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">865</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">455</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(47.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">58</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">30</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(48.3</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">216</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">69</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(68.1</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">53</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">133</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">150.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">112</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">211</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">88.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(197</font></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%"><font
        size="2">(151</font></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%"><font
        size="2">23.4</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(259</font></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%"><font
        size="2">(216</font></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%"><font
        size="2">16.6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(158</font></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"><font size="2">(91</font></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"><font size="2">42.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(211</font></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"><font size="2">(142</font></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"><font size="2">32.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(9</font></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%"><font
        size="2">(138</font></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="39%"><font size="2">Unrealized
        profit in inventory <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(66</font></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%"><font
        size="2">(140</font></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="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>3,711</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,947</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>33.3</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,161</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>10,542</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>29.2</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%">&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="39%">&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 align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(302</font></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"><font size="2">(241</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(496</font></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"><font size="2">(335</font></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="9%"><font
        size="2"><strong>3,409</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>4,706</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>38.0</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><strong>Replacement
        cost operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>7,665</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>10,207</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>33.2</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">424</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">348</font></td>
        <td valign="bottom" 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="39%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">516</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">380</font></td>
        <td valign="bottom" 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="9%"><font
        size="2"><strong>3,833</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>5,054</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>31.9</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><strong>Adjusted
        operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>8,181</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>10,587</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>29.4</strong></font></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">Unrealized
        profit in inventory concerned intragroup sales of goods
        and services recorded at 30 June in the equity of the
        purchasing company.</font></td>
    </tr>
</table>

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

<p><font size="4"><strong>Net sales from operations</strong></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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2">5,437</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">7,045</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">29.6</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10,054</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">14,459</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">43.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">4,500</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5,799</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">28.9</font></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="39%"><font size="2">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">11,162</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">14,933</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">33.8</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">7,846</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10,166</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">29.6</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">14,747</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">19,446</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">31.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,465</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,612</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">10.0</font></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="39%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,999</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3,340</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">11.4</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,196</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,769</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">47.9</font></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="39%" 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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,356</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3,080</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">30.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">359</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">251</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(30.1</font></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="39%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">596</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">465</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(22.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">118</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">298</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">152.5</font></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="39%" 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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">434</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">605</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">39.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(4,265</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(6,201</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(45.4</font></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="39%"><font size="2">Consolidation
        adjustment</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(8,247</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(12,005</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(45.6</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>16,656</strong></font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>20,739</strong></font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>24.5</strong></font></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="39%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>34,101</strong></font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>44,323</strong></font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>30.0</strong></font></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 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 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">Reconciliation of reported operating profit and
net profit to results on a replacement cost basis and on an
adjusted basis</font></p>

<p><em><strong>Adjusted operating profit</strong></em><em> and </em><em><strong>net
profit</strong></em><em> 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 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.<br>
For a reconciliation of adjusted operating profit and net profit
to reported operating profit and net profit see tables below.</em></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="37%"><font size="2"><strong>First
        half 2006</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>E&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>G&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>R&amp;M</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Petrochemicals</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Oilfield Services Construction and
        Engineering</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Other activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Corporate and financial companies</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Unrealized profit in inventory</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Group</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,398</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,907</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>455</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>69</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>211</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(216</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(142</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(140</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>10,542</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(20</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(254</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(61</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(335</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,398</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,887</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>201</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>211</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(216</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(142</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(140</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>10,207</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Exclusion
        of special items:</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;environmental
        charges</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">39</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">61</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">52</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">152</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asset
        impairments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">132</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">51</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">4</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">188</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains on portfolio
        rationalisation</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(57</font></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="5%"
        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="5%"
        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="5%"
        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="5%"
        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="5%"
        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="5%"
        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="5%"
        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="5%"
        bgcolor="#EEEEEE"><font size="2">(57</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions
        to the reserve for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">20</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">22</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">45</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provision for
        redundancy incentives</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">11</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">12</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">42</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(1</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">9</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">10</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Special items of operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>75</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>107</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>78</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>20</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>88</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>12</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>380</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Adjusted
        operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>8,473</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>1,994</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>279</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>28</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>211</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>(128</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>(130</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>(140</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>10,587</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Reported
        net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>5,275</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(210</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Replacement
        cost net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>5,065</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">372</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Adjusted
        net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>5,437</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>&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>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="37%"><font size="2"><strong>First
        half 2005</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>E&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>G&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>R&amp;M</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Petrochemicals</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Oilfield Services Construction and
        Engineering</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Other activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Corporate and financial companies</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Unrealized profit in inventory</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Group</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,349</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,155</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>865</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>216</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>112</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(259</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(211</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(66</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,161</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(30</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(459</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(7</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(496</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,349</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,125</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>406</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>209</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>112</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(259</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(211</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(66</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>7,665</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Exclusion
        of special items:</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;environmental
        charges</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">62</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">94</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">46</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">224</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asset
        impairments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">158</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">18</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">4</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">180</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions to the
        reserve for contingencies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">43</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">65</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provision
        for redundancy incentives</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">11</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">22</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">23</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(5</font></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="5%"
        bgcolor="#EEEEEE"><font size="2">(2</font></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="5%"
        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="5%"
        bgcolor="#EEEEEE"><font size="2">9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">25</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Special
        items of operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>159</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>48</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>81</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>21</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>150</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>57</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>516</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,508</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,173</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>487</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>230</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>112</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(109</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(154</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(66</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,181</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,343</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(311</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost net profit pertaining
        to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,032</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">377</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,409</strong></font></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="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="37%"><font size="2"><strong>Second
        quarter 2006</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>E&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>G&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>R&amp;M</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Petrochemicals</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Oilfield Services Construction and
        Engineering</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Other activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Corporate and financial companies</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Unrealized profit in inventory</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Group</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,090</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>708</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>366</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>30</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>133</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(151</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(91</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(138</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,947</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">10</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(207</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(44</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(241</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,090</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>718</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>159</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(14</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>133</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(151</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(91</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(138</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,706</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Exclusion
        of special items:</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;environmental
        charges</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">19</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">52</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">88</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asset
        impairments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">132</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">51</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">185</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions to the
        reserve for contingencies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">18</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">42</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provision
        for redundancy incentives</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">18</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">15</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Special
        items of operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>132</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>73</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>31</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>19</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>86</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>7</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>348</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,222</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>791</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>190</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>133</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(65</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(84</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(138</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,054</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,301</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(151</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost net profit pertaining
        to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,150</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">333</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,483</strong></font></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="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </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>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="37%"><font size="2"><strong>Second
        quarter 2005</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>E&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>G&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>R&amp;M</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Petrochemicals</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Oilfield Services Construction and
        Engineering</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Other activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Corporate and financial companies</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Unrealized profit in inventory</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Group</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,776</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>592</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>596</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>58</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>53</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(197</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(158</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(9</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>3,711</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">22</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(316</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(8</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(302</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,776</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>614</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>280</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>50</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>53</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(197</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(158</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(9</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>3,409</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Exclusion
        of special items:</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;environmental
        charges</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">37</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">94</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">46</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">199</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asset
        impairments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">127</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">18</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">146</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions to the
        reservefor contingencies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">43</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">65</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provision
        for redundancy incentives</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(2</font></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="5%"
        bgcolor="#EEEEEE"><font size="2">(2</font></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="5%"
        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="5%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Special
        items of operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>128</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>24</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>55</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>21</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>141</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>55</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>424</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,904</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>638</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>335</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>71</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>53</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(56</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(103</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(9</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>3,833</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,898</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(189</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost net profit pertaining
        to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,709</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">315</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,024</strong></font></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="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<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="4">Replacement cost operating profit by segment</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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2">2,776</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,090</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">47.3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,349</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">8,398</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">57.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">614</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">718</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">16.9</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,125</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,887</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(11.2</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">280</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">159</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(43.2</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">406</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">201</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(50.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">50</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(14</font></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="39%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">209</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">8</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(96.2</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">53</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">133</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">150.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">112</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">211</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">88.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(197</font></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%"><font
        size="2">(151</font></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%"><font
        size="2">23.4</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(259</font></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%"><font
        size="2">(216</font></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%"><font
        size="2">16.6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(158</font></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"><font size="2">(91</font></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"><font size="2">42.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(211</font></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"><font size="2">(142</font></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"><font size="2">32.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(9</font></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%"><font
        size="2">(138</font></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="39%"><font size="2">Unrealized
        profit in inventory </font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(66</font></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%"><font
        size="2">(140</font></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="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>3,409</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,706</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>38.0</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>7,665</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>10,207</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>33.2</strong></font></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><font size="4">Adjusted operating profit by segment</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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2">2,904</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,222</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">45.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,508</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">8,473</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">53.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">638</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">791</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">24.0</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,173</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,994</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(8.2</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">335</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">190</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(43.3</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">487</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">279</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(42.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">71</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(93.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">230</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">28</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(87.8</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">53</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">133</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">150.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Oilfield Services Construction and Engineering</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">112</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">211</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">88.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(56</font></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%"><font
        size="2">(65</font></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%"><font
        size="2">(16.1</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(109</font></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%"><font
        size="2">(128</font></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%"><font
        size="2">(17.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(103</font></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"><font size="2">(84</font></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"><font size="2">18.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(154</font></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"><font size="2">(130</font></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"><font size="2">15.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(9</font></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%"><font
        size="2">(138</font></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="39%"><font size="2">Unrealized
        profit in inventory</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(66</font></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%"><font
        size="2">(140</font></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="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>3,833</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,054</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>31.9</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,181</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>10,587</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>29.4</strong></font></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%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><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="9%"><p align="right"><font
        size="1"><b>31 Mar. 2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>30 Jun. 2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="right"><font
        size="1"><b>Change vs.<br>
        31 Dec. 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 vs.<br>
        31 Mar. 2006</b></font></p>
        </td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><hr size="1">
        </td>
        <td><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">Non-current assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">54,291</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">53,876</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">52,720</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(1,571</font></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"><font size="2">(1,156</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Working
        capital, net</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(3,568</font></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%"><font
        size="2">(4,988</font></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%"><font
        size="2">(5,423</font></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%"><font
        size="2">(1,855</font></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%"><font
        size="2">(435</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Employee termination indemnities and other
        benefits</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(1,031</font></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"><font size="2">(1,045</font></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"><font size="2">(1,040</font></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"><font size="2">(9</font></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"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2"><strong>Net
        capital employed</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>49,692</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>47,843</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>46,257</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(3,435</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(1,586</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Shareholders&#146; equity including minority
        interest</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">39,217</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">41,552</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">39,863</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">646</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(1,689</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Net
        borrowings</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">10,475</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">6,291</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">6,394</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(4,081</font></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%"><font
        size="2">103</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2"><strong>Total liabilities and shareholders&#146;
        equity</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>49,692</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>47,843</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>46,257</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>(3,435</strong></font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>(1,586</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Debts and
        bonds</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">12,998</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">11,054</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">11,560</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,438</font></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%"><font
        size="2">506</font></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"><font size="2"><em>5,345</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>3,674</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>4,149</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(1,214</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>457</em></font></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%"><font
        size="2"><em>7,653</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>7,380</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>7,411</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>(224</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>49</em></font></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"><font size="2">(2,523</font></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"><font size="2">(4,763</font></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"><font size="2">(5,166</font></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"><font size="2">(2,643</font></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"><font size="2">(403</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2"><strong>Net
        borrowings</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>10,475</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>6,291</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>6,394</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(4,081</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>103</strong></font></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%"><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>

<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="4"><strong>Summarised cash flow statement</strong></font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="10%"><hr size="1">
        </td>
        <td align="center" width="10%"><hr size="1">
        </td>
        <td width="60%"><hr size="1">
        </td>
        <td width="20%"><hr size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>First quarter</b></font></p>
        </td>
        <td align="center" valign="bottom" width="10%"><font
        size="1"><b>Second quarter</b></font></td>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="20%"><p align="center"><font
        size="1"><b>First half</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>2006</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="10%"><font size="1">&nbsp; </font></td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="10%"><font size="1">&nbsp; </font></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>2006</b></font></p>
        </td>
    </tr>
    <tr>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td><hr size="1">
        <hr size="1">
        </td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</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="9%"
        bgcolor="#EEEEEE"><font size="2">5,863</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,614</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Net cash provided by operating activities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">8,613</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10,477</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(1,340</font></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%"><font
        size="2">(1,714</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="60%"><font size="2">Capital
        expenditure and investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(3,206</font></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%"><font
        size="2">(3,054</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(19</font></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"><font size="2">(45</font></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="60%" bgcolor="#EEEEEE"><font
        size="2">Investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(48</font></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"><font size="2">(64</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(2,621</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="60%"><font size="2">Payment of
        dividend for fiscal year 2005</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(3,623</font></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%"><font
        size="2">(2,621</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        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"><font size="2"><em>(2,401</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><em>of which: Eni SpA</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(3,384</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(2,401</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>(207</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="60%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>Snam
        Rete Gas SpA and Saipem SpA</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>(232</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>(207</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(348</font></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"><font size="2">(821</font></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="60%" bgcolor="#EEEEEE"><font
        size="2">Share buy-back</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(246</font></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"><font size="2">(1,169</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>(313</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>(665</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="60%"><font size="2"><em>of
        which: Eni SpA</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>(228</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>(978</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><em>(35</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(156</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>Snam
        Rete Gas SpA and Saipem SpA</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(18</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(191</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">85</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">19</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="60%"><font size="2">Divestments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">294</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">104</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(57</font></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"><font size="2">465</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Exchange difference and other changes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(752</font></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"><font size="2">408</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>4,184</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(103</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="60%"><font size="2"><strong>Change
        in net borrowings</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>1,032</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>4,081</strong></font></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%">&nbsp;</td>
        <td width="40%">&nbsp;</td>
        <td width="10%">&nbsp;</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"><strong>Bonds maturing in the 18-month period
starting on 30 June 2006</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="48%"><font size="1"><strong>Issuing
        company</strong></font></td>
        <td valign="bottom" width="4%">&nbsp;</td>
        <td align="right" valign="bottom" width="48%"><font
        size="1"><strong>amount in euro million</strong></font><font
        size="2"> </font><font size="1"><sup>(1)</sup></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="48%"><hr size="1">
        </td>
        <td valign="bottom" width="4%"><hr size="1">
        </td>
        <td align="right" valign="bottom" width="48%"><hr
        size="1">
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="48%" bgcolor="#EEEEEE"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="4%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="48%"
        bgcolor="#EEEEEE"><font size="2">585</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="48%"><font size="2">Eni USA
        Inc</font></td>
        <td valign="bottom" width="4%">&nbsp;</td>
        <td align="right" valign="bottom" width="48%"><font
        size="2">157</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="48%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="4%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="48%"
        bgcolor="#EEEEEE"><font size="2"><strong>742</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="48%"><hr size="1">
        </td>
        <td valign="bottom" width="4%"><hr size="1">
        </td>
        <td align="right" valign="bottom" width="48%"><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">Including
        disagio issue and accrued interest.</font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="4"><strong>Bond issued in the first half of 2006
(guaranteed by Eni SpA)</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1"><strong>Issuing
        company</strong></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><font
        size="1"><strong>Nominal amount </strong>(million)</font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><font
        size="1"><strong>Currency</strong></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><font
        size="1"><strong>Amount </strong>(million euro) <sup>(1)</sup></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><font
        size="1"><strong>Maturity</strong></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><font
        size="1"><strong>Rate</strong></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><font
        size="1"><strong>%</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5,000</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">JPY</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">35</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">2014</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">fixed</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1.560</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Eni
        Coordination Center SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">45</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">USD</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">36</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2013</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">variable</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Eni Coordination Center SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">100</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">GBP</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">144</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">2011</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">fixed</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5.125</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>5,145</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>215</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><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">Including
        disagio issue and accrued interest.</font></td>
    </tr>
</table>

<p>There follows a review of financial and operating performance
of Eni&#146;s main operating business divisions in the first half
and second quarter of 2006.</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><font size="5">First half and second 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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2">5,437</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">7,045</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">29.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10,054</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">14,459</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">43.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2,776</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,090</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">47.3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Operating
        profit</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5,349</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">8,398</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">57.0</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">128</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">132</font></td>
        <td valign="bottom" 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="39%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">159</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">75</font></td>
        <td valign="bottom" 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="9%"><font
        size="2"><strong>2,904</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>4,222</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>45.4</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><strong>Adjusted
        operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>5,508</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>8,473</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>53.8</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <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="2%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%">&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="2%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,167</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,153</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(1.2</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Capital expenditure</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,220</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,114</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(4.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></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>Operating profit for the first half was euro 8,398 million, up
euro 3,049 million, or 57%, primarily reflecting higher
realisations in US dollars (oil up 36.3%; natural gas up 21.5%)
combined with a growth in production volumes sold by consolidated
subsidiaries, which were up 12.4 million boe, or 4.2%. The
depreciation of the euro over the dollar also boosted operating
profit by an estimated euro 370 million, pertaining principally
to currency translation effects. These positive factors were
partially offset by higher operating costs and amortisation
charges in connection with higher development costs of new fields
and for maintaining production levels in certain mature fields as
well as inflationary impacts. Higher exploration costs were also
incurred.<br>
The first half result included special charges of euro 75 million
resulting from asset impairments, partly offset by a gain on
asset divestment. In the first half of 2005, special charges of
euro 159 million were recorded resulting principally from asset
impairments.<br>
<br>
Operating profit for the second quarter was up euro 1,314
million, to euro 4,090 million, driven by higher realisations in
US dollars (oil up 39.3%; natural gas up 18.7%). This was
partially offset by higher operating costs and amortisation
charges. Higher exploratory costs were also incurred.<br>
<br>
The second quarter result included special charges of euro 132
million resulting from asset impairments; roughly the same amount
of asset impairments were incurred in the second quarter of 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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,725</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,748</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>1.3</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Daily production of oil and natural gas</strong>
        <sup>(1)</sup> </font><font size="1">(kboe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,714</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,787</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>4.3</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">268</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">237</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(11.6</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Italy</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">267</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">242</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(9.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">465</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">555</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">19.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">North Africa</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">449</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">548</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">22.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">326</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">368</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">12.9</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">West
        Africa</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">326</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">375</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">15.0</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">286</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">284</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(0.7</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">North Sea</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">288</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">291</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">380</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">304</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(20.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Rest of
        world</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">384</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">331</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(13.8</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>153.4</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>154.1</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>0.5</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Oil and natural gas production sold</strong>
        <sup>(1)</sup> </font><font size="1">(mboe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>301.4</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>313.6</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>4.0</strong></font></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%"><font size="1"></font>&nbsp;</td>
        <td valign="top" width="2%"><font size="1"></font>&nbsp;</td>
        <td valign="top" width="96%"><font size="1"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="2%"><font size="1"></font>&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Includes
        Eni&#146;s share of production of joint ventures
        accounted for under the equity method.</font></td>
    </tr>
</table>

