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<SEC-DOCUMENT>0001311435-09-000011.txt : 20090901
<SEC-HEADER>0001311435-09-000011.hdr.sgml : 20090901
<ACCEPTANCE-DATETIME>20090901121125
ACCESSION NUMBER:		0001311435-09-000011
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090901
DATE AS OF CHANGE:		20090901

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:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14090
		FILM NUMBER:		091047891

	BUSINESS ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144
		BUSINESS PHONE:		011390659824367

	MAIL ADDRESS:	
		STREET 1:		PIAZZALE ENRICO MATTEI 1
		CITY:			ROME ITALY
		STATE:			L6
		ZIP:			00144
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F/A
<SEQUENCE>1
<FILENAME>sj0809en20fa.htm
<TEXT>
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<title>sj0809en20fa</title>
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<hr size="3" noshade color="#000000">

<p align="center"><font size="4" face="times new roman"><b>UNITED
STATES<br>
SECURITIES AND EXCHANGE COMMISSION</b> </font><br>
<font size="2" face="times new roman">Washington, D.C. 20549</font>
<br>
<font size="1"><strong><i>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</i></strong><i><br>
</i></font><font size="5"><b>Form 20-F</b> <strong>/A<br>
</strong></font><font size="4">(Amendment No. 1)</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" colspan="3" width="100%"><font size="1"
        face="Times New Roman, Times, Serif">(Mark One)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="right" width="4%"><p align="left"><font
        size="1" face="Times New Roman, Times, Serif"><img
        src="no.gif" width="12" height="12"> </font></p>
        </td>
        <td align="middle" width="1%"><font size="1">&nbsp; </font></td>
        <td align="middle" width="95%"><p align="left"><font
        size="1">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b)
        or (g) OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
        </td>
    </tr>
    <tr>
        <td align="right" colspan="3" width="100%"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif">OR</font></p>
        </td>
    </tr>
    <tr>
        <td align="right" width="5%"><p align="left"><font
        size="1" face="Times New Roman, Times, Serif"><b><img
        src="si.gif" width="12" height="12"></b></font></p>
        </td>
        <td align="middle" width="1%"><font size="1">&nbsp; </font></td>
        <td width="95%"><font size="1"
        face="Times New Roman, Times, Serif"><b>ANNUAL REPORT
        PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934 <br>
        For the fiscal year ended December 31, 200</b><strong>8</strong></font></td>
    </tr>
    <tr>
        <td colspan="3"><p align="center"><font size="1"
        face="Times New Roman, Times, Serif">OR</font></p>
        </td>
    </tr>
    <tr>
        <td width="4%"><font size="1"
        face="Times New Roman, Times, Serif"><img src="no.gif"
        width="12" height="12"> </font></td>
        <td width="1%">&nbsp;</td>
        <td width="95%"><font size="1">TRANSITION REPORT PURSUANT
        TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
        1934<br>
        For the transition period from _____ to _____</font></td>
    </tr>
    <tr>
        <td align="right" colspan="3" width="100%"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif">OR</font></p>
        </td>
    </tr>
    <tr>
        <td align="right" width="4%"><p align="left"><font
        size="1" face="Times New Roman, Times, Serif"><img
        src="no.gif" width="12" height="12"></font></p>
        </td>
        <td align="middle" width="1%"><font size="1">&nbsp; </font></td>
        <td width="95%"><font size="1">SHELL COMPANY REPORT
        PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934<br>
        Date of event requiring this shell company report</font></td>
    </tr>
</table>

<p align="center"><font size="1"
face="Times New Roman, Times, Serif"><b>Commission file number:
1-14090<br>
</b></font><font size="5" face="times new roman"><b>Eni SpA</b> </font><font
size="2"><br>
</font><font size="1" face="times new roman">(Exact name of
Registrant as specified in its charter) <br>
</font><font size="2" face="times new roman"><b>Republic of Italy</b>
</font><font size="2"><br>
</font><font size="1" face="times new roman">(Jurisdiction of
incorporation or organization) <br>
</font><font size="2" face="times new roman"><b>1, piazzale
Enrico Mattei<br>
00144 Rome<br>
Italy</b> </font><font size="2"><br>
</font><font size="1">(Address of principal executive offices)<br>
<b>Alessandro Bernini<br>
Eni SpA<br>
1, piazza Ezio Vanoni<br>
San Donato Milanese<br>
20097 Milan<br>
Italy<br>
Tel +39 02 52041730<br>
Fax +39 02 52041765<br>
</b>(Name, Telephone, Email and/or Facsimile number and Address
of Company Contact Person)<br>
<strong><i>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</i></strong><i><br>
</i></font><font size="2" face="times new roman">Securities
registered or to be registered pursuant to Section 12(b) of the
Act.</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="70%">
    <tr>
        <td valign="bottom" width="48%" height="6"><p
        align="center"><font size="2"><u>Title of each class</u></font></p>
        </td>
        <td valign="bottom" width="4%" height="6"><font size="2">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="48%" height="6"><p
        align="center"><font size="2"><u>Name of each exchange on
        which registered</u></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="48%"><p align="center"><font
        size="2"><b>Shares<br>
        American Depositary Shares</b></font></p>
        </td>
        <td valign="bottom" width="4%"><font size="2">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="48%"><p align="center"><font
        size="2"><b>New York Stock Exchange*<br>
        New York Stock Exchange</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="48%"><p align="center"><font
        size="1">(Which represent the right to receive two
        shares)</font></p>
        </td>
        <td valign="top" width="4%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="48%"><font size="1">* Not for
        trading, but only in connection with the registration of
        American Depositary Shares, pursuant to the requirements
        of the Securities and Exchange Commission.</font></td>
    </tr>
</table>
</center></div>

<p align="center"><font size="1">Securities registered or to be
registered pursuant to Section 12(g) of the Act:<br>
<b>None<br>
</b>Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act:<br>
<b>None</b></font></p>

<p><font size="1">Indicate the number of outstanding shares of
each of the issuer&#146;s classes of capital or common stock as
of the close of the period covered by the annual report.<br>
</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
size="1" face="Times New Roman, Times, Serif"><b>Ordinary shares
of euro 1.00 each</b> </font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font
size="1"><b>4,005,358,876</b></font></p>

<p><font size="1">Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the
Securities Act.</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="30%">
    <tr>
        <td align="right" width="20%" height="6"><p
        align="center"><font size="1" face="times new roman">Yes&nbsp;</font></p>
        </td>
        <td align="right" width="20%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><b><img src="si.gif"
        width="10" height="10"></b></font></p>
        </td>
        <td align="right" width="20%" height="6"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right" width="20%" height="6"><p
        align="center"><font size="1" face="times new roman">&nbsp;No&nbsp;</font></p>
        </td>
        <td align="right" width="20%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><img src="no.gif"
        width="10" height="10"></font></p>
        </td>
    </tr>
</table>
</center></div>

<p><font size="1">If this report is an annual or transition
report, indicate by check mark if the registrant is not required
to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="30%">
    <tr>
        <td width="20%" height="6"><p align="center"><font
        size="1">Yes&nbsp;</font></p>
        </td>
        <td width="20%" height="6"><p align="center"><font
        size="1" face="Times New Roman, Times, Serif"><img
        src="no.gif" width="10" height="10"></font></p>
        </td>
        <td width="20%" height="6"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
        <td width="20%" height="6"><p align="center"><font
        size="1" face="times new roman">&nbsp;No&nbsp;</font></p>
        </td>
        <td width="20%" height="6"><p align="center"><font
        size="1" face="Times New Roman, Times, Serif"><b><img
        src="si.gif" width="10" height="10"></b></font></p>
        </td>
    </tr>
</table>
</center></div>

<p><font size="1">Note - Checking the box above will not relieve
any registrant required to file reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 from their
obligations under those Sections.<br>
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="30%">
    <tr>
        <td align="right" width="20%" height="6"><p
        align="center"><font size="1" face="times new roman">Yes&nbsp;</font></p>
        </td>
        <td align="right" width="20%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><b><img src="si.gif"
        width="10" height="10"></b></font></p>
        </td>
        <td align="right" width="20%" height="6"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right" width="20%" height="6"><p
        align="center"><font size="1" face="times new roman">&nbsp;No&nbsp;</font></p>
        </td>
        <td align="right" width="20%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><img src="no.gif"
        width="10" height="10"></font></p>
        </td>
    </tr>
</table>
</center></div>

<p><font size="1">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a
non-accelerated filer. See definition of &quot;accelerated filer
and large accelerated filer&quot; in Rule 12b-2 of the Exchange
Act. (Check one):</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="70%">
    <tr>
        <td valign="bottom" width="22%" height="6"><p
        align="center"><font size="1">Large accelerated filer</font></p>
        </td>
        <td valign="bottom" width="11%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><b><img src="si.gif"
        width="10" height="10"></b></font></p>
        </td>
        <td valign="bottom" width="22%" height="6"><p
        align="center"><font size="1">Accelerated filer</font></p>
        </td>
        <td valign="bottom" width="11%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><img src="no.gif"
        width="10" height="10"></font></p>
        </td>
        <td valign="bottom" width="22%" height="6"><p
        align="center"><font size="1">Non-accelerated filer</font></p>
        </td>
        <td valign="bottom" width="11%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><img src="no.gif"
        width="10" height="10"></font></p>
        </td>
    </tr>
</table>
</center></div>

<p><font size="1">Indicate by check mark which basis of
accounting the registrant has used to prepare the financial
statements included in this filing:</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="70%">
    <tr>
        <td valign="bottom" width="8%" height="6"><p align="left"><font
        size="1">U.S. GAAP </font></p>
        </td>
        <td align="center" valign="bottom" width="4%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><img src="no.gif"
        width="10" height="10"></font></p>
        </td>
        <td valign="bottom" width="72%" height="6"><p
        align="center"><font size="1">International Financial
        Reporting Standards as issued by the International
        Accounting Standards Board</font></p>
        </td>
        <td align="center" valign="bottom" width="4%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><b><img src="si.gif"
        width="10" height="10"></b></font></p>
        </td>
        <td valign="bottom" width="8%" height="6"><p
        align="center"><font size="1">Other</font></p>
        </td>
        <td align="center" valign="bottom" width="4%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><img src="no.gif"
        width="10" height="10"></font></p>
        </td>
    </tr>
</table>
</center></div>

<p><font size="1">If &quot;Other&quot; has been checked in
response to the previous question, indicate by check mark which
financial statement item the registrant has elected to follow.</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="30%">
    <tr>
        <td align="center" width="20%" height="6"><p
        align="center"><font size="1" face="times new roman">Item
        17</font></p>
        </td>
        <td align="center" width="20%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><img src="no.gif"
        width="10" height="10"></font></p>
        </td>
        <td align="center" width="20%" height="6"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
        <td align="center" width="20%" height="6"><p
        align="center"><font size="1" face="times new roman">&nbsp;Item
        18</font></p>
        </td>
        <td align="center" width="20%" height="6"><p
        align="center"><font size="1"
        face="Times New Roman, Times, Serif"><img src="no.gif"
        width="10" height="10"></font></p>
        </td>
    </tr>
</table>
</center></div>

<p><font size="1">If this is an annual report, indicate by check
mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).</font></p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="30%">
    <tr>
        <td width="20%" height="6"><p align="center"><font
        size="1" face="times new roman">Yes&nbsp;</font></p>
        </td>
        <td width="20%" height="6"><p align="center"><font
        size="1" face="Times New Roman, Times, Serif"><img
        src="no.gif" width="10" height="10"></font></p>
        </td>
        <td width="20%" height="6"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
        <td width="20%" height="6"><p align="center"><font
        size="1" face="times new roman">&nbsp;No&nbsp;</font></p>
        </td>
        <td width="20%" height="6"><p align="center"><font
        size="1" face="Times New Roman, Times, Serif"><b><img
        src="si.gif" width="10" height="10"></b></font></p>
        </td>
    </tr>
</table>
</center></div>

<hr size="3" noshade color="#000000">

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

<p align="center"><font size="3"><b>EXPLANATORY NOTE</b></font></p>

<p>Eni SpA is filing this Amendment No. 1 to its Annual Report on
Form 20-F for the year ended December 31, 2008, as filed with the
U.S. Securities and Exchange Commission on May 14, 2009
(&quot;Original Form 20-F&quot;) in order to include the earlier
year of activities in the Company&#146;s consolidated statements
of changes in shareholders&#146; equity, which was inadvertently
omitted in the Original Form 20-F. </p>

<p>Accordingly, this Amendment amends Item 18 of the Original
Form 20-F to provide the 2006 consolidated statement of changes
in shareholders&#146; equity appearing on page F-5 of this
Amendment.</p>

<p>This Amendment should be read in conjunction with the Original
Form 20-F, which continues to speak as of the date that the
Original Form 20-F was filed. Except as specifically noted above,
this Amendment does not modify or update any disclosures in the
Original Form 20-F. Accordingly, this Amendment does not reflect
events occurring after the filing of the Original Form 20-F or
modify or update any disclosures that may have been affected by
subsequent events, including the results of operations, financial
condition, cash flows or any forward-looking statements made in
the Original Form 20-F.</p>

<p>&nbsp;</p>

<h5 align="center"><a name="tocpage"><font size="3"><b>TABLE OF
CONTENTS</b></font></a></h5>

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

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

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

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

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

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

<p><font size="4"><b>Item 17. FINANCIAL STATEMENTS</b></font></p>

<p>Not applicable.</p>

<p>&nbsp;</p>

<p><font size="4"><b>Item 18. FINANCIAL STATEMENTS</b></font></p>

<p>Index to Financial Statements:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="85%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><b><u>Page</u></b></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="85%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="85%">Report of Independent
        Registered Public Accounting Firm</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><a
        href="#F1">F-1</a></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="85%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="85%">Consolidated Balance Sheet
        at December 31, 2008 and 2007</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><a
        href="#f3">F-3</a></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="85%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="85%">Consolidated profit and loss
        account for the years ended December 31, 2008, 2007 and
        2006</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><a
        href="#F4">F-4</a></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="85%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="85%">Consolidated Statements of
        changes in shareholder&#146;s equity for the years ended
        December 31, 2008, 2007 and 2006</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><a
        href="#F5">F-5</a></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="85%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="85%">Consolidated Statement of
        cash flows for the years ended December 31, 2008, 2007
        and 2006</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><a
        href="#f7">F-8</a></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="85%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="85%">Supplemental cash flow
        information for the years ended December 31, 2008, 2007
        and 2006</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><a
        href="#f9">F-10</a></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="85%">&nbsp;</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="85%">Notes to the Consolidated
        Financial Statements</td>
        <td valign="top" width="3%">&nbsp;</td>
        <td valign="top" width="13%"><p align="right"><a
        href="#F25"><font size="3">F-25</font></a></p>
        </td>
    </tr>
</table>

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

<hr noshade>

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

<p>&nbsp;</p>

<p><font size="4"><b>Item 19. EXHIBITS</b></font></p>

<p>Certifications:</p>

<p><a href="#E121.1">12.1. Certification pursuant to Rule
13a-14(a) of the Securities Exchange Act</a></p>

<p><a href="#E12.2">12.2. Certification pursuant to Rule
13a-14(a) of the Securities Exchange Act</a></p>

<p><a href="#E13.1">13.1. Certification furnished pursuant to
Rule 13a-14(b) of the Securities Exchange Act (such certificate
is not deemed filed for purpose of Section 18 of the Exchange Act
and not incorporated by reference with any filing under the
Securities Act)</a></p>

<p><a href="#E13:2">13.2. Certification furnished pursuant to
Rule 13a-14(b) of the Securities Exchange Act (such certificate
is not deemed filed for purpose of Section 18 of the Exchange Act
and not incorporated by reference with any filing under the
Securities Act)</a></p>

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

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

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

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

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

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

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

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="F1">Table of Contents</a></h5>

<p align="center"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</b></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<blockquote>
    <blockquote>
        <blockquote>
            <p>To the Board of Directors and Shareholders of Eni
            SpA.</p>
            <p>&nbsp;</p>
        </blockquote>
        <p>In our opinion, the accompanying consolidated balance
        sheets and the related consolidated profit and loss
        accounts, consolidated statements of changes in
        shareholders&#146; equity and consolidated statements of
        cash flows present fairly, in all material respects, the
        financial position of Eni SpA and its subsidiaries at
        December 31, 2008 and December 31, 2007, and the results
        of their operations and their cash flows for each of the
        three years in the period ended December 31, 2008 in
        conformity with International Financial Reporting
        Standards as issued by the International Accounting
        Standards Board. Also in our opinion, the Company
        maintained, in all material respects, effective internal
        control over financial reporting as of December 31, 2008,
        based on criteria established in <i>Internal Control -
        Integrated Framework</i> issued by the Committee of
        Sponsoring Organizations of the Treadway Commission
        (COSO). The Company's management is responsible for these
        financial statements, for maintaining effective internal
        control over financial reporting and for its assessment
        of the effectiveness of internal control over financial
        reporting, included in Management&#146;s Annual Report on
        Internal Control over Financial Reporting appearing in
        Item 15 Controls and Procedures of the 2008 Annual Report
        to Shareholders. Our responsibility is to express
        opinions on these financial statements and on the
        Company's internal control over financial reporting based
        on our integrated audits. We conducted our audits in
        accordance with the standards of the Public Company
        Accounting Oversight Board (United States). Those
        standards require that we plan and perform the audits to
        obtain reasonable assurance about whether the financial
        statements are free of material misstatement and whether
        effective internal control over financial reporting was
        maintained in all material respects. Our audits of the
        financial statements included examining, on a test basis,
        evidence supporting the amounts and disclosures in the
        financial statements, assessing the accounting principles
        used and significant estimates made by management, and
        evaluating the overall financial statement presentation.
        Our audit of internal control over financial reporting
        included obtaining an understanding of internal control
        over financial reporting, assessing the risk that a
        material weakness exists, and testing and evaluating the
        design and operating effectiveness of internal control
        based on the assessed risk. Our audits also included
        performing such other procedures as we considered
        necessary in the circumstances. We believe that our
        audits provide a reasonable basis for our opinions.</p>
        <p>A company&#146;s internal control over financial
        reporting is a process designed to provide reasonable
        assurance regarding the reliability of financial
        reporting and the preparation of financial statements for
        external purposes in accordance with generally accepted
        accounting principles. A company&#146;s internal control
        over financial reporting includes those policies and
        procedures that (i) pertain to the maintenance of records
        that, in reasonable detail, accurately and fairly reflect
        the transactions and dispositions of the assets of the
        company; (ii) provide reasonable assurance that
        transactions are recorded as necessary to permit
        preparation of financial statements in accordance with
        generally accepted accounting principles, and that
        receipts and expenditures of the company are being made
        only in accordance with authorizations of management and
        directors of the company; and (iii) provide reasonable
        assurance regarding prevention or timely detection of
        unauthorized acquisition, use, or disposition of the
        company&#146;s assets that could have a material effect
        on the financial statements.</p>
    </blockquote>
</blockquote>

<p>&nbsp;</p>

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

<hr noshade>

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

<p>&nbsp;</p>

<blockquote>
    <blockquote>
        <blockquote>
            <p>&nbsp;</p>
        </blockquote>
        <p>Because of its inherent limitations, internal control
        over financial reporting may not prevent or detect
        misstatements. Also, projections of any evaluation of
        effectiveness to future periods are subject to the risk
        that controls may become inadequate because of changes in
        conditions, or that the degree of compliance with the
        policies or procedures may deteriorate.</p>
        <p>&nbsp;</p>
        <blockquote>
            <p><b>PricewaterhouseCoopers SpA</b></p>
            <p>Rome, Italy<br>
            May 14, 2009</p>
        </blockquote>
    </blockquote>
</blockquote>

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

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

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

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

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

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

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

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

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

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="f3">Table of Contents</a></h5>

<p align="center"><font size="2"><b>CONSOLIDATED BALANCE SHEET<br>
</b></font><font size="1"><strong>(euro million)</strong></font></p>

<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 align="center" valign="bottom" width="19%"><font
        size="1"><strong>Dec. 31, 2007</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><font
        size="1"><strong>Dec. 31, 2008</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="54%"><font size="2">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">Note</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1">Total amount</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1"><em>of which with related parties</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1">Total amount</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1"><em>of which with related parties</em></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>ASSETS</b></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 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="9%"
        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="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2"><b>Current
        assets</b></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 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="9%">&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="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Cash and cash equivalents</font></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 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="9%"
        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">1,939</font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2">Other
        financial assets held for trading or available for sale:</font></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 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="9%">&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="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><i>- equity instruments</i></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><i>2,476</i></font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2"><i>2,741</i></font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2"><i>- other
        securities</i></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 align="right" valign="bottom" width="8%"><font
        size="2"><i>433</i></font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2"><i>495</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        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">2,909</font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2">3,236</font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2">Trade and
        other receivables</font></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 align="right" valign="bottom" width="8%"><font
        size="2">20,676</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><i>1,616</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">22,222</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><i>1,539</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Inventories</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(4)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,499</font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2">6,082</font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2">Current
        tax assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(5)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">703</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">170</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Other current tax assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(6)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">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="9%"
        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">1,130</font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2">Other
        current assets</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%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,080</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">2,349</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">59</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>Total current assets</b></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>33,814</b></font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2"><b>37,128</b></font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2"><b>Non-current
        assets</b></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 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="9%">&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="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Property, plant and equipment</font></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>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">46,919</font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2">55,833</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="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2">Other
        assets</font></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 align="right" valign="bottom" width="8%"><font
        size="2">563</font></td>
        <td valign="bottom" width="1%">&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="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Inventory - compulsory stock</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,171</font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2">1,196</font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2">Intangible
        assets</font></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 align="right" valign="bottom" width="8%"><font
        size="2">7,551</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">11,037</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Equity-accounted investments</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,639</font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2">5,471</font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2">Other
        investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(12)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">472</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">410</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Other financial assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(13)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">923</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>87</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,134</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>356</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2">Deferred
        tax assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(14)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,915</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">2,912</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Other non-current receivables</font></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>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,110</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>16</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,401</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>21</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2"><b>Total
        non-current assets</b></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 align="right" valign="bottom" width="8%"><font
        size="2"><b>67,263</b></font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2"><b>79,394</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>Assets classified as held for sale</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(26)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>383</b></font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2"><b>68</b></font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2"><b>TOTAL
        ASSETS</b></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 align="right" valign="bottom" width="8%"><font
        size="2"><b>101,460</b></font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2"><b>116,590</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</b></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 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="9%"
        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="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2"><b>Current
        liabilities</b></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 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="9%">&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="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Short-term debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(16)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">7,763</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>131</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,359</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>153</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2">Current
        portion of long-term debt</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(21)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">737</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">549</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Trade and other payables</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">17,116</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>1,021</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">20,515</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>1,253</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2">Income
        taxes payable</font></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 align="right" valign="bottom" width="8%"><font
        size="2">1,688</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">1,949</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Other taxes payable</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,383</font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2">1,660</font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2">Other
        current liabilities</font></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 align="right" valign="bottom" width="8%"><font
        size="2">1,556</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><i>4</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,319</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><i>4</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>Total current liabilities</b></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>30,243</b></font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2"><b>35,351</b></font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2"><b>Non-current
        liabilities</b></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 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="9%">&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="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Long-term debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(21)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">11,330</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>16</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">13,929</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>9</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2">Provisions
        for contingencies</font></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 align="right" valign="bottom" width="8%"><font
        size="2">8,486</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">9,573</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Provisions for employee benefits</font></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">935</font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2">947</font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2">Deferred
        tax liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="2">(24)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5,471</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">5,742</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Other non-current liabilities</font></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>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,031</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>57</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,538</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><i>53</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2"><b>Total
        non-current liabilities</b></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 align="right" valign="bottom" width="8%"><font
        size="2"><b>28,253</b></font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2"><b>32,729</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>Liabilities directly associated with the
        assets classified as held for sale</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(26)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>97</b></font></td>
        <td valign="bottom" width="1%" 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="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="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2"><b>TOTAL
        LIABILITIES</b></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 align="right" valign="bottom" width="8%"><font
        size="2"><b>58,593</b></font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2"><b>68,080</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>SHAREHOLDERS&#146; EQUITY</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="2">(27)</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="9%"
        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="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2"><b>Minority
        interest</b></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 align="right" valign="bottom" width="8%"><font
        size="2"><b>2,439</b></font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2"><b>4,074</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>Eni shareholders&#146; equity</b></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 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="9%"
        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="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2">Share
        capital</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 align="right" valign="bottom" width="8%"><font
        size="2">4,005</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">4,005</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Reserves</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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">34,610</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="9%"
        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">40,722</font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2">Treasury
        shares</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 align="right" valign="bottom" width="8%"><font
        size="2">(5,999</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="9%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(6,757</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="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2">Interim dividend</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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(2,199</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="9%"
        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">(2,359</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="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%"><font size="2">Net profit</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 align="right" valign="bottom" width="8%"><font
        size="2">10,011</font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2">8,825</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>Total Eni shareholders&#146; equity</b></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>40,428</b></font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2"><b>44,436</b></font></td>
        <td valign="bottom" width="1%" 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 valign="bottom" width="54%"><font size="2"><b>TOTAL
        SHAREHOLDERS&#146; EQUITY</b></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 align="right" valign="bottom" width="8%"><font
        size="2"><b>42,867</b></font></td>
        <td valign="bottom" width="1%">&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="8%"><font
        size="2"><b>48,510</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE"><font
        size="2"><b>TOTAL LIABILITIES AND SHAREHOLDERS&#146;
        EQUITY</b></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>101,460</b></font></td>
        <td valign="bottom" width="1%" 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="8%"
        bgcolor="#EEEEEE"><font size="2"><b>116,590</b></font></td>
        <td valign="bottom" width="1%" 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>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="54%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="f4">Table of Contents</a></h5>

<p align="center"><font size="2"><b>CONSOLIDATED PROFIT AND LOSS
ACCOUNT<br>
</b></font><font size="1"><strong>(euro million except as
otherwise stated)</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><font
        size="1"><strong>2006</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><font
        size="1"><strong>2007</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><font
        size="1"><strong>2008</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="34%"><font size="2">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">Note</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1">Total amount</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1"><em>of which with related parties</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1">Total amount</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1"><em>of which with related parties</em></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1">Total amount</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="1"><em>of which with related parties</em></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="34%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2"><b>REVENUES</b></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2">Net sales
        from operations</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(30)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">86,105</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>3,974</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">87,256</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>4,198</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">108,148</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>5,048</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2">Other income and revenues</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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">783</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">827</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">720</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>39</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2"><b>Total
        revenues</b></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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>86,888</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>88,083</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>108,868</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2"><b>OPERATING EXPENSES</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(31)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2">Purchases,
        services and 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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">57,490</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>2,720</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">58,179</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>3,777</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">76,408</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>6,298</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2"><i>- of which non-recurring charge</i></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>239</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>91</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(21</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2">Payroll
        and related costs</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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,650</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3,800</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4,004</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2"><i>- of which non-recurring income</i></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(83</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2">Depreciation,
        depletion, amortization and impairments</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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">6,421</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">7,236</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">9,815</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2"><b>OPERATING PROFIT</b></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>19,327</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>18,868</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>18,641</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2"><b>FINANCE
        INCOME (EXPENSE)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(32)</font></p>
        </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>
        <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 valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2">Finance income</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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,749</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>58</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,445</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>49</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,985</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>42</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2">Finance
        expense</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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(3,971</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(18</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(4,554</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(20</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(8,198</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(17</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2">Derivative financial instruments</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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">383</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>10</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(551</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>58</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>161</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(83</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(764</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2"><b>INCOME FROM INVESTMENTS</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(33)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2">Share of
        profit (loss) of equity-accounted investments</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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">795</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">773</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">640</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2">Other gain (loss) from investments</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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">108</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">470</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">733</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>903</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,243</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,373</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2"><b>PROFIT BEFORE INCOME TAXES</b></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>20,391</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>20,028</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>19,250</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2">Income
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(34)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(10,568</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(9,219</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(9,692</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2"><b>Net profit</b></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9,823</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>10,809</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9,558</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2"><strong>Attributable
        to</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 align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td 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 valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2">Eni</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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,217</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10,011</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8,825</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2">Minority
        interest</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(27)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">606</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">798</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">733</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9,823</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>10,809</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9,558</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2"><b>Earnings
        per share attributable to Eni</b></font><font size="1">
        (euro per share)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(35)</font></p>
        </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>
        <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 valign="bottom" width="34%" bgcolor="#EEEEEE"><font
        size="2">Basic</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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.73</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.43</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="34%"><font size="2">Diluted</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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.49</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.73</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.43</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="34%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="f5">Table of Contents</a></h5>

<p align="center"><font size="2"><b>CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS&#146; EQUITY<br>
</b></font><font size="1"><strong>(euro million)</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="17%">&nbsp;</td>
        <td valign="bottom" width="69%"><p align="center"><font
        size="1"><strong>Eni shareholders&#146; equity</strong></font></p>
        </td>
        <td valign="bottom" width="14%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="17%">&nbsp;</td>
        <td valign="bottom" width="69%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="14%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="16%"><font size="2">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Share capital</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Legal reserve of Eni SpA</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Reserve for treasury shares</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Other reserves</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Cumulative <br>
        currency translation<br>
        differences </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Treasury shares</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Retained earnings</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Interim dividend</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Net profit for the year</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Total</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Minority interest</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Total shareholders&#146; equity</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="16%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td 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="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Balance at December 31, 2005</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>4,005</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>959</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>5,345</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>5,351</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>941</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(4,216</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>17,381</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(1,686</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>8,788</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>36,868</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>2,349</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>39,217</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1"><b>Net
        profit for the year </b></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="1"><b>9,217</b></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="1"><b>9,217</b></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="1"><b>606</b></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="1"><b>9,823</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Gains (losses) recognized directly
        in&nbsp;equity</b></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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" 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="16%"><font size="1">Change in
        the fair value of available-for-sale securities </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%"><font
        size="1">(13</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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%"><font
        size="1">(13</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(13</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Change in the fair value of cash flow hedge
        derivatives </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"><font size="1">(15</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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"><font size="1">(15</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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="1">(15</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Foreign
        currency translation differences</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="1">(1,266</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(1,266</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(29</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(1,295</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(28</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(1,266</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></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"><font size="1"><b>(1,294</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(29</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(1,323</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1"><b>Total
        recognized income and (expense) for the year</b></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%"><font
        size="1"><b>(28</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>(1,266</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></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%"><font
        size="1"><b>9,217</b></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="1"><b>7,923</b></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="1"><b>577</b></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="1"><b>8,500</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Transactions with shareholders</b></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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" 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="16%"><font size="1">Dividend
        distribution of Eni SpA (euro 0.65 per share) in
        settlement of 2005 interim dividend of euro 0.45 per
        share</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%"><font
        size="1">1,686</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="1">(4,086</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(2,400</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(2,400</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Dividend distribution of Eni SpA (euro 0.60 per
        share)</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="1">(2,210</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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="1">(2,210</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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="1">(2,210</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Dividend
        distribution of other companies</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="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="1">(222</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(222</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Payments by minority shareholders</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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">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="1">22</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Allocation
        of 2005 net profit</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%"><font
        size="1">4,702</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="1">(4,702</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Authorization of shares repurchase</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="1">2,000</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">(2,000</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Shares
        repurchased </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%"><font
        size="1">(1,241</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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%"><font
        size="1">(1,241</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(1,241</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Treasury shares sold under incentive plans for
        Eni managers </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="1">(85</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><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="1">54</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">85</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">21</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">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="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">75</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Difference
        between the carrying amount and strike price of stock
        options exercised by Eni managers</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%"><font
        size="1">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%"><font
        size="1">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="1">7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>1,915</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>54</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(1,156</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>2,730</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(524</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(8,788</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(5,769</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(200</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(5,969</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1"><b>Other
        changes in shareholders&#146; equity</b></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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</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="16%" bgcolor="#EEEEEE"><font
        size="1">Sale to Saipem Projects SpA of Snamprogetti SpA</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"><font size="1">247</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">247</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">(247</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Net effect
        related to the purchase of treasury shares by Saipem SpA
        and Snam Rete Gas SpA</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="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="1">(306</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(306</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Purchase and sale to third parties of
        consolidated subsidiaries</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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">(5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><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="1">(5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Cost
        related to stock options</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%"><font
        size="1">14</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="1">14</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="1">14</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Reclassification of reserves of Eni SpA</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="1">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="1">(5,224</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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="1">(2</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><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="1">5,224</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" 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="16%"><font size="1">Foreign
        currency translation differences on the distribution of
        dividends and other changes</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="1">(73</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(181</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(254</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">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="1">(252</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>2</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(4,977</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(73</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(2</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>5,057</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>7</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(556</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(549</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom">&nbsp;</td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
        <td valign="bottom"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1"><b>Balance
        at December 31, 2006 </b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>4,005</b></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="1"><b>959</b></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="1"><b>7,262</b></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="1"><b>400</b></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="1"><b>(398</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>(5,374</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>25,168</b></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="1"><b>(2,210</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>9,217</b></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="1"><b>39,029</b></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="1"><b>2,170</b></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="1"><b>41,199 </b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
</table>

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

<hr noshade>

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

<p align="center"><font size="2"><b>CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS&#146; EQUITY</b> </font><font size="1"><strong><i>continued</i></strong></font><font
size="2"><b><br>
</b></font><font size="1"><strong>(euro million)</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="17%">&nbsp;</td>
        <td valign="bottom" width="69%"><p align="center"><font
        size="1"><strong>Eni shareholders&#146; equity</strong></font></p>
        </td>
        <td valign="bottom" width="14%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="17%">&nbsp;</td>
        <td valign="bottom" width="69%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="14%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="16%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Share capital</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Legal reserve of Eni SpA</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Reserve for treasury shares</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Other reserves</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Cumulative <br>
        currency translation<br>
        differences </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Treasury shares</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Retained earnings</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Interim dividend</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Net profit for the year</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Total</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Minority interest</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Total shareholders&#146; equity</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="16%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td 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="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Balance at December 31, 2006</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>4,005</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>959</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>7,262</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>400</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(398</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(5,374</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>25,168</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(2,210</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>9,217</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>39,029</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>2,170</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>41,199</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1"><b>Net
        profit for the year </b></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="1"><b>10,011</b></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="1"><b>10,011</b></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="1"><b>798</b></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="1"><b>10,809</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Gains (losses) recognized directly in equity</b></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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" 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="16%"><font size="1">Change in
        the fair value of available-for-sale securities </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%"><font
        size="1">(4</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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%"><font
        size="1">(4</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(4</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Change in the fair value of cash flow hedge
        derivatives </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"><font size="1">(1,370</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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"><font size="1">(1,370</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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="1">(1,370</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Foreign
        currency translation differences</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%"><font
        size="1">25</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="1">(1,954</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(1,929</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(51</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(1,980</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(1,349</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(1,954</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></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"><font size="1"><b>(3,303</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(51</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(3,354</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1"><b>Total
        recognized income and (expense) for the year</b></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%"><font
        size="1"><b>(1,349</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>(1,954</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></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%"><font
        size="1"><b>10,011</b></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="1"><b>6,708</b></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="1"><b>747</b></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="1"><b>7,455</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Transactions with shareholders</b></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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" 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="16%"><font size="1">Dividend
        distribution of Eni SpA (euro 0.65 per share) in
        settlement of 2006 interim dividend of euro 0.60 per
        share</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%"><font
        size="1">2,210</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="1">(4,594</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(2,384</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(2,384</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Interim dividend distribution of Eni SpA (euro
        0.60 per share)</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="1">(2,199</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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="1">(2,199</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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="1">(2,199</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Dividend
        distribution of other companies</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="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="1">(289</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(289</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Payments by minority shareholders</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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">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="1">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Allocation
        of 2006 net profit</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%"><font
        size="1">4,623</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="1">(4,623</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Shares repurchased</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"><font size="1">(680</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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"><font size="1">(680</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</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="1">(680</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Treasury
        shares sold under incentive plans for Eni managers</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="1">(55</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">35</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="1">55</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="1">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%">&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="1">46</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="1">46</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Difference between the carrying amount and
        strike price of stock options exercised by Eni managers</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"><font size="1">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="1">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="1">9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="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="1"><b>(55</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>35</b></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="1"><b>(625</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>4,643</b></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="1"><b>11</b></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="1"><b>(9,217</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>(5,208</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>(288</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>(5,496</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Other changes in shareholders&#146; equity</b></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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" 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="16%"><font size="1">Net effect
        related to the purchase of treasury shares by Saipem SpA
        and Snam Rete Gas SpA</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="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="1">(201</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">(201</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Cost related to stock option and stock grant</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"><font size="1">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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1">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="1">18</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1">Foreign
        currency translation differences on the distribution of
        dividends and other changes</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="1">119</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="1">(238</font></td>
        <td valign="bottom" width="1%"><font size="1">)</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="1">(119</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1">11</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="1">(108</font></td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>119</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(220</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></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="1"><b>(101</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(190</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><font size="1"><b>(291</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%"><font size="1"><b>Balance
        at December 31, 2007</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>4,005</b></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="1"><b>959</b></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="1"><b>7,207</b></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="1"><b>(914</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>(2,233</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>(5,999</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>29,591</b></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="1"><b>(2,199</b></font></td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><font
        size="1"><b>10,011</b></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="1"><b>40,428</b></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="1"><b>2,439</b></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="1"><b>42,867</b></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="16%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
    </tr>
</table>