<p><strong>Oil and natural gas production</strong> for the first
half averaged 1,787 kboe/d, representing an increase of 4.3%, or
73 kboe/d from the first half of 2005, driven by organic growth
in Libya, Angola and Egypt. Production for the period was
adversely impacted by: (i) lower </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>entitlements in certain PSAs and buy-back contracts of 32
kboe/d; (ii) the impact of the unilateral cancellation of the
service contract for the Daci&#243;n oil field by the Venezuelan
State oil company PDVSA effective on 1 April 2006 (down 29
kboe/d); (iii) natural field decline in mature areas; (iv)
outages and disruptions in Nigeria due to social unrest, residual
hurricane impacts on production in the Gulf of Mexico and
operational issues at certain facilities in Italy, Norway and
Kazakhstan. Excluding the impact of adverse entitlement effects,
oil and natural gas production increased by 6.1%. Natural gas
production for the period achieved a double-digit growth driven
by increases in Libya, Egypt, Nigeria and Australia, while oil
production came in essentially flat as growth in areas such as
Angola and Libya was offset by the impact of the Daci&#243;n oil
field contract cancellation in Venezuela and operational and
contingent issues.<br>
The share of production outside Italy for the period was 86% (84%
in the first half of 2005).<br>
<br>
<strong>Oil and natural gas production</strong> for the second
quarter averaged 1,748 kboe/d, representing an increase of 1.3%
or 23 kboe/d from the second quarter of 2005. As well as lower
entitlements for 36 kboe/d and natural field declines, production
for the quarter was adversely impacted by a 58 kbbl/d production
loss pertaining to the unilateral cancellation of the service
contract for the Daci&#243;n oil field on part of the Venezuelan
State oil company PDVSA effective on 1 April 2006 and the
operational or contingent issues as outlined above. Oil
production for the quarter was down 4.6%, while natural gas
production increased by 12% driven by growth in Libya, Egypt,
Nigeria, Australia and Croatia.</p>

<p>&nbsp;</p>

<p align="center">- 17 -</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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2">4,500</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,799</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">28.9</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">11,162</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">14,933</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">33.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">592</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">708</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">19.6</font></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="39%"><font size="2">Operating
        profit </font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,155</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,907</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(11.5</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">22</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10</font></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 align="right" valign="bottom" width="8%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(30</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(20</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>614</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>718</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>16.9</strong></font></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="39%"><font size="2"><strong>Replacement
        cost operating profit</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>2,125</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>1,887</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(11.2</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">24</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">73</font></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 align="right" valign="bottom" width="8%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">48</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">107</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>638</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>791</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>24.0</strong></font></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="39%"><font size="2"><strong>Adjusted
        operating profit</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>2,173</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>1,994</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(8.2</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <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="2%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%">&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="2%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">256</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">259</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.2</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Capital expenditure</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">521</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">410</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(21.3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></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>Replacement cost operating profit for the first half of 2006
was euro 1,887 million, down euro 238 million, or 11.2%. This was
due primarily to lower margins on natural gas sales as a
consequence of the regulatory regime of resolution No. 248/2004
by the Italian Authority for Electricity and Gas, which affected
natural gas prices to both residential customers and wholesalers,
partly offset by a favourable trading environment in particular
in the power generation segment. Replacement cost operating
profit for the period was also adversely impacted by higher
purchase prices of natural gas relating to the to the climatic
emergency of the 2005-2006 winter and by lower transport tariffs
in Italy due to the regulatory regime of resolution No. 166/2005
enacted by the Italian Authority for Electricity and Gas. On the
positive side, sales of natural gas of consolidated subsidiaries
were up 2.6 bcm or 6.1% and electricity production sold was up
1,87 terawatthours, or 17.7%. Transported natural gas volumes
outside Italy were also higher reflecting the coming on line of
the Greenstream pipeline from Libya.<br>
<br>
The first half results included special charges of euro 107
million related primarily to impairments of intangible assets,
environmental provisions and provisions for redundancy
incentives. Special items for the first half of 2005 related
primarily to environmental provisions and certain non-operating
charges for euro 48 million.<br>
<br>
Replacement cost operating profit for the second quarter of 2006
was euro 718 million, up euro 104 million, or 16.9%, due to
higher natural gas sales margins reflecting a favourable trading
environment in particular in the power generation segment. This
was offset in part by the adverse impact of resolution No.
248/2004 for natural gas prices to both wholesalers and
residential customers established by the Italian Authority for
Electricity and Gas. Other positives include an increase in sales
of natural gas of consolidated subsidiaries (up 0.73 bcm or
4.3%), higher electricity production sold (up 0.43 terawatthours,
or 7.7%) and higher natural gas volumes transported outside
Italy. On the negative side, transport tariffs of natural gas in
Italy were lower than in the same period a year ago as a
consequence of the regulatory regime of resolution No. 166/2005
enacted by the Italian Authority for Electricity and Gas.<br>
<br>
Results for the quarter included special charges of euro 73
million related primarily to impairments of intangible assets and
environmental provisions. Special items for the second quarter of
2005 related primarily to environmental provisions.</p>

<p>&nbsp;</p>

<p align="center">- 18 -</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><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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        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="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Natural gas sales</strong> </font><font
        size="1">(bcm)</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 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="9%"><font
        size="2">10.29</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">9.99</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(2.9</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Italy to
        third parties <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">27.28</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">27.46</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">0.7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1.61</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.67</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Wholesalers (selling companies)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6.91</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6.73</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(2.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">0.48</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">0.54</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">12.5</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Gas
        release</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.07</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.13</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5.6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">8.20</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">7.78</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(5.1</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">End customers</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">19.30</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">19.60</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>2.91</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>3.29</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>13.1</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>Industrial
        users</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>6.23</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>7.09</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>13.8</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><em>4.44</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>3.63</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(18.2</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>Power
        generation</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>8.40</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>7.90</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(6.0</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>0.85</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>0.86</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>1.2</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>Residential</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>4.67</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>4.61</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>(1.3</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1.34</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.61</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">20.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Own consumption <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2.59</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3.08</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">18.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>5.03</em></font></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%"><font
        size="2"><em>5.91</em></font></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%"><font
        size="2"><em>17.5</em></font></td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><em>Rest
        of Europe </em><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>12.36</em></font></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%"><font
        size="2"><em>14.48</em></font></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%"><font
        size="2"><em>17.2</em></font></td>
        <td valign="bottom" width="1%"><em></em>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><em>0.33</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>0.21</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(36.4</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><em>Outside Europe</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>0.56</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>0.37</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><em></em>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>(33.9</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>16.99</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>17.72</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>4.3</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><strong>Sales
        and own consumption of subsidiaries</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>42.79</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>45.39</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>6.1</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>1.53</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>1.65</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>7.8</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Sales to affiliates </strong>(Eni&#146;s
        share)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>3.80</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>4.06</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>6.8</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>0.01</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>0.00</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>..</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><em>Italy </em><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>0.04</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>0.01</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>(75.0</em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em>)</em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><em>1.36</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>1.38</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>1.5</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><em>Rest of Europe </em><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>3.47</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>3.71</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><em>6.9</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>0.16</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>0.27</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>68.8</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><em>Outside
        Europe</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>0.29</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>0.34</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>17.2</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>18.52</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>19.37</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>4.6</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Total natural gas sales and own
        consumption </strong></font><font size="1">(bcm)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>46.59</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>49.45</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>6.1</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>21.09</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>21.63</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>2.6</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><strong>Transport
        of natural gas in Italy </strong></font><font size="1">(bcm)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>44.79</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>46.52</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>3.9</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">13.10</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">13.91</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6.2</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Eni</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">28.46</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">30.03</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">7.99</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">7.72</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(3.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Third
        parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">16.33</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">16.49</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.0</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>5.57</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>6.00</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>7.7</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Electricity production sold </strong></font><font
        size="1">(terawatthour)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>10.55</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>12.42</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>17.7</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="9%">&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="39%">&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 align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="39%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="1"><strong>19.50</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><strong>20.44</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><strong>4.8</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="1"><strong>Total sales of natural gas in Europe</strong>
        (bcm)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><strong>48.71</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><strong>51.82</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><strong>6.4</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="1"><em>18.03</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="1"><em>18.89</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="1"><em>4.8</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="1"><em>Natural
        gas sales in Europe G&amp;P </em><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="1"><em>45.74</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="1"><em>48.74</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="1"><em>6.6</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="1"><em>1.47</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><em>1.55</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><em>5.4</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="1"><em>Upstream sales in Europe</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><em>2.97</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><em>3.08</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="1"><em>3.7</em></font></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>Natural gas sales for the first half of 2006 were 49.45 bcm
(including own consumption and Eni&#146;s share of affiliates
sales), or 2.86 bcm higher, primarily reflecting higher sales in
the rest of Europe, up 2.36 bcm, or 14.9%, and higher natural gas
supplies to Eni&#146;s wholly-owned subsidiary EniPower for power
generation up 0.49 bcm, or 18.9%.<br>
<br>
Despite an increasingly competitive market, natural gas sales in
Italy (27.46 bcm) increased by 0.18 bcm from the first half of
2005, reflecting higher sales to the industrial sector (up 0.86
bcm) related to an increase in the number of clients, partly
offset by lower volumes sold to the power generation sector (down
0.50 bcm) as a consequence of a switch from natural gas to fuel
oil as feedstock for power plants related to the climatic
emergency declared by the Minister of Producing Activities in the
2005-2006 winter season.<br>
<br>
Sales in the rest of Europe were 18.19 bcm, or 2.36 bcm higher,
reflecting increases in: (i) sales under long-term supply
contracts to Italian importers (up 1.19 bcm) for the progressive
reaching of full supplies from Libyan fields; (ii) supplies to
the Turkish market (up 0.68 bcm); (iii) volumes sold on the
French market (up 0.33 bcm) relating to higher supplies to
industrial operators; (iv) volumes sold on the German and
Austrian markets (up 0.26 bcm), to the French operator Gaz de
France and to Eni&#146;s affiliate GVS; (v) volumes sold by
Eni&#146; affiliates (up 0.24 bcm), in particular Uni&#243;n Fenosa
Gas in Spain.</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>Electricity production sold increased 1.87 terawatthour to
12.42 terawatthour, or 17.7%, reflecting the continuing ramp-up
of new production capacity, in particular at the Brindisi plant
(up 2.05 terawatthour) and full production of the Mantova plant,
up 1.12 terawatthour. Such increases were partly offset by lower
production at the Ferrera Erbognone and Ravenna plants due to
planned maintenance.<br>
<br>
Natural gas sales for the second quarter were 19.37 bcm, or 0.85
bcm higher, primarily reflecting higher sales in the rest of
Europe, up 0.90 bcm, or 14.1%, and higher natural gas supplies to
Eni&#146;s wholly-owned subsidiary EniPower for power generation
up 0.27 bcm, or 20.1%. Natural gas sales in Italy (9.99 bcm)
decreased by 0.30 bcm from the second quarter of 2005, reflecting
lower volumes to the power generation sector (down 0.81 bcm),
partially offset by higher sales to the industrial sector (up
0.38 bcm).<br>
<br>
Sales in the rest of Europe were 7.29 bcm, or 0.89 bcm higher,
reflecting increases in: (i) sales under long-term supply
contracts to Italian importers (up 0.58 bcm) for the progressive
reaching of full supplies from Libyan fields; (ii) supplies to
the Turkish market (up 0.31 bcm).<br>
<br>
Electricity production sold increased 0.43 terawatthour to 6
terawatthour, or 7.7%, reflecting the continuing ramp-up of new
production capacity, in particular at the Brindisi plant (up 0.98
terawatthour) and full production of the Mantova plant, up 0.29
terawatthour. Such increases were partly offset by lower
production at the Ferrera Erbognone and Ravenna plants due to
planned maintenance.</p>

<p align="center">- 20 -</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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2">7,846</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10,166</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">29.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">Revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">14,747</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">19,446</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">31.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">596</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">366</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(38.6</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">Operating
        profit</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">865</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">455</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(47.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(316</font></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"><font size="2">(207</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(459</font></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"><font size="2">(254</font></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="9%"><font
        size="2"><strong>280</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>159</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(43.2</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><strong>Replacement
        cost operating profit </strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>406</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>201</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(50.5</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">55</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">31</font></td>
        <td valign="bottom" 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="39%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">81</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">78</font></td>
        <td valign="bottom" 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="9%"><font
        size="2"><strong>335</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>190</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(43.3</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><strong>Adjusted
        operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>487</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>279</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(42.7</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <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="2%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%">&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="2%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">150</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">137</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(8.7</font></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="39%" bgcolor="#EEEEEE"><font
        size="2">Capital expenditure</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">216</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">232</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">7.4</font></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>Replacement cost operating profit for the first half of 2006
was euro 201 million, down euro 205 million or 50.5%, from the
first half of 2005, due primarily to declining refining margins
(margins on Brent were down 1.16 dollars/barrel, or 21%), partly
offset by the favourable impact of the depreciation of the euro
versus the dollar, and the impact of longer refinery outages for
both planned maintenance and certain operational issues in
connection with the accident occurred late in April to the Priolo
refinery in Sicily owned by a third party. Replacement cost
operating profit for the quarter was also adversely impacted by
shrinking marketing margins, reflecting rapidly escalating prices
of refined products not recovered in full in final prices as well
as competitive pressure. Also the divestment of Italiana Petroli
occurred in September 2005 adversely impacted operating profit
for the period (see below). On the positive side, activities in
the rest of Europe recorded a higher operating profit.<br>
<br>
The first half result included special charges of euro 78 million
related primarily to environmental provisions and provisions for
redundancy incentives. In the first half of 2005 special items
were euro 81 million, related primarily to environmental and
other provisions.<br>
<br>
Replacement cost operating profit for the second quarter was euro
159 million, down euro 121 million or 43.2%, from the second
quarter of 2005, due primarily to declining refining margins
(margins on Brent were down 1.01 dollars/barrel, or 14.9%) and
the impact of longer refinery outages for both planned
maintenance and certain operational issues in connection with the
accident occurred late in April to the Priolo refinery in Sicily.
Replacement cost operating profit for the quarter was also
adversely impacted by shrinking marketing margins, reflecting
rapidly escalating prices of refined products not recovered in
full in final prices as well as competitive pressure. Also the
divestment of Italiana Petroli occurred in September 2005
adversely impacted operating profit for the period (see below).
On the positive side, activities in the rest of Europe recorded
an higher operating profit.<br>
<br>
The second quarter result included special charges of euro 31
million related primarily to environmental provisions and
provisions for redundancy incentives. In the second quarter of
2005 special items were euro 55 million, related primarily to
environmental and other provisions.</p>

<p align="center">- 21 -</p>

<hr noshade>

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

<p><font size="1">(million tonnes)</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>Second quarter</b></font></p>
        </td>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="30%"><p align="center"><font
        size="1"><b>First half</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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>2005</b></font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><b>2006</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="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>9.77</strong></font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>9.40</strong></font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>(3.8</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>Refining throughputs on own account</strong></font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>18.21</strong></font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>18.01</strong></font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>(1.1</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong>)</strong></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <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="2%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%">&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="2%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>12.51</strong></font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>12.55</strong></font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>0.3</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2"><strong>Sales</strong></font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>24.81</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>24.87</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>0.2</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">2.20</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2.20</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">-</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail Italy Agip
        brand</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4.26</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4.26</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">-</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">0.50</font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">-</font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(100.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail
        Italy IP brand</font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">0.96</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">-</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(100.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">0.94</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">0.95</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail rest of
        Europe</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.77</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.82</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2.54</font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2.48</font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(2.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesale
        Italy</font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5.07</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5.02</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1.06</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.15</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">8.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesale outside
        Italy</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2.16</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2.28</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><em>0.96</em></font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>1.03</em></font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>7.3</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="39%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<em>of
        which in the rest of Europe</em></font></td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>1.96</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>2.06</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><em>5.1</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5.27</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5.77</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">9.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="39%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other sales</font></td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10.59</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">11.49</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">8.5</font></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>Refining throughputs on own account for the first half of 2006
in Italy and outside of Italy were down 0.20 mtonnes to 18.01
mtonnes from the same period a year ago, due principally to lower
throughputs at the Sannazzaro, Livorno and Taranto refineries in
connection with planned maintenance outages. Processed volumes
were also hit by the accident occurred in the Priolo refinery.
These negatives were partly offset by higher throughputs at the
Gela and Venice refineries in Italy.<br>
Sales of refined products for the period were 24.87 mtonnes, 60
ktonnes higher from the first half of 2005 due essentially to the
increase in sales on the retail and wholesale markets in the rest
of Europe (up 150 ktonnes), which was partly counterbalanced by a
50 ktonnes decline in sales on the Italian wholesale market. The
960 ktonnes reduction in retail sales due to the divestment of
the entire share capital of Italiana Petroli, 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 on the basis of a five-year supply
contract.<br>
<br>
Sales of refined products on the Agip branded network in Italy
were 4.26 mtonnes, unchanged from the first half of 2005. Sales
of refined products on retail markets in the rest of Europe
increased by 50 ktonnes, or 2.8%, reflecting principally higher
volumes in Spain, France and Central and Eastern Europe, also in
connection with the acquisition and leasehold of service stations
in 2005.<br>
<br>
Sales on the wholesale market in Italy decreased by 50 ktonnes to
5.02 million tonnes reflecting in particular lower sales of
diesel fuel and fuel oil. Sales on wholesales markets in the rest
of Europe increased by 100 ktonnes, or 5.1%, led by higher
volumes in Spain and Germany.<br>
<br>
Refining throughputs on own account for the second quarter of
2006 in Italy and outside of Italy were down 0.37 million tonnes
to 9.4 million tonnes from the same period a year ago, due
principally to lower throughputs at the Sannazzaro and Priolo
refineries for the reasons outlined above. Higher throughputs
were achieved at the Livorno and Venice refineries.<br>
Sales of refined products for the quarter were 12.55 mtonnes, 40
ktonnes higher from the second quarter of 2005 due to the
increase in sales on retail and wholesale markets in the rest of
Europe (up 80 ktonnes), partially offset by lower sales on the
wholesale market in Italy (down 60 ktonnes). The 502 ktonnes
reduction in retail sales due to the divestment of Italiana
Petroli, was partially offset, as mentioned above, by Eni&#146;s
ongoing supply of significant volumes of fuels and other products
to the divested company.<br>
Sales of refined products on the Agip branded network in Italy
were 2.2 mtonnes, unchanged from the second quarter of 2005.
Sales of refined products on the retail markets in the rest of
Europe increased by 10 ktonnes, or 1.1%, reflecting principally
higher volumes in Spain, France and Czech Republic, also in
connection with the acquisition and leasehold of service stations
in 2005.</p>

<p align="center">- 22 -</p>

<hr noshade>

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

<h5 align="left"><a href="#ContTrim"><strong>Contents</strong></a></h5>

<p align="center"><img src="sj0706icoptrim.gif" width="572"
height="809"></p>

<hr noshade>

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

<p><font size="6"><img src="sj0306sj00000.gif" width="74"
height="75"></font></p>

<p><font size="6">Report on the Second Quarter of 2006</font></p>

<p><font size="5">Contents</font></p>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">1</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#01t"><font
        size="3">Summary data</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">2</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#02t"><font
        size="3">Basis of presentation</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%"><font
        size="3"><strong>Financial review</strong></font></td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">2</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#02t"><font
        size="3">Profit and loss account</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">3</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#03t"><font
        size="2">Operating profit</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">5</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#05t"><font
        size="2">Analysis of profit and loss account items</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">8</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#08t"><font
        size="3">Summarized consolidated balance sheet</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">10</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#10t"><font
        size="3">Capital expenditure</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">11</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#11t"><font
        size="3">Outlook for 2006</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">11</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#11t"><font
        size="2">Post closing events</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%"><font
        size="3"><strong>Operating review</strong></font></td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">12</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#12t"><font
        size="3">Exploration &amp; Production</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">14</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#14t"><font
        size="3">Gas &amp; Power</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">18</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#18t"><font
        size="3">Refining &amp; Marketing</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">20</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#20t"><font
        size="3">Petrochemicals</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%">&nbsp;</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">22</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%"><a href="#22t"><font
        size="3">Oilfield Services Construction and Engineering</font></a></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="47%"><a
        href="#24t"><font size="3"><strong>Reconciliation of
        reported operating profit and net profit to results on a
        replacement cost basis and on an adjusted basis</strong></font></a></td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td align="right" valign="bottom" width="2%">24</td>
        <td valign="bottom" width="2%">&nbsp;</td>
        <td valign="bottom" width="47%">&nbsp;</td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#ContTrim" name="01t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="44%">&nbsp;</td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">16,656</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>20,739</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,083</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">24.5</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">34,101</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>44,323</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10,222</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">30.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3,711</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>4,947</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,236</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">33.3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Operating
        profit</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">8,161</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>10,542</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,381</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">29.2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3,833</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,054</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,221</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">31.9</font></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">Adjusted operating profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">8,181</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>10,587</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,406</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">29.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,898</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>2,301</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">403</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">21.2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2">Net profit
        pertaining to Eni</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">4,343</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>5,275</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">932</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">21.5</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,024</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,483</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">459</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22.7</font></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">Adjusted net profit pertaining to Eni</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,409</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,437</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,028</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">23.3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,732</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>1,714</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(18</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(1.0</font></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">Capital
        expenditure</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3,206</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>3,054</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(152</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(4.7</font></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 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 page 24.</font></p>

<p>&nbsp;</p>

<p><font size="2"><em>Due to the seasonality in demand for
natural gas and certain refined products and the changes in a
number of external factors affecting Eni&#146;s operations, such
as prices and margins of hydrocarbons and refined products,
Eni&#146;s results of operations and changes in average net
borrowings for the first half of the year cannot be extrapolated
for the full year.</em></font></p>

<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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="44%">&nbsp;</td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">51.59</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>69.62</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">18.03</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">34.9</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">49.55</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>65.69</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">16.14</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">32.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1.260</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>1.256</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(0.004</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(0.3</font></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 align="right" valign="bottom" width="5%"><font
        size="2">1.285</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>1.229</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(0.056</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(4.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">40.94</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>55.43</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">14.49</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">35.4</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">38.56</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>53.45</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">14.89</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">38.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">6.78</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>5.77</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(1.01</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(14.9</font></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 </font><font size="2" face="a"><sup>(3)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">5.52</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>4.36</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(1.16</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(21.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5.38</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4.59</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(0.78</font></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="5%"
        bgcolor="#EEEEEE"><font size="2">(14.6</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4.30</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>3.55</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(0.75</font></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="5%"
        bgcolor="#EEEEEE"><font size="2">(17.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2.13</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>2.89</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">0.76</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">35.7</font></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><font size="1"> (%)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2.14</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>2.75</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">0.61</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">28.5</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3.25</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5.13</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.88</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">57.8</font></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><font
        size="1">(%)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3.03</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4.93</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.90</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">62.7</font></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>

<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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="44%">&nbsp;</td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">1,107</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>1,056</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">(51</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">(4.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#FFFFFF"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;oil </font><font
        size="1">(thousand barrels)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">1,104</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>1,099</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">(5</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">(0.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">618</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>692</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">74</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">12.0</font></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>
        </font><font size="1">(thousand boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">610</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>688</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">78</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">12.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>1,725</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>1,748</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>23</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>1.3</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#FFFFFF"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<strong>hydrocarbons</strong>
        <sup>(1)</sup> </font><font size="1">(thousand boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>1,714</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>1,787</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>73</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>4.3</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">19.50</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>20.44</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.94</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4.8</font></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">Natural gas sales in Europe</font><font size="1">
        (billion cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">48.71</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>51.82</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3.11</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">6.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><em>1.47</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><em><strong>1.55</strong></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><em>0,08</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><em>5.4</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#FFFFFF"><font
        size="2"><em>- of which upstream sales </em></font><font
        size="1">(billion cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><em>2.97</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><em><strong>3.08</strong></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><em>0,11</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><em>3.7</em></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">7.99</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>7.72</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(0.27</font></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="5%"
        bgcolor="#EEEEEE"><font size="2">(3.4</font></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">Natural gas transported on behalf of third
        parties in Italy</font><font size="1"> (billion cubic
        meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">16.33</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>16.49</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.16</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">5.57</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>6.00</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">0.43</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">7.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#FFFFFF"><font
        size="2">Electricity production sold </font><font
        size="1">(terawatthour)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">10.55</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>12.42</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">1.87</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">17.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">12.51</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>12.55</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.04</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.3</font></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 refined products</font><font size="1">
        (million tonnes)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">24.81</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>24.87</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.06</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.2</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">1,307</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>1,274</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">(33</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">(2.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#FFFFFF"><font
        size="2">Sales of petrochemicals products </font><font
        size="1">(thousand tonnes)</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">2,679</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2"><strong>2,685</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">6</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#FFFFFF"><font size="2">0.2</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF">&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 (42,000 and 36,000 boe/day in
        the first half of 2005 and 2004, respectively and 44,000
        and 37,000 boe/day in the second quarter of 2005 and
        2004, respectively).</font></td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#ContTrim" name="02t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SRCOND QUARTER OF 2006</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><font size="4" face="Arial">BASIS
        OF PRESENTATION</font><br>
        Eni&#146;s accounts at 30 June 2006, unaudited, have been
        prepared in accordance with the criteria defined by the
        Commissione Nazionale per le Societ&#224; e la Borsa (CONSOB)
        in its regulation for companies listed on the Italian
        Stock Exchange.<br>
        Financial information relating to the profit and loss
        account are presented for the first half and second
        quarter of 2006 and for the first half and second quarter
        of 2005. Financial information relating to balance sheet
        data are presented at 30 June 2006, 31 March 2006 and 31
        December 2005. Tables are comparable with those of 2005
        financial statements and first half report.<br>
        Eni&#146;s accounts at 30 June 2006 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 19
        July 2002.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%"><em>Disclaimer<br>
        This report contains certain forward-looking statements,
        particularly in the Outlook section. By their nature,
        forward-looking statements involve risks and
        uncertainties because they relate to events and depend on
        circumstances that will or may occur in the future.
        Actual results may differ from those expressed in such
        statements, depending on a variety of factors, including
        the timing of bringing new fields on stream;
        management&#146;s ability in carrying out industrial
        plans and in succeeding in commercial transactions;
        future levels of industry product supply, demand and
        pricing; operational problems; general economic
        conditions; political stability and economic growth in
        relevant areas of the world; changes in laws and
        governmental regulations; development and use of new
        technology; changes in public expectations and other
        changes in business conditions; the actions of
        competitors.</em></td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="6">Financial review</font></p>

<p><font size="4" face="Arial">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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">16,656</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>20,739</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,083</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">24.5</font></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">Net sales from operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">34,101</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>44,323</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10,222</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">30.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">139</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>163</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">24</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">17.3</font></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">Other
        income and revenues</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">323</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>372</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">49</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">15.2</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(11,610</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(14,380</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(2,770</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(23.9</font></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">Operating expenses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(23,633</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(31,119</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(7,486</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(31.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(1,474</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(1,575</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(101</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(6.9</font></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">Depreciation,
        amortization and writedowns</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(2,630</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(3,034</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(404</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(15.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,711</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,947</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,236</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>33.3</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>8,161</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,542</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,381</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>29.2</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(116</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>109</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">225</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">..</font></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">Net
        financial income (expense)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(208</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>151</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">359</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">..</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">279</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>227</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(52</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(18.6</font></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">Net income from investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">413</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>467</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">54</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">13.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>3,874</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>5,283</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,409</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>36.4</b></font></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"><b>Profit
        before income taxes</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>8,366</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>11,160</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,794</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(33.4</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(1,875</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(2,800</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(925</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(49.3</font></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">Income taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(3,790</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(5,547</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(1,757</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(46.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,999</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,483</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">484</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">24.2</font></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">Net profit</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">4,576</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>5,613</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,037</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">22.7</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">of which:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,898</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,301</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>403</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>21.2</b></font></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"><b>- net
        profit pertaining to Eni</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>4,343</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>5,275</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>932</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>21.5</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">101</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>182</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">81</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">80.2</font></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">- net profit of minorities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">233</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>338</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">105</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">45.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,898</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,301</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>403</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>21.2</b></font></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>Net profit pertaining to Eni</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,343</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5,275</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>932</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>21.5</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(189</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(151</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">38</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2">(311</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(210</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">101</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,709</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,150</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>441</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>25.8</b></font></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 net profit pertaining to Eni</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,032</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5,065</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,033</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>25.6</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">315</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>333</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">18</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2">377</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>372</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(5)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,024</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,483</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>459</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>22.7</b></font></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 net profit pertaining to Eni</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,409</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5,437</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,028</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>23.3</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="03t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SRCOND QUARTER OF 2006</font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>First half</strong><br>
        <strong>Net profit</strong> for the first half of 2006
        was euro 5,275 million, up euro 932 million from the
        first half of 2005, or 21.5%, reflecting higher operating
        profit (up euro 2,381 million, or 29.2%), partially
        offset by a higher Group tax rate (from 45.3% to 49.7%).
        The increase in tax rate was due principally to a 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>
        Eni&#146;s results benefited from a favourable trading
        environment with a higher Brent crude oil price (up
        32.6%) and a depreciation of the euro versus the US
        dollar (down 4.4%). These positives were partially offset
        by declining refining margins (Brent down 21%), and lower
        petrochemical products margins. Selling margins on
        natural gas were also lower as a consequence of the
        regulatory regime of Decision No. 248/2004 of the Italian
        Authority for Electricity and Gas, partially offset by a
        favourable trading environment, particularly in the
        second quarter, in which Eni selling prices and purchase
        cost of natural gas have been determined reflecting</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">trends in the underlying
        commodities to which natural gas purchase and selling
        prices are contractually indexed, also benefiting from
        time lag effects. The impact of the regulatory regime of
        Decision No. 248/2004 on natural gas margins in the
        second half of the year is expected to be softened by a
        new decision of the Italian Authority for Electricity and
        Gas No. 134 of 28 June 2006.<br>
        Net profit for the first half includes an <strong>inventory
        holding gain</strong> of euro 210 million (net of the
        fiscal effect) and <strong>special charges</strong> of
        euro 372 million (net of the fiscal effect) relating
        principally to asset impairments in the Exploration &amp;
        Production and Gas &amp; Power divisions, environmental
        provisions, and provisions for redundancy incentives,
        partially offset by gains on the divestment of mineral
        properties. Excluding these items, <strong>adjusted net
        profit</strong> for the period was up 23.3% to euro 5,437
        million.</td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" colspan="3" width="101%"><p align="left"><font
        size="5">Operating profit</font></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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,776</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,090</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,314</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">47.3</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5,349</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>8,398</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3,049</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">57.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">592</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>708</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">116</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">19.6</font></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">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,155</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,907</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(248</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(11.5</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">596</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>366</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(230</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(38.6</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">865</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>455</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(410</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(47.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">58</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>30</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(28</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(48.3</font></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 align="right" valign="bottom" width="5%"><font
        size="2">216</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>69</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(147</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(68.1</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">53</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>133</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">80</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">150.9</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">112</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>211</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">99</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">88.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(197</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(151</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">46</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">23.4</font></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">Other
        activities</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(259</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(216</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">43</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">16.6</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(158</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(91</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">67</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">42.4</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(211</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(142</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">69</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">32.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(9</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(138</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(129</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2">(66</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(140</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(74</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,711</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,947</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,236</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>33.3</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>8,161</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,542</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,381</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>29.2</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(302</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(241</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">61</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2">(496</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(335</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">161</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,409</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,706</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,297</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>38.0</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>7,665</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,207</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,542</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>33.2</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">424</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>348</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(76</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2">516</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>380</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(136</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,833</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5,054</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,221</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>31.9</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>8,181</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,587</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,406</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>29.4</b></font></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="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%"><font size="1"></font>&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Unrealized
        profit in inventory concerned intragroup sales of goods
        and services recorded at 30 June in the equity of the
        purchasing company.</font></td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>Replacement cost
        operating profit</strong> for the first half was euro
        10,207 million, an increase of euro 2,542 million over
        the second half of 2005, or 33.2%, reflecting primarily
        the increase reported in the Exploration &amp; Production
        division (up euro 3,049 million, or 57%) due to higher
        realisations in US dollars (oil up 36.3%, natural gas up
        21.5%) combined with increased production volumes sold
        (up 12.4 mboe,</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">or 4.2%), and to the
        favourable impact (approximately euro 370 million) of the
        depreciation of the euro versus the US dollar related in
        part to currency translation effects, offset in part by
        higher operating costs and amortisation charges. Also the
        Oilfield Service Construction and Engineering
        segment&#146;s increased results (up 88.4%) contributed
        to this increase.</td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">These increases were partly
        offset by:<ul>
            <li>lower replacement cost operating profit in the
                Gas &amp; Power division (down euro 238 million,
                or 11.2%) due primarily to a decrease in natural
                gas margins as a consequence of the regulatory
                regime of Decision No. 248/2004 of the Italian
                Authority for Electricity and Gas, partly offset
                by a favourable trading environment in which
                natural gas selling and purchase prices have been
                determined reflecting trends in the underlying
                commodities to which natural gas purchase and
                selling prices are contractually indexed, in
                particular in the second quarter, also benefiting
                from time lag effects. Operating profit was
                adversely impacted also by higher purchase prices
                of natural gas relating to the climatic emergency
                of the 2005-2006 winter and by lower transport
                tariffs of natural gas in Italy in the same
                period a year ago as a consequence of the
                regulatory regime enacted by the Italian
                Authority for Electricity and Gas with Decision
                No. 166/2005. On the positive side, sales of
                natural gas were up 2.60 bcm or 6.1% and
                electricity production sold was up 1.87
                terawatthours, or 17.7%. Transported natural gas
                volumes outside Italy were also higher reflecting
                the coming on line of the Greenstream pipeline
                from Libya;</li>
            <li>lower replacement cost operating profit in the
                Refining &amp; Marketing division (down euro 205
                million, or 50.5%) due primarily to declining
                refining margins (margins on Brent were down 1.16
                US dollars/barrel, or 21%), the impact of longer
                refinery outages for planned maintenance in
                Italy. These negatives were partly offset by the
                favourable impact of the depreciation of the euro
                versus the US dollar. Replacement cost operating
                profit was also adversely impacted by shrinking
                marketing margins in Italy, reflecting rapidly
                escalating prices of refined products not
                recovered in full in final prices and competitive
                pressure. On the positive side activities in the
                rest of Europe recorded a higher operating
                profit;</li>
            <li>lower replacement cost operating profit in the
                Petrochemical segment (euro 201 million, or
                96.2%) affected by the significantly higher cost
                of oil-based feedstocks, not completely
                transferred to selling prices. In addition
                production volumes were adversely impacted by the
                outage of the Priolo cracker due to the accident
                occurred to the nearby refinery late in April.</li>
        </ul>
        <p><strong>Second quarter<br>
        Net profit pertaining to Eni </strong>for the second
        quarter of 2006 was euro 2,301 million, up euro 403
        million from the second quarter of 2005, or 21.2%,
        reflecting higher operating profit (up euro 1,236
        million, or 33.3%), partially offset by a higher Group
        tax rate (from 48.4% to 53%).</p>
        </td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">The increase in tax rate was
        due principally to a 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>
        Eni&#146;s results benefited from a favourable trading
        environment with a higher Brent crude oil price (up 35%)
        and higher natural gas selling margins reflecting trends
        in the underlying commodities to which natural gas
        purchase and selling prices are contractually indexed
        also benefiting from time lag effects, partly offset by
        the adverse impact of the regulatory regime of Decision
        No. 248/2004 established by the Italian Authority for
        Electricity and Gas. These positives were partially
        offset by declining refining margins, with Brent refining
        margin down 14.9%, and lower petrochemical products
        margins.<br>
        <br>
        Net profit for the second quarter includes an <strong>inventory
        holding gain</strong> of euro 151 million (net of the
        fiscal effect) and <strong>special charges</strong> of
        euro 333 million (net of the fiscal effect) relating
        principally to asset impairments in the Exploration &amp;
        Production and Gas &amp; Power divisions, environmental
        provisions, and provisions for redundancy incentives.
        Excluding these items, <strong>adjusted net profit</strong>
        for the quarter was up 22.7% to euro 2,483 million.<br>
        <br>
        <strong>Replacement cost operating profit</strong> for
        the second quarter was euro 4,706 million, an increase of
        euro 1,297 million over the second quarter of 2005, or
        38%, reflecting primarily the increase reported in the:<ul>
            <li>Exploration &amp; Production division (up euro
                1,314 million, or 47.3%) due to higher
                realisations in US dollars (oil up 39.3%, natural
                gas up 18.7%), offset in part by higher operating
                costs and amortisation charges;</li>
            <li>Gas &amp; Power division (up euro 104 million, or
                16.9%) due primarily to higher natural gas
                selling margins reflecting a favourable trading
                environment, reflecting trends in the underlying
                commodities to which natural gas purchase and
                selling prices are contractually indexed, also
                benefiting from time lag effects, offset in part
                by the adverse impact of the regulatory regime of
                Decision No. 248/2004 established by the Italian
                Authority for Electricity and Gas. Other
                positives include an increase in sales of natural
                gas of subsidiaries (up 0.73 bcm or 4.3%), higher
                electricity production sold (up 0.43
                terawatthours, or 7.7%) and higher natural gas
                volumes transported outside Italy. On the
                negative side, transport tariffs of natural gas
                in Italy were lower than the same period a year
                ago as a consequence of the regulatory regime
                enacted by the Italian Authority for Electricity
                and Gas with Decision No. 166/2005.</li>
        </ul>
        </td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="05t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">These increases were partly
        offset by:<ul>
            <li>replacement cost operating loss in the
                Petrochemical segment (down euro 64 million)
                affected by the significantly higher cost of
                oil-based feedstocks, not completely transferred
                to selling prices. In addition production volumes
                were adversely impacted by the outage of the
                Priolo cracker due to the accident occurred to
                the nearby refinery late in April;</li>
        </ul>
        </td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%"><ul>
            <li>lower replacement cost operating profit in the
                Refining &amp; Marketing division (down euro 121
                million, or 43.2%) due primarily to declining
                refining margins (margins on Brent were down 1.01
                US dollars/barrel, or 14.9%) and the impact of
                longer refineries outages for planned
                maintenance. </li>
        </ul>
        </td>
    </tr>
</table>