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

<hr noshade>

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

<p align="center"><font size="2"><b>CONSOLIDATED STATEMENTS OF
CHANGES IN SHAREHOLDERS&#146; EQUITY</b> </font><font size="1"><strong><i>continued</i></strong><i><br>
</i><strong>(euro million)</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="17%">&nbsp;</td>
        <td valign="bottom" width="69%"><p align="center"><font
        size="1"><strong>Eni shareholders&#146; equity</strong></font></p>
        </td>
        <td valign="bottom" width="14%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="17%">&nbsp;</td>
        <td valign="bottom" width="69%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="14%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="16%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Share capital</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Legal reserve of Eni SpA</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Reserve for treasury shares</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Other reserves</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Cumulative <br>
        currency translation<br>
        differences </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Treasury shares</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Retained earnings</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Interim dividend</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Net profit for the year</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Total</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Minority interest</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Total shareholders&#146; equity</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="16%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td 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="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Balance at December 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>4,005</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>959</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>7,207</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(914</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(2,233</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(5,999</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>29,591</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(2,199</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>10,011</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>40,428</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>2,439</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>42,867</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1"><b>Net profit for the year</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>8,825</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>8,825</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>733</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>9,558</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Gains (losses) recognized directly in equity</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1">Change in the fair value of available-for-sale
        securities (Note 27)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Change in the fair value of cash flow hedge
        derivatives (Note 27)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">1,255</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">1,255</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(52</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">1,203</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1">Foreign currency translation differences</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">1,066</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">1,066</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">11</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">1,077</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>1,257</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>1,066</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>2,323</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(41</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>2,282</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1"><b>Total recognized income and (expense) for the
        year</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>1,257</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>1,066</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>8,825</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>11,148</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>692</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>11,840</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Transactions with shareholders</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1">Dividend distribution of Eni SpA (euro 0.70 per
        share) in settlement of 2007 interim dividend of euro
        0.60 per share</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">2,199</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(4,750</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(2,551</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(2,551</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Interim dividend distribution of Eni SpA (euro
        0.65 per share)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(2,359</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(2,359</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(2,359</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1">Dividend distribution of other companies</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(297</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(297</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Payments by minority shareholders</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1">Allocation of 2007 net profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">5,261</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(5,261</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Shares repurchased</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(778</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(778</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(778</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1">Treasury shares sold under incentive plans for
        Eni managers</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">13</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Difference between the carrying amount and
        strike price of stock options exercised by Eni managers</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(20</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>13</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(758</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>5,262</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(160</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(10,011</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(5,674</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(277</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(5,951</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1"><b>Other changes in shareholders&#146; equity</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1">Net effect related to the purchase of treasury
        shares by Saipem SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Cost related to stock option and stock grant</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1">Put option granted to Publigaz (the Distrigas
        minority shareholder)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(1,495</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(1,495</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(1,495</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE"><font
        size="1">Minority interest recognized following the
        acquisition of Distrigas NV and Hindustan Oil Exploration
        Co Ltd</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">1,261</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">1,261</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1">Foreign currency translation differences on the
        distribution of dividends and other changes</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">198</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(186</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">11</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">(10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(1,496</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>198</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(168</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(1,466</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>1,220</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(246</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2"><font
        size="1"><b>Balance at December 31, 2008 </b>(Note 27)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>4,005</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>959</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>7,187</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(1,140</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(969</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(6,757</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>34,685</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>(2,359</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>8,825</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>44,436</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>4,074</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#D2D2D2"><p align="right"><font size="1"><b>48,510</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="16%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="6%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="f7">Table of Contents</a></h5>

<p align="center"><font size="2"><b>CONSOLIDATED STATEMENT OF
CASH FLOWS<br>
</b></font><font size="1"><strong>(euro million)</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="right"><font size="2">&nbsp;&nbsp;&nbsp;<strong>&nbsp;</strong></font><font
        size="1"><strong>Note</strong></font><font size="2"><strong>&nbsp;</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Net profit of the year</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,823</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10,809</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,558</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Depreciation,
        depletion and amortization</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">(31)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">6,153</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">7,029</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">8,422</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Revaluations, net</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(386</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(494</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,560</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Net change
        in provisions for contingencies</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="8%"><p
        align="right"><font size="2">(86</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(122</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">414</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Net change in the provisions for employee
        benefits</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">72</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(67</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Gain on
        disposal of assets, net</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="8%"><p
        align="right"><font size="2">(59</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(309</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(219</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Dividend income</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(33)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(98</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(170</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(510</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Interest
        income</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="8%"><p
        align="right"><font size="2">(387</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(603</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(592</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Interest expense</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">346</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">523</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">809</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Exchange
        differences</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="8%"><p
        align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(119</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(319</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Income taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(34)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10,568</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,219</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,692</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><strong>Cash
        generated from operating profit before changes in working
        capital</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="8%"><p
        align="right"><font size="2"><strong>25,952</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>25,696</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><strong>29,807</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">(Increase) decrease:</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="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        inventories</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="8%"><p
        align="right"><font size="2">(953</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,117</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(801</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- trade and other receivables</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,952</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(655</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(974</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- other
        assets</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="8%"><p
        align="right"><font size="2">(315</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(362</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">162</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- trade and other payables</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,146</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">360</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,318</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- other
        liabilities</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="8%"><p
        align="right"><font size="2">50</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">107</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,507</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><strong>Cash from operations</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>24,928</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>24,029</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>32,019</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Dividends
        received</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="8%"><p
        align="right"><font size="2">848</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">658</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,150</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Interest received</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">395</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">333</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">266</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Interest
        paid</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="8%"><p
        align="right"><font size="2">(294</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(555</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(852</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Income taxes paid, net of tax receivables
        received</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(8,876</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(8,948</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(10,782</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><b>Net
        cash provided from operating activities</b></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="8%"><p
        align="right"><font size="2"><b>17,001</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>15,517</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>21,801</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><i>- of which with related parties</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(37)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>2,206</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>549</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(62</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Investing
        activities:</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="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 valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- tangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(8)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5,963</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(8,364</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(12,082</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        intangible assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">(11)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,870</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2,229</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2,480</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- consolidated subsidiaries and businesses</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(46</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4,759</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(3,634</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">(12)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(42</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(4,890</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(385</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- securities</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(76</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(152</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        financing receivables</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="8%"><p
        align="right"><font size="2">(516</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,646</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(710</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- change in payables and receivables in relation
        to capital expenditures and capitalized depreciation</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">185</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">367</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><strong>Cash
        flow from investments</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="8%"><p
        align="right"><font size="2"><strong>(8,512</strong></font></p>
        </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%"><p
        align="right"><font size="2"><strong>(21,779</strong></font></p>
        </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%"><p
        align="right"><font size="2"><strong>(19,076</strong></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Disposals:</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="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- tangible
        assets</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="8%"><p
        align="right"><font size="2">231</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">165</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">318</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- intangible assets</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        consolidated subsidiaries and businesses</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="8%"><p
        align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">56</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">149</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <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="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">403</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">510</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        securities</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="8%"><p
        align="right"><font size="2">382</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">491</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">145</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- financing receivables</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">794</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">545</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,293</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><i>- </i>change
        in payables and receivables in relation to disposals</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="8%"><p
        align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(13</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(299</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><strong>Cash flow from disposals</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>1,461</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>1,682</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>2,118</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><b>Net
        cash used in investing activities </b><sup><b>(*)</b></sup></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="8%"><p
        align="right"><font size="2"><b>(7,051</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(20,097</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(16,958</b></font></p>
        </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"><i>- of which with related parties</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(37)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(686</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(822</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(1,598</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
    </tr>
</table>

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

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

<hr noshade>

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

<p align="center"><font size="2"><b>CONSOLIDATED STATEMENT OF
CASH FLOWS </b><b><i>continued<br>
</i></b></font><font size="1"><strong>(euro million)</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="right"><font size="2">&nbsp;&nbsp;&nbsp;<strong>&nbsp;</strong></font><font
        size="1"><strong>Note</strong></font><font size="2"><strong>&nbsp;</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Proceeds from long-term debt</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,888</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,589</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,774</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Repayments
        of long-term debt</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="8%"><p
        align="right"><font size="2">(2,621</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2,295</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2,104</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Increase (decrease) in short-term debt</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(949</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,467</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(690</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&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="8%"><p
        align="right"><font size="2"><b>(682</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>8,761</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>980</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Net capital contributions by minority
        shareholders</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Net
        acquisition of treasury shares different from Eni SpA</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="8%"><p
        align="right"><font size="2">(477</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(340</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(50</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Acquisition of additional interests in
        consolidated subsidiaries</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(16</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Sale of
        additional interests in consolidated subsidiaries</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="8%"><p
        align="right"><font size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td 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 valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Dividends paid to Eni&#146;s shareholders</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4,610</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4,583</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4,910</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Dividends
        paid to minority interest</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="8%"><p
        align="right"><font size="2">(222</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(289</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(297</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Net purchase of treasury shares</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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,156</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(625</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(768</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><b>Net
        cash used in financing activities</b></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="8%"><p
        align="right"><font size="2"><b>(7,097</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,909</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(5,025</b></font></p>
        </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"><i>- of which with related parties</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(37)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(57</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>20</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>14</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><i>Effect
        of change in consolidation (inclusion/exclusion of
        significant/insignificant subsidiaries)</i></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="8%"><p
        align="right"><font size="2"><i>(4</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(40</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(1</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><i>Effect of exchange rate changes on cash and
        cash equivalents</i></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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(197</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(160</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>8</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><b>Net
        cash flow for the period</b></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="8%"><p
        align="right"><font size="2"><b>2,652</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(1,871</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(175</b></font></p>
        </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"><b>Cash and cash equivalents - beginning of year</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,333</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,985</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,114</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2"><b>Cash
        and cash equivalents - end of year</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">(1)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,985</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,114</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,939</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Net cash used
        in investing activities included investments in certain
        financial assets to absorb temporary surpluses of cash or
        as part of our ordinary management of financing
        activities. Due to their nature and the circumstance that
        they are very liquid, these financial assets are netted
        against finance debt in determining net borrowings. For
        the definition of net borrowings, see &quot;Item 5 &#150;
        Operating and Financial Review and Prospects&quot;.<br>
        Cash flows of such investments were as follows:</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
</table>
</center></div><div align="right">

<table border="0" cellpadding="0" cellspacing="0" width="97%">
    <tr>
        <td valign="bottom" width="60%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1">&nbsp;&nbsp;&nbsp;<strong>&nbsp;</strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>
</div><div align="right">

<table border="0" cellpadding="0" cellspacing="0" width="97%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="1">Financing investments:</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 valign="bottom" width="70%"><font size="1">-
        securities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1">(44</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1">(75</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1">(74</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="1">- financing receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(134</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(970</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(99</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1"><b>(178</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1"><b>(1,045</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1"><b>(173</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="1">Disposal of financing investments:</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 valign="bottom" width="70%"><font size="1">-
        securities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1">340</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1">419</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1">145</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="1">- financing receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">54</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">147</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">939</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1"><b>394</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1"><b>566</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="1"><b>1,084</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="1"><b>Net cash flows from financing activities</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>216</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>(479</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="1"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="1"><b>216</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>
</div><div align="right">

<table border="0" cellpadding="0" cellspacing="0" width="97%">
    <tr>
        <td valign="top" width="60%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>
</div>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="f9">Table of Contents</a></h5>

<p align="center"><font size="2"><b>SUPPLEMENTAL CASH FLOW
INFORMATION<br>
</b></font><font size="1"><strong>(euro million)</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1">&nbsp;&nbsp;&nbsp;<strong> </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Effect of investment of companies included in
        consolidation and businesses</b></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 valign="bottom" width="70%"><font size="2">Current
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">68</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">398</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,938</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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"><p align="right"><font size="2">130</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,590</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,442</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Net
        borrowings</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">53</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,543</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Current and non-current liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(92</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(972</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(3,598</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Net
        effect of investments</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>159</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>5,017</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>7,325</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Minority interests</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"><p align="right"><font size="2">(1,261</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Fair value
        of investments held before the acquisition of control</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(13</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(601</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Sale of unconsolidated entities controlled by
        Eni</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(60</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Purchase
        price</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>99</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>5,004</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>5,463</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">less:</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 valign="bottom" width="70%"><font size="2"><i>Cash
        and cash equivalents</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(53</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(245</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,829</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Cash flow on investments</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>46</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,759</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,634</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Effect
        of disposal of consolidated subsidiaries and businesses</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&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 valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Current assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">73</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">277</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Non-current
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">20</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">299</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Net borrowings</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(118</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Current
        and non-current liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(94</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(270</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Net effect of disposals</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>188</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Gain on
        disposal</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Minority interest</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"><p align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Selling
        price</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>8</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>58</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>212</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">less:</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 valign="bottom" width="70%"><font size="2"><i>Cash
        and cash equivalents</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(63</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Cash flow on disposals</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>56</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>149</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

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

<p align="left"><strong>Transactions that did not produce cash
flows</strong><br>
Acquisition of equity investments in exchange of businesses
contribution:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1">&nbsp;&nbsp;&nbsp;<strong> </strong></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Current assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="11%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Non-current
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">213</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">38</font></p>
        </td>
        <td valign="bottom" width="11%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Net borrowings</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(44</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="11%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Long-term
        and short-term liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(53</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="11%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Net effect of contribution</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>139</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>34</b></font></p>
        </td>
        <td valign="bottom" width="11%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Minority
        interest</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(36</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="11%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Gain on contribution</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="11%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Acquisition
        of investments</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>121</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>34</b></font></p>
        </td>
        <td valign="bottom" width="11%">&nbsp;</td>
    </tr>
</table>

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

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

<hr noshade>

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

<p><font size="5"><b>Basis of presentation</b></font></p>

<p>The Consolidated Financial Statements of Eni Group for the
Annual Report on Form 20-F have been prepared in accordance with
International Financial Reporting Standards (IFRS) as issued by
the International Accounting Standards Board (IASB). Oil and
natural gas exploration and production activity is accounted for
in conformity with internationally accepted accounting
principles. Specifically, this concerns the determination of the
amortization expenses using the unit-of-production method and the
recognition of the production-sharing agreements and buy-back
contracts. The Consolidated Financial Statements have been
prepared on a historical cost basis except for certain items that
under IFRS must be recognized at fair value as described in the
summary of significant accounting policies paragraph.</p>

<p>The Consolidated Financial Statements include the accounts of
Eni SpA and the accounts of controlled subsidiary companies where
the company holds the right to directly or indirectly exercise
control, determine financial and management decisions and obtain
economic and financial benefits.</p>

<p>Immaterial subsidiaries are not consolidated. A subsidiary is
generally considered to be immaterial when it does not exceed two
of the following three limits: (i) total assets or liabilities:
euro 3,125 thousand; (ii) total revenues: euro 6,250 thousand;
and (iii) average number of employees: 50 units. Moreover,
companies for which consolidation does not produce significant
economic and financial effects are not consolidated. These are
usually entities acting as sole-operator in the management of oil
and gas contracts on behalf of companies participating in a joint
venture. These are financed proportionately based on a budget
approved by the participating companies upon presentation of
periodical reports of proceeds and expenses. Costs and revenues
and other operating data (production, reserves, etc.) of the
project, as well as the obligations arising from the project, are
recognized proportionally in the financial statements of the
companies involved. The effects of these exclusions are
immaterial<sup>1</sup>.</p>

<p>Immaterial subsidiaries excluded from consolidation, jointly
controlled entities, associates and other interests are accounted
for as described below under the item &quot;Financial fixed
assets&quot;.</p>

<p>Subsidiaries&#146; financial statements are audited by the
independent auditors who examine and certify also the information
required for the preparation of the Consolidated Financial
Statements.</p>

<p>The 2008 Consolidated Financial Statements approved by
Eni&#146;s Board of Directors on March 13, 2009 were audited by
the independent auditor PricewaterhouseCoopers SpA (PwC). The
independent auditor of Eni SpA, as the main auditor of the Group,
is in charge of the auditing activities of the subsidiaries,
unless this is incompatible with local laws, and, to the extent
allowed under Italian legislation, of the work of other
independent auditors.</p>

<p>Amounts in the notes to these financial statements are
expressed in millions of euros (euro million).</p>

<p>&nbsp;</p>

<p><font size="5"><b>Principles of consolidation</b></font></p>

<p><b>Interest in consolidated companies<br>
</b>Assets and liabilities, revenues and expenses related to
fully consolidated subsidiaries are wholly incorporated in the
Consolidated Financial Statements; the book value of interests in
these subsidiaries is eliminated against the corresponding share
of the shareholders&#146; equity by attributing to each of the
balance sheet items its fair value at the acquisition date.</p>

<p>When acquired, the net equity of controlled subsidiaries is
initially recognized at fair value. The excess of the purchase
price of an acquired entity over the total fair value assigned to
assets acquired and liabilities assumed is recognized as
goodwill; negative goodwill is recognized in the profit and loss
account.</p>

<p>Equity and net profit of minority shareholders are included in
specific lines of the financial statements; this share of equity
is determined using the fair value of assets and liabilities,
excluding any related goodwill, at the time when control is
acquired.</p>

<p>The purchase of additional ownership interests in subsidiaries
from minority shareholders is recognized as goodwill and
represents the excess of the amount paid over the carrying value
of the minority interest acquired.</p>

<p>Gains or losses associated with the sale of interests in
consolidated subsidiaries are reflected in the profit and loss
account for the difference between proceeds from the sale and the
divested portion of net equity.</p>

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

<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="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">According to
        the requirements of the Framework of international
        accounting standards, information is material if its
        omission or misstatement could influence the economic
        decisions that users make on the basis of the financial
        statements. </font></td>
    </tr>
</table>
</div>

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

<hr noshade>

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

<p><b>Inter-company transactions<br>
</b>Inter-company transactions, balances and unrealized gains on
transactions between group companies are eliminated. Unrealized
losses are not eliminated since they are considered an impairment
indicator of the asset transferred.</p>

<p><b>Foreign currency translation<br>
</b>Financial statements of foreign companies having a functional
currency other than euro are translated into the presentation
currency using closing exchange rates for assets and liabilities,
historical exchange rates for equity accounts and average rates
for the period for the profit and loss account (source: Bank of
Italy).</p>

<p>Cumulative exchange differences resulting from this
translation are recognized in shareholders&#146; equity under
&quot;Other reserves&quot; in proportion to the group&#146;s
interest and under &quot;Minority interest&quot; for the portion
related to minority shareholders. Cumulative exchange differences
are charged to the profit and loss account when the investments
are sold or the capital employed is repaid.</p>

<p>Financial statements of foreign subsidiaries which are
translated into euro are denominated in the functional currencies
of the countries where the entities operate. The U.S. dollar is
the prevalent functional currency for the entities that do not
adopt euro.</p>

<p>&nbsp;</p>

<p><font size="5"><b>Summary of significant accounting policies</b></font></p>

<p>The most significant accounting policies used in the
preparation of the Consolidated Financial Statements are
described below.</p>

<p><font size="4"><b>Current assets</b></font><b><br>
</b>Held for trading financial assets and available-for-sale
financial assets are measured at fair value with gains or losses
recognized in the profit and loss account under &quot;Financial
income (expense)&quot; and as a component of equity within
&quot;Other reserves&quot;, respectively.</p>

<p>In the latter case, changes in fair value recognized under
shareholders&#146; equity are charged to the profit and loss
account when they are impaired or realized. The objective
evidence that an impairment loss has occurred is verified
considering, interalia, significant breaches of contracts,
serious financial difficulties or the high probability of
insolvency of the counterparty; asset write downs are included in
the carrying amount<sup>2</sup>.</p>

<p>Available-for-sale financial assets include financial assets
other than derivative financial instruments, loans and
receivables, held for trading financial assets, held-to-maturity
financial assets and investments associated with a derivative
financial instrument. The latter are stated at fair value with
effects of changes in fair value recognized in the profit and
loss account rather than in shareholders&#146; equity (the
so-called &quot;fair value option&quot;) in order to ensure a
match with the recognition in the profit and loss account of the
changes in fair value of the derivative instrument<sup>3</sup>.</p>

<p>The fair value of financial instruments is determined by
market quotations or, in their absence, by the value resulting
from the adoption of suitable financial valuation models which
take into account all the factors adopted by market operators and
prices obtained in similar recent transactions in the market.
Interests and dividends on financial assets stated at fair value
with gains or losses reflected in the profit and loss account are
accounted for on an accrual basis as &quot;Financial income
(expense)&quot; and &quot;Income (expense) from
investments&quot;, respectively. When the purchase or sale of a
financial asset under a contract whose terms require delivery of
the asset within the time frame established generally by
regulation or convention in the market place concerned, the
transaction is accounted for on the settlement date. Receivables
are carried at amortized cost (see item &quot;Financial fixed
assets&quot; below). Transferred financial assets are
derecognized when the contractual rights to receive the cash
flows of the financial assets are transferred together with the
risks and rewards of the ownership.</p>

<p>Inventories, including compulsory stocks and excluding
contract work in progress, are stated at the lower of purchase or
production cost and net realizable value. Net realizable value is
the estimated selling price less the costs to sell. The cost for
inventories of hydrocarbons (crude oil, condensates and natural
gas) and petroleum products is </p>

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

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

<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="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Amendments to
        IAS 39 &quot;Financial Instruments: Recognition and
        Measurement&quot; and to IFRS 7 &quot;Financial
        Instruments: Disclosures&quot; that permit, with certain
        criteria met, an entity to reclassify held for trading
        and available-for-sale financial assets into financial
        instruments valuated at cost or at amortized cost have
        not produced any effect for Eni.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(3)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Regarding the
        investment in OAO Gazprom Neft see Note 2 - Other
        financial assets held for trading or available for sale.</font></td>
    </tr>
</table>
</div>

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

<hr noshade>

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

<p>determined by applying the weighted-average cost method on a
three-month basis; the cost for inventories of the Petrochemical
segment is determined by applying the weighted-average cost on an
annual basis.</p>

<p>Contract work in progress is measured using the cost-to-cost
method whereby contract revenue is recognized based on the stage
of completion as determined by the cost sustained. Advances are
deducted from inventories within the limits of contractual
considerations; any excess of such advances over the value of the
inventories is recorded as a liability. Losses related to
construction contracts are accrued for once the company becomes
aware of such losses. Contract work in progress not yet invoiced,
whose payment will be made in a foreign currency, is translated
to euro using the current exchange rates at year end and the
effect of rate changes is reflected in the profit and loss
account.</p>

<p>Hedging instruments are described in the section
&quot;Derivative instruments&quot;.</p>

<p><font size="4"><b>Non-current assets</b></font></p>

<p><b>Property, plant and equipment</b><sup>4</sup><b><br>
</b>Tangible assets, including investment properties, are
recognized using the cost model and stated at their purchase or
self-construction cost including any costs directly attributable
to bringing the asset into operation. In addition, when a
substantial period of time is required to make the asset ready
for use, the purchase price or self-construction cost includes
the borrowing costs incurred that could have otherwise been saved
had the investment not been made. In the case of a present
obligation for the dismantling and removal of assets and the
restoration of sites, the carrying value includes, with a
corresponding entry to a specific provision, the estimated
(discounted) costs to be borne at the moment the asset is
retired. Changes in estimate of the carrying amounts of
provisions due to the passage of time and changes in discount
rates are recognized under &quot;Provisions for
contingencies&quot;<sup>5</sup>.</p>

<p>Property, plant and equipment is not revalued for financial
reporting purposes.</p>

<p>Assets carried under financial leasing or concerning
arrangements that do not take the legal form of a finance lease
but substantially transfer all the risks and rewards of ownership
of the leased asset are recognized at fair value, net of taxes
due from the lessor or, if lower, at the present value of the
minimum lease payments. Leased assets are included within
property, plant and equipment. A corresponding financial debt
payable to the lessor is recognized as a financial liability.
These assets are depreciated using the criteria described below.
When the renewal is not reasonably certain, leased assets are
depreciated over the shorter of the lease term and the estimated
useful life of the asset.</p>

<p>Expenditures on renewals, improvements and transformations
which provide additional economic benefits are capitalized to
property, plant and equipment.</p>

<p>Tangible assets, from the moment they begin or should begin to
be used, are depreciated systematically using a straight-line
method over their useful life which is an estimate of the period
over which the assets will be used by the company. When tangible
assets are composed of more than one significant element with
different useful lives, each component is depreciated separately.
The amount to be depreciated is represented by the book value
reduced by the estimated net realizable value at the end of the
useful life, if it is significant and can be reasonably
determined. Land is not depreciated, even when purchased with a
building. Tangible assets held for sale are not depreciated but
are valued at the lower of book value and fair value less costs
of disposal.</p>

<p>Assets that can be used free of charge by third parties are
depreciated over the shorter term of the duration of the
concession and the useful life of the asset.</p>

<p>Replacement costs of identifiable components in complex assets
are capitalized and depreciated over their useful life; the
residual book value of the component that has been substituted is
charged to the profit and loss account. Expenditures for ordinary
maintenance and repairs are expensed as incurred.</p>

<p>The carrying value of property, plant and equipment is
reviewed for impairment whenever events indicate that the
carrying amounts for those assets may not be recoverable. The
recoverability of an asset is assessed by comparing its carrying
value with the recoverable amount represented by the higher of
fair value less costs to sell </p>

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

<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="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Recognition
        and evaluation criteria of exploration and production
        activities are described in the section &quot;Exploration
        and production activities&quot; below.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(5)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">The company
        recognizes material provisions for the retirement of
        assets in the Exploration &amp; Production business. No
        significant asset retirement obligations associated with
        any legal obligations to retire refining, marketing and
        transportation (downstream) and chemical long-lived
        assets are generally recognized, as undetermined
        settlement dates for asset retirements do not allow a
        reasonable estimate of the fair value of the associated
        retirement obligation. The company performs periodic
        reviews of its downstream and chemical long-lived assets
        for any changes in facts and circumstances that might
        require recognition of a retirement obligation.</font></td>
    </tr>
</table>
</div>

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

<hr noshade>

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

<p>and value in use. If there is no binding sales agreement, fair
value is estimated on the basis of market values, recent
transactions, or the best available information that shows the
proceeds that the company could reasonably expect to collect from
the disposal of the asset. Value in use is the present value of
the future cash flows expected to be derived from the use of the
asset and, if significant and reasonably determinable, the cash
flows deriving from its disposal at the end of its useful life,
net of disposal costs. Cash flows are determined on the basis of
reasonable and documented assumptions that represent the best
estimate of the future economic conditions during the remaining
useful life of the asset, giving more importance to independent
assumptions. Oil, natural gas and petroleum products prices (and
to prices for products which derive therefrom) used to quantify
the expected future cash flows are estimated based on forward
prices prevailing in the marketplace for the first four years and
management&#146;s long-term planning assumptions thereafter.
Discounting is carried out at a rate that reflects a current
market valuation of the time value of money and of those specific
risks of the asset that are not reflected in the estimate of the
future cash flows. In particular, the discount rate used is the
Weighted Average Cost of Capital (WACC) adjusted for the specific
country risk of the activity.</p>

<p>The evaluation of the specific country risk to be included in
the discount rate is provided by external parties. WACC differs
considering the risk associated with individual operating
segments; in particular for the assets belonging to the Gas &amp;
Power and Engineering &amp; Construction segments, taking into
account the different risk compared with Eni, specific WACC rates
have been defined (for Gas &amp; Power segment on the basis of a
sample of companies operating in the same segment; for
Engineering &amp; Construction segment on the basis of the market
quotation); WACC used for impairments in the Gas &amp; Power
segment is adjusted to take into consideration the risk premium
of the specific country of the activity while WACC used for
impairments in the Engineering &amp;&nbsp;Construction segment is
not adjusted for country risk as most of the company assets are
not located in a specific country. For the regulated activities,
the discount rate to use for the measurement of value in use is
equal to the rate of return defined by the Regulator. For the
other segments, a single WACC is used considering that the risk
is the same to that of Eni as a whole. Value in use is calculated
net of the tax effect as this method results in values similar to
those resulting from discounting pre-tax cash flows at a pre-tax
discount rate deriving, through an iteration process, from a
post-tax valuation. Valuation is carried out for each single
asset or, if the realizable value of a single asset cannot be
determined, for the smallest identifiable group of assets that
generates independent cash inflows from their continuous use, the
so-called &quot;cash generating unit&quot;. When the reasons for
their impairment cease to exist, Eni makes a reversal that is
recognized in profit and loss account as income from asset
revaluation. This reversed amount cannot exceed the carrying
amount that would have been determined, net of depreciation, had
no impairment loss been recognized for the asset in prior years.</p>

<p><b>Intangible assets<br>
</b>Intangible assets are assets without physical substance,
controlled by the company and able to produce future economic
benefits, and goodwill acquired in business combinations. An
asset is classified as intangible when management is able to
distinguish it clearly from goodwill. This condition is normally
met when: (i) the intangible asset arises from contractual or
legal rights, or (ii) the asset is separable, i.e. can be sold,
transferred, licensed, rented or exchanged, either individually
or as an integral part of other assets. An entity controls an
asset if it has the power to obtain the future economic benefits
generated by the underlying asset and to restrict the access of
others to those cash flows.</p>

<p>Intangible assets are initially stated at cost as determined
by the criteria used for tangible assets and they are not
revalued for financial reporting purposes.</p>

<p>Intangible assets with a definite useful life are amortized
systematically over their useful life estimated as the period
over which the assets will be used by the company; the amount to
be amortized and the recoverability of the carrying amount are
verified in accordance with the criteria described in the section
&quot;Property, plant and equipment&quot;.</p>

<p>Goodwill and other intangible assets with an indefinite useful
life are not amortized. The recoverability of their carrying
value is reviewed at least annually and whenever events or
changes in circumstances indicate that the carrying value may not
be recoverable. Goodwill is tested for impairment at the level of
the smallest aggregate on which the company, directly or
indirectly, evaluates the return on the capital expenditure to
which goodwill relates. When the carrying amount of the cash
generating unit, including goodwill allocated thereto, exceeds
the cash generating unit&#146;s recoverable amount, the excess is
recognized as impairment. The impairment loss is first allocated
to reduce the carrying amount of goodwill; any remaining excess
to be allocated to the assets of the unit is applied </p>

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

<hr noshade>

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

<p>pro-rata on the basis of the carrying amount of each asset in
the unit. Impairment charges against goodwill are not reversed<sup>6</sup>.
Negative goodwill is recognized in the profit and loss account.</p>

<p>Costs of technological development activities are capitalized
when: (i) the cost attributable to the development activity can
be reasonably determined; (ii) there is the intention,
availability of funding and technical capacity to make the asset
available for use or sale; and (iii) it can be demonstrated that
the asset is able to generate future economic benefits.
Intangible assets also include public to private service
concession arrangements in which: (i) the grantor controls or
regulates what services the operator must provide with the
infrastructure, to whom it must provide them and at what price;
and (ii) the grantor controls &#150; through ownership,
beneficial entitlement or otherwise &#150; any significant
residual interest in the infrastructure at the end of the term of
the arrangement. According to the terms of the agreements the
operator has the right to operate the infrastructure, controlled
by the grantor, in order to provide the public service <sup>7 8</sup>.</p>

<p><b>Exploration and production activities</b><sup>9</sup></p>

<p><i>Acquisition of mineral rights<br>
</i>Costs associated with the acquisition of mineral rights are
capitalized in connection with the assets acquired (such as
exploratory potential, probable and possible reserves and proved
reserves). When the acquisition is related to a set of
exploratory potential and reserves, the cost is allocated to the
different assets acquired on the basis of the value of the
relevant discounted cash flows.</p>

<p>Expenditure for the exploratory potential, represented by the
costs for the acquisition of the exploration permits and for the
extension of existing permits, is recognized under
&quot;Intangible assets&quot; and is amortized on a straight-line
basis over the period of the exploration as contractually
established. If the exploration is abandoned, the residual
expenditure is charged to the profit and loss account.</p>

<p>Acquisition costs for proved reserves and for possible and
probable reserves are recognized in the balance sheet as assets.</p>

<p>Costs associated with proved reserves are amortized on a UOP
basis, as detailed in the section &quot;Development&quot;,
considering both developed and undeveloped reserves. Expenditures
associated with possible and probable reserves are not amortized
until classified as proved reserves; in case of a negative
result, the costs are charged to the profit and loss account.</p>

<p><i>Exploration<br>
</i>Costs associated with exploratory activities for oil and gas
producing properties incurred both before and after the
acquisition of mineral rights (such as acquisition of seismic
data from third parties, test wells and geophysical surveys) are
initially capitalized in order to reflect their nature as an
investment and subsequently amortized in full when incurred.</p>

<p><i>Development<br>
</i>Development costs are those costs incurred to obtain access
to proved reserves and to provide facilities for extracting,
gathering and storing oil and gas. They are capitalized within
property, plant and equipment and amortized generally on a UOP
basis, as their useful life is closely related to the
availability of feasible reserves. This method provides for
residual costs at the end of each quarter to be amortized at a
rate representing the ratio between the volumes extracted during
the quarter and the proved developed reserves existing at the end
of the quarter, increased by the volumes extracted during the
quarter. This method is applied with reference to the smallest
aggregate representing a direct correlation between investments
and proved developed reserves.</p>

<p>Costs related to unsuccessful development wells or damaged
wells are expensed immediately as losses on disposal. Impairments
and reversal of impairments of development costs are made on the
same basis as those for tangible assets.</p>

<p>&nbsp;</p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(6)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Impairment
        charges recognized in an interim period are not reversed
        also when, considering conditions existing in a
        subsequent interim period, they would have been
        recognized in a smaller amount or would not have been
        recognized.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(7)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">When the
        operator has a unconditional contractual right to riceive
        cash or another financial asset from or at the direction
        of the grantor, considerations received or receivable by
        the operator for construction or upgrade of the
        infrastructure are recognized as a financial asset. </font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(8)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">The
        accounting policy for service concession arrangement has
        been defined according to IFRIC 12 &quot;Service
        concession arrangements&quot; (IFRIC 12); the application
        of IFRIC 12 has determined for 2007 the reclassification
        of euro 3,218 million from the line item &quot;Property,
        plant and equipment&quot; to &quot;Intangible
        assets&quot;; the effects on profit and loss accounts are
        not material. </font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(9)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">IFRS do not
        establish specific criteria for hydrocarbon exploration
        and production activities. Eni continues to use existing
        accounting policies for exploration and evaluation assets
        previously applied before the introduction of IFRS 6
        &quot;Exploration for and evaluation of mineral
        resources&quot;.</font></td>
    </tr>
</table>
</div>

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

<hr noshade>

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

<p><i>Production<br>
</i>Production costs are those costs incurred to operate and
maintain wells and field equipment and are expensed as incurred.</p>

<p><i>Production-sharing agreements and buy-back contracts<br>
</i>Oil and gas reserves related to production-sharing agreements
and buy-back contracts are determined on the basis of contractual
clauses related to the repayment of costs incurred for the
exploration, development and production activities executed
through the use of company&#146;s technologies and financing
(cost oil) and the company&#146;s share of production volumes not
destined to cost recovery (profit oil). Revenues from the sale of
the production entitlements against both cost oil and profit oil
are accounted for on an accrual basis whilst exploration,
development and production costs are accounted for according to
the policies mentioned above.</p>

<p>The company&#146;s share of production volumes and reserves
representing the profit oil includes the share of hydrocarbons
which corresponds to the taxes to be paid, according to the
contractual agreement, by the national government on the behalf
of the company. As a consequence, the company has to recognize at
the same time an increase in the taxable profit, through the
increase of the revenues, and a tax expense.</p>

<p><i>Retirement<br>
</i>Costs expected to be incurred with respect to the retirement
of a well, including costs associated with removal of production
facilities, dismantlement and site restoration, are capitalized
and amortized on a UOP basis, consistent with the policy
described under &quot;Property, plant and equipment&quot;.</p>

<p><b>Grants<br>
</b>Grants related to assets are recorded as a reduction of
purchase price or production cost of the related assets when
there is reasonable assurance that all the required conditions
attached to them, agreed upon with government entities, have been
met. Grants not related to capital expenditure are recognized in
the profit and loss account.</p>

<p><b>Financial fixed assets</b></p>

<p><i>Investments<br>
</i>Investments in subsidiaries excluded from consolidation,
jointly controlled entities and associates are accounted for
using the equity method<sup>10</sup>. Subsidiaries, joint
ventures and associates excluded from consolidation are accounted
for at cost, adjusted for impairment losses if this does not
result in a misrepresentation of the company&#146;s financial
condition. When the reasons for their impairment cease to exist,
investments accounted for at cost are re-valued within the limit
of the impairment made and their effects are included in
&quot;Other income (expense) from investments&quot;.</p>

<p>Other investments, included in non current assets, are
recognized at their fair value and their effects are included in
shareholders&#146; equity under &quot;Other reserves&quot;; this
reserve is charged to the profit and loss account when it is
impaired or realized. When investments are not traded in a public
market and fair value cannot be reasonably determined,
investments are accounted for at cost, adjusted for impairment
losses; impairment losses may not be reversed<sup>11</sup>.</p>

<p>The risk deriving from losses exceeding shareholders&#146;
equity is recognized in a specific provision to the extent the
parent company is required to fulfill legal or implicit
obligations towards the subsidiary or to cover its losses.</p>

<p><i>Receivables and financial assets to be held to maturity<br>
</i>Receivables and financial assets to be held to maturity are
stated at cost represented by the fair value of the initial
exchanged amount adjusted to take into account direct external
costs related to the transaction (e.g. fees of agents or
consultants, etc.). The initial carrying value is then adjusted
to take into account capital repayments, devaluations and
amortization of the difference between the reimbursement value
and the initial carrying value. Amortization is carried out on
the basis of the effective internal rate of return represented by
the rate that equalizes, at the moment of the initial
revaluation, the current value of expected cash flows to the
initial carrying value (so-called amortized cost method). Any
impairment is recognized by comparing the carrying value with the
present value of the expected cash flows discounted at the
effective interest rate defined at the initial recognition, or at
the </p>

<p>&nbsp;</p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(10)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">In the case
        of step acquisition of a significant influence (or joint
        control), the investment is recognized at the acquisition
        date of significant influence (joint control) at the
        amount deriving from the use of the equity method
        assuming the adoption of this method since initial
        acquisition; the &quot;step-up&quot; of the carrying
        amount of interests owned before the acquisition of
        significant influence (joint control) is taken to equity.</font></td>
    </tr>
</table>
</div><div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(11)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Impairment
        charges recognised in an interim period are not reversed
        also when, considering conditions existing in a
        subsequent interim period, they would have been
        recognized in a smaller amount or would not have been
        recognized.</font></td>
    </tr>
</table>
</div>

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

<hr noshade>

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

<p>moment of its updating to reflect re-pricings contractually
established. Receivables and financial assets to be held to
maturity are recognized net of the allowance for impairment
losses; when the impairment loss is definite the excess allowance
for impairment losses is reversed. Changes to the carrying amount
of receivables or financial assets in accordance with the
amortized cost method are recognized as &quot;Financial income
(expense)&quot;.</p>

<p><b>Financial liabilities<br>
</b>Debt is carried at amortized cost (see item &quot;Financial
fixed assets&quot; above).</p>

<p><b>Provisions for contingencies<br>
</b>Provisions for contingencies are liabilities for risks and
charges of a definite nature and whose existence is certain or
probable but for which at year-end the timing or amount of future
expenditure is uncertain. Provisions are recognized when: (i)
there is a current obligation (legal or constructive) as a result
of a past event; (ii) it is probable that the settlement of that
obligation will result in an outflow of resources embodying
economic benefits; and (iii) the amount of the obligation can be
reliably estimated. The amount recognized as a provision is the
best estimate of the expenditure required to settle the present
obligation at the balance sheet date or to transfer it to third
parties at that time. If the effect of the time value is
material, and the payment date of the obligations can be
reasonably estimated, provisions to be accrued are the present
value of the expenditures expected to be required to settle the
obligation at a discount rate that reflects the company&#146;s
average borrowing rate taking into account the risks associated
with the obligation. The increase in the provision due to the
passage of time is recognized as &quot;Financial income
(expense)&quot;.</p>

<p>When the liability regards a tangible asset (e.g. site
restoration and abandonment), the provision is stated with a
corresponding entry to the asset to which it refers; charges to
the profit and loss account charge are made with the amortization
process.</p>

<p>Costs that the company expects to bear in order to carry out
restructuring plans are recognized when the company formally
defines the plan and the interested parties have developed the
reasonable expectation that the restructuring will happen.</p>

<p>Provisions are periodically updated to show the variations of
estimates of costs, production times and actuarial rates; the
estimated revisions to the provisions are recognized in the same
profit and loss account item that had previously held the
provision, or, when the liability regards tangible assets (i.e.
site restoration and abandonment) with a corresponding entry to
the assets to which they refer.</p>

<p>In the notes to the consolidated financial statements the
following potential liabilities are described: (i) possible, but
not probable obligations deriving from past events, whose
existence will be confirmed only when one or more future events
beyond the company&#146;s control occur; and (ii) current
obligations deriving from past events whose amount cannot be
reasonably estimated or whose fulfillment will probably not
result in an outflow of resources embodying economic benefits.</p>

<p><b>Employee benefits<br>
</b>Post-employment benefit plans, including constructive
obligations, are classified as either defined contribution plans
or defined benefit plans depending on the economic substance of
the plan as derived from its principal terms and conditions. In
the first case, the company&#146;s obligation, which consists of
making payments to the State or a trust or a fund, is determined
on the basis of contributions due.</p>

<p>The liabilities related to defined benefit plans, net of any
plan assets, are determined on the basis of actuarial assumptions
and charged on an accrual basis during the employment period
required to obtain the benefits.</p>

<p>The actuarial gains and losses of defined benefit plans are
recognized pro-rata on service, in the profit and loss account
using the corridor method, if and to the extent that net
cumulative actuarial gains and losses unrecognized at the end of
the previous reporting period exceed the greater of 10% of the
present value of the defined benefit obligation and 10% of the
fair value of the plan assets, over the expected average
remaining working lives of the employees participating to the
plan.</p>

<p>Such actuarial gains and losses derive from changes in the
actuarial assumptions used or from a change in the conditions of
the plan.</p>

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

<hr noshade>

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

<p>Obligations for long-term benefits are determined by adopting
actuarial assumptions; the effect of changes in actuarial
assumptions or a change in the characteristics of the benefit are
taken to profit or loss in their entirety.</p>

<p><b>Treasury shares<br>
</b>Treasury shares are recorded at cost and as a reduction of
equity. Gains resulting from subsequent sales are recorded in
equity.</p>

<p><b>Revenues and costs<br>
</b>Revenues associated with sales of products and services are
recorded when significant risks and rewards of ownership pass to
the customer or when the transaction can be considered settled
and associated revenue can be reliably measured. In particular,
revenues are recognized for the sale of:</p>

<ul>
    <li>crude oil, generally upon shipment;</li>
    <li>natural gas, upon delivery to the customer;</li>
    <li>petroleum products sold to retail distribution networks,
        generally upon delivery to the service stations, whereas
        all other sales are generally recognized upon shipment;</li>
    <li>chemical products and other products, generally upon
        shipment.</li>
</ul>

<p>Revenues are recognized upon shipment when, at that date,
significant risks are transferred to the buyer. Revenues from
crude oil and natural gas production from properties in which Eni
has an interest together with other producers are recognized on
the basis of Eni&#146;s net working interest in those properties
(entitlement method). Differences between Eni&#146;s net working
interest volume and actual production volumes are recognized at
current prices at year end.</p>

<p>Income related to partially rendered services is recognized in
the measurement of accrued income if the stage of completion can
be reliably determined and there is no significant uncertainty as
to the collectability of the amount and the related costs. When
the outcome of the transaction cannot be estimated reliably,
revenue is recognized only to the extent of the expenses
recognized that are recoverable.</p>

<p>Revenues accrued in the year related to construction contracts
are recognized on the basis of contractual revenues with
reference to the stage of completion of a contract measured on
the cost-to-cost basis<sup>12</sup>.</p>

<p>Requests of additional revenues, deriving from a change in the
scope of work, are included in the total amount of revenues when
it is probable that the customer will approve the variation and
the related amount; claims deriving from additional costs
incurred for reasons attributable to the client are included in
the total amount of revenues when it is probable that the
counterparty will accept them.</p>

<p>Revenues are stated net of returns, discounts, rebates,
bonuses and direct taxation. The exchange of goods and services
of a similar nature and value do not give rise to revenues and
costs as they do not represent sale transactions.</p>

<p>Costs are recorded when the related goods and services are
sold, consumed or allocated, or when their future benefits cannot
be determined. Costs associated with emission quotas, determined
on the basis of the average prices of the main European markets
at period end, are reported in relation to the amount of the
carbon dioxide emissions that exceed the amount assigned; related
revenues are recognized upon sale. Costs related to the purchase
of the emission rights are taken to intangible assets net of any
negative difference between the amount of emissions and the
quotas assigned.</p>

<p>Operating lease payments are recognized in the profit and loss
account over the length of the contract.</p>

<p>Labor costs include stock grants and stock options granted to
managers, consistent with their actual remunerative nature. The
instruments granted are recorded at fair value on the vesting
date and are not subject to subsequent adjustments; the current
portion is calculated pro-rata over the vesting period<sup>13</sup>.
Fair value of stock options is determined using valuation
techniques which consider conditions related to the exercise of
options, current share prices, expected volatility and the
risk-free interest rate. The fair value of the stock grants and
stock options is recorded as a charge to &quot;Other
reserves&quot;.</p>

<p>&nbsp;</p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(12)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">For service
        concession arrangements in which customers fees do not
        provide a distinction compensation for
        construction/update of the infrastructure and
        compensation for operating it and in the absence of
        external benchmarks which could be used to determine the
        respective fair value of these two items, revenues
        recognised during the construction phase are limited to
        the amount of the costs incurred. </font></td>
    </tr>
</table>
</div><div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(13)</font></td>
        <td valign="top" width="1%"><font size="2">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">For stock
        grants, the period between the date of the award and the
        date of assignation of stock; for stock options, the
        period between the date of the award and the date at
        which the option can be exercised.</font></td>
    </tr>
</table>
</div>

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

<hr noshade>

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

<p>The costs for the acquisition of new knowledge or discoveries,
the study of products or alternative processes, new techniques or
models, the planning and construction of prototypes or, in any
case, costs borne for other scientific research activities or
technological development, which cannot be capitalized, are
included in the profit and loss account.</p>

<p><b>Exchange rate differences<br>
</b>Revenues and costs associated with transactions in currencies
other than the functional currency are translated into the
functional currency by applying the exchange rate at the date of
the transaction.</p>

<p>Monetary assets and liabilities denominated in currencies
other than the functional currency are converted by applying the
year end exchange rate and the effect is stated in the profit and
loss account. Non-monetary assets and liabilities denominated in
currencies other than the functional currency valued at cost are
translated at the initial exchange rate; non-monetary assets that
are re-measured to fair value, recoverable amount or realizable
value are translated at the exchange rate applicable at the date
of re-measurement.</p>

<p><b>Dividends<br>
</b>Dividends are recognized at the date of the general
Shareholders&#146; Meeting in which they were declared, except
when the sale of shares before the ex-dividend date is certain.</p>

<p><b>Income taxes<br>
</b>Current income taxes are determined on the basis of estimated
taxable income. The estimated liability is included in
&quot;Income tax payables&quot;. Current tax assets and
liabilities are measured at the amount expected to be paid to
(recovered from) the tax authorities, using tax laws that have
been enacted or substantively enacted at the balance sheet date
and the tax rates estimated on an annual basis. Deferred tax
assets or liabilities are provided on temporary differences
arising between the carrying amounts of the assets and
liabilities and their tax bases, based on tax rates (tax laws)
that have been enacted or substantively enacted for future years.
Deferred tax assets are recognized when their realization is
considered probable. Deferred tax assets and liabilities are
included in non-current assets and liabilities and are offset at
a single entity level if related to offsettable taxes. The
balance of the offset, if positive, is recognized in the item
&quot;Deferred tax assets&quot;; if negative, in the item
&quot;Deferred tax liabilities&quot;. When the results of
transactions are recognized directly in shareholders&#146;
equity, current taxes, deferred tax assets and liabilities are
also charged to the shareholders&#146; equity.</p>

<p><b>Derivatives<br>
</b></p>

<p>Derivatives, including embedded derivatives which are
separated from the host contract, are assets and liabilities
recognized at their fair value which is estimated by using the
criteria described in the section &quot;Current assets&quot;.
When there is objective evidence that an impairment loss has
occurred (see &quot;Current assets&quot; paragraph) derivatives
are recognized net of the allowance for impairment losses.</p>

<p>Derivatives are classified as hedging instruments when the
relationship between the derivative and the subject of the hedge
is formally documented and the effectiveness of the hedge is high
and is checked periodically. When hedging instruments cover the
risk of variation of the fair value of the hedged item (fair
value hedge, e.g. hedging of the variability of the fair value of
fixed interest rate assets/liabilities) the derivatives are
stated at fair value and the effects charged to the profit and
loss account. Hedged items are consistently adjusted to reflect
the variability of fair value associated with the hedged risk.
When derivatives hedge the cash flow variation risk of the hedged
item (cash flow hedge, e.g. hedging the variability on the cash
flows of assets/liabilities as a result of the fluctuations of
exchange rate), changes in the fair value of the derivatives
considered effective are initially stated in equity and then
recognized in the profit and loss account consistent with the
economic effects produced by the hedged transaction. The changes
in the fair value of derivatives that do not meet the conditions
required to qualify for hedge accounting are shown in the profit
and loss account.</p>

<p>Economic effects of transactions, which relate to purchase or
sales contracts for commodities entered into to meet the
entity&#146;s normal operating requirements and for which the
settlement is provided with the delivery of the goods, are
recognized on an accrual basis (the so-called normal sale and
normal purchase exemption or own use exemption).</p>

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

<hr noshade>

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

<p><b>Financial statements<br>
</b>Assets and liabilities of the balance sheet are classified as
current and non-current. Items of the profit and loss account are
presented by nature<sup>14</sup>.</p>

<p>The statement of changes in shareholders&#146; equity includes
profit and loss for the year, transactions with shareholders and
other changes in shareholders&#146; equity.</p>

<p>The statement of cash flows is presented using the indirect
method, whereby net profit is adjusted for the effects of
non-cash transactions.</p>

<p>&nbsp;</p>

<p><font size="5"><b>Use of accounting estimates</b></font></p>

<p>The company&#146;s Consolidated Financial Statements are
prepared in accordance with IFRS. These require the use of
estimates and assumptions that affect the assets, liabilities,
revenues and expenses reported in the financial statements, as
well as amounts included in the notes thereto, including
discussion and disclosure of contingent liabilities. Estimates
made are based on complex or subjective judgments and past
experience of other assumptions deemed reasonable in
consideration of the information available at the time. The
accounting policies and areas that require the most significant
judgments and estimates to be used in the preparation of the
Consolidated Financial Statements are in relation to the
accounting for oil and natural gas activities, specifically in
the determination of proved reserves, impairment of fixed assets,
intangible assets and goodwill, asset retirement obligations,
business combinations, pensions and other post-retirement
benefits, recognition of environmental liabilities and
recognition of revenues in the oilfield services construction and
engineering businesses. Although the company uses its best
estimates and judgments, actual results could differ from the
estimates and assumptions used. A summary of significant
estimates follows.</p>

<p><b>Oil and gas activities<br>
</b>Engineering estimates of the Company&#146;s oil and gas
reserves are inherently uncertain. Proved reserves are the
estimated volumes of crude oil, natural gas and gas condensates,
liquids and associated substances which geological and
engineering data demonstrate can be produced with reasonable
certainty to be recoverable in future years from known reservoirs
under existing economic and operating conditions. Although there
are authoritative guidelines regarding the engineering criteria
that must be met before estimated oil and gas reserves can be
designated as &quot;proved&quot;, the accuracy of any reserve
estimate is a function of the quality of available data and
engineering and geological interpretation and judgment.</p>

<p>Field reserves will only be categorized as proved when all the
criteria for attribution of proved status have been met. At this
stage, all booked reserves will be classified as proved
undeveloped. Volumes will subsequently be reclassified from
proved undeveloped to proved developed as a consequence of
development activity. The first proved developed bookings will
occur at the point of first oil or gas production. Major
development projects typically take one to four years from the
time of initial booking to the start of production. Eni
reassesses its estimate of proved reserves periodically. The
estimated proved reserves of oil and natural gas may be subject
to future revision and upward and downward revision may be made
to the initial booking of reserves due to production, reservoir
performance, commercial factors, acquisition and divestment
activity and additional reservoir development activity. In
particular, changes in oil and natural gas prices could impact
the amount of Eni&#146;s proved reserves as regards the initial
estimate and, in the case of Production-sharing agreements and
buy-back contracts, the share of production and reserves to which
Eni is entitled. Accordingly, the estimated reserves could be
materially different from the quantities of oil and natural gas
that ultimately will be recovered.</p>

<p>Oil and natural gas reserves have a direct impact on certain
amounts reported in the Consolidated Financial Statements.
Estimated proved reserves are used in determining depreciation
and depletion expenses and impairment expense.</p>

<p>Depreciation rates on oil and gas assets using the UOP basis
are determined from the ratio between the amount of hydrocarbons
extracted in the quarter and proved developed reserves existing
at the end of the quarter increased by the amounts extracted
during the quarter.</p>

<p>Assuming all other variables are held constant, an increase in
estimated proved developed reserves for each field decreases
depreciation, depletion and amortization expense. Conversely, a
decrease in estimated proved </p>

<p>&nbsp;</p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(14)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Further
        information on financial instruments as classified in
        accordance with IFRS is provided in Note 29 - Guarantees,
        commitments and risks &quot;Other information about
        financial instruments&quot;.</font></td>
    </tr>
</table>
</div>

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

<hr noshade>

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

<p>developed reserves increases depreciation, depletion and
amortization expense. In addition, estimated proved reserves are
used to calculate future cash flows from oil and gas properties,
which serve as an indicator in determining whether or not
property impairment is to be carried out. The larger the volume
of estimated reserves, the lower the likelihood of asset
impairment.</p>

<p><b>Impairment of assets<br>
</b>Eni assesses its tangible assets and intangible assets,
including goodwill, for possible impairment if there are events
or changes in circumstances that indicate the carrying values of
the assets are not recoverable.</p>

<p>Such indicators include changes in the Group&#146;s business
plans, changes in commodity prices leading to unprofitable
performance, a reduced utilization of the plants and, for oil and
gas properties, significant downward revisions of estimated
proved reserve quantities or significant increase of the
estimated development costs. Determination as to whether and how
much an asset is impaired involves management estimates on highly
uncertain matters such as future commodity prices, the effects of
inflation and technology improvements on operating expenses,
production profiles and the outlook for global or regional market
supply and demand conditions for crude oil, natural gas,
commodity chemicals and refined products.</p>

<p>The amount of an impairment loss is determined by comparing
the book value of an asset with its recoverable amount. The
recoverable amount is the greater of fair value net of disposal
costs and value in use. The estimated value in use is based on
the present values of expected future cash flows net of disposal
costs. The expected future cash flows used for impairment reviews
are based on judgmental assessments of future production volumes,
prices and costs, considering available information at the date
of review and are discounted by using a rate related to the
activity involved.</p>

<p>For oil and natural gas properties, the expected future cash
flows are estimated principally based on developed and
non-developed proved reserves including, among other elements,
production taxes and the costs to be incurred for the reserves
yet to be developed. The estimated future level of production is
based on assumptions concerning: future commodity prices, lifting
and development costs, field decline rates, market demand and
supply, economic regulatory climates and other factors.</p>

<p>Oil, natural gas and petroleum products prices used to
quantify the expected future cash flows are estimated based on
forward prices prevailing in the marketplace for the first four
years and management&#146;s long-term planning assumptions
thereafter. The estimate of the future amount of production is
based on assumptions related to the commodity future prices,
lifting and development costs, market demand and to other
factors. The discount rate reflects the current market valuation
of the time value of money and of the specific risks of the asset
not reflected in the estimate of the future cash flows.</p>

<p>Goodwill and other intangible assets with an indefinite useful
life are not subject to amortization. The company tests such
assets at the cash-generating unit level for impairment on an
annual basis and between annual tests if an event occurs or
circumstances change that would more likely than not reduce the
fair value below its carrying amount. In particular, goodwill
impairment is based on the determination of the fair value of
each cash-generating unit to which goodwill can be attributed on
a reasonable and consistent basis. A cash generating unit is the
smallest aggregate on which the company, directly or indirectly,
evaluates the return on the capital expenditure. If the
recoverable amount of a cash generating unit is lower than the
carrying amount, goodwill attributed to that cash generating unit
is impaired up to that difference; if the carrying amount of
goodwill is less than the amount of impairment, assets of the
cash generating unit are impaired on a pro-rata basis for the
residual difference.</p>

<p><b>Asset retirement obligations<br>
</b>Obligations to remove tangible equipment and restore land or
seabed require significant estimates in calculating the amount of
the obligation and determining the amount required to be recorded
presently in the consolidated financial statements. Estimating
future asset retirement obligations is complex. It requires
management to make estimates and judgments with respect to
removal obligations that will come to term many years into the
future and contracts and regulations are often unclear as to what
constitutes removal. In addition, the ultimate financial impact
of environmental laws and regulations is not always clearly known
as asset removal technologies and costs constantly evolve in the
countries where Eni operates, as do political, environmental,
safety and public expectations. The subjectivity of these
estimates is also increased by the accounting method used that
requires entities to record the fair value of a liability for an
asset retirement obligation in the period when it is incurred
(typically, at the time the asset is installed at the production
location). When liabilities are initially recorded, the related
fixed assets are increased by an equal corresponding amount. The
liabilities are increased with the passage of time (i.e. interest
</p>

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

<hr noshade>

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

<p>accretion) and any change in the estimates following the
modification of future cash flows and discount rate adopted. The
recognized asset retirement obligations are based on future
retirement cost estimates and incorporate many assumptions such
as: expected recoverable quantities of crude oil and natural gas,
abandonment time, future inflation rates and the risk-free rate
of interest adjusted for the Company&#146;s credit costs.</p>

<p><b>Business combinations<br>
</b>Accounting for business combinations requires the allocation
of the purchase price to the various assets and liabilities of
the acquired business at their respective fair values. Any
positive residual difference is recognized as
&quot;Goodwill&quot;. Negative residual differences are credited
to the profit and loss account. Management uses all available
information to make these fair value determinations and, for
major business acquisitions, typically engages an independent
appraisal firm to assist in the fair value determination of the
acquired assets and liabilities.</p>

<p><b>Environmental liabilities<br>
</b>Together with other companies in the industries in which it
operates, Eni is subject to numerous EU, national, regional and
local environmental laws and regulations concerning its oil and
gas operations, production and other activities. They include
legislation that implements international conventions or
protocols. Environmental costs are recognized when it becomes
probable that a liability has been incurred and the amount can be
reasonably estimated.</p>

<p>Management, considering the actions already taken, insurance
policies to cover environmental risks and provision for risks
accrued, does not expect any material adverse effect on
Eni&#146;s consolidated results of operations and financial
position as a result of such laws and regulations. However, there
can be no assurance that there will not be a material adverse
impact on Eni&#146;s consolidated results of operations and
financial position due to: (i) the possibility of an unknown
contamination; (ii) the results of the ongoing surveys and other
possible effects of statements required by Decree No. 471/1999 of
the Ministry of Environment concerning the remediation of
contaminated sites; (iii) the possible effects of future
environmental legislations and rules; (iv) the effects of
possible technological changes relating to future remediation;
and (v) the possibility of litigation and the difficulty of
determining Eni&#146;s liability, if any, as against other
potentially responsible parties with respect to such litigations
and the possible insurance recoveries.</p>

<p><b>Employee benefits<br>
</b>Defined benefit plans and other long-term benefits are
evaluated with reference to uncertain events and based upon
actuarial assumptions including among others discount rates,
expected rates of return on plan assets, expected rates of salary
increases, medical cost trends, estimated retirement dates and
mortality rates. The significant assumptions used to account for
pensions and other post-retirement benefits are determined as
follows: (i) discount and inflation rates reflect the rates at
which benefits could be effectively settled, taking into account
the duration of the obligation. Indicators used in selecting the
discount rate include rates of annuity contracts and rates of
return on high quality fixed-income investments. The inflation
rates reflect market conditions observed country by country; (ii)
the future salary levels of the individual employees are
determined including an estimate of future changes attributed to
general price levels (consistent with inflation rate
assumptions), productivity, seniority and promotion; (iii)
healthcare cost trend assumptions reflect an estimate of the
actual future changes in the cost of the healthcare related
benefits provided to the plan participants and are based on past
and current healthcare cost trends including healthcare
inflation, changes in healthcare utilization and changes in
health status of the participants; (iv) demographic assumptions
such as mortality, disability and turnover reflect the best
estimate of these future events for individual employees
involved, based principally on available actuarial data; and (v)
determination of the expected rates of return on assets is made
through compound averaging. For each plan, the distribution of
investments among bonds, equities and cash and their specific
average expected rate of return is taken into account.
Differences between expected and actual costs and between the
expected return and the actual return on plan assets routinely
occur and are called actuarial gains and losses. Eni applies the
corridor method to amortize its actuarial losses and gains. This
method amortizes on a pro-rata basis the net cumulative
unrecognized actuarial gains and losses at the end of the
previous reporting period that exceed 10% of the greater of: (i)
the present value of the defined benefit obligation; and (ii) the
fair value of plan assets, over the average expected remaining
working lives of the employees participating in the plan.</p>

<p>Additionally, obligations for other long-term benefits are
determined by adopting actuarial assumptions. The effect of
changes in actuarial assumptions or a change in the
characteristics of the benefit are taken to profit or loss in
their entirety.</p>

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

<hr noshade>

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

<p><b>Contingencies<br>
</b>In addition to accruing the estimated costs for environmental
liabilities, asset retirement obligation and employee benefits,
Eni accrues for all contingencies that are both probable and
estimable. These other contingencies are primarily related to
litigation and tax issues. Determining appropriate amounts for
accrual is a complex estimation process that includes subjective
judgments.</p>

<p><b>Revenue recognition in the Engineering &amp; Construction
segment<br>
</b>Revenue recognition in the Engineering &amp; Construction
segment is based on the stage of completion of a contract as
measured on the cost-to-cost basis applied to contractual
revenues. Use of the stage of completion method requires
estimates of future gross profit on a contract by contract basis.
The future gross profit represents the profit remaining after
deducting costs attributable to the contract from revenues
provided for in the contract. The estimate of future gross profit
is based on a complex estimation process that includes
identification of risks related to the geographical region,
market conditions in that region and any assessment that is
necessary to estimate with sufficient precision the total future
costs as well as the expected timetable. Requests of additional
income, deriving from a change in the scope of work, are included
in the total amount of revenues when it is probable that the
customer will approve the variation and the related amount.
Claims deriving from additional costs incurred for reasons
attributable to the client are included in the total amount of
revenues when it is probable that the counterparty will accept
them.</p>

<p>&nbsp;</p>

<p><font size="5"><b>Recent accounting principles</b></font></p>

<p><b>Accounting standards and interpretations issued by IASB
/IFRIC<br>
</b>IFRS 8 &quot;Operating Segments&quot; replaced IAS 14
&quot;Segment Reporting&quot;. IFRS 8 sets out requirements for
disclosure of information about the group segments that
management uses to make decisions about operating matters. The
identification of operating segments is based on internal reports
that are regularly reviewed by the chief operating decision maker
in order to allocate resources to the segments and assess their
performances. IFRS 8 comes into effect starting on January 1,
2009.</p>

<p>The revised IAS 1 &quot;Presentation of Financial
Statements&quot; requires, among other things, a statement of
comprehensive income that begins with the amount of net profit
for the year adjusted with all items of income and expenses
directly recognized in equity, but excluded from net income, in
accordance with IFRS. The revised standard comes into effect
starting on January 1, 2009.</p>

<p>The revised IAS 23 &quot;Borrowing Costs&quot; requires the
removal of the option of immediately recognizing as an expense
borrowing costs that are directly attributable to the
acquisition, construction or production of a qualifying asset
that take a substantial period of time to get ready for use or
sale. The company is required to capitalize such borrowing costs
as part of the cost of the asset. The revised standard comes into
effect starting on January 1, 2009.</p>

<p>The revised IFRS 2 &quot;Share-based payment&quot; specifies
the accounting treatment of all cancellations of a grant of
equity instruments to employees. It also imposes that vesting
conditions are only service and performance conditions required
in return for the equity instruments issued. The revised standard
comes into effect starting on January 1, 2009.</p>

<p>IFRIC 13 &quot;Customer Loyalty Programmes&quot; addresses how
companies, which grant their customers loyalty, award credits
when buying goods or services, should account for their
obligation to provide free or discounted goods or services if and
when the customers redeem the credits. In particular IFRIC 13
requires companies to allocate some of the consideration received
from the sales transaction to the award credits and their
recognition at fair value. This interpretation came into effect
for annual periods beginning on or after July 1, 2008 (for Eni:
2009 financial statements).</p>

<p>Amendments to IAS 1 &quot;Presentation of Financial
Statements&quot; and to IAS 32 &quot;Financial Instruments:
Presentation&quot; define the conditions that the puttable
instruments issued by companies have to meet in order to be
classified as equity. Moreover it allowed the classification as
equity of instruments issued by the company that impose on the
company an obligation to deliver to another party a pro rata
share of the net assets of the entity only on liquidation. The
amendments to IAS 1 and IAS 32 come into effect starting on
January 1, 2009.</p>

<p>&quot;Improvements to IFRS&quot;, defined in the context of
the annual process of &quot;Improvements to IFRS&quot; regards
only changes to the existing standards with a technical and
editorial nature. The provisions come into effect starting on
January 1, 2009.</p>

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

<hr noshade>

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

<p>On January 10, 2008, IASB issued a revised IFRS 3
&quot;Business Combinations&quot; and an amended version of IAS
27 &quot;Consolidated and Separate Financial Statements&quot;.
The revisions to IFRS 3 require, among other things, (i) the
acquisition-related costs to be accounted for separately from the
business combination and then recognized as expenses rather than
included in goodwill, (ii) the recognition in the income
statement of any change to contingent consideration, and (iii)
the choice of the full goodwill method which means to treat the
full value of the goodwill of the business combination including
the share attributable to minority interest. In the case of step
acquisitions, the revisions also relate to the recognition in the
profit and loss account of the difference between the fair value
at the acquisition date of the net assets previously held and
their carrying amounts.</p>

<p>The amendments of IAS 27 require, among other things, that
acquisitions or disposals of non-controlling interests in a
subsidiary that do not result in the loss of control, shall be
accounted for as equity transactions. By contrast, disposal of
any interests that the parent retains in a former subsidiary may
result in a loss of control. In this case, at the date when
control is lost the remaining investment retained is
increased/decreased to fair value with gains or losses arising
from the difference between the fair value and carrying amount of
the held investment recognized in the profit or loss account. The
revised Standards shall be applied for annual periods beginning
on or after July 1, 2009 (for Eni: 2010 financial statements).</p>

<p>On July 3, 2008, IFRIC issued IFRIC 16 &quot;Hedges of a Net
Investment in a Foreign Operation&quot; which defines the
criteria for recognition and evaluation of hedges of a net
investment in a foreign operation. In particular the
interpretation defines, among other things, that the object of
the hedge is the exchange differences between the functional
currency of the foreign operation and the parent&#146;s
functional currency and that the hedge instrument can be held by
any Group company with the exception of the hedged foreign
operation. This interpretation shall be applied for annual
periods beginning on or after October 1, 2008 (for Eni: 2009
financial statements).</p>

<p>On November 27, 2008, IFRIC issued IFRIC 17
&quot;Distributions of Non-cash Assets to Owner&quot; which
defines the criteria of recognition and evaluation of the
distributions of assets other than cash when it pays dividends to
its owner. It also applies in those situations in which an entity
gives its owner a choice of receiving either non-cash assets or a
cash alternative. In particular, an entity shall measure a
liability to distribute non-cash assets as dividends to its
owners at the fair value of the assets to be distributed. The
liability, with any adjustments, is recognized as a contra to
equity. When the entity settles the dividend payable, the
difference, if any, between the carrying amount of the assets
distributed and the fair value of the dividend payable is taken
to profit or loss. This interpretation shall be applied for
annual periods beginning on or after July 1, 2009 (for Eni: 2010
financial statements).</p>