<p align="left"><font size="5">Analysis of profit and loss
account items</font><br>
<br>
<strong>Net sales from operations</strong></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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5,437</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>7,045</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,608</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">29.6</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10,054</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>14,459</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,405</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">43.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">4,500</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>5,799</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,299</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">28.9</font></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">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">11,162</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>14,933</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3,771</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">33.8</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">7,846</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,166</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,320</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">29.6</font></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">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">14,747</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>19,446</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,699</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">31.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,465</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,612</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">147</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">10.0</font></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">Petrochemicals</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,999</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>3,340</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">341</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">11.4</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,196</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,769</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">573</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">47.9</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,356</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,080</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">724</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">30.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">359</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>251</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(108</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(30.1</font></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 align="right" valign="bottom" width="5%"><font
        size="2">596</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>465</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(131</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(22.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">118</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>298</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">180</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">152.5</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">434</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>605</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">171</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">39.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(4,265</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(6,201</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(1,936</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">45.4</font></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">Consolidation
        adjustment</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(8,247</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(12,005</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(3,758</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">45.6</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>16,656</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>20,739</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,083</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>24.5</b></font></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"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>34,101</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>44,323</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,222</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>30.0</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>First half</strong><br>
        Eni&#146;s <strong>net sales from operations</strong>
        (revenues) for the first half of 2006 were euro 44,323
        million, a euro 10,222 increase from the first half of
        2005, or 30%, primarily reflecting higher realised prices
        and higher sales volumes in virtually all of Eni&#146;s
        operating divisions. Also contributing to these increases
        was the favourable impact of the depreciation of the euro
        versus the US dollar.<br>
        <br>
        Revenues generated by the Exploration &amp; Production
        segment (euro 14,459 million) increased by euro 4,405
        million, up 43.8%, essentially due to higher prices
        realised in US dollars (oil up 36.3%, natural gas up
        21.5%), higher hydrocarbon production sold (12.4 million
        boe, up 4.2%) and the depreciation of the euro over the
        US dollar.<br>
        <br>
        Revenues generated by the Gas &amp; Power segment (euro
        14,933 million) increased by euro 3,771 million, up
        33.8%, essentially due to: (i) increased natural gas
        prices,</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">due to a favourable trading
        environment in which natural gas selling and purchase
        prices have been determined reflecting trends in the
        underlying commodities to which natural gas purchase and
        selling prices are contractually indexed, also benefiting
        from time lag effects; (ii) increased natural gas volumes
        sold by subsidiaries (up 2.6 billion cubic meters or
        6.1%); (iii) higher electricity production sold (1.87
        terawatthour, up 17.7%).<br>
        <br>
        Revenues generated by the Refining &amp; Marketing
        segment (euro 19,446 million) increased by euro 4,699
        million, up 31.9%, essentially due to higher
        international prices for oil and refined products,
        increased crude trading activities (1.1 million tonnes)
        and the effect of the depreciation of the euro over the
        US dollar.</td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">Revenues generated by the
        Petrochemical segment (euro 3,340 million) increased by
        euro 341 million, up 11.4% due essentially to an average
        8% increase in selling prices.<br>
        <br>
        Revenues generated by the Oilfield Services Construction
        and Engineering segment (euro 3,080 million) increased by
        euro 724 million, up 30.7%, due to increased activity
        levels in the Offshore and Onshore</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">Construction areas and a
        higher utilisation rate of vessels and higher tariffs in
        the Offshore Drilling area.<br>
        <br>
        <strong>Second quarter</strong><br>
        Eni&#146;s revenues for the second quarter of 2006 were
        euro 20,739 million, a euro 4,083 million increase from
        the second quarter of 2005, or 24.5%, primarily
        reflecting higher realised prices in virtually all of Eni&#146;s
        operating divisions.</td>
    </tr>
</table>

<p align="left"><strong>Revenues by geographic area</strong></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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>6,893</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>7,811</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>918</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>13.3</b></font></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><i>Italy</i></b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>15,485</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>18,929</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,444</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>22.2</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">4,264</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>5,780</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,516</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">35.6</font></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">Rest of
        European Union</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">8,621</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>11,308</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,687</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">31.2</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,550</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,924</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">374</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">24.1</font></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">Rest of Europe</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,646</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,042</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,396</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">52.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,420</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,882</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">462</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">32.5</font></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">Africa</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,637</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>3,650</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,013</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">38.4</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,337</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,525</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">188</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">14.1</font></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">Americas</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,489</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,004</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">515</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">20.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,088</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,604</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">516</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">47.4</font></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">Asia</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,044</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,943</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">899</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">44.0</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">104</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>213</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">109</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">104.8</font></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">Other areas</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">179</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>447</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">268</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">149.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>9,763</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>12,928</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>3,165</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>32.4</b></font></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"><b><i>Total
        outside Italy</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>18,616</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>25,394</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>6,778</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>36.4</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>16,656</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>20,739</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,083</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>24.5</b></font></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"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>34,101</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>44,323</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,222</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>30.0</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<p align="left"><strong>Operating expenses</strong></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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10,761</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>13,471</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,710</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">25.2</font></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">Purchases, services and other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">21,999</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>29,383</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">7,384</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">33.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">849</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>909</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">60</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">7.1</font></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">Payroll
        and related costs</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,634</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,736</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">102</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">6.2</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>11,610</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>14,380</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,770</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>23.9</b></font></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"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>23,633</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>31,119</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>7,486</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>31.7</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>Operating expenses</strong>
        for the first half of 2006 (euro 31,119 million)
        increased by euro 7,486 million from the first half of
        2005, up 31.7%, essentially due to: (i) higher prices for
        oil-based and petrochemical feedstocks and for natural
        gas, affected also by higher charges related to the
        climatic emergency of the 2005-2006 winter; (ii) currency
        translation effects; (iii) higher operating costs and
        royalties in the Exploration &amp; Production segment, in
        particular the increase in operating costs resulted from
        the higher share of development projects in hostile
        environments and reflecting sector-specific inflation;
        (iv) higher costs for refinery maintenance. These
        negative factors were offset in part by lower provisions
        to the risk reserve (euro 197 million as</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">compared to euro 289 million
        in the first half of 2005), in particular for
        environmental charges in the Refining &amp; Marketing
        segment.<br>
        Labour costs (euro 1,736 million) increased by euro 102
        million, up 6.2%, due mainly to an increase in unit
        labour cost in Italy, whose effects were offset in part
        by a decline in the average number of employees in Italy.
        Higher labour costs were due also to the increase in the
        number of employees outside Italy and currency
        translation effects.</td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<p><strong>Employees</strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%"><font size="1">&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;</font></td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">31 Dec. 2005</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;</font></td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>30 Jun. 2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;</font></td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">8,030</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>7,940</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(90</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(1.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">12,324</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>12,209</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(115</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(0.9</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Refining &amp; Marketing</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">8,894</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>9,009</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">115</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">6,462</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>6,343</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(119</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1.8</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" 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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">28,684</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>28,971</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">287</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Other
        activities</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,636</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>2,543</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(93</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(3.5</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" 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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,228</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,314</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">86</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Total</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">72,258</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>72,329</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">71</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">0.1</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&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">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1">
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">As of 30 June 2006,
        employees were 72,329, with an increase of 71 employees
        from 31 December 2005 (up 0.1%).<br>
        Employees in Italy were 40,300. The 108 employee increase
        was related mainly to the positive balance of hiring and
        dismissals (214 employees) offset in part by a decrease
        in the number of employees related to changes in
        consolidation (a total of 106 employees) resulting from:
        (i) the conferral of Fiorentina Gas to a newly .</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">incorporated Eni&#146;s
        affiliate (Eni&#146;s interest 48.7%); (ii) the sale of
        water treatment activities in Ferrara; (iii) the purchase
        of Siciliana Gas and Siciliana Gas Vendite SpA.<br>
        In the first half of 2006 a total of 1,120 employees was
        hired, of these 763 on open-end contracts and 906
        employees were dismissed (of these 610 employees on
        open-end contracts).<br>
        Outside Italy employees were 32,029, with a 37 employee
        decrease.</td>
    </tr>
</table>

<p align="left"><strong>Depreciation, amortization and
impairments</strong></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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">960</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,025</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">65</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">6.8</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,696</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,120</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">424</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">25.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">183</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>159</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(24</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(13.1</font></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 align="right" valign="bottom" width="5%"><font
        size="2">344</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>321</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(23</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(6.7</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">111</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>109</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(2</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(1.8</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">232</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>219</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(13</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(5.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">27</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>30</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">11.1</font></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">Petrochemicals</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">58</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>61</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">5.2</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">36</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>49</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">13</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">36.1</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">82</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>87</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">6.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">5</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(80.0</font></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 align="right" valign="bottom" width="5%"><font
        size="2">8</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>3</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(5</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(62.5</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">27</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>18</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(9</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(33.3</font></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">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">51</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>37</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(14</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(27.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(1</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(1</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(2</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(2</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,349</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,390</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>41</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3.0</b></font></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>Total depreciation and amortization</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,471</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,846</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>375</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>15.2</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>125</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>185</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>60</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>48.0</b></font></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"><b>Impairments</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>159</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>188</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>29</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>18.2</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,474</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,575</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>101</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>6.9</b></font></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"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,630</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,034</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>404</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>15.4</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>Depreciation and
        amortisation charges</strong> (euro 2,846 million)
        increased by euro 375 million, up 15.2% mainly in the
        Exploration &amp; Production segment (euro 424 million)
        related to increased development costs incurred for
        developing new fields and for maintaining production
        levels in mature fields, higher exploration costs (euro
        183 million), in addition to currency translation
        effects.<br>
        Impairments for the first half (euro 188 million)
        concerned mainly mineral assets and intangible assets in
        the Gas &amp; Power segment.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%"><strong>Net financial income</strong><br>
        In the first half of 2006 <strong>net financial income</strong>
        (euro 151 million) increased by euro 359 million from the
        first half of 2005, due to the positive change in the
        recording at fair value of derivative financial
        instruments and a decrease in average net borrowings,
        whose effects were offset in part by higher interest
        rates, particularly on US dollar loans on the London
        interbank market (Libor up 1.9 percentage points).</td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="08t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>Net income from
        investments</strong><br>
        <strong>Net income from investments</strong> in the first
        half of 2006 amounted to euro 467 million and concerned:
        (i) Eni&#146;s share of income of affiliates accounted
        for with the equity method (euro 443 million), in
        particular in the Gas &amp; Power and Refining &amp;
        Marketing segments; (ii) dividends received by affiliates
        accounted for at cost (euro 55 million). These increases
        were offset in part by the writedown of an affiliate in
        the Oilfield Service Construction and Engineering segment
        related to the loss expected on an order for the
        construction of a gas to liquids plant in Nigeria (euro
        58 million).<br>
        The euro 54 million increase in net income from
        investments was due essentially to improved results of
        operations of affiliates in the Gas &amp; Power segment.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%"><strong>Income taxes</strong><br>
        <strong>Income taxes </strong>were euro 5,547 million, up
        euro 1,757 million, or 46.4%, due primarily to higher
        income before taxes (euro 2,794 million). The 4.4
        percentage points increase in Group tax rate (from 45.3
        to 49.7%) was due principally to a 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 and provisions for the
        settlement of a tax claim in Venezuela (euro 91 million)
        which required also the revision of deferred tax
        liabilities pertaining to Venezuelan activities.<br>
        <br>
        <strong>Minority interests</strong><br>
        <strong>Minority interests</strong> were euro 338 million
        and concerned primarily Snam Rete Gas SpA (euro 167
        million) and Saipem (euro 157 million). The euro 19
        million increase is due to the purchase of 100% of
        Snamprogetti by Saipem.</td>
    </tr>
</table>

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

<p><font size="4" face="Arial">SUMMARIZED CONSOLIDATED BALANCE
SHEET</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="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" height="26">&nbsp;</td>
        <td valign="bottom" width="1%" height="26">&nbsp;</td>
        <td valign="bottom" width="7%" height="26"><p
        align="center"><font size="1">31 Dec. 2005</font></p>
        </td>
        <td valign="bottom" width="1%" height="26">&nbsp;</td>
        <td valign="bottom" width="7%" height="26"><p
        align="center"><font size="1">31 Mar. 2006</font></p>
        </td>
        <td valign="bottom" width="1%" height="26">&nbsp;</td>
        <td valign="bottom" width="7%" height="26"><p
        align="center"><font size="1"><strong>30 Jun. 2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="26">&nbsp;</td>
        <td valign="bottom" width="7%" height="26"><p
        align="center"><font size="1">Change vs.<br>
        31 Dec. 2005</font></p>
        </td>
        <td valign="bottom" width="1%" height="26">&nbsp;</td>
        <td valign="bottom" width="7%" height="26"><p
        align="center"><font size="1">Change vs.<br>
        31 Mar. 2006</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Non-current assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">54,291</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">53,876</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>52,720</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,571</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,156</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Working
        capital, net</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(3,568</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(4,988</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>(5,423</b></font></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 align="right" valign="bottom" width="6%"><font
        size="2">(1,855</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(435</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Employee termination indemnities and other
        benefits</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,031</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,045</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,040</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(9</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><b>Net
        capital employed</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>49,692</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>47,843</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>46,257</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>(3,435</b></font></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 align="right" valign="bottom" width="6%"><font
        size="2"><b>(1,586</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Shareholders&#146; equity including minority
        interest</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">39,217</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">41,552</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>39,863</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">646</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,689</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Net
        borrowings</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">10,475</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">6,291</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>6,394</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(4,081</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">103</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><b>Total liabilities and shareholders&#146;
        equity</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>49,692</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>47,843</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>46,257</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(3,435</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,586</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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 align="right" valign="bottom" width="6%"><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 align="right" valign="bottom" width="6%"><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 align="right" valign="bottom" width="6%"><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 align="right" valign="bottom" width="6%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Debts and bonds</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">12,998</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">11,054</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><strong>11,560</strong></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,438</font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">506</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>short-term</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><i>5,345</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><i>3,674</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b><i>4,149</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><i>(1,196</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><i>475</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>long-term</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><i>7,653</i></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><i>7,380</i></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b><i>7,411</i></b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><i>(242</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><i>31</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Cash</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(2,523</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(4,763</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>(5,166</b></font></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 align="right" valign="bottom" width="6%"><font
        size="2">(2,643</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(403</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><b>Net borrowings</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>10,475</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>6,291</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>6,394</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(4,081</b></font></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 align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>103</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">The appreciation of the euro
        over other currencies, in particular the US dollar (at 30
        June 2006 the EUR/USD exchange rate was 1.271 as compared
        to 1.180 at 31 December 2005, up 7.7%) determined with
        respect to 2005 year-end an estimated decrease in the
        book value of net capital employed of about euro 1,300
        million, in net equity of about euro 900 million and in
        net borrowings of about euro 400 million as a result of
        currency translations at 30 June 2006.<br>
        At 30 June 2006, net capital employed totalled euro
        46,257 million, representing a decrease of euro 3,435
        million from 31 December 2005.<br>
        Fixed assets (euro 52,720 million) decreased by euro
        1,571 million from 31 December 2005 due mainly to
        depreciation, amortisation and impairment charges for</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">the period (euro 3,034
        million) offset in part by capital expenditure (euro
        3,054 million) and currency translation effects.<br>
        Non-current assets included, for a book value of euro 654
        million, the assets related to the service contract for
        mining activities in the Daci&#243;n area of the Venezuelan
        branch of Eni&#146;s subsidiary Eni Daci&#243;n BV. As
        indicated in Eni&#146;s 2006 First Quarter Report (See,
        Post closing events), with effective date 1 April 2006,
        the Venezuelan State oil company Petr&#243;leos de Venezuela
        SA (PDVSA) unilaterally terminated the service contract
        governing activities at the Daci&#243;n oil field where Eni
        acted as a contractor, holding a 100% working interest.
        As a consequence, starting on the same day, operations at
        the Daci&#243;n oil field are conducted by PDVSA.</td>
    </tr>
</table>