<p>On January 29, 2008, IFRIC issued IFRIC 18 &quot;Transfers of
Assets from customers&quot; which defines the criteria of
recognition and evaluation of transfers of items of property,
plant and equipment by service providers that receive such
transfers from their customers. The interpretation is also
applied in the cases in which the entity receives cash from a
customer that must be used only to connect the customer to a
network. When the definition of an asset is met, the asset is
recognized at its fair value. When the connection is realized,
the entity shall recognize the revenue for a period generally
determined by the terms of the arrangement with the customer or,
if the arrangement does not specify a term, over a period
corresponding to the lower of the length of the supply and the
useful life of the asset used to provide the ongoing service.
This interpretation shall be applied for annual periods beginning
on or after July 1, 2009 (for Eni: 2010 financial statements).</p>

<p>Eni is currently reviewing these new IFRS and interpretations
to determine the likely impact on the Group&#146;s results.</p>

<p>&nbsp;</p>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="f25">Table of Contents</a></h5>

<p align="left"><font size="5"><strong>Notes to the Consolidated
Financial Statements</strong></font><br>
<br>
<font size="5"><strong>Current assets</strong></font><font
size="4"><br>
</font><br>
<font size="4"><strong>1 Cash and cash equivalents</strong><br>
</font>Cash and cash equivalents of euro 1,939 million (euro
2,114 million at December 31, 2007) included financing
receivables originally due within 90 days for euro 616 million
(euro 415 million at December 31, 2007). The latter were related
to amounts on deposit with financial institutions accessible only
on a 48-hour notice.</p>

<p align="left"><br>
<font size="4"><strong>2 Other financial assets held for trading
or available for sale<br>
</strong></font>Other financial assets held for trading or
available for sale are set out below:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Investments</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>2,476</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>2,741</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Securities
        held for operating purposes</b></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>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Listed Italian treasury bonds</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">229</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">257</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Listed
        securities issued by Italian and foreign financial
        institutions</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">27</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">45</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Non-quoted securities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">8</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>259</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>310</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Securities held for non-operating purposes</b></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>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Listed
        Italian treasury bonds</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">168</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">109</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Listed securities issued by Italian and foreign
        financial institutions</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">67</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Non-quoted
        securities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">9</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>174</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>185</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Total
        other securities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>433</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>495</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>2,909</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>3,236</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>Equity instruments of euro 2,741 million (U.S. $3,815 million
at December 31, 2008 exchange rate) comprised the carrying amount
of a 20% interest in OAO Gazprom Neft acquired on April 4, 2007
following finalization of a bid within the Yukos liquidation
procedure. This entity is currently listed at the London Stock
Exchange where approximately 5% of the share capital is traded,
while Gazprom currently holds a 75% stake. This accounting
classification reflects the circumstance that Eni granted to
Gazprom a call option on the entire 20% interest to be
exercisable by Gazprom within 24 months from the acquisition
date, at a price of U.S. $3.7 billion equaling the bid price,
adjusted by subtracting dividends distributed and adding possible
share capital increases, a contractual remuneration of 9.4% on
the capital employed and related financing expenses.</p>

<p>The existing shareholder agreements establish that the
governance of the investee will be modified to allow Eni to
exercise significant influence through participation in the
financial and operating policy decisions of the investee in the
case that Gazprom does not exercise its call option. The carrying
amount of the interest equals the strike price of the call option
as of December 31, 2008. Eni decided not to adjust the carrying
amount of the interest to the market prices at the balance sheet
date resulting in U.S. $1,961 million for the following reasons:
(i) if Gazprom decides to exercise the call option, the strike
price will be equal to the current carrying amount; (ii) if
Gazprom decides not to exercise the call option, Eni will be
granted significant influence in the decision-making process of
the investee and consequently will be in a position to account
for the investee in accordance with the equity method of
accounting provided by IAS 28 for interests in associates. Under
the equity method, Eni is required to allocate the purchase price
to the corresponding interest in net equity and the residual
amount to fair values of the investee&#146;s assets and
liabilities. Subsequently, the carrying amount is adjusted to
reflect Eni&#146;s share of losses and profits of the investee.
Based on available information and the outcome of an impairment
test performed also with the support of an independent
consultant, the equity method assessment would result in an
amount not lower than the current carrying amount of the
interest.</p>

<p>Other securities of euro 495 million (euro 433 million at
December 31, 2007) were available-for-sale securities. At
December 31, 2007 and December 31, 2008, Eni did not own
financial assets held for trading.</p>

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

<hr noshade>

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

<p>The effects of the valuation at fair value of securities are
set out below:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>Value at </strong><b><br>
        Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp; </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>Changes recognized in
        the reserves of shareholders' equity</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp; </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>Value at </strong><b><br>
        Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
bordercolor="#000000">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"
        height="16"><font size="2">Fair value</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="2">Deferred tax liabilities</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><p
        align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="8%" height="16"><p
        align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" height="16"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"
        height="16"><font size="2"><b>Other reserves of
        shareholders&#146; equity</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b>2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b>2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2"><b>4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Securities held for operating purposes of euro 310 million
(euro 259 million at December 31, 2007) were designed to provide
coverage of technical reserves of Group&#146;s insurance company
Eni Insurance Ltd for euro 302 million (euro 256 million at
December 31, 2007).</p>

<p>The fair value of securities was determined by reference to
quoted market prices.</p>

<p align="left"><font size="4"><strong><br>
3 Trade and other receivables</strong></font><br>
Trade and other receivables were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Trade receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">15,609</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">16,444</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Financing
        receivables:</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- for operating purposes - short-term</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">357</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">402</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- for
        operating purposes - current portion of long-term
        receivables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">27</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">85</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- for non-operating purposes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">990</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">337</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,374</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>824</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other receivables:</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- from
        disposals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">125</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">149</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3,568</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">4,805</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>3,693</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>4,954</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>20,676</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>22,222</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Receivables are stated net of the allowance for
impairment losses of euro 1,251 million (euro 935 million at
December 31, 2007):</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at </strong><b><br>
        Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Additions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Deductions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Other changes</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at <br>
        </strong><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Trade receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">595</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">251</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>747</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Financing
        receivables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">19</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Other receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">340</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">137</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">485</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>935</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>402</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(62</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(24</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,251</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">The increase in trade receivables of euro 835
million was primarily related to the Gas &amp; Power segment
(euro 1,987 million), the Engineering &amp; Construction segment
(euro 513 million). These increases were partially offset by the
decrease related to the Refining &amp; Marketing segment (euro
1,036 million), Petrochemicals (euro 459 million) and Exploration
&amp; Production segment (euro 115 million).</p>

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

<hr noshade>

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

<p>Trade and other receivables were as follows: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="29%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1">&nbsp; </font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Trade receivables</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp; </font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Other receivables</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp; </font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Neither impaired nor past due</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12,611</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,395</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16,006</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Impaired
        (net of the valuation allowance)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,242</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">88</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,330</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Not impaired and past due in the following
        periods:</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 valign="bottom" width="70%"><font size="2">- within
        90 days</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,812</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">502</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2,314</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- 3 to 6 months</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">231</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">68</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">299</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">- 6 to 12
        months</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">248</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">294</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">542</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- over 12 months</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">300</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">607</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">907</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>2,591</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>1,471</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>4,062</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>16,444</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,954</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>21,398</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Trade receivables not impaired and past due primarily referred
to high-credit-quality public administrations and other
highly-reliable counterparties for oil, natural gas and chemical
products supplies.</p>

<p>Allowances for impairment losses of traded receivables of euro
251 million (euro 98 million in 2007) primarily referred to
Refining &amp; Marketing segment (euro 72 million), Gas &amp;
Power segment (euro 65 million), Petrochemicals (euro 60 million)
and Syndial SpA (euro 27 million). In comparison with 2007 the
amount of the allowance is more than double as a consequence of
the larger number of clients in financial difficulties after the
worsening of general economic conditions over the last part of
the year.</p>

<p>Allowances for impairment losses of other receivables of euro
137 million (euro 109 million in 2007) primarily referred to the
Exploration &amp; Production segment (euro 135 million) due
primarily to impairment of certain receivables associated with
cost recovery with respect to local state-owned co-venturers
based on underlying petroleum agreements and modifications of the
Company&#146;s interest in certain joint ventures.</p>

<p>Trade receivables included guarantees for work in progress for
euro 213 million (euro 156 million at December 2007).</p>

<p>Other receivables for euro 227 million associated with cost
recovery in the Exploration &amp; Production segment are
currently undergoing arbitration procedure. No impairment loss
has been recognized as the Company and the third party are in the
process of defining a transaction on amicable terms.</p>

<p>Receivables for financing operating activities of euro 487
million (euro 384 million at December 31, 2007) included euro 399
million due from not consolidated subsidiaries, joint ventures
and associates (euro 246 million at December 31, 2007) and euro
47 million cash deposit to provide coverage of Eni Insurance Ltd
technical reserves (euro 112 million at December 31, 2007).
Receivables for financing non-operating activities amounted to
euro 337 million (euro 990 million at December 31, 2007) of which
euro 173 million related to the current portion of a restricted
deposit held by Eni Lasmo Plc as a guarantee of a debenture and
euro 88 million related to deposit of Eni Insurance Ltd. The
decrease of euro 653 million related for euro 898 million to the
discharge of a collateral cash deposit made by Eni SpA to
guarantee certain cash flow hedging derivatives.</p>

<p>Other receivables were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Accounts receivable from:</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- joint
        venture operators in exploration and production</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,699</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2,242</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- Italian government entities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">386</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">378</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        insurance companies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">253</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">146</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>2,338</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>2,766</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Prepayments
        for services</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">194</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">857</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Receivables relating to factoring operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">182</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">171</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        receivables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">979</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,160</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>3,693</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>4,954</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

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

<hr noshade>

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

<p>Receivables deriving from factoring operations of euro 171
million (euro 182 million at December 31, 2007) were related to
Serfactoring SpA and consisted primarily of advances for
factoring operations with recourse and receivables for factoring
operations without recourse.</p>

<p>Receivables with related parties are described in Note 37 -
Transactions with related parties.</p>

<p>Because of the short-term maturity of trade receivables, the
fair value approximated their carrying amount.</p>

<p><br>
<font size="4"><strong>4 Inventories</strong></font><br>
Inventories were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="34%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="34%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%"><p align="left"><font
        size="1">(euro million)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Crude oil, gas and petroleum products</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Chemical products</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Work in progress</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Other</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Total</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Crude oil, gas and petroleum products</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Chemical products</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Work in progress</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Other</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><p align="center"><font
        size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td 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="30%" bgcolor="#EEEEEE"><font
        size="2">Raw and auxiliary materials and consumables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">861</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">299</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">809</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,969</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">466</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">263</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,155</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,884</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Products
        being processed and semi finished products</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">74</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">15</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">116</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">48</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">68</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Work in progress</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">553</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">553</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">953</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">953</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Finished
        products and goods</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,962</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">703</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">2,682</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">2,528</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">557</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">92</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">3,177</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Advances</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">179</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">179</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>2,897</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>1,029</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>732</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>841</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>5,499</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>3,042</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>837</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>953</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>1,250</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>6,082</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="6%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Inventories increased by euro 583 million primarily due to:
(i) an increase in the trade value of the inventories in the Gas
&amp; Power segment reflecting favorable trends in the gas price
formulas (euro 661 million); and (ii) inclusion in consolidation
of Distrigas NV (euro 322 million). Those increases were
partially offset by a decrease of euro 718 million in the trade
value of crude oil and petroleum products inventories in the
Refining &amp; Marketing segment primarily due to the impact of
falling oil and petroleum product prices resulting in the
recognition of a provision to write inventories down to their net
realizable value at the year end. </p>

<p>Contract work in progress for euro 953 million (euro 553
million at December 31, 2007) are net of prepayments for euro 274
million (euro 577 million at December 31, 2007) within the limits
of contractual considerations.</p>

<p>Inventories are stated net of the valuation allowance of euro
697 million (euro 75 million at December 31, 2007):</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at </strong><b><br>
        Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Additions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Deductions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Other changes</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at </strong><b><br>
        Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="51%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>75</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">628</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>697</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>The additions of euro 628 million (euro 9 million in 2007)
primarily related to the Refining &amp; Marketing segment (euro
402 million) and to Petrochemicals (euro 215 million) as a
consequence of the alignment of the inventories to their net
realizable values at the closing date.</p>

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

<hr noshade>

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

<p><font size="4"><strong>5 Current tax assets</strong></font><br>
Current tax assets were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Italian subsidiaries</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">634</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">53</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Foreign
        subsidiaries</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">69</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">117</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>703</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>170</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>The euro 533 million decrease in the current income tax assets
primarily referred to Eni SpA which has used the tax receivables
to offset the tax payables for 2008 year (euro 554 million).</p>

<p align="left"><br>
<font size="4"><strong>6 Other current tax assets</strong></font><br>
Other current tax assets were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">VAT</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">376</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">623</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Excise and
        customs duties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">316</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">167</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other taxes and duties</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">141</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">340</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>833</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,130</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="left"><br>
<br>
<font size="4"><strong>7 Other current assets</strong></font><br>
Other current assets were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Fair value of non-hedging derivatives</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">629</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,608</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Fair value
        of cash flow hedge derivatives</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">10</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">474</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">441</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">267</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,080</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>2,349</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="center">F-29</p>

<hr noshade>

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

<p align="left">The fair value of derivative contracts which do
not meet the criteria to be classified as hedges under IFRS was
as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="29%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="29%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Fair value</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Purchase commitments</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Sale<br>
        commitments</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Fair value</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Purchase commitments</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Sale<br>
        commitments</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Non-hedging derivatives on exchange rate</b></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>
        <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 valign="bottom" width="40%"><font size="2">Interest
        currency swap</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">170</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">821</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">291</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">141</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">403</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">200</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Currency swap</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">69</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,596</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,881</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">202</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,654</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,712</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">314</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">111</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,202</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>242</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,435</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,183</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>657</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,168</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,114</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>Non-hedging
        derivatives on interest rate</b></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>
        <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%" bgcolor="#EEEEEE"><font
        size="2">Interest rate swap</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">91</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">248</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,466</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">29</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">217</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">703</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Other</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>
        <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%"><p
        align="right"><font size="2">4</font></p>
        </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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>91</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>248</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,466</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>29</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>221</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>703</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>Non-hedging
        derivatives on commodities</b></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>
        <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%" bgcolor="#EEEEEE"><font
        size="2">Over the counter</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">75</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">864</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,270</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,709</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">284</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,218</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">58</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">65</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">53</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>296</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>77</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,240</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>922</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,335</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,762</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>629</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>2,760</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>7,889</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>1,608</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>4,724</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>6,579</b></font></p>
        </td>
    </tr>
</table>

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

<p>Fair value of the derivative contracts is determined using
market quotations provided by the primary info-provider, or in
the absence of market information, appropriate valuation methods
used in the marketplace.</p>

<p>The increase in the fair value of the non-hedging derivatives
of euro 979 million referred to the fair value of the derivatives
deriving from the consolidation of Distrigas NV after the
acquisition of control by the Gas &amp; Power segment (euro 637
million).</p>

<p>Fair value of the cash flow hedges of euro 474 million
referred to Distrigas NV (euro 293 million) and to Exploration
&amp; Production segment (euro 181 million). The Distrigas NV
derivatives were designated to hedge surpluses or deficits of gas
to achieve a proper balance in the gas portfolio and
sales/purchases of amounts of gas and oil products at fixed
price. Fair value related to the Exploration &amp; Production
segment referred to the fair value of the future sale agreements
of the proved oil reserves with a deadline by 2009. Those
derivatives were entered into to hedge exposure to variability in
future cash flows deriving from the sale in the 2008-2011 period
of approximately 2% of Eni&#146;s proved reserves as of December
31, 2006 corresponding to 125.7 mmBBL, decreasing to 79.7 mmBOE
as of the end of December 2008 due to transactions settled in the
year. These hedging transactions were undertaken in connection
with acquisitions of oil and gas assets in the Gulf of Mexico and
Congo that were executed in 2007.</p>

<p align="left">Fair value of contracts expiring by 2009 is given
in Note 20 - Other current liabilities; fair value of contracts
expiring beyond 2009 is given in Note 15 - Other non-current
receivables and in Note 25 - Other non-current liabilities. The
effects of the evaluation at fair value of cash flow hedge
derivatives are given in the Note 27 - Shareholders&#146; equity
and in the Note 32 - Finance income (expense).</p>

<p align="left">The nominal value of cash flow hedge derivatives
referred to purchase and sale commitments for euro 1,069 million
and euro 3,130 million. Information on the hedged risks and the
hedging policies is given in Note 29 - Guarantees, commitments
and risks.</p>

<p align="left">Other assets amounted to euro 267 million (euro
441 million at December 31, 2007) and included prepayments and
accrued income for euro 63 million (euro 297 million at December
31, 2007), rentals for euro 31 million (euro 21 million at
December 31, 2007), and insurance premiums for euro 11 million
(euro 10 million at December 31, 2007).</p>

<p align="center">F-30</p>

<hr noshade>

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

<p align="left"><font size="4"><strong>Non-current assets</strong></font><br>
<br>
<font size="4"><strong>8 Property, plant and equipment</strong></font><br>
Analysis of tangible assets is set out below:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Net value at the beginning of the year</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Investments</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Depreciation</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Impairments</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Change in the scope of consolidation</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Currency translation differences</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Other changes</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Net value at the end of the year</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Gross value at the end of the year</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Provisions for amortization and
        impairments</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="20%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2"><b>Dec. 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Land</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">442</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">123</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">597</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">627</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">30</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Buildings</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,406</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="6%"
        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="6%"
        bgcolor="#EEEEEE"><font size="2">(98</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="6%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">115</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(152</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="6%"
        bgcolor="#EEEEEE"><font size="2">1,339</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">3,123</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,784</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Plant and
        machinery</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">32,494</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">1,774</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(4,642</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="6%"><font
        size="2">(37</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="6%"><font
        size="2">31</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(1.530</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="6%"><font
        size="2">4.885</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">32,975</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">78,030</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">45,055</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Industrial and commercial equipment</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">230</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">163</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(112</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="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">40</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE"><font size="2">351</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,434</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,083</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Other
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">328</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">86</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(83</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="6%"><font
        size="2">(3</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="6%"><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="6%"><font
        size="2">(11</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="6%"><font
        size="2">23</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">341</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">1,361</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">1,020</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Tangible assets in progress and advances</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">6,229</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">6,263</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(97</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="6%"
        bgcolor="#EEEEEE"><font size="2">235</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(648</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="6%"
        bgcolor="#EEEEEE"><font size="2">(666</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="6%"
        bgcolor="#EEEEEE"><font size="2">11,316</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">11,969</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">653</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>41,129</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>8,364</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>(4,935</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>450</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>(2,200</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>4,251</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>46,919</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>96,544</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>49,625</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#D2D2D2"><font
        size="2"><b>Dec. 31, 2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Land</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">597</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">27</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">625</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">655</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">30</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#D2D2D2"><font
        size="2">Buildings</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,339</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">101</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(105</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(29</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(122</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">7</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(341</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">850</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">3,055</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">2,205</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Plant and machinery</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">32,975</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">3,486</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(5,648</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="6%"
        bgcolor="#EEEEEE"><font size="2">(652</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="6%"
        bgcolor="#EEEEEE"><font size="2">1.299</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">123</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">4,535</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">36,118</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">86,714</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">50,596</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#D2D2D2"><font
        size="2">Industrial and commercial equipment</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">351</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">180</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(158</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(3</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">230</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">601</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,722</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,121</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Other assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">341</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">124</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(83</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="6%"
        bgcolor="#EEEEEE"><font size="2">(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 align="right" valign="bottom" width="6%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        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="6%"
        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="6%"
        bgcolor="#EEEEEE"><font size="2">377</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,563</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,186</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#D2D2D2"><font
        size="2">Tangible assets in progress and advances</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">11,316</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">8,183</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(653</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">2.344</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">414</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(4,342</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">17,262</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">18,481</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,219</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>46,919</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>12,082</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(5,994</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,343</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>3.501</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>550</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>118</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>55,833</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>112,190</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>56,357</b></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="19%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Capital expenditures of euro 12,082 million (euro 8,364
million at December 31, 2007) primarily related to the
Exploration &amp; Production segment (euro 7,611 million), the
Engineering &amp; Construction segment (euro 2,015 million), the
Gas &amp; Power segment (euro 1,318 million) and the Refining
&amp; Marketing segment (euro 941 million). Capital expenditures
included capitalized finance expenses of euro 236 million (euro
180 million at December 31, 2007) essentially related to the
Exploration &amp; Production segment (euro 109 million), the
Refining &amp; Marketing segment (euro 44 million) and the Gas
&amp; Power segment (euro 42 million). The interest rate used for
the capitalization of finance expense ranged from 3.5% to 5.1%
(4.4% and 5.2% at December 31, 2007).</p>

<p>The depreciation rates used were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td bgcolor="#EEEEEE"><font size="1">(%)</font></td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#FFFFFF"
        height="16"><font size="2">Buildings</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="35%"
        bgcolor="#FFFFFF" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="16">&nbsp;</td>
        <td valign="bottom" width="4%" bgcolor="#FFFFFF"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#FFFFFF" height="16"><p align="right"><font
        size="2">2</font></p>
        </td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#FFFFFF" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#FFFFFF" height="16"><p align="right"><font
        size="2">-</font></p>
        </td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#FFFFFF" height="16"><p align="right"><font
        size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"
        height="16"><font size="2">Plant and machinery</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="35%"
        bgcolor="#EEEEEE" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="4%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">2</font></p>
        </td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">-</font></p>
        </td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" height="16"><font
        size="2">Industrial and commercial equipment</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="35%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="4%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="3%" height="16"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td align="right" valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="1%" height="16"><p
        align="right"><font size="2">-</font></p>
        </td>
        <td align="right" valign="bottom" width="3%" height="16"><p
        align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"
        height="16"><font size="2">Other assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="35%"
        bgcolor="#EEEEEE" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="4%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">6</font></p>
        </td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">-</font></p>
        </td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
    </tr>
</table>

<p align="center">F-31</p>

<hr noshade>

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

<p>The break-down by segment of impairments amounting to euro
1,343 million (euro 140 at December 31, 2007) and the associated
tax effect is provided below:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Impairment</b></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>
    </tr>
    <tr>
        <td valign="bottom" width="80%" 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="9%"
        bgcolor="#EEEEEE"><font size="2">86</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">765</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Refining
        &amp; Marketing</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">52</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">292</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</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"><font size="2">279</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        segments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">7</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>140</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>1,343</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Fiscal
        effect</b></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>
    </tr>
    <tr>
        <td valign="bottom" width="80%" 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="9%"
        bgcolor="#EEEEEE"><font size="2">30</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">213</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Refining
        &amp; Marketing</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">19</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">108</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</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"><font size="2">88</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        segments</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">2</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>49</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>411</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Impairment
        net of the relevant fiscal effect</b></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>
    </tr>
    <tr>
        <td valign="bottom" width="80%" 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="9%"
        bgcolor="#EEEEEE"><font size="2">56</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">552</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Refining
        &amp; Marketing</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">33</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">184</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</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"><font size="2">191</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        segments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">5</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>91</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>932</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>In assessing whether impairment is required, the carrying
value of the asset is compared with its recoverable amount. The
recoverable amount is the higher of the asset&#146;s fair value
less costs to sell and value in use. Given the nature of
Eni&#146;s activities, information on the fair value of an asset
is usually difficult to obtain unless negotiations with potential
purchasers are taking place. Consequently the recoverable amount
used in assessing the impairment charges described below is value
in use. Value in use is calculated by discounting the estimated
cash flows determined on the basis of the best information
available at the moment of the assessment deriving from: (i) the
Company&#146;s four-year plan approved by the top management
which provides information on expected oil and gas production,
sales volumes, capital expenditures, operating costs and margins
and industrial and marketing set-up, as well as trends in the
main monetary variables, including inflation, nominal interest
rates and exchange rates. For the subsequent years beyond the
plan horizon, a real growth rate ranging from 0% to 2% has been
used; (ii) the commodity prices have been assessed based on the
forward prices prevailing in the market place as of the balance
sheet date for the first four years of the cash flow projections
and the long-term price assumptions adopted by the Company&#146;s
management for strategic planning purposes for the following
years (see &quot;Basis of presentation&quot;).</p>

<p>Post-tax cash flows are discounted at the rate which
corresponds for the Exploration &amp; Production, Refining
&amp;&nbsp;Marketing and Petrochemicals segments to the
Company&#146;s weighted average cost of capital, adjusted to
consider the risks specific to each country of activity. The
post-tax WACC used for impairment purposes has ranged from 8.5%
to 12.5%. Post-tax cash flows and discount rates have been
adopted as they result in an assessment that is substantially
equal to a pre-tax assessment.</p>

<p>In the Exploration &amp; Production segment the main
impairments were associated to proved and unproved properties in
Turkmenistan, Iran and Gulf of Mexico as a consequence of changes
in the regulatory and contractual framework, cost increases, as
well as a changed pricing environment.</p>

<p>In the Refining &amp; Marketing segment the main impairments
referred to: (i) refining plants due to a worsening pricing
environment and specific plant factors (low complexity and high
fixed operating costs); and (ii) the motorway retail network of
service stations due to a worsening pricing environment, lower
forecast volumes, increased motorway royalties and the
commitments with the grantor to execute certain capital
expenditures that bear no return.</p>

<p>In Petrochemicals the main impairments referred to: (i)
aromatic plants of the Sicilian industrial base and of Porto
Marghera due to lower expected profitability associated with a
worsening margin environment; (ii) styrene plants of Mantova due
to the structural drop of the demand by the users of polystyrene;
and (iii) polyethylene plants of the Sicilian industrial base due
to the low competitiveness of the product, to the drop of the
demand and the competitive pressure.</p>

<p>Changes in the consolidation area of euro 3,501 million (euro
450 million at December 31, 2007) referred to the acquisition of
control by the Exploration &amp; Production segment of Burren
Energy Plc (euro 2,543 million), First </p>

<p align="center">F-32</p>

<hr noshade>

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

<p>Petroleums Ltd (euro 757 million), Hindustan Oil Exploration
Co (euro 199 million) and Eni Hewett Ltd (euro 118 million), the
acquisition of control by the Gas &amp; Power segment of
Distrigas NV (euro 30 million) and the sale by Refining &amp;
Marketing of Agip Espa&#241;a SA (euro 146 million). More information
on acquisitions is included in the Note 28 - Other information.</p>

<p>Foreign currency translation differences of euro 550 million
were primarily related to translation of entities accounts
denominated in U.S. dollar (euro 1,374 million). This effect was
partially offset by translation of entities accounts denominated
in Norwegian krones (euro 433 million) and British pounds (euro
308 million).</p>

<p>Other changes in the net book value of tangible assets (euro
118 million) referred to the initial recognition and change in
the estimated amount of the costs for the dismantling and
restoration of sites referring to the Exploration &amp;
Production segment (euro 620 million). This effect was partially
offset by asset disposals for euro 318 million, of which euro 248
million related to oil and gas assets of the Exploration &amp;
Production segment.</p>

<p>The accumulated impairments amounted to euro 3,328 million and
euro 4,692 million at December 31, 2007 and 2008, respectively.</p>

<p>At December 31, 2008, Eni pledged property, plant and
equipment for euro 27 million primarily as collateral against
certain borrowings (euro 52 million at December 31, 2007).</p>

<p>Government grants recorded as a decrease of property, plant
and equipment amounted to euro 651 million (euro 682 million at
December 31, 2007).</p>

<p>Assets acquired under financial lease agreements amounted to
euro 163 million, of which euro 127 million related to a drilling
platform by the Engineering &amp; Construction segment, euro 25
million related to FPSO ships used by the Exploration &amp;
Production segment to support oil production and treatment
activities and euro 11 million related to service stations in the
Refining &amp; Marketing segment.</p>

<p>Contractual commitments related to the purchase of property,
plant and equipment are included in Note 29 - Guarantees,
commitments and risks - Liquidity risk.</p>

<p>Property, plant and equipment under concession arrangements
are described in Note 29 - Guarantees, commitments and risks -
Assets under concession arrangements.</p>

<p align="center">F-33</p>

<hr noshade>

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

<p align="left"><strong>Property, plant and equipment by segment</strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Property, plant and equipment, gross</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Exploration
        &amp; Production</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">54,284</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">66,023</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Gas &amp; Power</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">17,438</font></td>
        <td valign="bottom" 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">18,944</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Refining
        &amp; Marketing</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">12,421</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">12,899</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,918</font></td>
        <td valign="bottom" 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">5,036</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Engineering
        &amp; Construction</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5,823</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">7,702</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,543</font></td>
        <td valign="bottom" 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">1,550</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Corporate
        and financial companies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">344</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">391</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Elimination of intra-group profits</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(227</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">(355</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>96,544</b></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"><b>112,190</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Accumulated depreciation, amortization and
        impairment losses</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Exploration
        &amp; Production</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">27,806</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">32,811</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Gas &amp; Power</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,179</font></td>
        <td valign="bottom" 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">6,863</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Refining
        &amp; Marketing</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">7,926</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">8,403</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3,819</font></td>
        <td valign="bottom" 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">4,124</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Engineering
        &amp; Construction</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,310</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">2,548</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,461</font></td>
        <td valign="bottom" 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">1,467</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Corporate
        and financial companies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">148</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">179</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Elimination of intra-group profits</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(38</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>49,625</b></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"><b>56,357</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Property, plant and equipment, net</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Exploration
        &amp; Production</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">26,478</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">33,212</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Gas &amp; Power</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">11,259</font></td>
        <td valign="bottom" 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">12,081</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Refining
        &amp; Marketing</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,495</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">4,496</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Petrochemicals</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,099</font></td>
        <td valign="bottom" 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">912</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Engineering
        &amp; Construction</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3,513</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">5,154</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other activities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">82</font></td>
        <td valign="bottom" 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">83</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Corporate
        and financial companies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">196</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">212</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Elimination of intra-group profits</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(203</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">(317</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>46,919</b></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"><b>55,833</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<p><font size="4"><strong>9 Other assets</strong><br>
</font>The carrying amount of the expropriated Daci&#243;n assets
(euro 563 million at December 31, 2007) have been reclassified in
the item &quot;Other non-current receivables&quot; following the
settlement agreement with the Republic of Venezuela. Under the
terms of this agreement, Eni will receive cash compensation, a
part of which has been already collected in the year, to be paid
in seven yearly installments, yielding interest income from the
date of the settlement. The net present value of this cash
compensation is in line with the book value of assets, net of the
related provisions.</p>

<p><br>
<font size="4"><strong>10 Inventory - compulsory stock</strong></font><br>
Inventory - compulsory stock was as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Crude oil and petroleum products</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">2,015</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,040</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Natural
        gas</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">156</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">156</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>2,171</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>1,196</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="center">F-34</p>

<hr noshade>

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

<p>Compulsory stock was primarily held by Italian companies (euro
2,008 million and euro 1,184 million at December 31, 2007 and
2008, respectively) in accordance with minimum stock requirements
set forth by applicable laws. The decrease of euro 975 million in
crude oil and petroleum products is primarily due to the
impairment for alignment of the inventories to the net realizable
values recognized at year end (euro 724 million).</p>

<p><br>
<font size="4"><strong>11 Intangible assets</strong></font><br>
Intangible assets were as follows: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Net value at the beginning of the year</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Investments</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Amortization</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><b>Changes in the scope of consolidation</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Other changes</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Net value at the end of the year</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Gross value at the end of the year</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Provisions for amortization<br>
        and writedowns</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Dec. 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2"><b>Intangible
        assets with finite useful lives</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Exploration expenditures</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">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="7%"
        bgcolor="#EEEEEE"><font size="2">1,682</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">(1,812</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="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">470</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">749</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,509</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">760</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Industrial
        patents and intellectualproperty rights</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">112</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">40</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">(81</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="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">77</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">148</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,179</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,031</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Concessions, licenses, trademarksand similar
        items</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">856</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        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="7%"
        bgcolor="#EEEEEE"><font size="2">(83</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="7%"
        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="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">786</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">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="7%"
        bgcolor="#EEEEEE"><font size="2">1,663</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Service
        concession arrangements</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">3,183</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">168</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">(96</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="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">(37</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="7%"><font
        size="2">3,218</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">5,699</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">2,481</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Intangible assets in progressand advances</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">151</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">312</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">(86</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="7%"
        bgcolor="#EEEEEE"><font size="2">377</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">381</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Other
        intangible assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">141</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">15</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">(24</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="7%"><font
        size="2">36</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">(10</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="7%"><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="7%"><font
        size="2">572</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">414</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>4,852</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>2,229</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>(2,096</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>37</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>414</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>5,436</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>11,789</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>6,353</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2"><b>Intangible
        assets with indefinite useful lives</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Goodwill</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">2,084</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        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="7%"
        bgcolor="#EEEEEE"><font size="2">2,115</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>6,936</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>2,229</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>(2,096</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>37</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>445</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>7,551</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2"><b>Dec. 31, 2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Intangible assets with finite useful lives</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Exploration expenditures</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">749</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">1,907</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">(2,097</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">326</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">77</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">962</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">2,286</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">1,324</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Industrial patents and intellectual property
        rights</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">148</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">44</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">(85</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="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">42</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">149</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,203</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,054</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Concessions, licenses, trademarks and similar
        items</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">786</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">(93</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">(15</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">38</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">733</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">2,475</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">1,742</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Service concession arrangements</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">3,218</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">230</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">(109</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="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">(17</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="7%"
        bgcolor="#EEEEEE"><font size="2">3,322</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">5,837</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">2,515</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Intangible assets in progressand advances</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">377</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">264</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">(61</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">580</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">590</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">10</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Other intangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">158</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        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="7%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,600</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">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="7%"
        bgcolor="#EEEEEE"><font size="2">1,738</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">2,000</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">262</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>5,436</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>2,480</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>(2,436</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>1,911</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>93</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>7,484</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>14,391</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>6,907</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Intangible assetswith indefinite useful lives</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Goodwill</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">2,115</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">1,439</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">(1</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">3,553</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>7,551</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>2,480</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>(2,436</b></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="7%"
        bgcolor="#EEEEEE"><font size="2"><b>3,350</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>92</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>11,037</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</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="28%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>Exploration expenditures of euro 962 million related to
acquisition costs of unproved reserves other than probable and
possible resources included in business combinations and the
purchase of mineral rights. Main additions in the year included
exploration drilling expenditures which were fully amortized as
incurred for euro 1,715 million included within
&quot;investments&quot; (euro 1,610 million at December 31,
2007).</p>

<p>Concessions, licenses, trademarks and similar items for euro
733 million primarily comprised transmission rights for natural
gas imported from Algeria (euro 482 million) and concessions for
mineral exploration (euro 189 million).</p>

<p>Service concession arrangements primarily refer to the Italian
gas distribution activity (euro 3,111 million and euro 3,205
million at December 31, 2007 and 2008, respectively). Such
activity is conducted on the basis of concessions granted by
local public entities. At the expiry date of the concession,
compensation is paid, defined by using criteria of business
appraisal, to the outgoing operator following the sale of its own
gas distribution network. Service tariffs for distribution are
defined on the basis of a method established by the Authority for
Electricity and Gas. Legislative Decree No. 164/2000 provides the
grant of distribution service exclusively by tender, with a </p>

<p align="center">F-35</p>

<hr noshade>

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

<p>maximum length of 12 years. Government grants recorded as a
decrease in service concession arrangements amounted to euro 657
million (euro 513 million at December 31, 2007).</p>

<p>Other intangible assets with finite useful lives of euro 1,738
million primarily referred to: (i) customer relationship and
order backlog for euro 1,355 million recognized after the
acquisition of control of Distrigas NV. These assets are
amortized on the basis of the supply contract with the longest
term (19 years) and the residual useful life of the sale contract
(4 years); (ii) the development project of the gas storage
capacity recognized after the acquisition of control of Eni
Hewett Ltd (euro 208 million); (iii) royalties for the use of
licenses by Polimeri Europa SpA (euro 72 million); and (iv)
estimated costs for Eni&#146;s social responsibility projects in
relation to oil development programs in Val d&#146;Agri (euro 18
million) following commitments made with the Basilicata Region.</p>

<p>The depreciation rates used were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td bgcolor="#EEEEEE"><font size="1">(%)</font></td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
        <td bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#FFFFFF"
        height="16"><font size="2">Exploration expenditures</font></td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="35%"
        bgcolor="#FFFFFF" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="16">&nbsp;</td>
        <td valign="bottom" width="4%" bgcolor="#FFFFFF"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#FFFFFF" height="16"><p align="right"><font
        size="2">10</font></p>
        </td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#FFFFFF" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#FFFFFF" height="16"><p align="right"><font
        size="2">-</font></p>
        </td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#FFFFFF" height="16"><p align="right"><font
        size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#FFFFFF"
        height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"
        height="16"><font size="2">Industrial patents and
        intellectual property rights</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="35%"
        bgcolor="#EEEEEE" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="4%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">20</font></p>
        </td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">-</font></p>
        </td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" height="16"><font
        size="2">Concessions, licenses, trademarks and similar
        items</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="35%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="4%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="3%" height="16"><p
        align="right"><font size="2">7</font></p>
        </td>
        <td align="right" valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="1%" height="16"><p
        align="right"><font size="2">-</font></p>
        </td>
        <td align="right" valign="bottom" width="3%" height="16"><p
        align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"
        height="16"><font size="2">Service concession
        arrangements</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="35%"
        bgcolor="#EEEEEE" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td valign="bottom" width="4%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">2</font></p>
        </td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="1%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">-</font></p>
        </td>
        <td align="right" valign="bottom" width="3%"
        bgcolor="#EEEEEE" height="16"><p align="right"><font
        size="2">20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"
        height="16">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" height="16"><font
        size="2">Other intangible assets</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="35%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="4%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="3%" height="16"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td align="right" valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="right" valign="bottom" width="1%" height="16"><p
        align="right"><font size="2">-</font></p>
        </td>
        <td align="right" valign="bottom" width="3%" height="16"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
    </tr>
</table>

<p>Changes in the consolidation area related to the intangible
assets with a finite useful life of euro 1,911 million primarily
related to the acquisition of control by the Gas &amp; Power
segment on Distrigas NV for euro 1,395 million (customer
relationship for euro 1,216 million, order backlog for euro 165
million and software for euro 14 million), unproved reserves
other than probable and possible resources recognized after the
acquisition of control by the Exploration &amp; Production
segment on Burren Energy Plc for euro 326 million and the
development project of the gas storage capacity recognized after
the acquisition of control of Eni Hewett Ltd (euro 208 million).</p>

<p>Change in the consolidation area related to the intangible
assets with an indefinite useful life (goodwill) of euro 1,439
million primarily refers to the acquisition of control by the Gas
&amp; Power segment on Distrigas NV (euro 1,245 million), the
acquisition of control by the Exploration &amp; Production
segment on Burren Energy Plc (euro 89 million), on First Calgary
Petroleums Ltd (euro 88 million) and on Eni Hewett (euro 39
million).</p>

<p>The carrying amount of goodwill at the end of the year was
euro 3,553 million (euro 2,115 million at December 31, 2007). The
break-down by operating segment is as follows: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" 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="9%"
        bgcolor="#EEEEEE"><font size="2">158</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">266</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Gas &amp;
        Power</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,125</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2,399</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" 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="9%"
        bgcolor="#EEEEEE"><font size="2">86</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">142</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Engineering
        &amp; Construction</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">746</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">746</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>2,115</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>3,553</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bordercolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bordercolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"
        bordercolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bordercolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"
        bordercolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Goodwill acquired through business combinations has been
allocated to the cash generating units (&quot;CGUs&quot;) that
are expected to benefit from the synergies of the acquisition.
The recoverable amount of the CGUs is the higher of: (i) fair
value less costs to sell if there is an active market or recent
transactions for similar assets within the same industry between
knowledgeable and willing parties; and (ii) value-in-use
determined by discounting the estimated future cash flows
determined on the basis of the best pieces of information
available at the moment of the assessment deriving from: (a) the
Company&#146;s four-year plan approved by the top management
which provides information on expected oil and gas production,
sales volumes, capital expenditures, operating costs and margins
and industrial and marketing set-up, as well as trends in the
main monetary variables, including inflation, nominal interest
rates and exchange rates. For the subsequent years beyond the
plan horizon, a real growth rate ranging from 0% to 2% has been
used; (b) the commodity prices have been assessed based on the
forward prices prevailing in the market place as of the balance
sheet date for the first four years of the cash flow projections
and the long-term price assumptions adopted by the Company&#146;s
top management for strategic planning purposes for the following
years (see Basis of presentation).</p>

<p>Value-in-use is determined by discounting post-tax cash flows
at the rate which corresponds: (i) for the Exploration &amp;
Production and Refining &amp; Marketing and Petrochemicals
segments at the Company&#146;s weighted average cost of capital
(post-tax WACC), adjusted to consider risks specific to each
country of activity. WACC used for the impairment purposes has
ranged from 8.5% to 12.5%; (ii) for the Gas &amp; Power and
Engineering </p>

<p align="center">F-36</p>

<hr noshade>

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

<p>&amp;&nbsp;Construction segments at their specific WACC. For
the Gas &amp; Power segment it has been estimated on the basis of
a sample of companies operating in the same segment, for the
Engineering &amp; Construction segment on the basis of market
data. WACC used for impairments in the Gas &amp; Power segment
has been adjusted to take into consideration risks specific to
each country of activity, while WACC used for impairments in the
Engineering &amp;&nbsp;Construction segment has not been adjusted
as most of the company assets are not permanently located in a
specific country. WACC used for impairment has ranged from 7.5%
to 9% for the Gas &amp; Power segment and it was 8% for the
Engineering &amp; Construction segment; and (iii) for the
regulated activities in the Italian natural gas sector, the
discount rates have been assumed equal to the rates of return
defined by the Italian Authority for Electricity and Gas.</p>

<p>Post-tax cash flows and discount rates have been adopted as
they result in an assessment that is substantially equal to a
pre-tax assessment.</p>

<p>Goodwill has been allocated to the following CGUs:</p>

<p><b>Gas &amp; Power</b></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Domestic gas market</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">743</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">743</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Foreign
        gas market</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">67</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,341</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><i>- of which Distrigas NV</i></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"><font size="2"><i>1,245</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Domestic
        natural gas transportation network</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">305</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">305</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">10</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">10</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,125</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>2,399</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>Goodwill allocated to the CGU domestic gas market referred
primarily to goodwill recognized following the purchase of
minorities in Italgas SpA in 2003 through a public offering (euro
706 million). The key assumptions adopted for assessing the
recoverable amount of the CGU which exceeds its carrying amount
referred to commercial margins, forecast volumes, the discount
rate and the growth rates adopted to determine the terminal
value. Information on these drivers has been collected from the
four-year-plan approved by the Company&#146;s top management
while the terminal value has been estimated through the
perpetuity method of the last-year-plan. The excess of the
recoverable amount of the domestic gas market CGU over its
carrying amount including the allocated portion of goodwill
(headroom) would be reduced to zero under each of the following
hypothesis: (i) a decrease of 20% in the projected commercial
margins in each of the four years of the plan; (ii) a decrease of
20% in the expected volumes in each of the four years of the
plan; (iii) an increase of 1.7 percentage points in the discount
rate; and (iv) a negative real growth rate of 2%.</p>

<p>Goodwill allocated to the Distrigas CGU has been recognized
following the acquisition of a controlling interest of 57.24% in
the Belgian company in October 2008. The allocation is on a
preliminary basis. When the price allocation is finalized,
goodwill is expected to be allocated to the different CGUs that
are expected to benefit from the synergies of the acquisition. At
that time, it will be possible to determine any excess of the
recoverable amount of the CGUs over their carrying amounts,
including any allocated portion of goodwill, and define the
hypothesis under which the headroom would be reduced to zero.</p>

<p>Goodwill allocated to the domestic natural gas transportation
network CGU referred to the purchase of own shares by Snam Rete
Gas SpA and it is equal to the difference between the purchase
cost over the carrying amount of the corresponding share of
equity. The recoverable amount of the CGU is assessed based on
its Regulatory Asset Base (RAB) as recognized by the Italian
Authority for Electricity and Gas and it is higher than its
carrying amount, including the allocated goodwill. Management
believes that no reasonably possible change in the assumptions
adopted would cause the headroom of the CGU to be reduced to
zero.</p>

<p align="center">F-37</p>

<hr noshade>

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

<p><b>Engineering &amp; Construction<br>
</b>The segment goodwill of euro 746 million was mainly
recognized following the acquisition of Bouygues Offshore SA, now
Saipem SA (euro 711 million) and was allocated to the following
CGUs:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Offshore constructions</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">416</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">416</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Onshore
        constructions</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">315</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">314</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">15</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">16</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>746</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>746</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>The key assumptions adopted for assessing the recoverable
amount of the CGUs which exceeds the carrying amount referred to
operating results, the discount rate and the growth rates adopted
to determine the terminal value. Information on these drivers has
been collected from the four-year-plan approved by the
Company&#146;s top management while the terminal value has been
estimated by using a perpetual growth rate of 2% applied to an
average normalized terminal cash flow.</p>

<p>The following changes in each of the assumptions, all else
being equal would cause the headroom of the Offshore construction
CGU to be reduced to zero: (i) decrease of 52% of the operating
result of the four years of the plan; (ii)&nbsp;increase of 6
percentage points of the discount rate; and (iii) negative real
growth rate.</p>

<p>Changes in each of the assumptions, all else being equal that
would cause the headroom of the Onshore construction CGU to be
reduced to zero are greater than those of the Offshore
construction CGU described above. As well, also the headroom for
the Offshore and Onshore CGUs calculated by removing the
normalization of the terminal cash flows results widely positive.</p>

<p>Other changes in goodwill of euro 1 million referred to
impairments of euro 44 million of which euro 38 million primarily
referred to Exploration &amp; Production which has impaired the
interest in goodwill recognized following the acquisition of
Burren Energy Plc (euro 28 million) and of Lasmo Plc (euro 9
million). More information on acquisitions is included in the
Note 28 - Other information.</p>

<p><font size="4"><strong><br>
12 Investments</strong></font><br>
<br>
<strong>Equity-accounted investments</strong><b><br>
</b>Equity-accounted investments were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Value at the beginning of the year</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Acquisition and subscriptions</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Share of profit of equity-accounted
        investments</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Share of loss of equity-accounted
        investments</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Deduction for dividends</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Currency translation differences</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Other changes</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Value at the end of the year</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Dec. 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Investments
        in unconsolidated entities controlled by Eni</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">144</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">141</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Joint ventures</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,506</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,109</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">481</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(130</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(351</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(173</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(132</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,310</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Associates</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,236</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">813</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">415</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(220</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(42</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(11</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2,188</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,886</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,926</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>906</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(135</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(580</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(221</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(143</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5,639</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2"><b>Dec. 31, 2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Investments in unconsolidated entities
        controlled by Eni</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">41</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(24</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">177</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Joint ventures</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">3,310</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">47</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">536</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(94</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(444</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(123</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">3,257</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Associates</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,188</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">289</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">198</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(266</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(402</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,037</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>5,639</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>377</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>761</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>(105</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>(715</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>(85</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>(401</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>5,471</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Acquisitions and subscriptions for euro 377 million related to
the subscription of capital increase for euro 345 million, of
which euro 254 million related to Angola LNG Ltd.</p>

<p align="center">F-38</p>

<hr noshade>

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

<p>Share of profit of equity-accounted investments and the
decrease following the distribution of the dividends referred to
the following companies:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="29%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="29%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Share of profit of
        equity-accounted investments</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Deduction for dividends</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Eni&#146;s interest %</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Share of profit of
        equity-accounted investments</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Deduction for dividends</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Eni&#146;s interest %</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Uni&#243;n Fenosa Gas SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">181</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">173</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">200</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">185</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">United Gas
        Derivatives Co</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">79</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">40</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">33.33</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">107</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">127</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">33.33</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">EnBW Eni Verwaltungsgesellschaft mbH</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">64</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">40</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Trans
        Austria Gasleitung GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">43</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">89.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">39</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">89.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Supermetanol CA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">34.51</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">39</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">34.51</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Galp
        Energia SGPS SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">255</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">126</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">33.34</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">39</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">88</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">33.34</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Other investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">250</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">135</font></p>
        </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"><p align="right"><font size="2">297</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">231</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>906</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>580</b></font></p>
        </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%"><p
        align="right"><font size="2"><b>761</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>715</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
</table>

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

<p align="left">The share of loss of equity-accounted investments
of euro 105 million primarily related to Enirepsa Gas Ltd (euro
44 million) and Lipardiz - Constru&#231;&#227;o de Estruturas Maritimas
Lda (euro 40 million).</p>

<p align="left">Other changes of euro 401 million are due to the
exclusion from the equity-accounted investments and the inclusion
in the consolidation area of Burren Energy Plc after the
acquisition of control by the Exploration &amp; Production
segment (euro 592 million), the disposal of Gaztransport et
Technigaz SAS (euro 115 million). These effects were partially
offset by the inclusion in the equity-accounted investments of
Angola LNG Ltd (euro 175 million).</p>

<p align="center">F-39</p>

<hr noshade>

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

<p align="left">The following table sets out the net carrying
amount relating to equity-accounted: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="19%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="19%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Net carrying amount</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Eni&#146;s interest %</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Net carrying amount</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Eni&#146;s interest %</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Investments in unconsolidated entities
        controlled by Eni:</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Eni Btc
        Ltd</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">100.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">62</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">100.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- other investments <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">99</font></p>
        </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"><p align="right"><font size="2">115</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>141</b></font></p>
        </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%"><p
        align="right"><font size="2"><b>177</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Joint ventures:</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Artic
        Russia BV</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">925</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">60.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">895</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">60.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Uni&#243;n Fenosa Gas SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">507</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">499</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Blue
        Stream Pipeline Co BV</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">298</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">351</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- EnBW Eni Verwaltungsgesellschaft mbH</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">256</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">268</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Azienda
        Energia e Servizi Torino SpA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">162</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">49.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">166</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">49.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Eteria Parohis Aeriou Thessalonikis AE</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">154</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">49.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">158</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">49.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Toscana
        Energia SpA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">133</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">49.38</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">136</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">49.38</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Raffineria di Milazzo ScpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">126</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">128</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Trans
        Austria Gasleitung GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">96</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">89.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">109</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">89.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Super Octanos CA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">90</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">49.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">90</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">49.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        Supermetanol CA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">78</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">34.51</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">90</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">34.51</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Unimar Llc</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">71</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">65</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Eteria
        Parohis Aeriou Thessalias AE</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">41</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">49.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">49.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Transmediterranean Pipeline Co Ltd</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">47</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">40</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        Transitgas AG</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">30</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">46.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">46.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Altergaz SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">27.80</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">38.91</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Lipardiz
        - Constru&#231;&#227;o de Estruturas Maritimas Lda</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">88</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- FPSO Mystras - Produ&#231;&#227;o de Petr&#242;leo Lda</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">58</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- other
        investments <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">132</font></p>
        </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%"><p
        align="right"><font size="2">150</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,310</b></font></p>
        </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"><p align="right"><font size="2"><b>3,257</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Associates:</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Galp Energia SGPS SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">911</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">33.34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">862</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">33.34</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Angola
        LNG Ltd</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%"><p
        align="right"><font size="2">453</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">13.60</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Ceska Rafinerska AS</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">325</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">32.44</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">323</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">32.44</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- United
        Gas Derivatives Co</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">140</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">33.33</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">128</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">33.33</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- ACAM Gas SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">45</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">49.00</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">46</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">49.00</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        Distribuidora de Gas del Centro SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">31.35</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">32</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">31.35</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Burren Energy Plc</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">592</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">24.90</font></p>
        </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 valign="bottom" width="60%"><font size="2">- other
        investments <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">142</font></p>
        </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%"><p
        align="right"><font size="2">193</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,188</b></font></p>
        </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"><p align="right"><font size="2"><b>2,037</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>5,639</b></font></p>
        </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%"><p
        align="right"><font size="2"><b>5,471</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein did not exceed euro 25
        million.</font></td>
    </tr>
</table>

<p align="left">The net carrying amount of investments in not
consolidated entities controlled by Eni, joint ventures and
associates include the differences between purchase price and
Eni&#146;s equity in investments of euro 615 million. Such
differences primarily related to Uni&#243;n Fenosa Gas SA (euro 195
million), EnBW - Eni Verwaltungsgesellschaft mbH (euro 187
million), Galp Energia SGPS SA (euro 106 million) and Ceska
Rafinerska AS (euro 97 million).</p>

<p align="left">Artic Russia BV (the former Eni Russia BV) held
100% interest in three Russian companies acquired on April 4,
2007 in partnership with Enel (Eni 60%, Enel 40%), following
award of a bid for Lot 2 in the Yukos liquidation procedure. The
three companies &#150; OAO Arctic Gas, OAO Urengoil and OAO
Neftegaztechnologiya &#150; engage in exploration and development
of gas reserves.</p>

<p align="left">Eni and Enel granted to Gazprom a call option to
acquire a 51% interest in the three companies to be exercisable
by Gazprom within 24 months from the acquisition date. Eni
assesses the investment in Artic Russia BV under the equity
method as it jointly controls the three entities based on ongoing
shareholder arrangements, therefore exercising significant
influence in the financial and operating policy decisions of the
investees. This 60% interest corresponds to the present ownership
interest of Eni in the acquired companies determined by not
taking </p>

<p align="center">F-40</p>

<hr noshade>

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

<p align="left">into account the possible exercise of the call
option by Gazprom. The carrying amount of the three entities is
lower than the strike price of the call option with respect to
the underlying stake. The strike price equals the bid price
adjusted by subtracting dividends received and adding possible
share capital increases, a contractual remuneration of 9.4% on
the capital employed and additional financing expenses.</p>

<p align="left">The fair value of listed investments was as
follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="9%"><font size="1"><strong>Shares</strong></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="9%"><font size="1"><strong>Ownership</strong><br>
        (%)</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="9%"><font size="1"><strong>Price
        per share</strong><br>
        (euro)</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="9%"><font size="1"><strong>Fair
        value</strong><br>
        (euro million)</font></td>
    </tr>
    <tr>
        <td valign="top" width="60%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Galp Energia SGPS SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">276,472,160</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">33.34</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">7.18</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,985</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Altergaz
        SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,050,892</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">38.91</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">9.90</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">10</font></td>
    </tr>
</table>

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

<p align="left">The table below sets out the provisions for
losses included in the provisions for contingencies of euro 119
million (euro 135 million at December 31, 2007), primarily
related to the following equity-accounted investments:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Charville - Consultores e Servi&#231;os Lda</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">31</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">33</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Polimeri
        Europa Elastomeres France SA (under liquidation)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">50</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">31</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Industria Siciliana Acido Fosforico - ISAF - SpA
        (under liquidation)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">28</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">27</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Southern
        Gas Constructors Ltd</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">14</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">17</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">12</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">11</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>135</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>119</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p><strong>Other investments</strong><br>
Other investments were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Net value at the beginning of the year</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Acquisition and subscriptions</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Currency translation differences</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Other changes</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Net value at the end of the year</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Gross value at the end of the year</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><strong>Accumulated impairment charges</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><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"><b>Dec. 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Investments
        in unconsolidated entities controlled by Eni</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">21</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">36</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Associates</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Other
        investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">330</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">190</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(36</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(47</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">437</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">443</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6</font></p>
        </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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>360</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>193</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(37</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(44</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>472</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>490</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>18</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#D2D2D2"><font
        size="2"><b>Dec. 31, 2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Investments in unconsolidated entities
        controlled by Eni</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">30</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">41</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#D2D2D2"><font
        size="2">Associates</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">24</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Other investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">437</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(77</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">376</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">382</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>472</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>11</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>(79</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>410</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>451</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>41</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Investments in not consolidated entities controlled by Eni and
associates are stated at cost net of impairment losses. Other
investments, for which fair value cannot be reliably determined,
were recognized at cost and adjusted for impairment losses.</p>

<p align="center">F-41</p>

<hr noshade>

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

<p align="left">The net carrying amount of other investments of
euro 410 million (euro 472 million at December 31, 2007) was
related to the following entities: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="19%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="19%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%"><font size="1">&nbsp; </font></td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Net carrying amount</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">Eni&#146;s interest %</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">Net carrying amount</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">Eni&#146;s interest %</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Investments in unconsolidated entities
        controlled by Eni <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>25</strong></font></p>
        </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"><p align="right"><font size="2"><strong>30</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Associates</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><strong>10</strong></font></p>
        </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%"><p
        align="right"><font size="2"><strong>4</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Other investments:</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        Interconnector (UK) Ltd</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">22</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">5.00</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">135</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">16.06</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Nigeria LNG Ltd</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">80</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10.40</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">85</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10.40</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- Darwin
        LNG Pty Ltd</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">87</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">10.99</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">83</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">10.99</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- Angola LNG Ltd</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">175</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13.60</font></p>
        </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 valign="bottom" width="60%"><font size="2">- other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">73</font></p>
        </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%"><p
        align="right"><font size="2">73</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>437</b></font></p>
        </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"><p align="right"><font size="2"><b>376</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>472</b></font></p>
        </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%"><p
        align="right"><font size="2"><b>410</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein did not exceed euro 25
        million.</font></td>
    </tr>
</table>

<p align="left">Provisions for losses related to other
investments, included within the provisions for contingencies,
amounted to euro 44 million (euro 28 million at December 31,
2007) and were primarily in relation to the following entities:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Caspian Pipeline Consortium R - Closed Joint
        Stock Co</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">25</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">24</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Burren
        Energy Ship Management Ltd (Cyprus)</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">17</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>28</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>44</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p><b>Other information about investments<br>
</b>The following table summarizes key financial data, net to
Eni, as disclosed in the latest available financial statements of
not consolidated entities controlled by Eni, joint ventures and
associates:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="40%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="29%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="29%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Not consolidated entities controlled by Eni</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Joint ventures</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Associates</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Not consolidated entities controlled by Eni</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Joint ventures</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Associates</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Total assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,247</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,781</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,252</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,361</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,761</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,020</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Total
        liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,111</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4,526</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2,061</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,230</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4,565</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,958</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" 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="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">99</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,667</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,134</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">134</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,303</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,067</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Operating
        profit</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">674</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">502</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">736</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">702</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Net profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">318</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">410</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">490</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">690</font></p>
        </td>
    </tr>
</table>

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

<p align="left">The total assets and liabilities of not
consolidated controlled entities of euro 1,361 million and euro
1,230 million, respectively (euro 1,247 million and euro 1,111
million at December 31, 2007) concerned for euro 923 million and
euro 923 million (euro 873 million and euro 873 million at
December 31, 2007) entities for which consolidation does not
produce significant effects.</p>

<p align="center">F-42</p>

<hr noshade>

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

<p align="left"><font size="4"><strong>13 Other financial assets</strong></font><br>
Other financial assets were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Financing receivables:</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        receivables for financing operating activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">677</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,084</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- receivables for financing non-operating
        activities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">225</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>902</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,084</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Securities:</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        securities held for operating purposes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">21</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">50</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>21</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>50</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>923</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,134</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Financing receivables are presented net of the
allowance for impairment losses of euro 26 million (euro 24
million at December 31, 2007). Operating financing receivables of
euro 1,084 million (euro 677 million at December 31, 2007)
primarily concerned loans made by the Exploration &amp;
Production segment (euro 754 million), Refining &amp; Marketing
segment (euro 109 million) and Gas &amp; Power segment (euro 76
million), as well as receivables for financial leasing (euro 128
million). Receivables for financial leasing related to the
disposal of the Belgian gas network by Finpipe GIE, company
included in the consolidation area after the acquisition of
control by the Gas &amp; Power segment of Distrigas NV. The
following table shows principal receivable by maturity date,
which was obtained by summing future lease payment receivables
discounted at the effective interest rate, interest and the
nominal value of future lease receivables: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>Maturity range</b></font></p>
        </td>
        <td valign="bottom" width="10%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="29%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="10%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Within 12 months</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Between one and five years</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Beyond five years</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Principal receivable</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">95</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">147</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Interests</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">13</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">19</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Undiscounted value of future lease payments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">108</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">166</font></p>
        </td>
    </tr>
</table>

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

<p>Receivables with a maturity date within one year are shown in
current assets in the item trade receivables for operating
purposes &#150; current portion of long-term receivables in the
Note 3 - Trade and other receivables.</p>

<p>Non-operating financing receivables of euro 225 million at
December 31, 2007 concerning a restricted deposit held by Eni
Lasmo Plc as a guarantee of a debenture have been reclassified to
current assets in the item financing receivables for non
operating purposes in the Note 3 - Trade and other receivables.</p>

<p>Receivables in currencies other than euro amounted to euro 827
million (euro 821 million at December 31, 2007).</p>

<p>Receivables due beyond five years amounted to euro 617 million
(euro 509 million at December 31, 2007).</p>

<p>Securities of euro 50 million (euro 21 million at December 31,
2007), designated as held-to-maturity investments, are listed
securities, issued by foreign governments (euro 30 million) and
by the Italian Government (euro 20 million). The increase of euro
29 million referred to Banque Eni SA.</p>

<p>Securities with a maturity beyond five years amounted to euro
20 million.</p>

<p>The fair value of financing receivables and securities did not
differ significantly from their carrying amount. The fair value
of financing receivables has been determined based on the present
value of expected future cash flows discounted at rates ranging
from 1.9% to 3.9% (3.8% and 6.0% at December 31, 2007). The fair
value of securities was derived from quoted market prices.</p>

<p align="center">F-43</p>

<hr noshade>

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

<p align="left"><font size="4"><strong>14 Deferred tax assets</strong></font><br>
Deferred tax assets were recognized net of deferred tax
liabilities able to be offset for euro 3,468 million (euro 3,526
million at December 31, 2007).</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at <br>
        Dec. 31, 2007</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Additions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Deductions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Currency translation differences</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Other changes</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at <br>
        Dec. 31, 2008</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><strong>1,915</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">1,778</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(767</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(43</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">29</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>2,912</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

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

<p align="left">Deferred tax assets are described in Note 24 -
Deferred tax liabilities.</p>

<p align="left"><br>
<font size="4"><strong>15 Other non-current</strong></font><font
size="5"><strong> </strong></font><font size="4"><strong>receivables</strong></font><br>
The following table provides an analysis of other non-current
receivables:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Tax receivables from:</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- Italian
        tax authorities</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;. income tax</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">486</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">24</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">&nbsp;&nbsp;.
        interest on tax credits</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">325</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">58</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;. Value Added Tax (VAT)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">42</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">2</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">&nbsp;&nbsp;.
        other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">11</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>864</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>84</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- foreign
        tax authorities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">30</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">28</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>894</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>112</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        receivables:</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- in relation to disposals</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">780</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- other
        non-current receivables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">197</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">268</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>204</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>1,048</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Fair value
        cash flow hedge derivative instruments</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">197</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other asset</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">12</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">44</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,110</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,401</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>The decrease of tax receivables of euro 782 million primarily
referred to Eni SpA which obtained the reimbursement of the
income tax and of the related interest of euro 746 million.</p>

<p>The other receivables related to disposals amounting to euro
780 million related to: (i) the receivable of euro 501 million
recognized after the agreement settled with the Republic of
Venezuela according to which Eni will receive a cash compensation
for the expropriated Daci&#243;n assets, for a part already received,
to be paid in seven annual installments which yields interest
income from the date of the settlement. More information is
included in Note 9 - Other assets; and (ii) the receivable of
euro 275 million related to the disposal of the interest of 1.71%
in the Kashagan project to the local partner kazMunaiGas on the
basis of the agreements defined with the international partners
of the North Caspian Sea PSA and the Kashagan government, which
are effective starting from January 1, 2008.</p>

<p>Fair value of the derivative contracts is determined using
market quotations provided by primary info-provider, or in the
absence of market information, appropriate valuation methods
generally accepted in the marketplace.</p>

<p>Fair value of the cash flow hedge derivatives of euro 197
million referred to Distrigas NV (euro 105 million) and to the
Exploration &amp; Production segment (euro 92 million). Further
information on cash flow hedge derivatives is given in Note 7 -
Other current assets; fair value related to the contracts
expiring beyond 2009 is given in Note 25 - Other non-current
liabilities; fair value related to the contracts expiring in 2009
is indicated in Note 7 - Other current assets and in Note 20 -
Other current liabilities. The effects of the evaluation at fair
value of cash flow hedge derivatives are given in Note 27 -
Shareholders&#146; equity and in Note 32 - Finance income
(expense).</p>

<p align="center">F-44</p>

<hr noshade>

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

<p align="left">The nominal value of cash flow hedge derivatives
referred to purchase and sale commitments for euro 64 million and
euro 1,268 million. Information on the hedged risks and the
hedging policies is given in Note 29 - Guarantees, commitments
and risks.</p>

<p align="left"><font size="4"><strong><br>
Current liabilities</strong></font><br>
<br>
<font size="4"><strong>16 Short-term debt</strong></font><br>
Short-term debt was as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Banks</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">4,070</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">2,411</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Ordinary
        bonds</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">3,176</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">3,663</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other financial institutions</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">517</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">285</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>7,763</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>6,359</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Short-term debt decreased by euro 1,404 million
primarily due to the balance of repayments and new proceeds (euro
1,652 million), partially offset by currency translation
differences (euro 193 million) and changes in the consolidation
area (euro 48 million) due to the acquisition of Distrigas NV by
the Gas &amp; Power segment (euro 76 million) and the disposal of
Agip Espa&#241;a SA by the Refining &amp; Marketing segment (euro 28
million). Debt comprised commercial paper of euro 3,663 million
(euro 3,176 million at December 31, 2007) mainly issued by the
financial company Eni Coordination Center SA.</p>

<p align="left">Short-term debt per currency is shown in the
table below:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Euro</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5,453</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3,801</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">U.S.
        dollar</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,591</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,332</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other currencies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">719</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,226</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>7,763</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>6,359</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">In 2008, the weighted average interest rate on
short-term debt was 4.2% (4.9% in 2007).</p>

<p align="left">At December 31, 2008 Eni had undrawn committed
and uncommitted borrowing facilities available of euro 3,313
million and euro 7,696 million, respectively (euro 5,006 million
and euro 6,298 million at December 31, 2007). These facilities
were under interest rates that reflected market conditions.
Charges for unutilized facilities were not significant.</p>

<p align="left"><br>
<font size="4"><strong>17 Trade and other payables</strong></font><strong><br>
</strong>Trade and other payables were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Trade payables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">11,092</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">12,590</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Advances</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,483</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2,916</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other payables:</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- related
        to capital expenditures</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,301</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,716</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- others</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3,240</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3,293</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>4,541</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>5,009</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>17,116</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>20,515</b></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="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="center">F-45</p>

<hr noshade>

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

<p>The increase of euro 1,498 million in trade payables was
primarily related to the Gas &amp; Power segment (euro 1,417
million), the Engineering &amp; Construction segment (euro 630
million), the Exploration &amp; Production segment (euro 658
million) and was partly offset by a decrease relating to the
Refining &amp; Marketing segment (euro 942 million) and the
Petrochemical segment (euro 251 million).</p>

<p>Advances of euro 2,916 million (euro 1,483 million at December
31, 2007) were related to advances on contract work in progress
for euro 2,516 million (euro 996 million at December 31, 2007)
and other advances for euro 400 million (euro 487 million at
December 31, 2007).</p>

<p>Advances on contract work in progress were in respect of the
Engineering &amp; Construction segment.</p>

<p>Other payables were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Payables due to:</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- joint
        venture operators in exploration and production
        activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,624</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2,007</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- suppliers in relation to investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,015</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,057</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        non-financial government entities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">397</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">441</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- employees</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">257</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">400</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- social
        security entities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">226</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">284</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>3,519</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>4,189</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        payables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,022</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">820</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>4,541</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>5,009</b></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="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Payables to related parties are described in Note
37 - Transactions with related parties.</p>

<p align="left">The fair value of trade and other payables did
not differ significantly from their carrying amount considering
the short-term maturity of trade payables.</p>

<p align="left"><br>
<font size="4"><strong>18 Income taxes payable</strong></font><br>
Income taxes payable were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Italian subsidiaries</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">247</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">808</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Foreign
        subsidiaries</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,441</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,141</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>1,688</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>1,949</b></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="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>Income taxes payable by Italian subsidiaries were affected by
the fair value valuation of cash flow hedging derivatives (euro
291 million). This effect was recorded in the relevant provision
within equity. Further information is provided in Note 7 - Other
current assets, Note 15 - Other non-current receivables, Note 20
- - Other current liabilities and Note 25 - Other non-current
liabilities.</p>

<p><br>
<font size="4"><strong>19 Other taxes payable</strong></font><br>
Other taxes payable were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Excise and customs duties</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">804</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">920</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        taxes and duties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">579</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">740</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>1,383</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>1,660</b></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="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="center">F-46</p>

<hr noshade>

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

<p><font size="4"><strong>20 Other current liabilities</strong></font><strong><br>
</strong>Other current liabilities were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Fair value of non-hedging derivatives</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">412</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,982</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Fair value
        of cash flow hedge derivatives</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">911</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">452</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">233</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,885</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,556</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>4,319</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Fair value of non-hedging derivative contracts
was as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="29%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="29%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Fair value</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Purchase commitments</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Sale commitments</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Fair value</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Purchase commitments</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Sale commitments</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Non-hedging derivatives on exchange rate</b></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>
        <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 valign="bottom" width="40%"><font size="2">Currency
        swap</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">63</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2,096</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">296</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">293</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,928</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2,479</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Interest currency swap</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">140</font></p>
        </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"><p align="right"><font size="2">82</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">694</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">100</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">76</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">327</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">151</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,197</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>75</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,312</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>297</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>702</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,773</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,776</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>Non-hedging
        derivatives on interest rate</b></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>
        <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%" bgcolor="#EEEEEE"><font
        size="2">Interest rate swap</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">24</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">722</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">401</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">134</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">641</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,002</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>24</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>722</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>401</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>134</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>641</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>3,002</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Non-hedging derivatives on commodities</b></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>
        <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 valign="bottom" width="40%"><font size="2">Over the
        counter</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">58</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,090</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">3,297</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">388</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">301</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,187</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">56</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">66</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">119</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>313</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>1,236</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>86</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>1,146</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>3,363</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>507</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>412</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,270</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>784</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,982</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6,777</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7,285</b></font></p>
        </td>
    </tr>
</table>

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

<p>Fair value of derivative contracts was determined by using
market quotations reported by major market data providers, or, if
no market information was available, on the basis of valuation
models generally accepted in the marketplace.</p>