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

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">On the basis of advice from
        its legal advisors, Eni believes that it is entitled to a
        market value compensation for the cancellation of the
        Daci&#243;n field service contract. On this basis, Eni is
        available to reach an agreement with the Venezuelan
        authorities. In case an amicable settlement is not
        possible, Eni will take any other action in order to
        protect its interest in Venezuela. Based on internal and
        external independent evaluation, Eni is confident that a
        fair market compensation will not be lower than the book
        value of the Daci&#243;n related assets. Accordingly,
        management decided not to impair the book value of Eni&#146;s
        Daci&#243;n assets. In 2005 and in the first quarter 2006,
        the Daci&#243;n field production rate was about 60 kbbl/d. At
        31 December 2005 Eni&#146;s proved reserves of
        hydrocarbons booked to the Daci&#243;n field amounted to 175
        mbbl.<br>
        Net working capital (euro 5,423 million) decreased by
        euro 1,855 million from 31 December 2005 due mainly to:
        (i) higher taxes payable and deferred tax liabilities
        related to the period and the fact that excise taxes on
        oil products sold in Italy the first 15 days of December
        are paid in the same month, instead of being paid in the
        following month as in the rest of the year; and (ii) a
        decrease in trade accounts receivable and payable related
        to the seasonality in sales, in particular in the Gas
        &amp; Power and Refining &amp; Marketing segments. These
        factors were offset in part by the payment of outstanding
        taxes for 2005 by Italian subsidiaries.<br>
        The share of the Exploration &amp; Production, Gas &amp;
        Power and Refining &amp; Marketing segments on net
        capital</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">employed was 89.7% (90.9% as
        at 31 December 2005).<br>
        Net borrowings as at 30 June 2006 were euro 6,394
        million, representing a decrease of euro 4,081 million
        from 31 December 2005. Cash inflow generated by operating
        activities came in at euro 10,477 million also benefiting
        from seasonality factors, and was partly offset by: (i)
        financial requirements for capital expenditure and
        investments for euro 3,118 million; (ii) dividend
        payments amounting to euro 2,621 million, of which euro
        2,401 million pertaining to the payment of the balance of
        the dividend for fiscal year 2005 by the parent company
        Eni SpA; and (iii) the repurchase of own shares for euro
        978 million by Eni SpA and for euro 191 million by Snam
        Rete Gas SpA and Saipem SpA. Contributing to the
        reduction in net borrowings were also cash from
        divestments (euro 104 million) and currency translation
        effects (approximately euro 400 million).<br>
        <br>
        Net borrowings as of 30 June 2006 increased by euro 103
        million from the level as of 31 March 2006 to euro 6,291
        million, as cash inflow generated by operating activities
        (euro 4,614 million) was absorbed by: (i) financial
        requirements for capital expenditure and investments for
        euro 1,714 million; (ii) dividend payments for euro 2,621
        million; and (iii) the repurchase of own shares for euro
        665 million by Eni SpA and for euro 156 million by Snam
        Rete Gas SpA and Saipem SpA.</td>
    </tr>
</table>

<p align="left"><strong>Summarized cash flow statement</strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="10%"><p align="left"><font
        size="1">&nbsp; (million euro)<br>
        &nbsp;&nbsp;&nbsp;</font></p>
        </td>
        <td align="center" valign="bottom" width="11%"><font
        size="1">&nbsp;&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="58%"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="21%"><p align="center"><font
        size="1">First half</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">First quarter<br>
        2006</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1">&nbsp; Second quarter<br>
        <strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="58%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1">&nbsp; 2005</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="10%"><p align="center"><font
        size="1"><strong>2006</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="10%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="10%"><hr size="1">
        </td>
        <td valign="bottom" width="58%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="10%"><hr size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="10%"><hr size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5,863</font></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 align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>4,614</b></font></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="56%" bgcolor="#EEEEEE"><font
        size="2">Net cash generated by operating activities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">8,613</font></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 align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>10,477</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(1,340</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>(1,714</b></font></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="56%"><font size="2">Capital
        expenditure</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(3,206</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>(3,054</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(19</font></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 align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>(45</b></font></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="56%" bgcolor="#EEEEEE"><font
        size="2">Investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(48</font></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 align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>(64</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><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 align="right" valign="bottom" width="9%"><font
        size="2"><b>(2,621</b></font></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="56%"><font size="2">Payment of
        dividend for fiscal year 2005</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(3,623</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>(2,621</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b><i>(2,401</i></b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b><i>)</i></b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="56%" bgcolor="#EEEEEE"><font
        size="2"><i>of which: Eni SpA</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>(3,384</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b><i>(2,401</i></b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b><i>)</i></b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><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 align="right" valign="bottom" width="9%"><font
        size="2"><b><i>(207</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b><i>)</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="56%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Snam
        Rete Gas SpA and Saipem SpA</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><i>(232</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b><i>(207</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b><i>)</i></b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(348</font></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 align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>(821</b></font></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="56%" bgcolor="#EEEEEE"><font
        size="2">Share repurchase</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(246</font></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 align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,169</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><i>(313</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b><i>(665</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b><i>)</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="56%"><font size="2"><i>of
        which: Eni SpA</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><i>(228</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b><i>(978</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b><i>)</i></b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>(35</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b><i>(156</i></b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b><i>)</i></b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="56%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Snam
        Rete Gas SpA and Saipem SpA</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>(18</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b><i>(191</i></b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b><i>)</i></b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2">85</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>19</b></font></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="56%"><font size="2">Divestments</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">294</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>104</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(57</font></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 align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>465</b></font></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="56%" bgcolor="#EEEEEE"><font
        size="2">Exchange difference and other changes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(752</font></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 align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>408</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>4,184</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>(103</b></font></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="56%"><font size="2"><b>Change
        in net borrowings</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,032</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>4,081</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">Debts and bonds amounted to
        euro 11,560 million, of which euro 4,149 million were
        short-term (including the portion of long-term debt due
        within twelve months for euro 436 million) and euro 7,411
        million were long-term.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">Net equity at 30 June 2006
        (euro 39,863 million) increased by euro 646 million from
        31 December 2005, due essentially to net profit before
        minority interest (euro 5,613 million) whose effects were
        offset in part by the payment of </td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="10t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">dividends for 2005, the
        purchase of own shares and currency translation effects
        (approximately euro 900 million).<br>
        At 30 June 2006, the ratio of net borrowings to
        shareholders&#146; equity including minority interests
        was 0.16, compared with 0.27 at 31 December 2005.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">From 1 January to 30 June
        2006 a total of 41.97 million Eni shares were purchased
        by the company for a total cost of euro 978 million
        (representing an average cost of euro 23.294 per share).
        Since the inception of the share buy-back programme (1
        September 2000), Eni has repurchased 324 million shares,
        equal to 8.09% of its share capital, at a total cost of
        euro 5,249 million (representing an average cost of euro
        16.210 per share).<br>
        </td>
    </tr>
</table>

<p align="left"><font size="4" face="Arial">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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,167</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,153</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(14</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(1.2</font></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">Exploration &amp; Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,220</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,114</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(106</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(4.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">256</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>259</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1.2</font></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">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">521</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>410</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(111</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(21.3</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">150</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>137</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(13</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(8.7</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">216</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>232</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">16</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">7.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">39</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>24</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(15</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(38.5</font></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 align="right" valign="bottom" width="5%"><font
        size="2">52</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>34</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(18</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(34.6</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">80</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>127</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">47</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">58.8</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">137</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>224</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">87</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">63.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>11</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">9</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">450.0</font></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">Other
        activities</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">8</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>14</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">6</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">75.0</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">38</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(35</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(92.1</font></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">Corporate and financial companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">52</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>26</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(26</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(50.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,732</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,714</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(18</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(1.0</b></font></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="44%"><font size="2"><b>Capital
        expenditure</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>3,206</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>3,054</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(152</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(4.7</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">In the first half of 2006
        capital expenditure amounted to euro 3,054 million, of
        which 90% related to the Exploration &amp; Production,
        Gas &amp; Power and Refining &amp; Marketing segments. <br>
        <br>
        Capital expenditure of the Exploration &amp; Production
        segment amounted to euro 2,114 million and concerned
        essentially development (euro 1,711 million) directed
        mainly outside Italy (euro 1,537 million), in particular
        Kazakhstan, Angola and Egypt. Development expenditure in
        Italy (euro 174 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 378 million, of which about 87% was
        directed outside Italy in particular Egypt, Nigeria, the
        United States and Norway. In Italy essentially the
        offshore of Sicily, the Po valley and the Adriatic Sea.<br>
        The decline from the first half of 2005 (euro 106
        million, down 4.8%) was due mainly to the completion of
        relevant projects in Libya (Bahr Essalam) and Angola
        (Block 15 and Benguela/Belize-Lobito/Tomboco) and the
        purchase of an additional 1.85% interest in the Kashagan
        field in the first quarter of 2005 (euro 169 million)
        whose effects were offset in part by a more than doubled
        exploration expenditure in Egypt and Nigeria.<br>
        <br>
        Capital expenditure in the Gas &amp; Power segment
        totalled euro 410 million and related essentially to: (i)
        development</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">and maintenance of Eni&#146;s
        primary transmission network in Italy (euro 203 million);
        (ii) development and maintenance of Eni&#146;s natural
        gas distribution network in Italy (euro 67 million);
        (iii) the continuation of the construction of combined
        cycle power plants (euro 78 million) in particular at
        Ferrara and Brindisi. The euro 111 million decline from
        the first half of 2005 (down 21.3%) was due essentially
        to the conclusion of the plan for electricity generation
        expansion and the decline in transport in Italy.<br>
        <br>
        Capital expenditure in the Refining &amp; Marketing
        segment amounted to euro 232 million and concerned: (i)
        refining and logistics in Italy (euro 162 million), in
        particular actions for improving flexibility and yields
        of refineries, among which the construction of a new
        hydrocracking and a new deasphalting unit at the
        Sannazzaro refinery; (ii) the upgrade of the refined
        product distribution network and the purchase of service
        stations in the rest of Europe (euro 35 million); (iii)
        the upgrade of the distribution network in in Italy (euro
        32 million).<br>
        <br>
        Capital expenditure in the Oilfield Service Construction
        and Engineering segment amounted to euro 224 million and
        concerned: (i) the conversion of the Margaux tanker ship
        into an FPSO<sup>1</sup> vessel that will operate in
        Brazil on the Golfinho 2 field; (ii) maintenance and
        upgrading of equipment; (iii) beginning of fabrication
        and installation</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%"><font size="1"></font>&nbsp;</td>
        <td valign="top" width="96%"><font size="1">Floating
        Production Storage Offloading.</font></td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="11t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">of facilities in the
        offshore phase of the Kashagan project in Kazakhstan.<br>
        <br>
        Capital expenditure in the Petrochemical segment amounted
        to euro 34 million and concerned mainly environmental
        protection actions and compliance with safety and health
        regulations.<p><font size="4" face="Arial">OUTLOOK FOR
        2006</font></p>
        <p>Eni reaffirms its 2006 outlook, with key business
        trends for the year as follows:</p>
        <ul>
            <li><strong>production of liquids and natural gas</strong>
                is forecasted to continue growing from 2005 (1.74
                mboe/d). Increases will be achieved outside Italy
                mainly in Libya, Angola, Egypt, Nigeria and
                Norway due to the achievement of full production
                in fields started-up in 2005 and to new start-ups
                in 2006. These positives will be partly offset by
                natural field declines and also by: (i) the
                impact of the unilateral cancellation of the
                service contract for the Daci&#243;n oil field on
                part of the Venezuelan State oil company PDVSA
                effective on 1 April 2006; (ii) outages and
                disruptions in Nigeria due to social unrest;
                (iii) residual hurricane impacts on production in
                the Gulf of Mexico; and (iv) operational issues
                at certain facilities in Italy, Norway and
                Kazakhstan. Despite the adverse impact of the
                unforeseen events in Venezuela and Nigeria,
                production growth rate for the year is expected
                to be 3% assuming a Brent crude oil price of
                approximately $55 per barrel in the market
                scenario for 2006;</li>
            <li><strong>sales volumes of natural gas in Europe</strong>
                are forecasted to increase over 5% from 2005
                levels (94 billion cubic meters) with major
                increases expected in volumes sold on the
                German/Austrian, Iberian Peninsula, Turkish and
                French markets;</li>
            <li><strong>sold production of electricity</strong>
                is expected to increase over 9% from 2005 levels
                (22.77 terawatthour) due to the continuing
                ramp-up of new production capacity at the
                Brindisi and Mantova sites partially offset by
                lower production at the Ravenna and Ferrera
                Erbognone plants due to planned maintenance;</li>
            <li><strong>refining throughputs on Eni&#146;s
                account</strong> are expected to decline slightly
                from 2005, due mainly to planned maintenance at
                the Sannazzaro and Livorno refineries
                counterbalanced by higher throughputs expected at
                the Gela and Venice refineries. Eni&#146;s
                refineries are expected to run at full capacity;</li>
            <li><strong>retail sales of refined products</strong>
                on the Agip branded network in Italy are expected
                to remain stable. In the rest of Europe an upward
                trend of sales is expected to continue; in
                particular higher sales are expected in Spain,
                France and Central Eastern Europe also due to
                construction/acquisition of service stations.</li>
        </ul>
        </td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">In 2006, capital expenditure
        is expected to amount euro 9.1 billion, representing a
        23% increase from 2005. Approximately 90% of capital
        expenditure is planned in Eni&#146;s Exploration &amp;
        Production, Gas &amp; Power and Refining &amp; Marketing
        divisions. Main increases are expected in exploration
        projects, the development of oil and natural gas
        reserves, upgrading of refineries and upgrading of
        natural gas transport and import infrastructure. Also the
        Oilfield Services Construction and Engineering segment is
        expected to increase capital expenditure by approximately
        82% due to the construction of a new FPSO unit and
        upgrading of the fleet and logistic centres. <br>
        Lower capital expenditure as compared to the outlook of
        the first quarter 2006 (euro 9.7 billion) is due mainly
        to currency translation effects pertaining to a different
        assumption of expected trends in the euro/US dollar
        exchange rate.<p><br>
        <font size="4">Post closing events</font></p>
        <p>Algeria is currently reviewing the fiscal regime
        applicable to oil companies. With regard to the
        legislative text already enacted, fiscal terms applicable
        to existing PSAs to which foreign oil companies are
        parties have not been modified directly. Nevertheless,
        Sonatrach, the State oil company, intends to renegotiate
        the economic terms of certain PSAs to which Eni or other
        Eni&#146;s co-venture partners are a party. According to
        Sonatrach, renegotiation of contractual terms is
        necessary in order to restore the economics of such
        contracts which have been altered by the new fiscal
        charges that Sonatrach is incurring. At present
        management is not able to foresee the final outcome of
        such renegotiations. <br>
        In addition, the government of Algeria has recently
        adopted a legislative text amending the existing
        hydrocarbon law to, among other things, impose a windfall
        profit tax on foreign oil companies parties of existing
        PSAs to the extent that oil prices exceed $30 per barrel.
        The amendments will have to be ratified by the Parliament
        and enacted through implementing regulations. At present
        Eni&#146;s management is not able to estimate any
        additional fiscal charge that Eni may incur.</p>
        </td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="12t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<p><font size="6">Operating review</font></p>

<p><font size="4" face="Arial">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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5,437</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>7,045</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,608</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">29.6</font></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">Revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10,054</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>14,459</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,405</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">43.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,776</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>4,090</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,314</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">47.3</font></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">Operating
        profit</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">5,349</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>8,398</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3,049</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">57.0</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">128</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>132</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4</font></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 align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exclusion special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">159</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>75</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(84</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,904</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>4,222</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,318</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>45.4</b></font></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"><b>Adjusted
        operating profit</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>5,508</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>8,473</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,965</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>53.8</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
</table>

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

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>First half</strong><br>
        Operating profit for the first half was euro 8,398
        million, up euro 3,049 million, or 57% from the first
        half of 2005, reflecting primarily higher realisations in
        US dollars (oil up 36.3%; natural gas up 21.5%) combined
        with a growth in sales volumes, up 12.4 million boe, or
        4.2%. The depreciation of the euro over the US dollar
        also boosted operating profit by an estimated euro 370
        million. These positive factors were partially offset by
        higher operating costs and amortisation charges in
        connection with higher development costs of new fields
        and for</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">maintaining production
        levels in certain mature fields and inflationary impacts.
        Higher exploratory costs were also incurred.<br>
        Special charges for the first half of 2006, represented
        by net charges of euro 75 million, concerned the
        impairment of mineral assets for euro 132 million, offset
        in part by gains on the disposal of mineral assets for
        euro 57 million. Special items for the first half of 2005
        concerned essentially the impairment of mineral assets.</td>
    </tr>
</table>

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

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,725</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,748</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>23</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1.3</b></font></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>Daily production of oil and natural gas </b><sup>(1)</sup>
        </font><font size="1">(thousand boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,714</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,787</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>73</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4.3</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">268</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>237</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(31</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(11.6</font></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">Italy</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">267</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>242</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(25</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(9.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">465</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>555</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">90</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">19.4</font></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">North Africa</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">449</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>548</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">99</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">326</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>368</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">42</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">12.9</font></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">West
        Africa</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">326</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>375</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">49</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">15.0</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">286</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>284</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(2</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(0.7</font></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">North Sea</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">288</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>291</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">380</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>304</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(76</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(20.0</font></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">Rest of
        world</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">384</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>331</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(53</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(13.8</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>153.4</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>154.1</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>0.7</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>0.5</b></font></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>Oil and natural gas productio</b><strong>n
        sold</strong><sup> (1)</sup></font><font size="1"><sup> </sup>(million
        boe)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>301.4</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>313.6</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>12.2</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4.0</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">Oil and natural gas
        production for the first half of 2006 averaged 1,787
        kboe/d, representing an increase of 4.3% or 73 kboe/d
        from the first half of 2005, driven by organic growth
        mainly in Libya, Angola and Egypt. Production for the
        quarter was adversely impacted by: (i) lower entitlements
        in certain PSAs<sup>2</sup> and buy-back contracts of 32
        kboe/d due to higher oil prices; (ii) the unilateral
        cancellation of the contract with the Venezuelan state
        company PDVSA concerning the Daci&#243;n field with effect
        from 1 April 2006 (down 29 kbbl/d); (iii) field declines
        in mature areas, mainly in</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">natural gas production in
        Italy; (iv) the impact of outages and disruptions in
        Nigeria due to social unrest and of hurricanes on
        production in the Gulf of Mexico and technical problems
        at plants in Norway, Italy and Kazakhstan (for a total
        decrease of 55 kboe/d). Excluding the impact of adverse
        entitlement effects, oil and natural gas production
        increased by 6.1%. The share of production outside Italy
        was 86% (84% in the first half of 2005).</td>
    </tr>
</table>