<p>The increase in the fair value of non-hedging derivatives of
euro 1,570 million comprises the inclusion of the derivative
contracts held by Distrigas NV which has been included in the
consolidation area following the acquisition of control by the
Gas &amp; Power segment (euro 873 million).</p>

<p>The fair value of cash flow hedges amounted to euro 452
million (euro 911 million at December 31, 2007) and related to
Distrigas NV for euro 415 million and the Exploration &amp;
Production segment for euro 37 million (euro 911 million at
December 31, 2007). Further information on cash flow hedge
derivatives is given in Note 7 - Other current assets. The fair
value related to the contracts expiring in 2009 is given in Note
7 - Other current assets, in Note 15 - Other non-current
receivables and in Note 25 - Other non-current liabilities. The
effects of fair value valuation of cash flow hedging derivatives
are given in Note 27 - Shareholders&#146; equity and in Note 32 -
Finance income (expense).</p>

<p align="left">The nominal value of cash flow hedge derivatives
referred to purchase and sale commitments for euro 989 million
and euro 895 million, respectively (euro 1,399 million and euro
1,977 million at December 31, 2007).</p>

<p align="left">Information on the hedged risks and the hedging
policies is given in Note 29 - Guarantees, commitments and risks.</p>

<p align="left">Other liabilities of euro 1,885 million (euro 233
million at December 31, 2007) comprised the put option granted to
Publigaz (the Distrigas minority shareholder) to divest its
31.25% stake in Distrigas to Eni for a total amount of euro 1,495
million based on the same per-share price of the ongoing
mandatory tender offer to minorities as part of the Distrigas
acquisition as provided for the Shareholders Agreement signed by
the two partners on July 30, 2008. This liability was recognized
against the Group&#146;s net equity. In subsequent periods,
changes in the put option value will be recognized against the
profit and loss account.</p>

<p align="center">F-47</p>

<hr noshade>

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

<p><font size="4"><strong>Non-current liabilities</strong></font><br>
<br>
<font size="4"><strong>21 Long-term debt and current portion of
long-term debt</strong><br>
</font>Long-term debt included the current portion maturing
during the year following the balance sheet date (current
maturity). The table below analyzes debt by year of forecasted
repayment:</p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="28%"><p
        align="left"><font size="1">(euro million)</font></p>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><font
        size="1"><strong>At December 31</strong></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="47%"><font
        size="1"><strong>Long-term maturity</strong></font></td>
    </tr>
    <tr>
        <td align="center" valign="bottom" width="28%">&nbsp;</td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><hr
        size="1" noshade>
        </td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%">&nbsp;</td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="47%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>
</center></div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%"><p align="left"><font
        size="1">Type of debt instrument</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Maturity range </font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">2007</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">2008</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Current maturity 2009</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">2010</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">2011</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">2012</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">2013</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">After</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Towards banks:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">- bank
        loans</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><strong>2009-2019</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6,073</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6,896</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">145</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2,503</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">600</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2,584</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">324</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">740</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6,751</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">- other bank loans at favorable rates</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><strong>2009-2012</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">- other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><strong>2009-2010</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">101</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">101</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">101</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6,082</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7,003</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>147</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,606</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>601</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,585</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>324</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>740</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6,856</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Ordinary
        bonds</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><strong>2009-2037</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">5,386</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6,843</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">360</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">844</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">133</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">40</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,602</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3,864</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6,483</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Other financial institutions</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><strong>2009-2020</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">599</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">632</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">180</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">62</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">55</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">230</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">590</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>12,067</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>14,478</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>549</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>3,630</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>797</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>2,687</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,981</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>4,834</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>13,929</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Long-term debt, including the current portion of long-term
debt, of euro 14,478 million (euro 12,067 million at December 31,
2007) increased by euro 2,411 million. The increase mainly
reflected the balance of payments and new proceeds of euro 2,466
million as well as the change in the consolidation area (euro 286
million) primarily due to the acquisition of First Calgary
Petroleums Ltd by the Exploration &amp; Production segment that
accounts for euro 229 million.</p>

<p>This increase was offset by the negative impact of foreign
currency translation differences and translation differences
arising on debt taken on by euro-reporting subsidiaries
denominated in foreign currencies which are translated into euro
at year-end exchange rates (euro 383 million).</p>

<p>Debt from other financial institutions of euro 632 million
included euro 161 million of finance lease transactions. The
following table shows principal outstanding by maturity date,
which was obtained by summing future lease payments discounted at
the effective interest rate, interest and the nominal value of
future lease payments:</p>

<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 align="center" valign="bottom" width="29%"><font
        size="1"><strong>Maturity range</strong></font></td>
        <td valign="bottom" width="10%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="29%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="10%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Within 12 months</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Between one and five years</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Beyond five years</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Principal debt outstanding</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">134</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">161</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Interests</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">10</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Undiscounted value of future lease payments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">137</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">171</font></p>
        </td>
    </tr>
</table>

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

<p>Eni entered into long-term borrowing facilities with the
European Investment Bank which were conditioned to the
maintenance of certain performance indicators based on Eni&#146;s
consolidated financial statements or a rating not inferior to A-
(S&amp;P) and A3 (Moody&#146;s). At December 31, 2007 and 2008,
the amount of short and long-term debt subject to restrictive
covenants was euro 1,429 million and euro 1,323 million,
respectively. Furthermore, Saipem SpA entered into certain
borrowing facilities for euro 75 million with a number of
financial institutions subordinated to the maintenance of certain
performance indicators based on the consolidated financial
statements of Saipem. Eni and Saipem are in compliance with the
covenants contained in their respective financing arrangements.</p>

<p>Bonds of euro 6,843 million consisted of bonds issued within
the Euro Medium Term Notes Program for a total of euro 6,391
million and other bonds for a total of euro 452 million.</p>

<p align="center">F-48</p>

<hr noshade>

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

<p>The following table analyses bonds per issuing entity,
maturity date, interest rate and currency as at December 31,
2008:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Amount</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Discount on bond issue and accrued
        expense</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Total</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1"><strong>Currency</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="17%"><p align="center"><font
        size="1"><strong>Maturity</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="17%"><p align="center"><font
        size="1"><strong>% rate</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="17%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="17%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1">from</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1">to</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1">from</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="center"><font
        size="1">to</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Issuing entity</b></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="7%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" 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 align="right" valign="bottom" width="8%"
        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 align="right" valign="bottom" width="8%"
        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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2"><i>Euro
        Medium Term Notes</i></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="7%">&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 align="right" valign="bottom" width="8%">&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 align="right" valign="bottom" width="8%">&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 align="right" valign="bottom" width="8%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Eni SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,500</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">43</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,543</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">EUR</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2013</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.625</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Eni SpA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,250</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="right"><font
        size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,245</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">EUR</font></p>
        </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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2017</font></p>
        </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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4.750</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Eni SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,250</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,252</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">EUR</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2014</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5.875</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Eni
        Coordination Center SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">682</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="right"><font
        size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">689</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">GBP</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2010</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2019</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4.875</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">6.125</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Eni SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">500</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">16</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">516</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">EUR</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2010</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.125</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Eni
        Coordination Center SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">366</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="right"><font
        size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">367</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">YEN</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2012</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2037</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1.150</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.810</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" 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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">350</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">360</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">EUR</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2010</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2028</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.876</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5.441</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Eni
        Coordination Center SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">183</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="right"><font
        size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">185</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">USD</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2013</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2015</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4.450</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4.800</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" 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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">165</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">169</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">EUR</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2009</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2015</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">variable</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Eni
        Coordination Center SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">CHF</font></p>
        </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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2010</font></p>
        </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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2.043</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" 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="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">USD</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2013</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">variable</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6,312</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="right"><font
        size="2"><b>79</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6,391</b></font></p>
        </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 align="right" valign="bottom" width="8%">&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 align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><i>Other bonds</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" 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 align="right" valign="bottom" width="8%"
        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 align="right" valign="bottom" width="8%"
        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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Eni USA
        Inc</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">287</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="right"><font
        size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">290</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">USD</font></p>
        </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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2027</font></p>
        </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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">7.300</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Eni Lasmo Plc <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">157</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">151</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">GBP</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2009</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10.375</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Eni UK
        Holding Plc</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">11</font></p>
        </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="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">GBP</font></p>
        </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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2013</font></p>
        </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 align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">variable</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>455</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(3</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>452</b></font></p>
        </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 align="right" valign="bottom" width="8%"
        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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6,767</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="right"><font
        size="2"><b>76</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>6,843</b></font></p>
        </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 align="right" valign="bottom" width="8%">&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 align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&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="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">The bond is
        guaranteed by a restricted cash deposit recorded under
        non-current financial assets (euro 173 million).</font></td>
    </tr>
</table>

<p>As at December 31, 2008 bonds maturing within 18 months (euro
412 million) were issued by Eni Coordination Center SA for euro
261 million and by Eni Lasmo Plc for euro 151 million. During
2008, Eni SpA, Eni Coordination Center SA and Eni UK Holding Plc
issued bonds for euro 1,499 million, euro 302 million and euro 11
million respectively.</p>

<p>The following table shows the currency composition of
long-term debt and its current portion, and the related weighted
average interest rates on total borrowings.</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><b>Dec. 31, 2007</b><strong><br>
        </strong>(euro million)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Average rate</strong><br>
        (%)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><b>Dec. 31, 2008</b><strong><br>
        </strong>(euro million)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Average rate</strong><br>
        (%)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Euro</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,973</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12,284</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.2</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">U.S.
        dollar</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">900</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">8.6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">912</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">6.1</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">British pound</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">882</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">859</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.2</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Japanese
        yen</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">281</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1.9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">367</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2.0</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Other currencies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">56</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.8</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>12,067</b></font></p>
        </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%"><p
        align="right"><font size="2"><b>14,478</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
</table>

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

<p>At December 31, 2008 Eni had undrawn committed long-term
borrowing facilities of euro 1,850 million (euro 1,400 million at
December 31, 2007). Interest rates on these contracts were at
market conditions. Charges for unutilized facilities were not
significant. </p>

<p>Fair value of long-term debt, including the current portion of
long-term debt amounted to euro 15,247 million (euro 12,390
million at December 31, 2007) and consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Ordinary bonds</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5,523</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">7,505</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Banks</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">6,148</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">7,056</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other financial institutions</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">719</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">686</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>12,390</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>15,247</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="center">F-49</p>

<hr noshade>

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

<p>Fair value was calculated by discounting the expected future
cash flows at rates ranging from 1.4% to 3.9% (3.8% and 6.0% at
December 31, 2007).</p>

<p>At December 31, 2008 Eni pledged restricted deposits as
collateral against its borrowings for euro 151 million (euro 198
million at December 31, 2007).</p>

<p>Analysis of net borrowings, as defined in the &quot;Item 5
&#150; Operating and Financial Review and Prospects&quot;,<font
size="2"> </font>was as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="40%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="29%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="29%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Current</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Non-current</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Total</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Current</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Non-current</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">A. Cash and cash equivalents</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,114</font></p>
        </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"><p align="right"><font size="2">2,114</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,939</font></p>
        </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"><p align="right"><font size="2">1,939</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">B.
        Available-for-sale securities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">174</font></p>
        </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%"><p
        align="right"><font size="2">174</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">185</font></p>
        </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%"><p
        align="right"><font size="2">185</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>C. Liquidity (A+B)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,288</b></font></p>
        </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"><p align="right"><font size="2"><b>2,288</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,124</b></font></p>
        </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"><p align="right"><font size="2"><b>2,124</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>D.
        Financing receivables</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>990</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>225</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>1,215</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>337</b></font></p>
        </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%"><p
        align="right"><font size="2"><b>337</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">E. Short-term debt towards banks</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,070</font></p>
        </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"><p align="right"><font size="2">4,070</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,411</font></p>
        </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"><p align="right"><font size="2">2,411</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">F.
        Long-term debt towards banks</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">161</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">5,921</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">6,082</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">147</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">6,856</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">7,003</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">G. Bonds</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">263</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,123</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,386</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">360</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,483</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,843</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">H.
        Short-term debt towards related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">131</font></p>
        </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%"><p
        align="right"><font size="2">131</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">153</font></p>
        </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%"><p
        align="right"><font size="2">153</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">I. Long-term debt towards related parties</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"><p align="right"><font size="2">16</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16</font></p>
        </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"><p align="right"><font size="2">9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">L. Other
        short-term debt</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">3,562</font></p>
        </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%"><p
        align="right"><font size="2">3,562</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">3,795</font></p>
        </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%"><p
        align="right"><font size="2">3,795</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">M. Other long-term debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">313</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">270</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">583</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">581</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">623</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>N.
        Total borrowings (E+F+G+H+I+L+M)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>8,500</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>11,330</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>19,830</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>6,908</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>13,929</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>20,837</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>O. Net borrowings (N-C-D)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5,222</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>11,105</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>16,327</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,447</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>13,929</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>18,376</b></font></p>
        </td>
    </tr>
</table>

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

<p>Available-for-sale securities of euro 185 million (euro 174
million at December 31, 2007) were held for non-operating
purposes.</p>

<p>Not included in the calculation above were held-to-maturity
and available-for-sale securities held for operating purposes
amounting to euro 360 million (euro 280 million at December 31,
2007), of which euro 302 million (euro 256 million at December
31, 2007) were held to provide coverage of technical reserves for
Eni&#146;s insurance companies.</p>

<p>Financing receivables of euro 337 million (euro 1,215 million
at December 31, 2007) were held for non-operating purposes.</p>

<p>Not included in the calculation above were financing
receivables held for operating purposes amounting to euro 487
million (euro 384 million at December 31, 2007), of which euro
399 million (euro 246 million at December 31, 2007) were in
respect of securities granted to non-consolidated subsidiaries,
joint ventures and associates primarily in relation to the
implementation of certain capital projects and a euro 47 million
cash deposit to provide coverage of Eni Insurance Ltd technical
reserves. At December 31, 2007, non-current financial receivables
of euro 225 million were related to a restricted deposit held by
Eni Lasmo Plc as a guarantee of a debenture; the financial
receivable has been reclassified in the current portion for euro
173 million.</p>

<p align="center">F-50</p>

<hr noshade>

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

<p><font size="4"><strong>22 Provisions for contingencies</strong></font><br>
Provisions for contingencies were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Value at Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Additions</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Changes of estimated
        expenditures</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Accretion discount</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Reversal of utilized
        provisions</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Reversal of unutilized
        provisions</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Other changes</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Value at Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="36%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Provision for site restoration and abandonment</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,974</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">635</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">202</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(113</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(116</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,574</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Provision
        for environmental risks</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,858</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">369</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">38</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(333</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(9</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">57</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,980</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Provision for legal and other proceedings</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">716</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">90</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(30</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(35</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">70</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">812</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Loss
        adjustments and actuarial provisions for Eni&#146;s
        insurance companies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">418</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(49</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">34</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">404</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Provisions for the supply of goods</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">187</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">115</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">308</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Provision
        for taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">213</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">39</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(3</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(10</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">21</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">260</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Provision for losses on investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">163</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">21</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(16</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">163</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Provisions
        for marketing and promotion initiatives</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">65</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">75</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(57</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">81</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Provision for OIL insurance</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">80</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(13</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">72</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Provision
        for restructuring or decommissioning</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">130</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(114</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">16</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Provision for onerous contracts</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">50</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(50</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">632</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">418</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(2</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(151</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(73</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">73</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">899</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>8,486</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,142</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>633</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>249</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(750</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(199</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>12</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9,573</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein does not exceed euro 50
        million.</font></td>
    </tr>
</table>

<p>The provision for site restoration and abandonment of euro
4,574 million primarily referred to the estimation of future
costs relating to decommissioning of oil and natural gas
production facilities at the end of the producing lives of
fields, well-plugging, abandonment and site restoration (euro
4,494 million). The increase in the provision for the year
amounted to euro 635 million and was primarily due to changes in
the estimates of future costs made by subsidiaries in the
Exploration &amp; Production segment including Eni Norge AS (euro
183 million), Eni UK Ltd (euro 90 million) and Eni Petroleum Co
Inc (euro 82 million) with a corresponding entry to fixed assets.
Also an amount of euro 202 million was recognized through profit
and loss as the accretion charge for the period.</p>

<p>The discount rates adopted ranged from 3.3% to 6.2% (from 4.2%
to 6.2% at December 31, 2007). Other changes of euro 116 million
related to negative currency translation differences which arose
from the translation of financial statements denominated in
currencies other than the euro (euro 157 million). Offsetting
this effect was the acquisition of Eni Hewett Ltd by the
Exploration &amp; Production segment (euro 52 million).</p>

<p>The provision for environmental risks of euro 1,980 million
primarily related to the estimated future costs of remediation in
accordance with existing laws and regulations recognized by
Syndial SpA (euro 1,382 million) and the Refining &amp; Marketing
segment (euro 454 million). The increase in the provision of euro
369 million was primarily related to Syndial SpA (euro 222
million) and the Refining &amp; Marketing segment (euro 108
million). Specifically, Syndial SpA recognized the estimated cost
of the remediation of the divested area of Crotone as the
clean-up has become probable and the associated costs can be
reliably estimated. The decrease of euro 333 million was related
to the reversal of utilized provisions primarily by Syndial SpA
(euro 194 million) and the Refining &amp;&nbsp;Marketing segment
(euro 93 million). Other changes of euro 57 million included the
reclassification from the provision for restructuring or
decommissioning made by the Refining &amp; Marketing segment
(euro 114 million).</p>

<p>The provision for legal and other proceedings of euro 812
million primarily included charges expected on failure to perform
certain contractual obligations and estimated future losses on
pending litigation including legal, antitrust and administrative
matters. These provisions are stated on the basis of Eni&#146;s
best estimate of the expected probable liability and primarily
relate to the Gas &amp; Power segment (euro 452 million), Syndial
SpA (euro 225 million) and the Petrochemical segment (euro 36
million). Other changes of euro 70 million were essentially
related to the change in the consolidation area following the
acquisition of Distrigas NV by the Gas &amp; Power segment (euro
68 million).</p>

<p>Loss adjustments and actuarial provisions for Eni&#146;s
insurance companies of euro 404 million represented the
liabilities accrued for claims on insurance policies underwritten
by Eni&#146;s insurance company, Eni Insurance Ltd.</p>

<p>Provisions for the supply of goods for euro 308 million
related to Eni SpA and included the estimated costs of the supply
contracts.</p>

<p align="center">F-51</p>

<hr noshade>

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

<p>The provision for taxes of euro 260 million primarily included
charges for unsettled tax claims in connection with uncertain
applications of the tax regulation for foreign subsidiaries of
the Exploration &amp; Production segment (euro 193 million).</p>

<p>The provision for losses on investments of euro 163 million
was made with respect to losses on investments in entities
incurred to date where the losses exceeded the carrying amount of
the investments.</p>

<p>The provision for marketing and promotional initiatives
amounted to euro 81 million and was made in respect of marketing
initiatives involving awards and prizes to clients in the
Refining &amp; Marketing segment.</p>

<p>The provision for OIL insurance cover of euro 72 million
included a mutual insurance provision for future increases in
insurance charge as a result of past accidents that will be paid
in the next 5 years by Eni for participating in the mutual
insurance policy of Oil Insurance Ltd.</p>

<p>The provision for restructuring or decommissioning of unused
production facilities of euro 16 million was primarily made for
the estimated future costs of site restoration and remediation in
connection with divestments and the closing of facilities in the
Refining &amp; Marketing segment (euro 10 million). Other changes
of euro 114 million related to a reclassification to the
provision for environmental risks made by the Refining &amp;
Marketing segment.</p>

<p>The provision for onerous contracts of euro 4 million related
to contracts for which the termination or execution costs exceed
the benefits. The reversal of utilized provisions related to
Syndial SpA.</p>

<p><br>
<font size="4"><strong>23 Provisions for employee benefits</strong></font><br>
Provisions for employee benefits were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">TFR</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">499</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">458</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Foreign
        pension plans</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">219</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">223</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Supplementary medical reserve for Eni managers
        (FISDE) and other foreign medical plans</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">99</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">98</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        benefits</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">118</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">168</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>935</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>947</b></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="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>Provisions for indemnities upon termination of employment
primarily related to the provisions accrued by Italian companies
for employee termination indemnities (&quot;TFR&quot;),
determined using actuarial techniques and regulated by Article
2120 of the Italian Civil Code.</p>

<p>The indemnity is paid upon retirement as a lump sum payment
the amount of which corresponds to the total of the provisions
accrued during the employee&#146;s service period based on
payroll costs as revalued until retirement. Following changes in
the regime, starting from January 1, 2007, the amount already
accrued and the future benefits have been transferred to a
pension fund or the treasury fund custodied by the Italian
administration for post-retirement benefits (INPS). Companies
with less than 50 employees can choose not to adopt the new
scheme. Therefore, the allocation of future TFR provisions to
pension funds or the INPS treasury fund determines that these
amounts will be classified as costs to provide benefits under a
defined contribution plan. Past unpaid amounts accrued as at
December 31, 2006 for post-retirement indemnities under the
Italian TFR regime continue to represent costs to provide
benefits under a defined benefit plan and must be assessed based
on actuarial assumptions.</p>

<p>Pension funds are defined benefit plans provided by foreign
subsidiaries located mainly in Nigeria and in Germany. Benefits
under these plans consisted of payments based on seniority and
the salary paid in the last year of service, or alternatively,
the average annual salary over a defined period prior to
retirement.</p>

<p>Group companies provide healthcare benefits to retired
managers. Liability to these plans and the current cost are
limited to the contributions made by the company.</p>

<p>Other benefits primarily related to a deferred cash incentive
scheme for managers and certain Jubilee awards. The provision for
the deferred cash incentive scheme is assessed based on the
likelihood that the company will </p>

<p align="center">F-52</p>

<hr noshade>

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

<p>reach planned targets and the employees will reach individual
performance goals. Jubilee awards are benefits due following the
attainment of a minimum period of service and, for the Italian
companies, consist of an in-kind remuneration.</p>

<p>The value of employee benefits, estimated by applying
actuarial techniques, consisted of the following: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="51%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><font
        size="1"><strong>Foreign pension plans</strong></font></td>
        <td valign="bottom" width="30%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="51%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="30%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">TFR</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Gross liability</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Plan assets</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">FISDE<br>
        and other foreign medical plans</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Other benefits</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>2007</b></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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>Current
        value of benefit liabilities and plan assets at beginning
        of year</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>614</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>771</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(440</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>91</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>95</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,131</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Current cost</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">38</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">65</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Interest
        cost</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">32</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">61</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Expected return on plan assets</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"><p align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Employee
        contributions</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(126</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(126</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Actuarial gains (losses)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(52</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Benefits
        paid</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(64</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(35</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(7</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(94</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Amendments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Curtailments
        and settlements</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(62</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(201</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">201</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(62</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Currency translation differences and other
        changes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>Current
        value of benefit liabilities and plan assets at end of
        year</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>476</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>621</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(362</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>92</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>118</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>945</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#D2D2D2"><font
        size="2"><b>2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Current value of benefit liabilities and plan
        assets at beginning of year</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>476</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>621</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(362</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>92</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>118</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>945</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#D2D2D2"><font
        size="2">Current cost</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">21</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">48</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">70</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Interest cost</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#D2D2D2"><font
        size="2">Expected return on plan assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Employee contributions</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(41</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#D2D2D2"><font
        size="2">Actuarial gains (losses)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(11</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">102</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">105</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Benefits paid</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(65</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(84</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#D2D2D2"><font
        size="2">Curtailments and settlements</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Currency translation differences and other
        changes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">169</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(147</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">24</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#D2D2D2"><font
        size="2"><b>Current value of benefit liabilities and plan
        assets at end of year</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>443</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>802</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>(453</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>94</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>168</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>1,054</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>The gross liability for foreign employee pension plans of euro
802 million (euro 621 million at December 31, 2007) included the
liabilities related to joint ventures operating in exploration
and production activities for euro 67 million and euro 77 million
at December 31, 2007 and 2008, respectively. A receivable of an
amount equivalent to such liability was recorded. Other benefits
of euro 168 million (euro 118 million at December 31, 2007)
primarily concerned the deferred monetary incentive plan for euro
107 million (euro 69 million at December 31, 2007) and jubilee
awards for euro 47 million (euro 40 million at December 31,
2007).</p>

<p align="center">F-53</p>

<hr noshade>

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

<p>The reconciliation of benefit obligations to plan assets was
as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="17%"><font
        size="1"><b>TFR</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="17%"><font
        size="1"><b>Foreign pension plans</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="17%"><font
        size="1"><b>FISDE and other foreign medical plans</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="17%"><font
        size="1"><b>Other benefits</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="17%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="17%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="17%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="17%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%" height="16"><p
        align="center"><font size="1">Dec. 31, 2007</font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="8%" height="16"><p
        align="center"><font size="1">Dec. 31, 2008</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%" height="16"><p
        align="center"><font size="1">Dec. 31, 2007</font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="8%" height="16"><p
        align="center"><font size="1">Dec. 31, 2008</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%" height="16"><p
        align="center"><font size="1">Dec. 31, 2007</font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="8%" height="16"><p
        align="center"><font size="1">Dec. 31, 2008</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%" height="16"><p
        align="center"><font size="1">Dec. 31, 2007</font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="8%" height="16"><p
        align="center"><font size="1">Dec. 31, 2008</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Present value of benefit obligations with plan
        assets</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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">439</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">610</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Present
        value of plan assets</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 align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(362</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(453</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&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 align="right" valign="bottom" width="8%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Net present value of benefit obligations with
        plan assets</b></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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>77</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>157</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2"><b>Present
        value of benefit obligations without plan assets</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>476</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>443</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>182</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>192</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>92</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>94</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>118</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>168</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Actuarial gains (losses) not recognized</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(126</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </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 align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Past
        service cost not recognized</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 align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(7</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&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 align="right" valign="bottom" width="8%">&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 align="right" valign="bottom" width="8%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Net liabilities recognized in provisions for
        employee benefits</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>499</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>458</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>219</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>223</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>99</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>98</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>118</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>168</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Costs charged to the profit and loss account were as follows: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>TFR</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Foreign pension plans</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><b>FISDE and other foreign medical plans</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Other benefits</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Total</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2"><b>2007</b></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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Current
        cost</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">13</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">13</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">38</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">65</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Interest cost</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">61</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Expected
        return on plan assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Amortization of actuarial gains (losses)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Effect of
        curtailments and settlements</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(83</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">41</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(42</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(46</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>66</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>40</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>65</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#D2D2D2"><font
        size="2"><b>2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Current cost</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">19</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">48</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">70</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#D2D2D2"><font
        size="2">Interest cost</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Expected return on plan assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#D2D2D2"><font
        size="2">Amortization of actuarial gains (losses)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Effect of curtailments and settlements</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"><p align="right"><font size="2">(2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>25</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>25</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>4</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>53</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>107</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>The main actuarial assumptions used for the valuation of
post-retirement benefit obligations at year-end and for the
estimate of costs expected for 2009 were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%"><font size="1">(%)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>TFR</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Foreign pension plans</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>FISDE and other foreign medical plans</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Other benefits</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><b>2007</b></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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Discount
        rate</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">5.4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">3.5-13.0</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">5.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4.8-5.4</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Expected return rate on plan assets</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"><p align="right"><font size="2">4.0-13.0</font></p>
        </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 valign="bottom" width="60%"><font size="2">Rate of
        compensation increase</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2.7-3.0</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2.0-12.0</font></p>
        </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%"><p
        align="right"><font size="2">2.7-4.0</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Rate of price inflation</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1.0-10.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.0</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&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>
        <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="60%" bgcolor="#D2D2D2"><font
        size="2"><b>2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Discount rate</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.5-13.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5.2-6.0</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#D2D2D2"><font
        size="2">Expected return rate on plan assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">4.5-13.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Rate of compensation increase</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.7-3.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.4-13.0</font></p>
        </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"><p align="right"><font size="2">2.7-4.0</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#D2D2D2"><font
        size="2">Rate of price inflation</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">2.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1.3-11.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">2.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">2.5</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="center">F-54</p>

<hr noshade>

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

<p>With regards to Italian plans, demographic tables prepared by
Ragioneria Generale dello Stato (RG48) were used. The expected
return rate by plan assets has been determined by reference to
quoted prices expressed in regulated markets.</p>

<p>Plan assets consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(%)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Plan assets</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Expected return</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Securities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6.6-8.9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Bonds</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">20.4</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2.8-10.0</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Real estate</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1.8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">5.4-15.0</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">70.9</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2.0-13.0</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Total</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>100.0</b></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>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>The effective return on plan assets amounted to a cost of euro
77 million (a profit of euro 11 million at December 31, 2007).</p>

<p>With reference to healthcare plans, the effects deriving from
a 1% change of the actuarial assumptions of medical costs were as
follows: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>1% Increase</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>1% Decrease</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Impact on the current costs and interest costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">(1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Impact on
        net benefit obligation</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">10</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">(9</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="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>The amount expected to be accrued to defined benefit plans for
2009 is euro 32 million.</p>

<p>The analysis of changes in the actuarial valuation of the net
liability with respect to prior year deriving from the
non-correspondence of actuarial assumptions with actual values
recorded at year-end was as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>TFR</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Foreign pension plans</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>FISDE and other foreign medical plans</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Other benefits</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><b>2007</b></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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Impact on
        net benefit obligation</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(8</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Impact on plan assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#D2D2D2"><font
        size="2"><b>2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Impact on net benefit obligation</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#D2D2D2"><font
        size="2">Impact on plan assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(62</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
</table>

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

<p align="left"><br>
<br>
<font size="4"><strong>24 Deferred tax liabilities</strong></font><br>
Deferred tax liabilities were recognized net of offsettable
deferred tax assets for euro 3,468 million (euro 3,526 million at
December 31, 2007).</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at <br>
        Dec. 31, 2007</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Additions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Deductions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong><b>Changes in the scope of consolidation</b></strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Currency translation differences</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Other changes</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at <br>
        Dec. 31, 2008</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="31%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>5,471</strong></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">952</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2,335</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,684</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(38</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5,742</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="center">F-55</p>

<hr noshade>

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

<p>Deferred tax liabilities and deferred tax assets consisted of
the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Deferred tax liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8,997</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,210</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Deferred
        tax assets available for offset</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(3,526</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(3,468</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5,471</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5,742</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Deferred
        tax assets not available for offset</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,915</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2,912</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,556</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,830</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>The most significant temporary differences giving rise to net
deferred tax liabilities were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at <br>
        Dec. 31, 2007</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Additions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Deductions</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Currency translation differences</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Other changes</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Value at <br>
        Dec. 31, 2008</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Deferred tax liabilities:</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">-
        accelerated tax depreciation</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">6,257</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">212</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(895</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(60</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(148</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5,366</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">- site restoration and abandonment (tangible
        assets)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">539</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">191</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(30</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(14</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">654</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">-
        capitalized interest expense</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">177</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(15</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">173</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">- application of the weighted average cost
        method in evaluation of inventories</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">731</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">335</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,070</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">83</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">79</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">- other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,293</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">204</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(325</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">54</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,712</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2,938</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>8,997</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>952</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(2,335</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(38</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,634</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9,210</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Deferred
        tax assets:</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">- site restoration and abandonment (provisions
        for contingencies)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,363</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(244</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">45</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(27</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,572</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">- accruals
        for impairment losses and provisions for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(913</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(701</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">235</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(21</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,397</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">- depreciation and amortization</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(622</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(278</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">48</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(16</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(910</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">- assets
        revaluation as per Laws No. 342/2000 and No. 448/2001</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(788</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">60</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(7</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(735</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">- carry-forward tax losses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(79</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(57</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">- other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,676</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(545</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">370</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">36</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">106</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,709</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(5,441</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(1,778</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>767</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>43</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>29</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(6,380</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>Net
        deferred tax liabilities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>3,556</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(826</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>(1,568</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,663</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>2,830</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

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

<p>Deferred tax assets are recognized for deductible temporary
differences to the extent that is probable that sufficient
taxable profit will be available against which part or all of the
deductible temporary differences can be utilized. When future
taxable profit is no longer deemed to be sufficient to absorb all
existing deferred tax assets, any surplus is written off.</p>

<p>Other changes of euro 1,663 million included: (i) changes in
the consolidation area for euro 1,456 million following of the
acquisition made by the Exploration &amp; Production segment of
Burren Energy Plc (euro 733 million), of First Calgary Petroleums
Ltd (euro 108 million), of Eni Hewett Ltd (euro 91 million) and
of Hindustan Oil Exploration Co Ltd (euro 31 million), the
acquisition made by the Gas &amp; Power segment of Distrigas NV
(euro 504 million) and the disposal done by the Refining &amp;
Marketing segment of Agip Espa&#241;a SA (euro 11 million); and (ii)
the recognition of the deferred tax effect against equity on the
fair value evaluation of derivatives designated as cash flow
hedge for euro 76 million. Further information on cash flow
hedging derivatives is given in Note 7 - Other current assets, in
Note 15 - Other non-current receivables and in Note 25 - Other
non-current liabilities.</p>

<p>Italian taxation law allows the carry-forward of tax losses
over the five subsequent years. Losses suffered in the first
three years of the company&#146;s life can however be, for the
most part, carried forward indefinitely. The tax rate applied by
the Italian subsidiaries to determine the portion of
carry-forwards tax losses to be utilized equaled 33%; 33.73% for
foreign entities.</p>

<p align="center">F-56</p>

<hr noshade>

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

<p>Carry-forward tax losses of euro 1,024 million can be used in
the following periods:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Italian<br>
        subsidiaries</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Foreign<br>
        subsidiaries</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">2009</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">41</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">2010</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">12</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" 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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">2012</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">2013</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Beyond
        2013</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">14</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Without limit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">38</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">899</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>88</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>936</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Carry-forward tax losses of euro 171 million were
expected to be offset against future taxable profit and were in
respect of Italian subsidiaries for euro 88 million and of
foreign subsidiaries for euro 83 million. Deferred tax assets
recognized on these losses amounted to euro 29 million and euro
28 million, respectively. </p>

<p align="left"><br>
<font size="4"><strong>25 Other non-current liabilities</strong></font><br>
Other non-current liabilities were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Fair value of cash flow hedge derivatives</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,340</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">499</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Current
        income tax liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">215</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">254</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Payables related to capital expenditures</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">22</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>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        payables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">295</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">55</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">159</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,730</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>2,031</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>2,538</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>The fair value of derivative contracts was determined by using
market quotations reported by major market data providers, or, if
no market information was available, on the basis of generally
accepted methods for financial valuations.</p>

<p>The fair value of cash flow hedging derivatives amounted to
euro 499 million (euro 1,340 million at December 31, 2007) and
related to the Exploration &amp; Production segment for euro 264
million (euro 1,340 million at December 31, 2007) and to
Distrigas NV (euro 235 million).</p>

<p>Further information on cash flow hedging derivatives is given
in Note 7 - Other current assets. The fair value related to the
contracts expiring in 2009 is given in Note 7 - Other current
assets, in Note 15 - Other non-current receivables and in Note 25
- - Other non-current liabilities. The effects of the fair value
valuation of cash flow hedging derivatives are given in Note 27 -
Shareholders&#146; equity and in Note 32 - Finance income
(expense).</p>

<p>The nominal value of these derivatives referred to purchase
and sale commitments for euro 1,878 million and euro 1,832
million, respectively (euro 2,804 million and euro 3,404 million
at December 31, 2007).</p>