<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%"><font size="1"></font>&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 also affect 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">- 12 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">Daily production of oil and
        condensates (1,099 kbbl/d) was in line with the first six
        months of 2005 (down 0.5%). Decreases concerned mainly:
        (i) Venezuela, due to the unilateral cancellation of the
        contract with the Venezuelan state company PDVSA
        concerning the Daci&#243;n field with effect from 1 April
        2006; (ii) Nigeria, due to outages and disruptions
        related to social unrest in the country, offset in part
        by the reaching of full production of the Bonga field in
        OML 118 permit (Eni&#146;s share 12.5%); (iii) Italy, due
        to technical problems at the FPSO unit on the Aquila
        field; (iv) Kazakhstan due to maintenance of facilities
        on the Karachaganak field; (v) USA due to the impact of
        hurricanes in the fourth quarter of 2005. Increases were
        registered in: (i) Angola, due to the reaching of full
        production of fields in Phase B of the Kizomba project in
        Block 15 (Kissanje and Dikanza, Eni&#146;s interest 20%)
        and North Sanha/Bomboco fields in Block 0 (Eni&#146;s
        interest 9.8%), as well as the integrated start-up of the
        Benguela/Belize-Lobito/Tomboco fields in Block 14 (Eni&#146;s
        interest 20%); (ii) Libya, due to the reaching of full
        production at the Bahr Essalam offshore field (Eni&#146;s
        interest 50%) as part of the Western Libyan Gas Project;
        (iii) Algeria, due to increased production at the Rod and
        satellite fields (Eni operator with a 63.96% interest). <br>
        <br>
        Daily production of natural gas (688 kboe) increased by
        78 kboe from the first half of 2005, up 12.8%, due
        essentially to increases registered in: (i) Libya, due to
        the reaching of full production at the Bahr Essalam field
        (Eni&#146;s interest 50%); (ii) Egypt, for the reaching
        of full production at the eI Temsah 4 platform and the
        Barboni field in the offshore of the Nile Delta and
        increased supplies to the Damietta liquefaction plant
        (Eni&#146;s interest 40%); (iii) Nigeria, due to
        increased supplies to the Bonny liquefaction plant (Eni&#146;s
        interest 10.4%) related to the start-up of trains 4 and
        5; (iv) Australia, due to the start-up of supplies to the
        Darwin liquefaction plant linked to the Bayu Undan liquid
        and gas field (Eni&#146;s interest 12.4%). These
        increases were offset in part by a decline registered in
        Italy resulting from the production decline of mature
        fields and the impact of hurricanes in the Gulf of
        Mexico.<br>
        <br>
        Hydrocarbon production sold amounted to 313.6 million
        boe. The 9.8 million boe difference over production was
        due essentially to own consumption of natural gas (9.1
        million boe).<br>
        <br>
        <strong>Second quarter</strong><br>
        Operating profit for the second quarter was euro 4,090
        million, up euro 1,314 million, or 47.3% from the second
        quarter of 2005, reflecting primarily higher realisations</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">in dollars (oil up 39.3%;
        natural gas up 18.7%) partially offset by higher
        operating costs and amortisation charges and higher
        exploration costs.<br>
        <br>
        Special charges for the second quarter of 2006 of euro
        132 million concerned essentially the impairment of
        mineral assets.<br>
        Oil and natural gas production in the second quarter of
        2006 averaged 1,748 kboe/d, representing an increase of
        1.3% or 23 kboe/d from the second quarter of 2005, driven
        by organic growth mainly in Libya, Angola and Egypt.
        Production for the quarter was adversely impacted by: (i)
        the unilateral cancellation of the contract with the
        Venezuelan state compact PDVSA concerning the Daci&#243;n
        field with effect from 1 April 2006 (down 58 kbbl/d);
        (ii) lower entitlements in certain PSAs and buy-back
        contracts of 36 kboe/d due to higher oil prices; (iii)
        field declines in mature areas, mainly in natural gas
        production in Italy; (iv) the impact of outages and
        disruptions in Nigeria due to social unrest, of
        hurricanes on production in the Gulf of Mexico and
        technical problems at plants in Norway, Italy and
        Kazakhstan (for a total decrease of 63 kboe/d). Excluding
        the impact of adverse entitlement effects, oil and
        natural gas production increased by 3.4%.<br>
        <br>
        Daily production of oil and condensates (1,056 kbbl/d)
        declined by 51 kbbl/d (down 4.6%). Decreases concerned
        mainly Venezuela, Nigeria, Italy and Kazakhstan, whose
        effects were offset by increases registered mainly in
        Angola, due to the reaching of full production of fields
        in phase B of the Kizomba development project in Block 15
        (Eni&#146;s interest 20%) and the start-up of the
        Benguela/Belize-Lobito/Tomboco fields in Block 14 (Eni&#146;s
        interest 20%) and Libya, due to the reaching of full
        production at the Bahr Essalam offshore field. <br>
        <br>
        Daily production of natural gas (692 kboe) increased by
        74 kboe from the second quarter of 2005, up 12%, due
        essentially to increases registered in Libya (reaching of
        full production at the Bahr Essalam field), Egypt
        (reaching of full production at the eI Temsah 4 platform
        and the Barboni field and increased supplies to the
        Damietta liquefaction plant), Nigeria (start-up of trains
        4 and 5 of the Bonny liquefaction plant), Australia
        (start-up of the gas phase of the Bayu Undan field),
        Croatia (start-up of the Ika, Ida and Ivana C-K fields
        &#150; Eni&#146;s interest 50%). These increases were
        offset in part by a decline registered in Italy resulting
        from the production decline of mature fields and the
        impact of hurricanes in the Gulf of Mexico.</td>
    </tr>
</table>

<p>&nbsp;</p>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="14t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<p><font size="4" face="Arial">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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,500</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5,799</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,299</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">28.9</font></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">Revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">11,162</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>14,933</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3,771</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">33.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">592</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>708</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">116</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">19.6</font></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">Operating
        profit</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,155</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,907</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(248</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(11.5</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(12</font></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 align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&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"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(30</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(20</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>614</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>718</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>104</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>16.9</b></font></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"><b>Replacement
        cost operating profit</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,125</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,887</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(238</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(11.2</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">24</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>73</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">49</font></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 align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exclusion special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">48</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>107</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">59</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>638</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>791</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>153</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>24.0</b></font></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"><b>Adjusted
        operating profit</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,173</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,994</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(179</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(8.2</b></font></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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>First half</strong><br>
        Replacement cost operating profit for the first half of
        2006 was euro 1,887 million, down euro 238 million, or
        11.2% from the first half of 2005, due primarily to: (i)
        lower selling margins on natural gas sales mainly as a
        consequence of the regulatory regime of Decision No.
        248/2004<sup>3</sup> of the Italian Authority for
        Electricity and Gas, whose effects were offset in part by
        the favourable trading environment in which Eni selling
        prices and purchase cost of natural gas have been
        determined reflecting trends in the underlying
        commodities to which natural gas purchase and selling
        prices are contractually indexed in particular in the
        second quarter, also benefiting from time lag effects
        mainly in the power generation segment; (ii) higher
        purchase prices of natural gas related to the climatic
        emergency of the 2005/2006 winter; (iii) lower operating
        income of transport activities in Italy related
        essentially to a new tariff regime introduced by Decision
        No. 166/2005 of the Authority. These negative factors
        were offset in part by: (i) higher natural gas volumes
        sold by consolidated subsidiaries (up 2.6 bcm, or 6.1%),
        including own consumption; (ii) higher operating profit
        recorded by transport activities outside Italy reflecting
        mainly higher volumes in particular for the coming on
        line of the Greenstream pipeline from Libya.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">Power generation activities
        generated a replacement cost operating profit of euro 84
        million, with an increase of euro 29 million, or 52.7%,
        due mainly to an increase in electricity production sold
        (1.87 terawatthour, up 17.7%).<br>
        <br>
        Special charges for the first half of 2006 of euro 107
        million concerned mainly impairment of assets, provisions
        to the environmental risk reserve and employee redundancy
        incentives. In the first half of 2005 special items (euro
        48 million) concerned mainly sundry charges.<br>
        <br>
        Natural gas sales for the first half of 2006 were 49.45
        bcm (including own consumption and Eni&#146;s share of
        affiliates sales), or 2.86 bcm higher, primarily
        reflecting higher sales in the rest of Europe, up 2.36
        bcm, or 14.9%, and higher natural gas supplies to Eni&#146;s
        wholly-owned subsidiary EniPower for power generation up
        0.49 bcm, or 18.9%.</td>
    </tr>
</table>

<p>__________________</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(3)</font></td>
        <td valign="top" width="2%"><font size="1"></font>&nbsp;</td>
        <td valign="top" width="96%"><font size="1">See below.</font></td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Sales of natural gas </b></font><font
        size="1">(billion cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>10.29</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>9.99</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(0.30</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(2.9</b></font></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="44%"><font size="2"><b><i>Italy
        to third parties</i></b><b> </b><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>27.28</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>27.46</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.18</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.7</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.61</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1.67</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.06</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3.7</font></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">Wholesalers (selling companies)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">6.91</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>6.73</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(0.18</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(2.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">0.48</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.54</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">0.06</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">12.5</font></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">Gas
        release</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1.07</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1.13</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">0.06</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">5.6</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">8.20</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>7.78</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(0.42</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(5.1</font></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">End customers</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">19.30</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>19.60</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.30</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>2.91</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>3.29</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.38</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>13.1</i></font></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Industrial
        users</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>6.23</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>7.09</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.86</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>13.8</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>4.44</i></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b><i>3.63</i></b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>(0.81</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>(18.2</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Power
        generation</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>8.40</i></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b><i>7.90</i></b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>(0.50</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>(6.0</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.85</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>0.86</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.01</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>1.2</i></font></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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Residential</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>4.67</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>4.61</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>(0.06</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>(1.3</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1.34</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1.61</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>0.27</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>20.1</b></font></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>Own consumption </b><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2.59</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3.08</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>0.49</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>18.9</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><em><b>5.03</b></em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><em><b>5.91</b></em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><em><b>0.88</b></em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><em><b>17.5</b></em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><em><b>Rest
        of Europe </b></em><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><em><b>12.36</b></em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><em><b>14.48</b></em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><em><b>2.12</b></em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><em><b>17.2</b></em></font></td>
        <td valign="bottom" width="1%"><font size="2"><em></em></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><em><b>0.33</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><em><b>0.21</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><em><b>(0.12</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em><b>)</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><em><b>(36.4</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em><b>)</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><em><b>Outside Europe</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><em><b>0.56</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><em><b>0.37</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><em><b>(0.19</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em><b>)</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em></em></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><em><b>(33.9</b></em></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><em><b>)</b></em></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>16.99</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>17.72</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.73</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>4.3</b></font></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"><b>Sales
        to third parties and own consumption of subsidiaries</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>42.79</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>45.39</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2.60</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>6.1</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1.53</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1.65</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>0.12</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>7.8</b></font></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>Natural gas sales of affiliates </b>(net to
        Eni)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3.80</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4.06</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>0.26</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>6.8</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.01</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>0.00</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>(0.01</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>..</i></font></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"><i>Italy </i><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.04</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>0.01</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>(0.03</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>(75.0</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>1.36</i></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b><i>1.38</i></b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>0.02</i></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>1.5</i></font></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"><i>Rest of Europe </i><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>3.47</i></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b><i>3.71</i></b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>0.24</i></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><i>6.9</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.16</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>0.27</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.11</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>68.8</i></font></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"><i>Outside
        Europe</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.29</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>0.34</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.05</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>17.2</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>18.52</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>19.37</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>0.85</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4.6</b></font></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>Total natural gas sales and own consumption </b></font><font
        size="1">(billion cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>46.59</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>49.45</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2.86</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>6.1</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>21.09</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>21.63</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.54</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2.6</b></font></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"><b>Transport
        of natural gas in Italy </b></font><font size="1">(billion
        cubic meters)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>44.79</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>46.52</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1.73</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>3.9</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">13.10</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>13.91</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.81</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">6.2</font></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">Eni</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">28.46</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>30.03</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.57</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">7.99</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>7.72</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(0.27</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(3.4</font></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">Third
        parties</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">16.33</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>16.49</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">0.16</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1.0</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5.57</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>6.00</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>0.43</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>7.7</b></font></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>Electricity production sold </b></font><font
        size="1">(terawatthour)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10.55</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>12.42</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1.87</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>17.7</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>19.50</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>20.44</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>0.94</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>4.8</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="1"><b>Sales of natural gas in Europe </b>(billion
        cubic meters)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>48.71</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>51.82</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>3.11</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>6.4</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="1">18.03</font></td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>18.89</b></font></td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">0.86</font></td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">4.8</font></td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="1">G&amp;P in
        Europe <sup>(1)</sup></font></td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">45.74</font></td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>48.74</b></font></td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">3.00</font></td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">6.6</font></td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">1.47</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>1.55</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">0.08</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">5.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="1">Upstream in Europe</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">2.97</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>3.08</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">0.11</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">3.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">Despite an increasingly
        competitive market, natural gas sales in Italy (27.46
        bcm) increased by 0.18 bcm from the first half of 2005,
        or 0.7%, reflecting higher sales volumes to the
        industrial sector (up 0.86 bcm) related to a higher
        number of customers served, offset in part by lower sales
        to the power generation segment (down 0.50 bcm) related
        to the switch from natural gas to fuel oil as feedstock
        for power plants during an emergency in winter, and to
        wholesalers (down 0.18 bcm). Sales under the so called
        gas release<sup>4</sup> (1.13 bcm) increased by 0.06 bcm
        from the first six months of 2005.<br>
        Own consumption<sup>5</sup> was 3.08 bcm, up 0.49 bcm, or
        18.9%, reflecting primarily higher supplies to EniPower </td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">due to the coming on stream
        of new generation capacity.<br>
        Sales of consolidated subsidiaries in the rest of Europe
        (14.48 bcm) were 2.12 bcm higher, reflecting increases
        registered in: (i) sales under long-term supply contracts
        to Italian importers (up 1.19 bcm) for the progressive
        reaching of full supplies from Libyan fields; (ii)
        supplies to the Turkish market (up 0.68 bcm); (iii)
        France (up 0.33 bcm) relating to higher supplies to
        industrial operators; (iv) Germany and Austria (0.26 bcm)
        essentially due to increased spot sales to Gaz de France
        and higher supplies to Eni&#146;s affiliate GVS (Eni&#146;s
        interest 50%).</td>
    </tr>
</table>

<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%"><font size="1"></font>&nbsp;</td>
        <td valign="top" width="96%"><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
        1 October 2004 to 30 September 2008 at the Tarvisio entry
        point into the Italian network.</font></td>
    </tr>
    <tr>
        <td><font size="1">(5)</font></td>
        <td><font size="1"></font>&nbsp;</td>
        <td><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="left">&nbsp;</p>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">Sales of natural gas by Eni&#146;s
        affiliates in the rest of Europe, net to Eni and net of
        Eni&#146;s supplies, amounted to 3.71 bcm, up 0.24 bcm
        mainly to Uni&#243;n Fenosa Gas and concerned: (i) GVS (Eni&#146;s
        interest 50%) with 1.80 bcm; (ii) Uni&#243;n Fenosa Gas (Eni&#146;s
        interest 50%) with 1.03 bcm; (iii) Galp Energia (Eni&#146;s
        interest 33.34%) with 0.81 bcm.<br>
        <br>
        Eni transported 16.49 bcm of natural gas on behalf of
        third parties in Italy, an increase of 0.16 billion cubic
        meters from the first half of 2005, up 1%.<br>
        <br>
        Electricity production sold (12.42 terawatthour) was up
        to 1.87 terawatthour, or 17.7%, reflecting the continuing
        ramp-up of new production capacity, in particular at the
        Brindisi (up 2.05 terawatthour) and Mantova (up 1.12
        terawatthour) plants, offset in part by the effects of
        planned maintenance standstills at Ferrera Erbognone and
        Ravenna.<br>
        <br>
        <strong>Second quarter</strong><br>
        Replacement cost operating profit for the second quarter
        of 2006 was euro 718 million, up euro 104 million, or
        16.9%, due primarily to: (i) higher margins on natural
        gas sales reflecting a favourable trading environment in
        which natural gas selling and purchase prices have been
        determined reflecting trends in the underlying
        commodities to which natural gas purchase and selling
        prices of gas are contractually indexed, also benefiting
        from time lag effects in particular in the power
        generation segment, offset in part by the adverse impact
        of the regulatory regime of Decision No. 248/2004 of the
        Authority for Electricity and Gas; (ii) higher natural
        gas volumes sold by consolidated subsidiaries (up 0.73
        bcm, or 4.3%), including own consumption; (iii) a higher
        operating profit recorded by transport activities outside
        Italy reflecting mainly higher volumes in particular for
        the coming on line of the Greenstream pipeline from
        Libya. <br>
        These positive factors were offset in part by lower
        operating income of transport activities in Italy related
        essentially to a new tariff regime introduced by Decision
        No. 166/2005 of the Authority for Electricity and Gas. <br>
        <br>
        Power generation activities generated a replacement cost
        operating profit of euro 45 million, with an increase of
        euro 5 million, or 12.5%, due mainly to an increase in
        electricity production sold (0.43 terawatthour, up 7.7%)
        offset in part by lower selling margins related to the
        trend of energy parameters through which sale and
        purchase prices of fuels are determined.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">Special charges for the
        second quarter of 2006 of euro 73 million concerned
        mainly impairment of intangible assets and provisions to
        the environmental risk reserve. In the second quarter of
        2005 special items (euro 24 million) concerned mainly
        provisions to the environmental risk reserve.<br>
        <br>
        Natural gas sales volumes for the second quarter of 2006
        (including own consumption and sales of affiliates) were
        19.37 bcm, 0.85 bcm higher, or 4.6%, primarily reflecting
        higher sales in the rest of Europe (up 0.90 bcm, or
        14.1%) and own consumption for power generation in
        EniPower&#146;s power stations (up 0.27 bcm, or 20.1%)
        offset in part by lower sales in Italy (down 0.30 bcm, or
        2.9%).<br>
        The decline in natural gas sales in Italy reflected
        mainly lower sales to the power generation industry (down
        0.81 bcm) offset in part by higher sales to the
        industrial sector (up 0.38 bcm) and to wholesalers (up
        0.06 bcm). Sales under the so called gas release
        increased by 0.06 bcm.<br>
        Sales volumes in the rest of Europe (5.91 bcm) of
        consolidated subsidiaries were 0.88 bcm higher, or 17,5%,
        reflecting increases registered in: (i) sales under
        long-term supply contracts to Italian importers (up 0.58
        bcm) for the progressive reaching of full supplies from
        Libyan fields; (ii) supplies to the Turkish market (up
        0.31 bcm).<br>
        Sales of natural gas by Eni&#146;s affiliates in the rest
        of Europe, net to Eni and net of Eni&#146;s supplies,
        amounted to 1.38 bcm, substantially stable from the
        second quarter of 2005.<br>
        Electricity production sold (6 terawatthour) was up to
        0.43 terawatthour, or 7.7%, reflecting the continuing
        ramp-up of new production capacity, in particular at the
        Brindisi (up 0.98 terawatthour) and Mantova (up 0.29
        terawatthour) plants, offset in part by the effects of
        planned maintenance standstills at Ferrera Erbognone.</td>
    </tr>
</table>