<p>Information on the hedged risks and the hedging policies is
shown in Note 29 - Guarantees, commitments and risks.</p>

<p>The group&#146;s liability for current income taxes of euro
254 million (euro 215 million at December 31, 2007) was due as
special tax (with a rate lower than the statutory tax rate),
relating to the option to increase the deductible tax bases of
certain tangible and other assets to their carrying amounts as
permitted by the 2008 Budget Law.</p>

<p>Other liabilities of euro 1,730 million (euro 159 million at
December 31, 2007) included advances received by Suez following
the long-term supply of natural gas and electricity of euro 1,552
million.</p>

<p align="center">F-57</p>

<hr noshade>

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

<p align="left"><font size="4"><strong>26 Assets classified as
held for sale and liabilities directly associated with the assets
classified as held for sale</strong><br>
</font>Non-current assets held for sale and directly associated
liabilities related to the disposal of Fertlizantes Nitrogenados
de Oriente, a company specialized in the production of
fertilizers.</p>

<p align="left"><br>
<font size="4"><strong>27 Shareholders&#146; equity</strong><br>
</font><br>
<strong>Minority interest<br>
</strong>Minority interest and the attributable profit with
reference to certain consolidated subsidiaries related to:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="19%" height="16"><p
        align="center"><font size="1"><b>Net profit</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="19%" height="16"><p
        align="center"><font size="1"><b>Shareholders&#146;
        equity</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="19%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="19%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">2007</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">2008</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1">Dec. 31, 2007</font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1">Dec. 31, 2008</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Saipem SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">514</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">407</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,299</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,560</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Distrigas
        NV</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="8%"><p
        align="right"><font size="2">74</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1,162</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Snam Rete Gas SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">268</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">254</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">865</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">948</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Hindustan
        Oil Exploration Co Ltd</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="8%"><p
        align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">128</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Tig&#224;z Tisz&#224;nt&#249;li G&#224;zszolg&#224;ltat&#242;
        R&#233;szv&#233;nyt&#224;rsas&#224;g</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(11</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">79</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">65</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Others</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">15</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">196</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">211</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>798</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>733</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,439</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,074</b></font></p>
        </td>
    </tr>
</table>

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

<p align="left"><strong>Eni shareholders&#146; equity<br>
</strong>Eni&#146;s net equity at December 31 was as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Share capital</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,005</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,005</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Legal
        reserve</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">959</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">959</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Reserve for treasury shares</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,207</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,187</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Cumulative
        foreign currency translation differences</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2,233</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(969</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other reserves</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(914</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,140</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Retained
        earnings</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">29,591</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">34,685</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Treasury shares</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5,999</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(6,757</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Interim
        dividend</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2,199</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2,359</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Net profit for the period</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10,011</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8,825</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>40,428</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>44,436</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p><b>Share capital<br>
</b>At December 31, 2008 the parent company&#146;s issued share
capital consisted of 4,005,358,876 shares (nominal value euro 1
each) fully paid-up (the same amount at December 31, 2007).</p>

<p>On April 29, 2008 Eni&#146;s Shareholders&#146; Meeting
declared a dividend distribution of euro 0.70 per share, with the
exclusion of treasury shares held at the ex-dividend date, in
full settlement of the 2007 dividend of euro 1.30 per share, of
which euro 0.60 per share paid as interim dividend. The balance
was paid on May 22, 2008 to shareholders on the register on May
19, 2008.</p>

<p><b>Legal reserve<br>
</b>This reserve represents earnings restricted from the payment
of dividends pursuant to Article 2430 of the Italian Civil Code.
The legal reserve has reached the maximum amount required by the
Italian Law.</p>

<p align="center">F-58</p>

<hr noshade>

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

<p><b>Reserve for treasury shares<br>
</b>The reserve for treasury shares represents the reserve
restricted to the purchase of own shares in accordance with the
decisions of Eni&#146;s Shareholders&#146; Meetings. The amount
of euro 7,187 million (euro 7,207 million at December 31, 2007)
included treasury shares purchased. The decrease of euro 20
million primarily concerned the sale and grant of treasury shares
to Group managers following stock option and stock grants
incentive schemes.</p>

<p align="left"><b>Cumulative foreign currency translation
differences<br>
</b>The cumulative foreign currency translation differences arose
from the translation of financial statements denominated in
currencies other than euro.</p>

<p><b>Other reserves<br>
</b>Other reserves of negative amount were euro 1,140 million (at
December 31, 2007 other reserves of negative amount were euro 914
million) and included:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="1%"><font size="4">&#149;</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">a reserve of euro 247
        million constituted following the sale by Eni SpA of
        Snamprogetti SpA to Saipem Projects SpA (now Saipem SpA)
        (same amount at December 31, 2007);</td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="4">&#149;</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">a reserve of euro 194
        million (euro 181 million at December 31, 2007) deriving
        from Eni SpA&#146;s equity;</td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="4">&#149;</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">a reserve of euro 86 million
        (at December 31, 2007 a negative for euro 1,342 million)
        including the related tax, for the valuation at fair
        value of available-for-sale securities and cash flow
        hedge derivatives. Further information is given in Note 2
        - Other financial assets held for trading or available
        for sale, Note 7 - Other current assets, Note 20 - Other
        current liabilities and Note 25 - Other non-current
        liabilities;</td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="4">&#149;</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">a negative reserve of euro
        1,495 million related to the put option granted to
        Publigaz (the Distrigas minority shareholder) to divest
        its 31.25% stake in Distrigas NV valued at the same
        per-share price of the ongoing mandatory tender offer to
        minorities.</td>
    </tr>
</table>

<p>The valuation at fair value of securities available for sale
and cash flow hedge derivatives, net of the related tax effect,
consisted of the following:</p>
<div align="left">

<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="20%"><font
        size="1"><b>Available-for-sale securities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="20%"><font
        size="1"><b>Cash flow hedge derivatives</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="20%"><font
        size="1"><b>Total</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="20%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="20%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="20%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>
</div><div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Gross reserve</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Deferred tax liabilities</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Net reserve</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Gross reserve</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Deferred tax liabilities</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Net reserve</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Gross reserve</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Deferred tax liabilities</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Net reserve</font></p>
        </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>
</div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><b>Reserve as of December 31, 2006</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>8</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Changes of
        the year 2007</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%"><p
        align="right"><font size="2">(2,237</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">867</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(1,370</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(2,237</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">867</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(1,370</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Foreign currency translation differences</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"><p align="right"><font size="2">51</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">51</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Amount
        recognized in the profit and loss account</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><b>Reserve as of December 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(2,185</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>841</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(1,344</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(2,183</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>841</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(1,342</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Changes of
        the year 2008</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">964</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(364</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">600</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">967</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(365</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">602</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Changes in the scope of consolidation</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"><p align="right"><font size="2">(68</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(45</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(68</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(45</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Foreign
        currency translation differences</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%"><p
        align="right"><font size="2">48</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">48</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(23</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Amount recognized in the profit and loss account</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"><p align="right"><font size="2">1,005</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(402</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">603</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,005</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(402</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">603</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2"><b>Reserve
        as of December 31, 2008</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2"><b>(1</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2"><b>4</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2"><b>(236</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2"><b>75</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2"><b>(161</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2"><b>(231</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2"><b>74</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2"><b>(157</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2"><i>of which: Eni Group</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>5</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(1</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>4</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(128</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>38</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(90</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(123</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>37</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(86</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
    </tr>
</table>
<div align="left">

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

<p align="center">F-59</p>

<hr noshade>

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

<p align="left">The ineffective portion of the change in fair
value of cash flow hedging derivatives (time value component)
entered into by the Exploration &amp; Production segment
consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>Value at <br>
        </strong><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>Changes recognized in
        profit and loss account</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>Currency translation
        differences</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>Value at <br>
        </strong><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(56</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(45</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
</table>

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

<p><b>Treasury shares purchased<br>
</b>A total of 382,954,240 ordinary shares (348,525,005 at
December 31, 2007) with nominal value of euro 1 each, were held
in treasury, for a total cost of euro 6,757 million (euro 5,999
million at December 31, 2007). 23,557,425 treasury shares
(35,423,925 at December 31, 2007) at a cost of euro 505 million
(euro 768 million at December 31, 2007) were available for
2002-2005 and 2006-2008 stock option plans.</p>

<p>The decrease of 11,866,500 shares consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Stock option</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Stock grant</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1"><strong>Total</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Number of shares at December 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>34,521,125</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>902,800</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>35,423,925</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Rights not
        assigned for the 2006-2008 stock option plan</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(9,406,500</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(9,406,500</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Rights exercised</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(582,100</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(893,400</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(1,475,500</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Rights
        cancelled</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(975,100</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(9,400</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2">(984,500</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(10,963,700</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(902,800</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="8%" bgcolor="#EEEEEE"><p
        align="right"><font size="2"><b>(11,866,500</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Number
        of shares at December 31, 2008</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2"><b>23,557,425</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="8%"><p align="right"><font
        size="2"><b>23,557,425</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>At December 31, 2008, options outstanding were 23,557,425
shares. Options refer to the 2002 stock plan for 97,000 shares
with an exercise price of euro 15.216 per share, to the 2003
stock plan for 231,900 shares with an exercise price of euro
13.743 per share, to the 2004 stock plan for 671,600 shares with
an exercise price of euro 16.576 per share, to the 2005 stock
plan for 3,756,000 shares with an exercise price of euro 22.512
per share, to the 2006 stock plan for 5,954,250 shares with an
weighted average exercise price of euro 23.119 per share, to the
2007 stock plan for 5,492,375 with an weighted average exercise
price of euro 27.451 per share and to the 2008 stock plan for
7,354,300 with an weighted average exercise price of euro 22.540
per share.</p>

<p>Information about commitments related to stock grant and stock
option plans is included in Note 31 - Operating expenses. </p>

<p><strong>Interim dividend</strong><br>
Interim dividend for the year 2008 amounted of euro 2,359 million
corresponding to euro 0.65 per share, as decided by the Board of
Directors on September 11, 2008 in accordance with Article
2433-bis, paragraph 5 of the Italian Civil Code; the dividend was
paid on September 25, 2008. </p>

<p><strong>Distributable reserves</strong><br>
At December 31, 2008 Eni shareholders&#146; equity included
distributable reserves for euro 39,000 million.</p>

<p align="center">F-60</p>

<hr noshade>

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

<p><strong>Reconciliation of net profit and shareholders&#146;
equity of the parent company Eni SpA to consolidated net profit
and shareholders&#146; equity</strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" height="16"><font
        size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%" height="16"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="19%" height="16"><p
        align="center"><font size="1"><b>Net profit</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="19%" height="16"><p
        align="center"><font size="1"><b>Shareholders&#146;
        equity</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="60%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="19%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="19%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">2007</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">2008</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1">Dec. 31, 2007</font></p>
        </td>
        <td valign="bottom" width="1%" height="16"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1">Dec. 31, 2008</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><b>As recorded in Eni SpA&#146;s Financial
        Statements</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6,600</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6,745</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>28,926</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>30,049</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Difference
        between the equity value of individual accounts of
        consolidated subsidiaries with respect to the
        corresponding carrying amount in the statutory accounts
        of the parent company</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4,122</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">4,140</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">16,320</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">18,999</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">Consolidation adjustments:</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        difference between cost and underlying value of equity</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(330</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,245</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">5,161</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- elimination of tax adjustments and compliance
        with accounting policies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">649</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,373</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,235</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2,852</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">-
        elimination of unrealized intercompany profits</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(435</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">216</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(3,383</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(3,127</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2">- deferred taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(97</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">159</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">711</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">- other
        adjustments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(29</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">283</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">295</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>10,809</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9,558</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>42,867</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>48,510</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="60%"><font size="2">Minority
        interest</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(798</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(733</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(2,439</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(4,074</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="60%" bgcolor="#EEEEEE"><font
        size="2"><b>As recorded in Consolidated Financial
        Statements</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>10,011</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>8,825</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>40,428</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>44,436</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

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

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

<p><font size="4"><strong>28 Other information<br>
<br>
</strong></font><strong>Acquisitions</strong><br>
<i>Burren Energy Plc<br>
</i>On January 11, 2008, following a non-hostile takeover by
means of a cash offer, Eni acquired control over the British oil
company Burren Energy Plc (Burren). Burren held producing assets
in Turkmenistan and Congo, and exploratory licenses in Egypt,
Yemen and India. Total consideration for this transaction of euro
2,358 million, of which euro 14 million related to additional
costs directly attributable to the combination, has been
allocated to assets and liabilities on a definitive basis.</p>

<p><i>Hindustan Oil Exploration Co Ltd (HOEC)<br>
</i>On August 5, 2008, following the execution of a mandatory
tender offer on a 20% stake of the HOEC share capital, Eni
acquired control over the Indian company Hindustan Oil
Exploration Co Ltd (HOEC). The mandatory offer was associated
with Eni&#146;s acquisition of a 27.18% of HOEC as part of the
Burren deal. Total consideration for this transaction of euro 107
million, with the exclusion of the minority interest, has been
allocated to assets and liabilities on a preliminary basis
because of the significant amount of time required for a more
precise valuation.</p>

<p><i>Distrigas NV<br>
</i>On October 30, 2008, following the acquisition of a 57.243%
majority stake from the French company Suez-Tractebel Eni
acquired control over the Belgian company Distrigas NV. On
December 30, 2008, Eni was granted authorization from the Belgian
market authorities to execute a mandatory tender offer to the
minorities of Distrigas. The deadline of the offer was March 19,
2009. Total consideration for this transaction of euro 2,751
million, of which euro 12 million related to additional costs
directly attributable to the acquisition, with the exclusion of
the minority interest, has been allocated to assets and
liabilities on a preliminary basis because of the amount of time
required for a more precise valuation.</p>

<p><i>First Calgary Petroleums Ltd<br>
</i>On November 21, 2008, following the acquisition of all of the
common shares Eni gained control of First Calgary Petroleums Ltd,
a Canadian oil and gas company with exploration and development
activities in Algeria. Total consideration for this transaction
of euro 605 million, of which euro 5 million related to
additional costs directly attributable to the acquisition, has
been allocated to assets and liabilities on a preliminary basis
because of the amount of time required for a more precise
valuation.</p>

<p align="center">F-61</p>

<hr noshade>

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

<p><i>Eni Hewett Ltd<br>
</i>On November 28, 2008, following the finalization of an
agreement with the British company Tullow Oil Ltd Eni acquired a
52% stake and the operatorship of fields in the Hewett Unit and
relevant facilities in the North Sea, with the aim to upgrade
certain depleted fields in the area so as to achieve a gas
storage facility. Total consideration for this transaction of
euro 224 million has been allocated to assets and liabilities on
a preliminary basis because of the amount of time required for a
more precise valuation.</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><p
        align="center"><font size="1"><b>Burren Energy Plc</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><p
        align="center"><font size="1"><b>Hindustan Oil
        Exploration Co Ltd</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><p
        align="center"><font size="1"><b>Distrigas NV</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><p
        align="center"><font size="1"><b>First Calgary Petroleums
        Ltd</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><p
        align="center"><font size="1"><b>Eni Hewett Ltd</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="15%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Pre- acquisition</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Post- acquisition</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Pre- acquisition</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Post- acquisition</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Pre- acquisition</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Post- acquisition</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Pre- acquisition</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Post- acquisition</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Pre- acquisition</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Post- acquisition</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Current assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">187</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">187</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">115</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">115</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,375</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,375</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">148</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">148</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">56</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">19</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Property,
        plant and equipment</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">457</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2,543</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">79</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">199</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">30</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">30</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">643</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">757</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">29</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">118</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Intangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">47</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">326</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,395</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">208</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Goodwill</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">89</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,245</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">88</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">39</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">56</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">53</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">112</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">112</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Other
        non-current assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">202</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">203</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2"><b>Assets acquired</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>764</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,215</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>203</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>315</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,720</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6,360</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>791</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>993</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>94</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>384</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Current
        liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">62</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">100</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,796</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,796</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">45</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">45</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">17</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Net deferred tax liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">733</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">30</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">504</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">108</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">91</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Provisions
        for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">24</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">80</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">80</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">44</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">52</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Other non-current liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">88</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">88</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">229</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">229</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2"><b>Liabilities
        acquired</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>112</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>857</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>53</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>88</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,994</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>2,468</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>292</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>388</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>61</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>160</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Minority interest</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">79</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">120</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">748</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,141</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2"><b>Eni&#146;s
        shareholders equity</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>652</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>2,358</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>71</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>107</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>978</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>2,751</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>499</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>605</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>33</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>224</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

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

<p align="left"><font size="4"><strong>29 Guarantees, commitments
and risks</strong></font><br>
<br>
<strong>Guarantees</strong><br>
Guarantees were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="29%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="29%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><p align="left"><font
        size="1">(euro million)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Unsecured guarantees</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Other<br>
        guarantees</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Total</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Unsecured guarantees</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Other<br>
        guarantees</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Consolidated subsidiaries</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"><p align="right"><font size="2">6,388</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,388</font></p>
        </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"><p align="right"><font size="2">13,139</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13,139</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Unconsolidated
        entities controlled by Eni</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%"><p
        align="right"><font size="2">150</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">150</font></p>
        </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%"><p
        align="right"><font size="2">151</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">151</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Joint ventures and associates</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,896</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,099</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,995</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,027</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,075</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,102</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Others</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">279</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">291</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">245</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">253</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5,908</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7,916</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>13,824</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6,035</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>14,610</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>20,645</b></font></p>
        </td>
    </tr>
</table>

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

<p align="left">Other guarantees issued on behalf of consolidated
subsidiaries of euro 13,139 million (euro 6,388 million at
December 31, 2007) primarily consisted of: (i) guarantees given
to third parties relating to bid bonds and performance bonds for
euro 7,004 million (euro 3,244 million at December 31, 2007), of
which euro 5,965 million related to the Engineering &amp;
Construction segment (euro 2,351 million at December 31, 2007);
(ii) guarantees issued on behalf of Eni Gas &amp; Power Belgium
SA for euro 2,739 million related to the Share Purchase Agreement
with Suez-Tractebel SA for the acquisition of a 57.24% majority
stake in Distrigas NV; (iii) VAT recoverable from tax authorities
for euro 1,248 million (euro 1,286 million at December 31, 2007);
and (iv) insurance risk for euro 257 million reinsured by Eni
(euro 259 million at December 31, 2007). At December 31, 2007 the
underlying commitment covered by such guarantees was euro 10,202
million (euro 6,050 million at December 31, 2007).</p>

<p align="left">Other guarantees issued on behalf of
unconsolidated subsidiaries of euro 151 million (euro 150 million
at December 31, 2007) consisted of letters of patronage and other
guarantees issued to commissioning entities relating to bid bonds
and performance bonds for euro 146 million (euro 144 million at
December 31, 2007). At December 31, 2008, the underlying
commitment covered by such guarantees was euro 79 million (euro
19 million at December 31, 2007).</p>

<p align="left">Unsecured guarantees and other guarantees issued
on behalf of joint ventures and associates of euro 7,102 million
(euro 6,995 million at December 31, 2007) primarily concerned:
(i) an unsecured guarantee of euro 6,001 million (euro 5,870
million at December 31, 2007) given by Eni SpA to Treno Alta
Velocit&#224; - TAV - SpA for the proper and timely completion of a
project relating to the Milan-Bologna train link by CEPAV
(Consorzio Eni per </p>

<p align="center">F-62</p>

<hr noshade>

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

<p align="left">l&#146;Alta Velocit&#224;) Uno; consortium members,
excluding unconsolidated entities controlled by Eni, gave Eni
liability of surety letters and bank guarantees amounting to 10%
of their respective portion of the work; (ii) unsecured
guarantees, letters of patronage and other guarantees given to
banks in relation to loans and lines of credit received for euro
871 million (euro 824 million at December 31, 2007), of which
euro 716 million related to a contract released by Snam SpA (now
merged into Eni SpA) on behalf of Blue Stream Pipeline Co BV (Eni
50%) to a consortium of international financial institutions
(euro 677 million at December 31, 2007); and (iii) unsecured
guarantees and other guarantees given to commissioning entities
relating to bid bonds and performance bonds for euro 107 million
(euro 119 million at December 31, 2007). At December 31, 2008,
the underlying commitment covered by such guarantees was euro 983
million (euro 1,562 million at December 31, 2007).</p>

<p align="left">Unsecured and other guarantees given on behalf of
third parties of euro 253 million (euro 291 million at December
31, 2007) consisted primarily of: (i) guarantees issued on behalf
of Gulf LNG Energy and Gulf LNG Pipeline and on behalf of Angola
LNG Supply Service Llc (Eni 13.6%) as security against payment
commitments of fees in connection with the re-gasification
activity for euro 216 million (euro 204 million at December 31,
2007); and (ii) guarantees issued by Eni SpA to banks and other
financial institutions in relation to loans and lines of credit
for euro 19 million on behalf of minor investments or companies
sold (euro 20 million at December 31, 2007).</p>

<p align="left">At December 31, 2008 the underlying commitment
covered by such guarantees was euro 232 million (euro 281 million
at December 31, 2007). </p>

<p><strong>Commitments and contingencies</strong><br>
Commitments and contingencies were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="9%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="80%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Commitments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">200</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">205</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Risks</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,520</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1,660</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>1,720</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>1,865</b></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="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>Other commitments of euro 205 million (euro 200 million at
December 31, 2007) were essentially related to a memorandum of
intent signed with the Basilicata Region, whereby Eni has agreed
to invest euro 180 million in the future, also on account of
Shell Italia E&amp;P SpA, in connection with Eni&#146;s
development plan of oil fields in Val d&#146;Agri (euro 177
million at December 31, 2007).</p>

<p>Risks of euro 1,660 million (euro 1,520 million at December
31, 2007) primarily concerned potential risks associated with the
value of assets of third parties under the custody of Eni for
euro 1,273 million (euro 1,126 million at December 31, 2007) and
contractual assurances given to acquirers of certain investments
and businesses of Eni for euro 387 million (euro 376 million at
December 31, 2007).</p>

<p><br>
<strong>Risk factors</strong><br>
FOREWORD<br>
The main risks that the Company is facing and actively monitoring
and managing are the following: (i) the market risk deriving from
exposure to fluctuations in interest rates, foreign currency
exchange rates and commodity prices; (ii) the credit risk
deriving from the possible default of a counterparty; (iii) the
liquidity risk deriving from the risk that suitable sources of
funding for the Group&#146;s operations may not be available;
(iv) the country risk in the upstream business; (v) the
operational risk; (vi) the possible evolution of the Italian gas
market; and (vii) the specific risks deriving from exploration
and production activities.</p>

<p>Financial risks are managed in respect of guidelines defined
by the parent company, targeting to align and coordinate Group
companies&#146; policies on financial risks.</p>

<p><em>Market risk</em><br>
Market risk is the possibility that changes in currency exchange
rates, interest rates or commodity prices will adversely affect
the value of the Group&#146;s financial assets, liabilities or
expected future cash flows. The Company actively manages market
risk in accordance with a set of policies and guidelines that
provide a centralized model of conducting finance, treasury and
risk management operations based on three separate entities: the
parent company&#146;s (Eni SpA) finance department, Eni
Coordination Center and Banque Eni which is subject to certain
bank regulatory </p>

<p align="center">F-63</p>

<hr noshade>

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

<p>restrictions preventing the Group&#146;s exposure to
concentrations of credit risk. Additionally, in 2007, Eni Trading
&amp; Shipping was established and has the mandate to manage and
monitor solely commodity derivative contracts. In particular Eni
SpA and Eni Coordination Center manage subsidiaries&#146;
financing requirements in and outside of Italy, respectively,
covering funding requirements and using available surpluses. All
transactions concerning currencies and derivative financial
contracts are managed by the parent company as well as the
activity of trading certificates according to the European Union
Emission Trading Scheme. The commodity risk is managed by each
business unit with Eni Trading &amp; Shipping ensuring the
negotiation of hedging derivatives. Eni uses derivative financial
instruments (derivatives) in order to minimize exposure to market
risks related to changes in exchange rates and interest rates and
to manage exposure to commodity prices fluctuations. Eni does not
enter into derivative transactions on a speculative basis. The
framework defined by Eni&#146;s policies and guidelines
prescribes that measurement and control of market risk be
performed on the basis of maximum tolerable levels of risk
exposure defined in accordance with value-at-risk techniques.
These techniques make a statistical assessment of the market risk
on the Group&#146;s activity, i.e., potential gain or loss in
fair values, due to changes in market conditions taking account
of the correlation existing among changes in fair value of
existing instruments. Eni&#146;s finance departments define
maximum tolerable levels of risk exposure to changes in interest
rates and foreign currency exchange rates, pooling Group
companies risk positions. Eni&#146;s calculation and measurement
techniques for interest rate and foreign currency exchange rate
risks are in accordance with established banking standards, as
established by the Basel Committee for bank activities
surveillance. Tolerable levels of risk are based on a
conservative approach, considering the industrial nature of the
company. Eni&#146;s guidelines prescribe that Eni&#146;s Group
companies minimize such kinds of market risks. With regard to the
commodity risk, Eni&#146;s policies and guidelines define rules
to manage this risk aiming at the optimization of core activities
and the pursuing of preset targets of industrial margins. The
maximum tolerable level of risk exposure is pre-defined in terms
of value at risk in connection with trading and commercial
activities, while the strategic risk exposure to commodity prices
fluctuations &#150; i.e. the impact on the Group&#146;s business
results deriving from changes in commodity prices &#150; is
monitored in terms of value-at risk, albeit not hedged in a
systematic way. Accordingly, Eni evaluates the opportunity to
mitigate its commodity risk exposure by entering into hedging
transactions in view of certain acquisition deals of oil and gas
reserves as part of the Group&#146;s strategy to achieve its
growth targets or ordinary asset portfolio management. The Group
controls commodity risk with a maximum value-at-risk limit
awarded to each business unit. Hedging needs from business units
are pooled by Eni Trading &amp; Shipping which also manages its
own risk exposure. The three different market risks, whose
management and control have been summarized above, are described
below. </p>

<p><em>Exchange rate risk</em><br>
Exchange rate risk derives from the fact that Eni&#146;s
operations are conducted in currencies other than the euro
(mainly in the U.S. dollar). Revenues and expenses denominated in
foreign currencies may be significantly affected by exchange
rates fluctuations due to conversion differences on single
transaction arising from the time lag existing between execution
and definition of relevant contractual terms (economic risk) and
conversion of foreign currency-denominated trade and financing
payables and receivables (transactional risk). Exchange rate
fluctuations affect Group&#146;s reported results and net equity
as financial statements of subsidiaries denominated in currencies
other than the euro are translated from their functional currency
into euro (translation risk). Generally, an appreciation of the
U.S. dollar versus the euro has a positive impact on Eni&#146;s
results of operations, and vice versa. Eni&#146;s foreign
exchange risk management policy is to minimize economic and
transactional exposures arising from foreign currency movements.
Eni does not undertake any hedging activity for risks deriving
from translation of foreign currency denominated profits or
assets and liabilities of subsidiaries which prepare financial
statements in a currency other than the euro, except for single
transactions to be evaluated on a case-by-case basis. Effective
management of exchange rate risk is performed within Eni&#146;s
central finance departments which match opposite positions within
Group companies, hedging the Group net exposure through the use
of certain derivatives, such as currency swaps, forwards and
options. Such derivatives are evaluated at fair value on the
basis of market prices provided by specialized sources. Changes
in fair value of those derivatives are normally recognized
through the profit and loss account as they do not meet the
formal criteria to be recognized as hedges in accordance with IAS
39. The VAR techniques are based on variance/covariance
simulation models and are used to monitor the risk exposure
arising from possible future changes in market values over a
24-hour period within a 99% confidence level and a 20-day holding
period. </p>

<p><br>
<em>Interest rate risk</em><br>
Changes in interest rates affect the market value of financial
assets and liabilities of the company and the level of finance
charges. Eni&#146;s interest rate risk management policy is to
minimize risk with the aim to achieve financial structure
objectives defined and approved in the management&#146;s finance
plans. Borrowing requirements of the Group&#146;s companies are
pooled by the Group&#146;s central finance department in order to
manage net positions and the funding of portfolio developments
consistently with management&#146;s plans while maintaining a
level of risk exposure within prescribed limits. Eni enters into
interest rate derivative transactions, in particular interest
rate swaps, to effectively manage the balance between fixed and
floating rate debt.</p>

<p align="center">F-64</p>

<hr noshade>

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

<p>Such derivatives are evaluated at fair value on the basis of
market prices provided from specialized sources. Changes in fair
value of those derivatives are normally recognized through the
profit and loss account as they do not meet the formal criteria
to be accounted for under the hedge accounting method in
accordance with IAS 39. Value at risk deriving from interest rate
exposure is measured daily on the basis of a variance/covariance
model, with a 99% confidence level and a 20-day holding period. </p>

<p><em>Commodity risk</em><br>
Eni&#146;s results of operations are affected by changes in the
prices of commodities. A decrease in oil and gas prices generally
has a negative impact on Eni&#146;s results of operations and
vice-versa. Eni manages exposure to commodity price risk arising
in normal trading and commercial activities in view of achieving
stable margins. In order to accomplish this, Eni uses derivatives
traded on the organized markets of ICE and NyMEx (futures) and
derivatives traded over the counter (swaps, forward, contracts
for differences and options) with the underlying commodities
being crude oil, refined products or electricity. Such
derivatives are evaluated at fair value on the basis of market
prices provided from specialized sources or, absent market
prices, on the basis of estimates provided by brokers or suitable
evaluation techniques. Changes in fair value of those derivatives
are normally recognized through the profit and loss account as
they do not meet the formal criteria to be recognized as hedges
in accordance with IAS 39. Value at risk deriving from commodity
exposure is measured daily on the basis of a historical
simulation technique, with a 95% confidence level and a one-day
holding period. The following table shows amounts in terms of
value at risk, recorded in the first half of 2008 (compared with
full year 2007) relating to interest rate and exchange rate risks
in the first section, and commodity risk in the second section.</p>

<p><font size="1"><em>(Value at risk - parametric method
variance/covariance; holding period: 20 days; confidence level:
99%)</em></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="45%">&nbsp;</td>
        <td align="center" valign="bottom" width="27%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="27%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="45%">&nbsp;</td>
        <td align="center" valign="bottom" width="27%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="27%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">High</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Low</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Avg</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">At year end</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">High</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Low</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Avg</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">At year end</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%">&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>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Interest rate</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7.36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.47</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1.39</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.35</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12.31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.73</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.54</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2">Exchange
        rate</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1.25</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.03</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.21</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.43</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1.48</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.09</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.48</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.47</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%">&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>
    </tr>
</table>

<p><font size="1"><em>(Value at risk - historic simulation
method; holding period: 1 day; confidence level: 95%)</em></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="45%">&nbsp;</td>
        <td align="center" valign="bottom" width="27%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="27%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="45%">&nbsp;</td>
        <td align="center" valign="bottom" width="27%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="27%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%"><font size="1">(U.S. $
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">High</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Low</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Avg</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">At year end</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">High</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Low</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">Avg</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="6%"><p
        align="center"><font size="1">At year end</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%">&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>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Area oil, products</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">44.59</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.39</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">20.17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12.68</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">46.48</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.44</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">19.88</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5.43</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2">Area Gas
        &amp; Power <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">54.11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">20.12</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">34.56</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">25.57</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">67.04</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">24.38</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">43.53</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">32.07</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%">&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>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Amounts
        relating to the Gas &amp; Power business also include
        results of Distrigas NV for the months of November and
        December 2008 based on the closing date of acquisition. </font></td>
    </tr>
</table>

<p><em>Credit risk</em><br>
Credit risk is the potential exposure of the Group to losses in
case counterparties fail to perform or pay amounts due. The Group
manages differently credit risk depending on whether credit risk
arises from exposure to financial counterparties or to customers
relating to outstanding receivables. Individual business units
are responsible for managing credit risk arising in the normal
course of the business. The Group has established formal credit
systems and processes to ensure that before trading with a new
counterpart can start, its creditworthiness is assessed. Also
credit litigation and receivable collection activities are
assessed. The monitoring activity of credit risk exposure is
performed at the Group level according to set guidelines and
measurement techniques that establish counterparty limits and
systems to monitor exposure against limits and report regularly
on those exposures. Specifically, credit risk exposure to
multi-business clients and exposures higher than the limit set at
euro 4 million are closely monitored. Monitoring activities do
not include retail clients and public administrations. The
assessment methodology assigns a score to individual clients
based on publicly available financial data and capital,
profitability and liquidity ratios. Based on those scores, an
internal credit rating is assigned to each counterparty that is
accordingly allocated to its proper risk category. The Group risk
categories are comparable to those prepared by the main rating
agencies on the marketplace. The Group&#146;s internal ratings
are also benchmarked against ratings prepared by a specialized
external source.</p>

<p>With regard to risk arising from financial counterparties, Eni
has established guidelines prior to entering into cash management
and derivative contracts to assess the counterparty&#146;s
financial soundness and rating in view of optimizing the risk
profile of financial activities while pursuing operational
targets. Maximum limits of risk exposure are set in terms of
maximum amounts of credit exposures for categories of
counterparties as defined by the </p>

<p align="center">F-65</p>

<hr noshade>

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

<p>Company&#146;s Board of Directors taking into account the
credit ratings provided by the primary credit rating agencies on
the marketplace. Credit risk arising from financial
counterparties is managed by the Group central finance
departments, including Eni&#146;s subsidiary Eni Trading &amp;
Shipping which specifically engages in commodity derivatives
transactions. Those are the sole Group entities entitled to be
party to financial transactions due to the Group centralized
finance model. Eligible financial counterparties are closely
monitored to check exposures against limits assigned to each
counterparty on a daily basis. Exceptional market conditions have
forced the Group to adopt contingency plans and under certain
circumstances to suspend eligibility to be a Group financial
counterparty. Actions implemented also have been intended to
limit concentrations of credit risk by maximizing counterparty
diversification and turnover. Counterparties have been also
selected on more stringent criteria particularly in transactions
on derivatives instruments and with maturity longer than a
three-month period. Eni has not experienced material
non-performance by any counterparty. As of December 31, 2007 and
2008, Eni had no significant concentrations of credit risk. </p>

<p><em>Liquidity risk</em><br>
Liquidity risk is the risk that suitable sources of funding for
the Group may not be available, or the Group is unable to sell
its assets on the market place as to be unable to meet short-term
finance requirements and to settle obligations. Such a situation
would negatively impact the Group results as it would result in
the Company incurring higher borrowing expenses to meet its
obligations or under the worst of conditions the inability of the
Company to continue as a going concern. As part of its financial
planning process, Eni manages the liquidity risk by targeting
such a capital structure as to allow the Company to maintain a
level of liquidity adequate to the Group&#146;s needs optimizing
the opportunity cost of maintaining liquidity reserves also
achieving an efficient balance in terms of maturity and
composition of finance debt. The Group capital structure is set
according to the Company&#146;s industrial targets and within the
limits established by the Company&#146;s Board of Directors who
are responsible for prescribing the maximum ratio of debt to
total equity and minimum ratio of medium and long-term debt to
total debt as well as fixed rate medium and long-term debt to
total medium and long-term debt. In spite of ongoing tough credit
market conditions resulting in higher spreads to borrowers, the
Company has succeeded in maintaining access to a wide range of
funding at competitive rates through the capital markets and
banks. The actions implemented as part of Eni&#146;s financial
planning have enabled the Group to maintain access to the credit
market particularly via the issue of commercial paper also
targeting to increase the flexibility of funding facilities. The
above mentioned actions aimed at ensuring availability of
suitable sources of funding to fulfill short-term commitments and
due obligations also preserving the necessary financial
flexibility to support the Group&#146;s development plans. In
doing so, the Group has pursued an efficient balance of finance
debt in terms of maturity and composition leveraging on the
structure of its lines of credit particularly the committed ones.
</p>