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

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<p align="right"><font size="1" face="Arial"></font>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>Determination of
        reference prices for non eligible customers at 31
        December 2002 - Decisions No. 248/2004 and 134/2006 of
        the Authority for Electricity and Gas</strong><br>
        With Decision No. 248 of 29 December 2004, integrated and
        amended by Decision No. 134 of 28 June 2006, the
        Authority for Electricity and Gas changed the updating
        mechanism established by its previous Decision No.
        195/2002 concerning the raw material component in tariffs
        paid by end customers that were non-eligible customers
        until 31 December 2002 according to Legislative Decree
        No. 164/2000 (mainly customers in the residential and
        commercial segment). The decision introduced the
        following changes: (i) establishment of a cap set at 75%
        for the changes in the raw material component if Brent
        crude prices fall below 20 US dollar/barrel or outside
        the 35-60 US dollar/barrel range and at 95% if Brent
        crude prices are higher than 60 US dollar/barrel (in
        Decision No. 248/2004 the price cap was set at 75% for
        the change in the raw material component if Brent crude
        prices fell below 20 US dollar/barrel or exceeded 35 US
        dollar/barrel); (ii) change of the relative weight of the
        three products making up the reference index of energy
        prices whose variations &#150; when higher or lower than
        2.5% (previously 5%) as compared to the same index in the
        preceding period &#150; determine the adjustment of raw
        material costs; (iii) substitution of one of the three
        products included in the index (a pool of crudes) with
        Brent crude; (iv) recognition to natural gas selling
        companies of additional euro 0.015 per cubic meter sold;
        and (v) reduction in the value of the variable wholesale
        component of the selling price by euro 0.026 per cubic
        meter. In addition, Decision No. 248/2004 obliges Italian
        suppliers to wholesalers to renegotiate supply contracts
        in light of the price revision introduced by same
        decision in supply contracts between wholesalers and end
        users. The changes introduced by Decision No. 134/2006
        are applicable from 1 July 2006 for a two year period
        with the option of a one year extension following a
        decision of the Authority.<br>
        According to Decision No. 134/2006, starting on 1 October
        2006, natural gas selling companies shall offer pricing
        terms consistent with the updating mechanism adopted by
        the Authority for Electricity and Gas only to customers
        consuming less than 200,000 cm per year.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">In addition to integrating
        Decision No. 284/2004, Decision No. 134/2006 introduced:
        (i) transitional measures for the recognition of any
        higher import costs concerning spot purchases in the
        coming January-March 2007 period; (ii) the recognition of
        a partial compensation for the reimbursement due to end
        customers for the higher amounts invoiced by selling
        companies in 2005; (iii) the obligation for selling
        companies, only for wholesale supply contracts entered
        after the coming in force of Decision No. 248/2004, to
        renegotiate such contracts consistently with the new
        updating mechanism of the raw material component before
        30 November 2006. Selling companies shall inform the
        Authority for Electricity and Gas of the outcome of such
        renegotiations before 31 December 2006. With a later
        decision the Authority will recognise to companies
        complying with this requirement an amount corresponding
        to 50% of the difference between the updating of the cost
        of raw materials calculated under the new regime under
        Decision No. 248/2004 and the previous regime under
        Decision No. 195/2002 for fiscal year 2005. Should the
        Authority for Electricity and Gas deem the obligation of
        renegotiation fulfiled, the reserve accrued by Eni in its
        2005 financial statements, estimated on the basis of a
        probable negative impact of the new regime (euro 225
        million), could result partially redundant.<br>
        The appeal of the Authority against the decision of the
        Regional Administrative Court of Lombardia which annulled
        Decision No. 284/2004 in favour of Eni is still pending
        at the Council of State. However, on the basis of the
        reasons that led the Council of State to accept the
        Authority&#146;s appeal against another natural gas
        selling company, Eni expects the Council of State&#146;s
        decision to be negative for Eni. For this reason and for
        the higher prices attained by Brent crude with respect to
        2005, as well as the fact that the improvements in the
        updating mechanism enacted by Decision No. 134/2006 in
        favour of natural gas selling companies are effective 1
        July 2006, Eni&#146;s management expects the impact of
        the new regime of indexation on selling margins on
        natural gas to be significantly higher than in 2005. This
        estimate does not take into account the possibility that
        the amount accrued in 2005 financial statements may prove
        redundant as outlined above. </td>
    </tr>
</table>

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

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="18t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<p align="left"><font size="4" face="Arial">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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">7,846</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,166</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,320</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">29.6</font></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">Revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">14,747</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>19,446</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,699</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">31.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">596</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>366</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(230</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(38.6</font></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">Operating
        profit </font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">865</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>455</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(410</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(47.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(316</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(207</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">109</font></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 align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&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"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(459</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(254</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">205</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>280</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>159</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(121</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(43.2</b></font></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="44%"><font size="2"><b>Replacement
        cost operating profit</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>406</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>201</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(205</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(50.5</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">55</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>31</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(24</font></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 align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exclusion special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">81</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>78</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(3</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>335</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>190</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(145</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(43.3</b></font></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="44%"><font size="2"><b>Adjusted
        operating profit</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>487</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>279</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(208</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(42.7</b></font></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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>First half</strong><br>
        Replacement cost operating profit for the first half 2006
        was euro 201 million, down euro 205 million or 50.5%,
        from the first half of 2005, due primarily to declining
        refining margins (Brent margin was down 1.16 US
        dollars/barrel, or 21%) partly offset by the favourable
        impact of the depreciation of the euro over the dollar
        and the impact of longer refineries outages for both
        planned maintenance and certain operational issues in
        connection with the accident occurred late in April to
        the Priolo refinery owned by a third party.<br>
        Replacement cost operating profit was also adversely
        impacted by shrinking marketing margins, reflecting</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">rapidly escalating prices of
        refined products not recovered in full in final prices as
        well as competitive pressure. Also the divestment of
        Italiana Petroli occurred in September 2005 adversely
        impacted operating profit for the period (see below). On
        the positive side, activities in the rest of Europe
        recorded a higher operating profit.<br>
        Special charges for the first half of 2006 of euro 78
        million concerned essentially provisions to the
        environmental risk reserve and employee redundancy
        incentives. Special charges for the first half of 2005
        concerned essentially provisions to the environmental
        risk reserve.</td>
    </tr>
</table>

<p align="left">&nbsp;</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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>9.77</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>9.40</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(0.37</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(3.8</b></font></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="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Refining throughputs on own account</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>18.21</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>18.01</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(0.20</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(1.1</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>12.51</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>12.55</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.04</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.3</b></font></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"><b>Sales</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>24.81</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>24.87</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.06</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.2</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2.20</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2.20</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">-</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">-</font></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">Retail sales Italy on Agip branded network</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4.26</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4.26</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">-</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">-</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">0.50</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>-</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(0.50</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(100.0</font></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">Retail
        sales Italy on IP branded network</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">0.96</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>-</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(0.96</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(100.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.94</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>0.95</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.01</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.1</font></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">Retail sales rest of Europe</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.77</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1.82</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.05</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2.54</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2.48</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(0.06</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(2.4</font></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">Wholesale
        sales Italy</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">5.07</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>5.02</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(0.05</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(1.0</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1.06</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1.15</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.09</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">8.5</font></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">Wholesale sales outside Italy</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2.16</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2.28</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.12</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.96</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>1.03</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.07</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>7.3</i></font></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"><i>of
        which wholesale sales rest of Europe</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>1.96</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b><i>2.06</i></b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>0.10</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><i>5.1</i></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5.27</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5.77</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.50</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">9.5</font></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">Other sales</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10.59</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>11.49</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.90</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">8.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">Refining throughputs on own
        account for the first half of 2006 in Italy and outside
        Italy (18.01 mtonnes) were slightly lower (down 1.1%)
        from the first half of 2005, reflecting lower throughputs
        at the Sannazzaro, Livorno and Taranto refineries due to
        planned maintenance standstills and for the accident
        occurred at Priolo in April. These declines were
        partially offset by higher throughputs at the Gela and
        Venice refineries.<br>
        Sales of refined products for the first half were 24.87
        mtonnes, 60 ktonnes higher than the first half of 2005,
        or 0.2%, due mainly to increased sales volumes on retail
        and wholesale markets in the rest of Europe (up 150</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">ktonnes) offset in part by
        the 50 ktonnes decline on wholesale markets in Italy. The
        960 ktonnes reduction in retail sales volumes due to the
        divestment of the entire share capital of Italiana
        Petroli which occurred in September 2005 was offset by
        Eni&#146;s ongoing supply of significant volumes of fuels
        and other products to the divested company under a
        five-year supply contract.<br>
        Sales on the Agip branded network in Italy and outside
        Italy were 6.08 mtonnes, up 50 ktonnes (0.8%).<br>
        Sales volumes of refined products on the Agip branded
        network in Italy were 4.26 mtonnes, unchanged from the
        first half of 2005. Sales volumes of refined products</td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">on retail markets in the
        rest of Europe increased by 50 ktonnes, or 2.8%,
        reflecting principally higher sales volumes in Spain,
        France and Central-Eastern Europe, also in connection
        with the purchase/leasing of service stations.<br>
        Sales on wholesale markets in Italy (5.02 mtonnes)
        declined by 50 ktonnes from the first half of 2005, in
        particular in fuel oil and diesel fuel. Sales on
        wholesale markets in the rest of Europe increased by 100
        ktonnes, up 5.1%, due to higher volumes sold in in Spain
        and Germany.<br>
        <br>
        <strong>Second quarter</strong><br>
        Replacement cost operating profit for the second quarter
        was euro 159 million, down euro 121 million or 43.2%,
        from the second quarter of 2005, due primarily to
        declining refining margins (margins on Brent were down
        1.01 dollars/barrel, or 14.9%) and the impact of longer
        refineries outages for both planned maintenance and
        certain operational issues in connection with the
        accident occurred late in April to the Priolo refinery in
        Sicily. Replacement cost operating profit for the quarter
        was also adversely impacted by shrinking marketing
        margins, reflecting rapidly escalating prices of refined
        products not recovered in full in final prices as well as
        competitive pressure. Also the divestment of Italiana
        Petroli occurred in September 2005 adversely impacted
        operating profit for the period (see below). On the
        positive side, activities in the rest of Europe recorded
        an higher operating profit.<br>
        <br>
        The second quarter result included special charges of
        euro 31 million related primarily to environmental
        provisions and provisions for redundancy incentives. In
        the second quarter of 2005 special items were euro 55
        million, related primarily to environmental and other
        provisions.<br>
        <br>
        Refining throughputs on own account for the second
        quarter of 2006 in Italy and outside Italy (9.40 million
        tonnes) declined (down 3.8%) from the first half of 2005,
        reflecting lower throughputs at the Sannazzaro and Priolo
        refineries partially offset by higher throughputs at the
        Venice and Livorno refineries.<br>
        Sales of refined products for the quarter were 12.55
        mtonnes, 40 ktonnes higher from the second quarter of
        2005 due to the increase in sales on retail and wholesale
        markets in the rest of Europe (up 80 ktonnes), partially
        offset by lower sales on the wholesale market in Italy
        (down 60 ktonnes). The 502 ktonnes reduction in retail
        sales due to the divestment of Italiana Petroli, was
        offset</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">by Eni&#146;s ongoing supply
        of significant volumes of fuels and other products to the
        divested company under a five-year supply contract.<br>
        Sales of refined products on the Agip branded network in
        Italy were 2.2 mtonnes, unchanged from the second quarter
        of 2005. Sales volumes of refined products on retail
        markets in the rest of Europe increased by 10 ktonnes, or
        1.1%, reflecting principally higher sales volumes in
        Spain, France and Czech Republic, also in connection with
        the purchase/leasing of service stations in 2005.</td>
    </tr>
</table>
</div>

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

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="20t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<p align="left"><font size="4" face="Arial">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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,465</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,612</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">147</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10.0</font></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">Revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,999</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,340</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">341</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">11.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">58</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>30</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(28</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(48.3</font></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">Operating
        profit</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">216</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>69</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(147</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(68.1</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(8</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(44</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(36</font></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 align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&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"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(7</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(61</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(54</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>50</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(14</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(64</b></font></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 align="right" 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"><b>Replacement
        cost operating profit</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>209</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>8</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(201</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(96.2</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">21</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>19</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(2</font></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 align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exclusion special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">21</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>20</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(1</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>71</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>5</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(66</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(93.0</b></font></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="44%"><font size="2"><b>Adjusted
        operating profit</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>230</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>28</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(202</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(87.8</b></font></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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>First half</strong><br>
        In the first half of 2006 replacement cost operating
        profit amounted to euro 8 million with a euro 201 million
        decline (down 96.2%) from the first half of 2005, due
        mainly to lower unit margins, in particular the cracker
        margin and in intermediates and styrenes related to
        increases in the cost of oil-based feedstocks not
        transferred to selling prices and the impact in terms of
        lower production of the accident occurred at the Priolo</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">refinery in April. These
        negative factors were offset in part by the positive
        effect of Eni&#146;s sales mix along with an improved
        industrial and commercial performance.<br>
        Special charges for the first half of 2006 of euro 20
        million concerned essentially provisions to the risk
        reserve. Special charges for the first half of 2005
        concerned essentially asset impairments.</td>
    </tr>
</table>

<p align="left">&nbsp;</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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,711</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,640</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(71</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(4.1</b></font></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="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Production</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,579</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,555</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(24</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(0.7</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,301</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,274</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(27</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2"><b>(2.1</b></font></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="44%"><font size="2"><b>Sales</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,673</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>2,680</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>7</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>0.3</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">708</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>667</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(41</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(5.8</font></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">Basic petrochemicals</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,519</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,420</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(99</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(6.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">252</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>255</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1.2</font></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">Styrenes
        and elastomers</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">518</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>515</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(3</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(0.6</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">341</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>352</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">11</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3.2</font></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">Polyethylenes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">636</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>745</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">109</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">17.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">In the first half of 2006
        sales of petrochemical products (2,680 ktonnes) were in
        line with the first half of 2005 (up 0.3%). Increases
        concerned polyethylene (up 17.1%) and aromatics (in
        particular xylenes up 19.5%) due to higher demand.
        Declines concerned: (i) basic petrochemicals (down 6.5%),
        in particular olefins (down 8%) and benzene (down 40%),
        due to lower product availability resulting from the
        outage of the Priolo cracker as a consequence of the
        accident occurred in late April at the nearby refinery;
        (ii) styrenes (down 2%) related to the shutdown of the
        Ravenna ABS plant in the second quarter of 2005 and to
        weak demand. <br>
        Petrochemical production (3,555 ktonnes) were in line
        with the first half of 2005 (down 0.7%). Lower cracker
        production due to the standstill of the Priolo refinery
        was offset in part by higher production at Dunkerque,
        Porto Marghera and Sarroch.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%"><strong>Second quarter<br>
        </strong>In the second quarter of 2006 replacement cost
        operating loss amounted to euro 14 million with a euro 64
        million decline from the second quarter of 2005, due
        mainly to lower unit margins, in particular the cracker
        margin, and in intermediates and styrene related to
        increases in the cost of oil-based feedstocks not
        transferred to selling prices and the impact in terms of
        lower production of the accident occurred at the Priolo
        refinery in April. These negative factors were offset in
        part by the positive effect of Eni&#146;s sales mix along
        with an improved industrial and commercial performance.<br>
        <br>
        Special charges for the second quarter of 2006 of euro 19
        million concerned essentially provisions to the risk
        reserve. Special charges for the second quarter of 2005
        concerned essentially asset impairments.</td>
    </tr>
</table>

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

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">In the second quarter of
        2006 sales of petrochemical products (1,274 ktonnes)
        decreased by 27 ktonnes from the second quarter of 2005
        (down 2.1%), in particular olefins (down 9.6%) and
        benzene (down 70%), due mainly to lower product
        availability related to the standstill of the Priolo
        cracker resulting from the accident occurred in April to
        the nearby refinery. These negatives were offset in part
        by positive sales in aromatics (xylene), intermediates
        and elastomers due to increasing demand. <br>
        Petrochemical production (1,640 ktonnes) declined by 71
        ktonnes from the second quarter of 2005 (or 4.1%) in
        particular due to the standstill of the Priolo cracker,
        offset by higher production at Porto Marghera and
        Dunkerque.</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">&nbsp;</td>
    </tr>
</table>

<p align="center">- 21 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="22t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<p align="left"><font size="4" face="Arial">OILFIELD SERVICES
CONSTRUCTION AND ENGINEERING</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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,196</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,769</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">573</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">47.9</font></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">Revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,356</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,080</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">724</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">30.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>53</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>133</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>80</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>150.9</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><strong>Operating
        profit</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>112</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>211</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>99</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>88.4</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Exclusion special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>53</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>133</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>80</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>150.9</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="44%"><font size="2"><strong>Adjusted
        operating profit</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>112</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>211</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>99</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>88.4</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong></strong></font>&nbsp;</td>
    </tr>
</table>

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

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><strong>First half</strong><br>
        Operating profit for the first half of 2006 was euro 211
        million, up euro 99 million, or 88.4% from the first half
        of 2005. This increase was recorded in particular in the
        following areas: (i) Onshore construction due to higher
        activity related essentially to the start-up of some
        large projects acquired in 2005; (ii) Offshore
        construction,</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">due to higher activity in
        the Caspian region; (iii) Offshore drilling, due to
        higher tariffs for the Scarabeo 3 and Scarabeo 5
        semisubmersible platforms and higher activity levels of
        the semisubmersible Scarabeo 4 platform and Perro Negro 5
        jack-up.</td>
    </tr>
</table>

<p align="left">&nbsp;</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%">&nbsp; </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="72%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="72%">&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="72%" bgcolor="#EEEEEE"><font
        size="2"><b>Orders acquired </b><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5,065</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5,970</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>905</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>17.9</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offshore
        construction</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,608</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,814</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">206</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">12.8</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onshore
        construction</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3,239</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,157</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(82</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(2.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="72%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offshore
        drilling</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">139</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>923</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">784</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">564.0</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onshore drilling</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">79</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>76</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(3</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(3.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="72%"><font size="2">Eni</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">443</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,343</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">900</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">203.2</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%" bgcolor="#EEEEEE"><font
        size="2">Third parties</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,622</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,627</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">0.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%"><font size="2">Italy</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">325</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>763</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">438</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">134.8</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%" bgcolor="#EEEEEE"><font
        size="2">Outside Italy</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">4,740</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5,207</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">467</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">9.9</font></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><font size="1"></font>&nbsp;</td>
        <td><font size="1"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="50%"><font size="1">&nbsp; </font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="72%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">31 Dec. 2005</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1"><strong>30 Jun. 2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1"></font>&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="72%">&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="72%" bgcolor="#EEEEEE"><font
        size="2"><b>Order backlog </b><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,122</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>12,455</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,333</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>23.0</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offshore
        construction</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3,721</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>4,097</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">376</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">10.1</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onshore
        construction</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5,721</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>6,970</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,249</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">21.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offshore
        drilling</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">382</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,132</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">750</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">196.3</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onshore drilling</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">298</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>256</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(42</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(14.1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="72%"><font size="2">Eni</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">695</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,693</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">998</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">143.6</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%" bgcolor="#EEEEEE"><font
        size="2">Third parties</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">9,427</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,762</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,335</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">14.2</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%"><font size="2">Italy</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1,209</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,513</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">304</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">25.3</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="72%" bgcolor="#EEEEEE"><font
        size="2">Outside Italy</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">8,913</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,942</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2.029</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="2%"><font size="1"></font>&nbsp;</td>
        <td width="2%"><font size="1"></font>&nbsp;</td>
        <td width="96%"><font size="1"></font>&nbsp;</td>
    </tr>
    <tr>
        <td width="2%"><font size="1">(1)</font></td>
        <td width="2%"><font size="1"></font>&nbsp;</td>
        <td width="96%"><font size="1">Includes the Bonny project
        for euro 5 million in Orders acquired and euro 122
        million in Order backlog.</font></td>
    </tr>
</table>
</center></div>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">Among the main orders
        acquired in the first half of 2006 were:<ul>
            <li>an EPC contract for Saudi Aramco for the
                construction of two trains for gas and crude
                separation with a total capacity of 500 kbbl/d
                and facilities for production within the
                development of the onshore Khursaniyah field in
                Saudi Arabia;</li>
        </ul>
        </td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%"><ul>
            <li>a 39-month long contract for the use of the
                semisubmersible drilling platform Scarabeo 5 in
                the North Sea for Statoil;</li>
            <li>an EPIC contract in joint venture with the
                Pakistani company Descon Engineering Ltd for the
                laying of pipes and electric and fibre optic
                cables linking the treatment plant with the
                Gbaran fields in Nigeria for Shell;</li>
        </ul>
        </td>
    </tr>
</table>

<p align="center">- 22 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><ul>
            <li>an EPC contract for Saudi Aramco for the
                construction of facilities for pumping sea water
                to be injected in the Khurais field in Saudi
                Arabia;</li>
            <li>an EPC contract in joint venture with the
                Canadian company SNAC-Lavalin for the
                construction of an LNG single line plant with a
                capacity of 28 mcm/d near St. John in Canada for
                Canaport LNG Ltd Partnership. Works include also
                the construction of storage tanks for fluids, new
                port infrastructure and the provision of
                auxiliary services.<br>
                </li>
        </ul>
        <p>Orders acquired amounted to euro 5,970 million, of
        these projects to be carried out outside Italy
        represented 87%, while orders from Eni companies amounted
        to 22% of the total. Eni&#146;s order backlog was euro
        12,455 million at 30 June 2006 (euro 10,122 million at 31
        December 2005). Projects to be carried out outside Italy
        represented 88% of the total order backlog, while orders
        from Eni companies amounted to 14% of the total.<br>
        <br>
        <strong>Second quarter</strong><br>
        Operating profit for the second quarter of 2006 was euro
        133 million, up euro 80 million from the second quarter
        of 2005. This increase was recorded in particular in the
        following areas: (i) Onshore construction, due to higher
        activity related essentially to the start-up of some
        large projects acquired in 2005; (ii) Offshore
        construction, due to higher activity in the Caspian
        region; (iii) Offshore drilling, due to higher tariffs
        for the Scarabeo 3 and Scarabeo 5 semisubmersible
        platforms and higher activity levels of the
        semisubmersible Scarabeo 4 platform and Perro Negro 5
        jack-up.</p>
        </td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">&nbsp;</td>
    </tr>
</table>

<p align="center">- 23 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim" name="24t"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<p align="left"><font size="5">Reconciliation of reported
operating profit and net profit to results on a replacement cost
basis and on an adjusted basis</font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%">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>
        <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</td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">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>
        <br>
        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.<br>
        For a reconciliation of adjusted operating profit and net
        profit to reported operating profit and net profit see
        tables below.</td>
    </tr>
</table>

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

<p align="center"><font size="2"><strong>First half 2006</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>E&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>G&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>R&amp;M</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Petrochemicals</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Oilfield Services Construction and
        Engineering</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Other activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Corporate and financial companies</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Unrealized profit in inventory</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Group</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,398</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,907</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>455</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>69</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>211</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(216</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(142</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(140</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>10,542</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(20</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(254</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(61</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(335</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,398</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,887</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>201</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>211</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(216</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(142</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(140</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>10,207</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Exclusion
        of special items:</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;environmental
        charges</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">39</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">61</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">52</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">152</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asset
        impairments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">132</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">51</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">4</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">188</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;gains on portfolio
        rationalisation</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(57</font></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="5%"
        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="5%"
        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="5%"
        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="5%"
        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="5%"
        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="5%"
        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="5%"
        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="5%"
        bgcolor="#EEEEEE"><font size="2">(57</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions
        to the reserve for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">20</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">22</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">45</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provision for
        redundancy incentives</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">11</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">12</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">42</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(1</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">9</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">10</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Special items of operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>75</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>107</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>78</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>20</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>88</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>12</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>380</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Adjusted
        operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>8,473</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>1,994</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>279</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>28</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>211</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>(128</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>(130</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>(140</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>10,587</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Reported
        net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>5,275</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(210</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Replacement
        cost net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>5,065</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Exclusion of special items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">372</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Adjusted
        net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>5,437</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<p align="center">- 24 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

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

<p align="center"><font size="2"><strong>First half 2005</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>E&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>G&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>R&amp;M</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Petrochemicals</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Oilfield Services Construction and
        Engineering</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Other activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Corporate and financial companies</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Unrealized profit in inventory</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Group</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,349</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,155</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>865</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>216</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>112</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(259</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(211</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(66</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,161</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(30</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(459</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(7</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(496</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,349</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,125</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>406</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>209</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>112</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(259</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(211</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(66</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>7,665</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Exclusion
        of special items:</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;environmental
        charges</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">62</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">94</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">46</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">224</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asset
        impairments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">158</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">18</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">4</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">180</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions to the
        reserve for contingencies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">43</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">65</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provision
        for redundancy incentives</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">11</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">22</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">23</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(5</font></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="5%"
        bgcolor="#EEEEEE"><font size="2">(2</font></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="5%"
        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="5%"
        bgcolor="#EEEEEE"><font size="2">9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">25</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Special
        items of operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>159</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>48</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>81</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>21</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>150</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>57</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>516</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,508</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,173</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>487</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>230</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>112</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(109</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(154</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(66</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>8,181</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,343</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(311</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost net profit pertaining
        to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,032</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">377</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,409</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<p align="center">- 25 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

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

<p align="center"><font size="2"><strong>Second quarter 2006</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>E&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>G&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>R&amp;M</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Petrochemicals</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Oilfield Services Construction and
        Engineering</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Other activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Corporate and financial companies</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Unrealized profit in inventory</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Group</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="1">(million
        euro)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,090</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>708</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>366</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>30</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>133</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(151</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(91</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(138</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,947</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">10</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(207</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(44</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(241</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,090</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>718</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>159</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(14</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>133</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(151</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(91</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(138</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,706</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Exclusion
        of special items:</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;environmental
        charges</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">19</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">52</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">88</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asset
        impairments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">132</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">51</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">185</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions to the
        reserve for contingencies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">18</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">42</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provision
        for redundancy incentives</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">18</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">10</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">15</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Special
        items of operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>132</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>73</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>31</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>19</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>86</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>7</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>348</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>4,222</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>791</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>190</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>133</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(65</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(84</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(138</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>5,054</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,301</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(151</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost net profit pertaining
        to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,150</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">333</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,483</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<p align="center">- 26 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="right"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

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

<p align="center"><font size="2"><strong>Second quarter 2005</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>E&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>G&amp;P</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>R&amp;M</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Petrochemicals</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Oilfield Services Construction and
        Engineering</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Other activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Corporate and financial companies</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Unrealized profit in inventory</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1"><b>Group</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,776</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>592</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>596</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>58</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>53</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(197</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(158</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(9</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>3,711</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">22</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(316</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(8</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(302</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,776</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>614</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>280</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>50</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>53</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(197</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(158</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(9</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>3,409</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Exclusion
        of special items:</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;environmental
        charges</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">22</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">37</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">94</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">46</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">199</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;asset
        impairments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">127</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">18</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">146</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provisions to the
        reservefor contingencies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">43</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">65</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;provision
        for redundancy incentives</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(2</font></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="5%"
        bgcolor="#EEEEEE"><font size="2">(2</font></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="5%"
        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="5%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><strong>Special
        items of operating profit</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>128</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>24</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>55</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>21</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>141</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>55</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><strong>424</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted operating profit</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,904</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>638</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>335</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>71</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>53</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(56</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(103</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>(9</strong></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>3,833</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Reported net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,898</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of inventory holding (gains) losses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(189</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Replacement cost net profit pertaining
        to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,709</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Exclusion
        of special items</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">315</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><strong>Adjusted net profit pertaining to Eni</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" 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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><strong>2,024</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<p align="center">- 27 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="left"><font size="1" face="Arial"><strong>ENI </strong>REPORT
ON THE SECOND QUARTER OF 2006</font></p>

<p align="left"><font size="3"><strong>Operating profit by
segment</strong></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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,776</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,090</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,314</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">47.3</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5,349</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>8,398</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">3,049</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">57.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">614</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>718</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">104</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">16.9</font></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">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,125</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,887</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(238</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(11.2</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">280</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>159</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(121</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(43.2</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">406</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>201</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(205</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(50.5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">50</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(14</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(64</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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">Petrochemicals</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">209</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>8</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(201</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(96.2</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">53</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>133</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">80</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">150.9</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">112</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>211</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">99</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">88.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(197</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(151</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">46</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">23.4</font></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">Other
        activities</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(259</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(216</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">43</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">16.6</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(158</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(91</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">67</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">42.4</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(211</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(142</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">69</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">32.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(9</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(138</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(129</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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 </font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(66</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(140</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(74</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,409</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,706</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,297</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>38.0</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>7,665</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,207</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,542</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>33.2</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p align="left"><font size="3"><strong>Adjusted operating profit
by segment</strong></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">Second quarter</font></p>
        </td>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="28%"><p align="center"><font
        size="1">First half</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</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 align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">2005</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Change</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">% Ch.</font></p>
        </td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" 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 align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><hr
        size="1">
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,904</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>4,222</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">1,318</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">45.4</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">5,508</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>8,473</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">2,965</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">53.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">638</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>791</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">153</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">24.0</font></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">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">2,173</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>1,994</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(179</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(8.2</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">335</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>190</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(145</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(43.3</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">487</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>279</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(208</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(42.7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">71</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>5</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(66</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(93.0</font></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 align="right" valign="bottom" width="5%"><font
        size="2">230</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>28</b></font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(202</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(87.8</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">53</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>133</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">80</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">150.9</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">112</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>211</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">99</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">88.4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(56</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(65</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(9</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(16.1</font></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 align="right" valign="bottom" width="5%"><font
        size="2">(109</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(128</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(19</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(17.4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(103</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(84</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">19</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">18.4</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(154</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>(130</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">24</font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">15.6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(9</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(138</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(129</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" 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</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(66</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"><b>(140</b></font></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 align="right" valign="bottom" width="5%"><font
        size="2">(74</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2"></font>&nbsp;</td>
        <td valign="bottom" width="1%"><font size="2"></font>&nbsp;</td>
    </tr>
    <tr>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>3,833</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>5,054</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>1,221</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>31.9</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>8,181</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>10,587</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>2,406</b></font></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 align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2"><b>29.4</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"></font>&nbsp;</td>
    </tr>
</table>

<p>&nbsp;</p>

<p align="center">- 28 -</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" width="49%">&nbsp;</td>
        <td width="2%">&nbsp;</td>
        <td width="49%"><img src="sj0306sj00000.gif" width="74"
        height="75"></td>
    </tr>
    <tr>
        <td align="right" width="49%">&nbsp;</td>
        <td width="2%">&nbsp;</td>
        <td width="49%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" width="49%">&nbsp;</td>
        <td width="2%">&nbsp;</td>
        <td width="49%">Societ&#224; per Azioni<br>
        Headquarters: Rome, Piazzale Enrico Mattei, 1<br>
        Capital Stock:<br>
        euro 4,005,358,876 fully paid <br>
        Registro delle Imprese di Roma, <br>
        codice fiscale 00484960588<br>
        Branches:<br>
        San Donato Milanese (Milan) - Via Emilia, 1<br>
        San Donato Milanese (Milan) - Piazza Ezio Vanoni, 1</td>
    </tr>
    <tr>
        <td align="right" width="49%">&nbsp;</td>
        <td width="2%">&nbsp;</td>
        <td width="49%">&nbsp;</td>
    </tr>
    <tr>
        <td align="right" width="49%">&nbsp;</td>
        <td width="2%">&nbsp;</td>
        <td width="49%"><font size="2"><strong>Investor Relations</strong><br>
        Piazza Ezio Vanoni, 1 - 20097 San Donato Milanese (Milan)<br>
        Tel. +39-0252051651 - Fax +39-0252031929<br>
        e-mail: investor.relations@eni.it<br>
        <strong><br>
        Internet Home page:</strong> http://www.eni.it<br>
        <strong>Rome office telephone</strong>: +39-0659821<br>
        <strong>Toll-free number:</strong> 800940924<br>
        <strong>e-mail: </strong>segreteriasocietaria.azionisti@eni.it<br>
        <br>
        <strong>ADRs/Depositary</strong><br>
        Morgan Guaranty Trust Company of New York<br>
        ADR Department<br>
        60 Wall Street (36<sup>th</sup> Floor)<br>
        New York, New York 10260<br>
        Tel. 212-648-3164<br>
        <br>
        <strong>ADRs/Transfer agent</strong><br>
        Morgan ADR Service Center<br>
        2 Heritage Drive<br>
        North Quincy, MA 02171<br>
        Tel. 617-575-4328<br>
        <br>
        <strong>Design:</strong> Opera<br>
        <strong>Cover:</strong> Grafica Internazionale - Rome<br>
        <strong>Layout and supervision: </strong>Studio Joly Srl
        - Rome<br>
        <strong>Digital printing: </strong>Marchesi Grafiche
        Editoriali SpA - Rome</font></td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp; </td>
    </tr>
</table>

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

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#conttrim"><font size="1"><strong>Contents</strong></font></a></h5>

<p align="center"><img src="sj0706ivcoptrim.gif" width="572"
height="809"></p>

<hr noshade>

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

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

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

<p><b>Approved merger of Eni Portugal Investment and Enifin into
Eni</b></p>

<p align="left"><i>The two mergers will optimise the structure of
Eni&#146;s equity holdings and will simplify financial relations
within the Group.</i></p>

<p><i>Rome, June 21 2006</i> - The Board of Directors of Eni SpA,
held today, has approved the merger into Eni of its wholly owned
subsidiaries Eni Portugal Investment S.p.A. (EPI) whose sole
activity is ownership of the investment in the Portuguese company
Galp Energia, and Enifin, which conducts treasury operations for
the Group. The two mergers will optimise the structure of
Eni&#146;s equity holdings and will simplify financial relations
within the Group.</p>

<p>The two merger projects were approved by the Board of
Directors on 12 April and 11 May 2006 respectively.</p>

<p>&nbsp;</p>

<p><b>Contacts:</b> </p>

<p>Switchboard: +39-0659821 </p>

<p>free number: 800940924 </p>

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

<p><b>Media Relations:</b> </p>

<p>tel: 0252031287 tel 0659822040 </p>

<p>e-mail: <font size="2">ufficiostampa@eni.it</font> </p>

<p><b>Investor Relations:</b> </p>

<p>tel.: 0252051651 - fax:0252031929 </p>

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

<p><b>This press release is available on</b> <font size="2">www.eni.it</font></p>

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

<hr noshade>
</body>
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