<p>At present, the Group believes it has access to sufficient
funding and has also both committed and uncommitted borrowing
facilities to meet currently foreseeable borrowing requirements. </p>

<p>As of December 31, 2008, Eni maintained short-term committed
and uncommitted unused borrowing facilities of euro 11,099
million, of which euro 3,313 million were committed, and
long-term committed unused borrowing facilities of euro 1,850
million.</p>

<p>These facilities were under interest rates that reflected
market conditions. Fees charged for unused facilities were not
significant. Eni has in place a program for the issuance of Euro
Medium Term Notes up to euro 10 billion, of which euro 6,391
million were drawn as of the balance sheet date.</p>

<p>The Group has debt ratings of AA- and A-1+ respectively for
the long and short-term debt assigned by Standard &amp;
Poor&#146;s and Aa2 and P-1 assigned by Moody&#146;s; the outlook
is stable for both. </p>

<p>The tables below summarize the Group main contractual
obligations for finance debt repayments, including expected
payments for interest charges, and trade and other payables
maturities.</p>

<p><b>Finance debt</b></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="55%"><p
        align="center"><font size="1"><b>Maturity year</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="55%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2009</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2010</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2011</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2012</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2013</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2014 and thereafter</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Non current debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">549</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,630</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">797</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,687</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,981</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,834</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>14,478</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2">Current
        financial liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6,359</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">-</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">-</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">-</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">-</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">-</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>6,359</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6,908</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,630</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>797</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,687</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,981</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,834</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>20,837</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2">Interest
        on finance debt</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">502</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">469</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">412</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">383</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">336</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">791</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>2,893</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<p align="center">F-66</p>

<hr noshade>

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

<p align="left"><b>Trade and other payables</b></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="68%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="31%"><p
        align="center"><font size="1"><b>Maturity year</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="68%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="31%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="68%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2009</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2010-2013</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2014 and thereafter</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="68%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"><font
        size="2">Trade payables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12,590</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">-</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">-</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>12,590</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="68%"><font size="2">Advances,
        other payables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">7,925</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><strong>7,980</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>20,515</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>28</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>27</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>20,570</strong></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>In addition to finance debt and trade payables presented in
the financial statements, the Group has in place a number of
contractual obligations arising in the normal course of the
business. To meet these commitments, the Group will have to make
payments to third parties. The Company&#146;s main obligations
are certain arrangements to purchase goods or services that are
enforceable and legally binding and that specify all significant
terms. Such arrangements include non-cancelable, long-term
contractual obligations to secure access to supply and transport
of natural gas, which include take-or-pay clauses whereby the
Company obligations consist of off-taking minimum quantities of
product or service or paying the corresponding cash amount that
entitles the Company to off-take the product in future years.
Future obligations in connection with these contracts were
calculated by applying the forecasted prices of energy or
services included in the four-year business plan approved by the
Company&#146;s Board of Directors and on the basis of the
long-term market scenarios used by Eni for planning purposes to
minimum take and minimum ship quantities. </p>

<p>The table below summarizes the Group principal contractual
obligations as of the balance sheet date, shown on an
undiscounted basis.</p>

<p align="left"><b>Expected payments by period under contractual
obligations and commercial commitments</b></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="55%"><p
        align="center"><font size="1"><b>Maturity year</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="55%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2009</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2010</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2011</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2012</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2013</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2014 and thereafter</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
bordercolor="#000000">
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Operating lease obligations </b><sup>(1)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>618</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,025</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>697</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>468</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>395</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,084</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>4,287</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2"><b>Decommissioning
        liabilities </b><sup>(2)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>269</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>35</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>61</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>18</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>256</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>8,830</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><strong>9,469</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2"><b>Environmental liabilities</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>396</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>421</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>284</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>223</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>221</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>443</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>1,988</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2"><b>Purchase
        obligations </b><sup>(3)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>17,938</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>13,777</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>14,326</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>14,405</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>14,112</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>185,415</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><strong>259,973</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Gas</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2">- <i>Natural
        gas to be purchased in connection with take-or-pay
        contracts</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">15,694</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">13,041</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">13,574</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">13,610</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">13,343</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">179,067</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><strong>248,329</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">- <i>Natural gas to be transported in connection
        with ship-or-pay contracts</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">539</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">537</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">545</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">549</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">528</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,151</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>5,849</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2">Other
        take-or-pay and ship-or-pay obligations</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">139</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">135</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">126</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">111</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">106</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">838</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><strong>1,455</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">Other purchase obligations <sup>(4)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,566</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">64</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">81</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">135</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">135</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,359</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>4,340</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2"><b>Other
        obligations</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>8</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>152</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><strong>180</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE"><font
        size="2">of which:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="44%"><font size="2">-
        Memorandum of intent relating to Val d&#146;Agri</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">152</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><strong>180</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>19,229</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>15,263</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>15,373</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>15,119</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>14,989</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>195,924</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>275,897</strong></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="44%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Operating
        leases primarily regarded assets for drilling activities,
        time charter and long-term rentals of vessels, lands,
        service stations and office buildings. Such leases did
        not include renewal options. There are no significant
        restrictions provided by these operating leases which
        limit the ability of the Company to pay dividend, use
        assets or to take on new borrowings.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Represents
        the estimated future costs for the decommissioning of oil
        and natural gas production facilities at the end of the
        producing lives of fields, well-plugging, abandonment and
        site restoration.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(3)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Represents
        any agreement to purchase goods or services that is
        enforceable and legally binding and that specifies all
        significant terms.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(4)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Mainly refers
        to arrangements to purchase capacity entitlements at
        certain re-gasification facilities in the U.S.</font></td>
    </tr>
</table>

<p align="center">F-67</p>

<hr noshade>

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

<p align="left">The table below summarizes Eni&#146;s capital
expenditure commitments for property, plant and equipment and
capital projects at December 31, 2008. Capital expenditures are
considered to be committed when the project has received the
appropriate level of internal management approval. Such costs are
included in the amounts shown.</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="52%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="47%"><p
        align="center"><font size="1"><b>Maturity year</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="52%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="47%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="52%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2009</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2010</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2011</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2012</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">2013 and subsequent years</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1">Total</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="52%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="52%" bgcolor="#EEEEEE"><font
        size="2">Committed on major projects</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,938</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,831</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,697</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,837</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,856</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>23,159</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="52%"><font size="2">Other
        committed projects</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">5,147</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4,342</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3,186</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2,389</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">9,846</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><strong>24,910</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="52%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>10,085</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>8,173</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5,883</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,226</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>19,702</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><strong>48,069</strong></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="52%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p><em>Country risk</em><br>
Substantial portions of Eni&#146;s hydrocarbons reserves are
located in countries outside the EU and North America, certain of
which may be politically or economically less stable than EU or
North American. At December 31, 2008, approximately 70% of
Eni&#146;s proved hydrocarbons reserves were located in such
countries. Similarly, a substantial portion of Eni&#146;s natural
gas supplies comes from countries outside the EU and North
America. In 2008, approximately 60% of Eni&#146;s domestic supply
of natural gas came from such countries. Developments in the
political framework, economic crisis, social unrest can
compromise temporarily or permanently Eni&#146;s ability to
operate or to economically operate in such countries, and to have
access to oil and gas reserves. Further risks related to the
activity undertaken in these countries, are represented by: (i)
lack of well established and reliable legal systems and
uncertainties surrounding enforcement of contractual rights; (ii)
unfavorable developments in laws and regulations leading to
expropriation of Eni&#146;s titles and mineral assets, changes in
unilateral contractual clauses reducing value of Eni&#146;s
assets; (iii) restrictions on exploration, production, imports
and exports; (iv) tax or royalty increases; and (v) civil and
social unrest leading to sabotages, acts of violence and
incidents. While the occurrence of these events is unpredictable,
it is possible that they can have a material adverse impact on
Eni&#146;s financial condition and results of operations. Eni
periodically monitors political, social and economic risks of
approximately 60 countries where it has invested, or, with regard
to upstream projects evaluation, where Eni is planning to invest
in order to assess returns of single projects based also on the
evaluation of each country&#146;s risk profile. Country risk is
mitigated in accordance with guidelines on risk management
defined in the procedure &quot;Project risk assessment and
management&quot;. In the most recent years, unfavorable
developments in the regulatory framework, mainly regarding tax
issues, have been implemented or announced also in EU countries
and in North America. </p>

<p align="left"><em>Operational risk</em><br>
Eni&#146;s business activities conducted in and outside of Italy
are subject to a broad range of laws and regulations, including
specific rules concerning oil and gas activities currently in
force in countries in which it operates. In particular, those
laws and regulations require the acquisition of a license before
exploratory drilling may commence and compliance with health,
safety and environment standards. Environmental laws impose
restrictions on the types, quantities and concentration of
various substances that can be released into the environment and
on discharges to surface and subsurface water. In particular Eni
is required to follow strict operating practices and standards to
protect biodiversity when exploring for, drilling and producing
oil and gas in certain ecologically sensitive locations
(protected areas). Breach of environmental, health and safety
laws exposes employees to criminal and civil liability and in the
case of violation of certain rules regarding safety on the
workplace also companies can be liable as provided for by a
general EU rule on businesses liability due to negligent or
willful conduct on part of their employees as adopted in Italy
with Law Decree No. 231/2001.</p>

<p align="left">Environmental, health and safety laws and
regulations have a substantial impact on Eni&#146;s operations
and expenses and liabilities that Eni may incur in relation to
compliance with environmental, health and safety laws and
regulations are expected to remain material to the group&#146;s
results of operations or financial position in future years.
Recently enacted regulation of safety and health of the workplace
in Italy will impose a new array of obligations to the Company
operations, particularly regarding contractors. New regulation
prescribe that a company adopts certified operational and
organizational systems whereby the Company can discharge possible
liabilities due to a violation of health and security standards
on condition that adopted operational systems and processes
worked properly and were effective.</p>

<p align="left">Eni has adopted guidelines for assessing and
managing health, safety and environmental (HSE) risks, with the
objective of protecting Eni&#146;s employees, the populations
involved in its activity, contractors and clients, and the
environment and being in compliance with local and international
rules and regulations. Eni&#146;s guidelines prescribe the
adoption of international best practices in setting internal
principles, standards and solutions. The ongoing process for
identifying, evaluating and managing HSE operations in each phase
of the business activity and is performed through the adoption of
procedures and effective pollution management systems tailored on
the </p>

<p align="center">F-68</p>

<hr noshade>

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

<p align="left">peculiarities of each business and industrial
site and on steady enhancement of plants and process.
Additionally, coding activities and procedures on operating
phases allow reduce the human component in the plant risk
management. Operating emergencies that may have an adverse impact
on the assets, people and the environment are managed by the
business units for each site. These units manage the HSE risk
through a systematic way that involves having emergency response
plans in place with a number of corrective actions to be taken
that minimize damage in the event of an incident. In the case of
major crisis, Divisions/Entities are assisted by the Eni Unit of
Crises to deal with the emergency through a team which has the
necessary training and skills to coordinate in a timely and
efficient manner resources and facilities.</p>

<p align="left">The integrated management system of health,
safety and environmental matters is supported by the adoption of
Eni&#146;s Model of HSE operations in all the Divisions and
companies of Eni Group. This is a procedure based on an annual
cycle of planning, implementation, control, review of results and
definition of new objectives. The model is directed towards the
prevention of risks, the systematic monitoring and control of HSE
performance, in a continuous improvement cycle, also subject to
audits by internal and independent experts. Major refining and
petrochemical facilities of Eni are certified to international
environmental standards, such as ISO14001, OHSAS 18001 and EMAS.
Eni provides a program of specific training and development for
HSE staff in order to:<br>
(i) promote the execution of behaviors consistent with
guidelines;<br>
(ii) drive people&#146;s learning growth process by developing
professionalism, management and corporate culture;<br>
(iii) support management knowledge and control of HSE risks.</p>

<p align="left"><strong>Possible evolution of the Italian gas
market</strong><br>
Legislative Decree No. 164/2000 opened the Italian natural gas
market to competition, impacting on Eni&#146;s activities, as the
company is engaged in all the phases of the natural gas chain.
The opening to competition was achieved through the enactment of
certain antitrust thresholds on volumes input into the national
transport network and on volumes sold to final customers. These
enabled new competitors to enter the Italian gas market,
resulting in declining selling margins on gas. Other material
aspects regarding the Italian gas sector regulation are the
regulated access to natural gas infrastructure (transport
backbones, storage fields, distribution networks and LNG
terminals), the Code adopted by the Authority for Electricity and
Gas on the issue of unbundling which forbids a controlling entity
from interfering in the decision-making process of its
subsidiaries running gas transport and distribution
infrastructures and the circumstance that the Authority for
Electricity and Gas is entrusted with certain powers in the
matters of natural gas pricing and in establishing tariffs for
the use of natural gas infrastructures. Particularly, the
Authority for Electricity and Gas holds a general surveillance
power on pricing in the natural gas market in Italy and the power
to establish selling tariffs for supply of natural gas to
residential and commercial users consuming less than 200,000 CM/y
(qualified as non eligible customers at December 31, 2002 as
defined by Legislative Decree No. 164/2000) taking into account
the public goal of containing the inflationary pressure due to
rising energy costs. Accordingly, decisions of the Authority on
these matters may limit the ability of Eni to pass an increase in
the cost of fuels onto final consumers of natural gas. As a
matter of fact, following a complex and lengthy administrative
procedure started in 2004 and finalized in March 2007 with
Resolution No. 79/2007, the Authority finally established a new
indexation mechanism for updating the raw material cost component
in supplies to residential and commercial users consuming less
than 200,000 CM/y, establishing, among other things: (i) that an
increase in the international price of Brent crude oil is only
partially transferred to residential and commercial users of
natural gas in case international prices of Brent crude oil
exceed the 35 dollars per barrel threshold; and (ii) that Italian
natural gas importers &#150; including Eni &#150; must
renegotiate wholesale supply contracts in order to take account
of this new indexation mechanism.</p>

<p align="left">Also certain provisions of law may limit the
Company ability to set commercial margins. Specifically, Law
Decree No. 112 enacted in June 2008 forbids energy companies like
Eni to pass to prices to final customers higher income taxes
incurred in connection with a supplemental tax rate of 5.5
percentage points introduced by the same decree on energy
companies with a yearly turnover in excess of euro 25 million.
The Authority for Electricity and Gas is in charge of monitoring
compliance with the rule. The Authority has subsequently
established with a set of deliberations that energy companies
have to adopt effective operational and monitoring systems
certified by the Company CEO in order to prevent unlawful
increases of final prices of gas.</p>

<p align="left">In order to meet the medium and long-term demand
for natural gas, in particular in the Italian market, Eni entered
into long-term purchase contracts with producing countries. These
contracts which contain take-or-pay clauses will ensure total
supply volumes of approximately 62.4 BCM/y of natural gas to Eni
by 2010 (excluding take-or-pay volumes coming from Distrigas
acquisition which will destined to supply the Belgian market).
Despite the fact that an increasing portion of natural gas
volumes purchased under said contracts is planned to be marketed
outside Italy, management believes that in the long-term
unfavorable trends in the Italian demand and supply for natural
gas, also taking into account the start-up of new import capacity
to the Italian market by Eni and third parties </p>

<p align="center">F-69</p>

<hr noshade>

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

<p align="left">as well as implementation of all publicly
announced plans for the construction of new import
infrastructures (backbone upgrading and new LNG terminals), and
developments within the Italian regulatory framework, represent
risk factors for the ability of the Company to meet its
contractual obligations in connection with its take-or-pay supply
contracts. Particularly, should natural gas demand in Italy grow
at a lower pace than management expectations, also in view of the
expected build-up of natural gas supplies to the Italian market,
the Company could face a further increase in competitive pressure
on the Italian gas market resulting in a negative impact on its
selling margins, taking account of Eni&#146;s gas availability
under take-or-pay supply contracts and risks in executing its
expansion plans to grow sales volumes in European markets.</p>

<p align="left"><strong>Specific risks associated with the
exploration and production of oil and natural gas</strong><br>
The exploration and production of oil and natural gas requires
high levels of capital expenditure and entails particular
economic risks. It is subject to natural hazards and other
uncertainties including those relating to the physical
characteristics of oil or natural gas fields. Exploratory
activity involves numerous risks including the risk of dry holes
or failure to find commercial quantities of hydrocarbons.
Developing and marketing hydrocarbons reserves typically requires
several years after a discovery is made. This is because a
development project involves an array of complex and lengthy
activities, including appraising a discovery in order to evaluate
its commerciality, sanctioning a development project and building
and commissioning relating facilities.</p>

<p align="left">As a consequence, rates of return of such long
lead-time projects are exposed to the volatility of oil and gas
prices and the risk of an increase in developing and lifting
costs, resulting in lower rates of return. This set of
circumstances is particularly important to those projects
intended to develop reserves located in deep water and harsh
environments, where the majority of Eni&#146;s planned and
ongoing projects is located. </p>

<p align="left"><strong>Managing sources of funds</strong><br>
Eni management makes use of the leverage as a financial measure
to assess the soundness and efficiency of the Group balance sheet
in terms of optimal mix between net borrowings and net equity,
and to carry out benchmark analysis with industry standards.
Leverage is a measure of the company&#146;s level of
indebtedness, calculated as the ratio between net borrowings and
shareholders&#146; equity, including minority interests. In the
medium-term, management plans to target a level of leverage up to
0.4 which is intended to provide an efficient capital structure
and the appropriate level of financial flexibility.</p>

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

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

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

<p align="center">F-70</p>

<hr noshade>

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

<p align="left"><strong>Other information about financial
instruments</strong><br>
The carrying amount of financial instruments and relevant
economic effect for the year 2008 consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="29%"><font
        size="1"><strong>Finance income (expense) recognized in</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="29%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">Carrying amount</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">Profit and loss account</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">Equity</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Held-for-trading financial instruments</b></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 valign="bottom" width="70%"><font size="2">Non-hedging
        derivatives <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(374</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(558</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Held-to-maturity financial instruments</b></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 valign="bottom" width="70%"><font size="2">Securities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">50</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Available-for-sale financial instruments</b></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 valign="bottom" width="70%"><font size="2">Securities
        <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">495</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">19</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Receivables and payables and other
        assets/liabilities valued at amortized cost</b></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 valign="bottom" width="70%"><font size="2">Trade
        receivables and other <sup>(b)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">22,446</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(254</font></p>
        </td>
        <td valign="bottom" width="1%"><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 valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Financing receivables <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,908</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">117</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Trade
        payables and other <sup>(c)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">20,570</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(53</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Financing payables <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">20,837</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(607</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Assets
        at fair value through profit or loss (fair value option)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&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 valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Investments <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,741</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">241</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Net
        liabilities for hedging derivatives</b> <sup>(d)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>280</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>1,012</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>964</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Gains or
        losses were recognized in the profit and loss account
        within &quot;Finance income (expense)&quot;.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(b)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">In the profit
        and loss account, impairments and losses on receivables
        were recognized within &quot;Purchase, services and
        other&quot; for euro 385 million whilst negative exchange
        differences arising from accounts denominated in foreign
        currency and translated into euro at year-end were
        recognized within &quot;Finance income (expense)&quot;
        for euro 100 million.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(c)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Positive
        exchange differences arising from accounts denominated in
        foreign currency and translated into euro at year-end
        were recognized in the profit and loss account within
        &quot;Finance income (expense)&quot;.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(d)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Gains or
        losses were recognized in the profit and loss account
        within &quot;Net sales from operations&quot; and
        &quot;Purchase, services and other&quot; for euro 1,005
        million within &quot;Finance income (expense)&quot; for
        euro 7 million (time value component).</font></td>
    </tr>
</table>

<p><font size="4"><strong><br>
Legal Proceedings</strong></font></p>

<p>Eni is a party to a number of civil actions and administrative
arbitral and other judicial proceedings arising in the ordinary
course of business. Based on information available to date, and
taking into account the existing risk provisions, Eni believes
that the foregoing will not have an adverse effect on Eni&#146;s
Consolidated Financial Statements. The following is a description
of the most significant proceedings currently pending. Unless
otherwise indicated below, no provisions have been made for these
legal proceedings as Eni believes that negative outcomes are not
probable or because the amount of the provision cannot be
estimated reliably.</p>

<p><b><br>
1. Environment</b></p>

<p><b>1.1 Criminal proceedings</b></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td colspan="3"><b>ENI SPA</b></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Subsidence. </b>The Court
        of Rovigo conducted investigations concerning a
        subsidence phenomenon allegedly caused by hydrocarbon
        exploration and extraction activities in the Ravenna and
        North Adriatic area both on land and in the sea. Eni
        appointed an independent and interdisciplinary scientific
        commission, composed of prominent and highly qualified
        international experts of subsidence caused by hydrocarbon
        exploration and extraction activities, with the aim of
        verifying the magnitude and effects and any actions
        appropriate to reduce or to neutralize any subsidence
        phenomenon in the area. This commission produced a study
        which excludes the possibility of any risk to human
        health or damage to the environment. The study also
        states that worldwide there are no instances of accidents
        of harm to public safety caused by subsidence induced by
        hydrocarbon production. It also shows that Eni employs
        the most advanced techniques for monitoring, measuring
        and controlling the soil. This proceeding is </td>
    </tr>
</table>

<p align="center">F-71</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%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">in the first level hearing
        stage. The Veneto Region, other local bodies and two
        private entities have been acting as plaintiffs. Eni was
        admitted as a defendant. The Court decided that the
        proceeding must be heard by the Court of Ravenna.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(ii)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Alleged damage. </b>In
        2002, the public prosecutor of Gela commenced a criminal
        investigation to ascertain alleged damage caused by
        emissions of the Gela plant, owned by Polimeri Europa
        SpA, Syndial SpA (formerly EniChem SpA) and Raffineria di
        Gela SpA. The judge for the preliminary hearing dismissed
        the accusation of adulteration of food products, while
        the proceeding for the other allegations regarding
        pollution and environmental damage remains underway. The
        trial ended in acquittal with regard to the general
        manager and officer pro tempore of the refinery. The
        sentence of the Gela Tribunal stated that the charges
        were lacking factual basis.</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(iii)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Alleged negligent fire in
        the refinery of Gela. </b>In June 2002, in connection
        with a fire at the refinery of Gela, a criminal
        investigation began concerning alleged negligent fire,
        environmental crimes and crimes against natural beauty.
        First degree proceedings ended with an acquittal
        sentence. In November 2007, the public prosecutors of
        Gela and of Caltanissetta filed an appeal against this
        decision.</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(iv)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Investigation of the
        quality of ground water in the area of the refinery of
        Gela. </b>In 2002, the public prosecutor of Gela
        commenced a criminal investigation concerning the
        refinery of Gela to ascertain the quality of ground water
        in the area of the refinery. Eni is charged of having
        breached environmental rules concerning the pollution of
        water and soil and of illegal disposal of liquid and
        solid waste materials. The preliminary hearing phase was
        closed for one employee who would stand trial, while the
        preliminary hearing phase is ongoing for other
        defendants. During the hearings the judge admitted as
        plaintiffs three environmental associations.</td>
    </tr>
    <tr>
        <td valign="top"><b>(v)</b></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><b>Alleged negligent fire (Priolo). </b>The
        public prosecutor of Siracusa commenced an investigation
        regarding certain Eni managers who were previously in
        charge of conducting operations at the Priolo refinery
        (Eni divested this asset in 2002) to ascertain whether
        they acted with negligence in connection with a fire that
        occurred at the Priolo plants on April 30 and May 1-2,
        2006. After preliminary investigations and based on the
        outcome of preliminary hearing the public prosecutor
        requested the opening of a proceeding against the
        mentioned managers for negligent behavior.</td>
    </tr>
    <tr>
        <td valign="top"><b>(vi)</b></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><b>Groundwater at the Priolo site. </b>The
        Public Prosecutor of Siracusa (Sicily) has started an
        investigation in order to ascertain the level of
        contamination of the groundwater at the Priolo site. The
        Company has been notified that a number of its executive
        officers are being investigated who were in charge at the
        time of the events subject to probe, including chief
        executive officers and plant general managers of the
        Company&#146;s subsidiaries AgipPetroli SpA (now merged
        into the parent company), Syndial and Polimeri Europa.
        Probes on technical issues are ongoing as required by the
        Prosecutor.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td colspan="3"><b>ENIPOWER SPA</b></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Alleged unauthorized
        waste management activities.</b> In 2004, the public
        prosecutor of Rovigo commenced an investigation for
        alleged crimes related to unauthorized waste management
        activities in Loreo relating to the samples of soil used
        during the construction of the new EniPower power station
        in Mantova. The prosecutor requested the CEO of EniPower
        and the managing director of the Mantova plant at the
        time of the alleged crime to stand trial.</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(ii)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Air emissions. </b>The
        public prosecutor of Mantova commenced an investigation
        against two managers of the Mantova plant in connection
        with air emissions by the new power plant.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td colspan="3"><b>SYNDIAL SPA </b></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Porto Torres.</b> In
        March 2009, the Public Prosecutor of Sassari (Sardinia)
        resolved to commence a criminal trial against a number of
        executive officers and managing directors of companies
        engaging in petrochemicals operations at the site of
        Porto Torres, including the manager responsible for plant
        operations of the Company&#146;s fully-owned subsidiary
        Syndial. The charge involves environmental damage and
        poisoning of water and stuff destined to feeding. A
        preliminary hearing is scheduled in July 2009.</td>
    </tr>
</table>

<p><b>1.2 Civil and administrative proceedings</b></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td colspan="3"><b>SYNDIAL SPA (FORMER ENICHEM SPA)</b></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Alleged pollution caused
        by the activity of the Mantova plant.</b> In 1992, the
        Ministry of Environment summoned EniChem SpA (now Syndial
        SpA) and Edison SpA before the Court of Brescia. The
        Ministry requested, primarily, environmental remediation
        for the alleged pollution caused by the activity </td>
    </tr>
</table>

<p align="center">F-72</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%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="bottom" width="97%">of the Mantova plant from
        1976 until 1990, and provisionally, in case there was no
        possibility to remediate, the payment of environmental
        damages. Edison agreed on a settlement with the Ministry
        whereby Edison quantified compensation for environmental
        damage freeing from any obligation Syndial, which
        purchased the plant in 1989. Parties are working through
        a possible settlement of the matter.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(ii)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Summon before the Court
        of Venice for environmental damages allegedly caused to
        the lagoon of Venice by the Porto Marghera plants.</b> On
        December 13, 2002, EniChem SpA (now Syndial SpA), jointly
        with Ambiente SpA (now merged into Syndial SpA) and
        European Vinyls Corporation Italia SpA, was summoned
        before the Court of Venice by the Province of Venice. The
        province requested compensation for environmental damages
        that were not quantified, allegedly caused to the lagoon
        of Venice by the Porto Marghera plants, which were
        already the subject of two previous criminal proceedings
        against employees and managers of the defendants. EVC
        Italia and Ineos presented an action to be indemnified by
        Eni&#146;s Group companies in case the alleged pollution
        is proved. The environmental damage has been assessed by
        an independent consultant who filed his advice to be
        discussed in a hearing set in October 2009.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(iii)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Claim of environmental
        damages, allegedly caused by industrial activities in the
        area of Crotone, commenced by the President of the
        Regional Council of Calabria. </b>On April 14, 2003, the
        President of the Regional Council of Calabria, as
        Delegated Commissioner for Environmental Emergency in the
        Calabria Region, commenced an action against EniChem SpA
        (now Syndial SpA) with reference to environmental damages
        for approximately euro 129 million and damages for euro
        250 million (plus interest and compensation) in
        connection with loss of income and damage to property
        allegedly caused by industrial activities in the area of
        Crotone. In addition, the Province of Crotone is acting
        as plaintiff, claiming damage for euro 300 million. With
        a decision in May 2007, the Court of Milan declared the
        invalidity of the power of proxy conferred to the
        Delegated Commissioner to act on behalf of the Calabria
        Region with the notice served to Syndial SpA and decided
        the liquidation of expenses born by the defendant. The
        Province of Crotone appealed this decision. The second
        instance court accepted this appeal and Syndial repealed
        this determination. On October 21, 2004, Syndial was
        convened before the Court of Milan by the Calabria Region
        which is seeking to obtain a condemnation of Syndial for
        a damage payment, should the office of the Delegated
        Commissioner for Environmental Emergency in the Calabria
        Region cease during this proceeding. The Calabria Region
        requested a damage payment amounting to euro 800 million
        as already requested by the Delegated Commissioner for
        Environmental Emergency in the Calabria Region in the
        proceeding commenced in 2003. This new proceeding is in
        the preliminary investigation stage. This proceeding was
        unified with the one opened by the Ministry of the
        Environment. Syndial filed a new project for the
        environmental remediation of the site to be approved by
        the Ministry and the body of public administrations and
        entities involved in the matter that expressed a first
        partial consent in January 2009. The environmental
        provision was consequently increased. In 2006, the
        Council of Ministers, Ministry for the Environment and
        the Delegated Commissioner for Environmental Emergency in
        the Calabria Region represented by the State Lawyer
        requested Syndial to appear before the Court of Milan to
        obtain the ascertainment, quantification and payment of
        damage (in the form of land, air and water pollution and
        therefore of the general condition of the population)
        caused by the operations of Pertusola Sud SpA in the
        Municipality of Crotone and in surrounding
        municipalities. The local authorities requested the
        ascertainment of Syndial&#146;s responsibility as
        concerns expenses borne and to be borne for the cleanup
        and reclamation of sites, currently quantified at euro
        129 million. This proceeding concerns the same matter and
        damage claim as the proceedings commenced by the
        Delegated Commissioner for Environmental Emergency in the
        Calabria Region and the Calabria Region against Syndial
        in 2003 and 2004, respectively.</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(iv)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Summon for alleged
        environmental damage caused by DDT pollution in the Lake
        Maggiore.</b> With a temporarily executive decision dated
        July 3, 2008 the District Court of Turin sentenced the
        subsidiary Syndial SpA (former EniChem) to compensate for
        environmental damages that were allegedly caused when
        EniChem managed an industrial plant at Pieve Vergonte
        during the 1990-1996 period. Specifically, the Court
        sentenced Syndial to pay the Italian Ministry of the
        Environment compensation amounting to euro 1,833.5
        million, plus legal interests that accrue from the filing
        of the decision. Syndial and Eni technical-legal
        consultants have considered the decision and the amount
        of the compensation to be without factual and legal basis
        and have concluded that a negative outcome of this
        proceeding is unlikely. Particularly, Eni and its
        subsidiary deem the amount of the environmental damage to
        be absolutely ill-founded as the sentence has been
        considered to lack sufficient elements to support such a
        material amount of the liability charged to Eni and its
        subsidiary with respect to the volume of pollutants
        ascertained by the Italian Environmental Minister. As no
        development of the proceeding has occurred since the
        filing of the Court&#146;s decision, management has
        confirmed its stance of making no provision for this
        proceeding in accordance with accounting principles.
        Syndial will appeal against the ruling on Pieve Vergonte
        site of the District Court of Turin as soon as possible.
        Another administrative proceeding is ongoing regarding a
        ministerial decree enacted by the Italian Ministry for
        the Environment. The decree provides that Syndial
        executes the following tasks: (i) the upgrading of a </td>
    </tr>
</table>

<p align="center">F-73</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%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">hydraulic barrier to protect
        the site; and (ii) the design of a project for the
        environmental remediation of Lake Maggiore. The
        Administrative Court of Piemonte rejected Syndial&#146;s
        opposition against the outlined environmental measures
        requested by the Ministry of the Environment. However,
        the Court judged the prescriptions of the Ministry
        regarding the remediation of the site to be plain
        findings of an environmental enquiry to ascertain the
        state of the lake. Syndial has filed an appeal against
        the decision of the Court before an upper degree body,
        also requesting suspension of the effectiveness of the
        decision. The appeal has been put on hold considering
        that a plan to ascertain the environmental status of the
        site is going to be approved by all interested parties,
        including the Ministry and local municipalities.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(v)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Action commenced by the
        Municipality of Carrara for the remediation and
        reestablishment of previous environmental conditions at
        the Avenza site and payment of environmental damage.</b>
        The Municipality of Carrara commenced an action before
        the Court of Genova requesting Syndial SpA to remediate
        and restore previous environmental conditions at the
        Avenza site and the payment of certain environmental
        damage which cannot be cleaned up as well as further
        damages of various types (e.g. damage to the natural
        beauty of this site). This request is related to an
        accident that occurred in 1984, as a consequence of which
        EniChem Agricoltura SpA (later merged into Syndial SpA),
        at the time owner of the site, carried out safety and
        remediation works. The Ministry of the Environment joined
        the action and requested environmental damage payment
        &#150; from a minimum of euro 53.5 million to a maximum
        of euro 93.3 million &#150; to be broken down among the
        various companies that ran the plant in the past. Syndial
        summoned Rumianca SpA, Sir Finanziaria SpA and Sogemo
        SpA, who ran the plant in previous years, in order to be
        guaranteed. A report produced by an independent expert
        appointed by the judge was filed with the Court. The
        findings of this report quantify the residual
        environmental damage at euro 15 million. With a sentence
        of March 2008, the Court of Genova rejected all claims
        made by the Municipality of Carrara and the Ministry of
        environment. Both plaintiffs filed an appeal against this
        decision in June 2008, requesting to all defendants
        cumulative damage amounting to euro 189.9 million.
        Syndial filed in the appeal hearing, disputing the
        plaintiffs&#146; claims.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(vi)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Ministry for the
        Environment Augusta harbor.</b> The Italian Ministry for
        the Environment with various administrative acts ordered
        companies running plants in the petrochemical site of
        Priolo to perform safety and environmental remediation
        works in the Augusta harbor. Companies involved include
        Eni subsidiaries Polimeri Europa and Syndial. Pollution
        has been detected in this area primarily due to a high
        mercury concentration which is allegedly attributed to
        the industrial activity of the Priolo petrochemical site.
        Polimeri Europa opposed said administrative actions,
        objecting in particular to the way in which remediation
        works have been designed and information on concentration
        of pollutants has been gathered. The Regional
        Administrative Court of Catania with its decision of July
        2007 annulled the decision made by the Service Conference
        of the Ministry of the Environment concerning Priolo and
        the Augusta harbor. The Ministry and the municipalities
        of Augusta and Melilli filed a claim with an
        Administrative Court of the Sicily Region which accepted
        the claim. In January 2008 the Regional Court of Catania
        accepted two further claims on this matter, remitting to
        the European Union Court of Justice the correct
        application of the debated community principle on the
        matter of environmental responsibility. In June 2008 the
        Ministry for the Environment and the Municipalities of
        Melilli and Augusta filed and appeal against the decision
        of the Regional Court of Catania with the Administrative
        Justice Council. Syndial challenged the administrative
        acts of December 20, 2007 and March 6, 2008, also
        requesting the Court of Justice of the EU to decide on
        the correct application of the debated community
        principle. A review of the issue made by an independent
        consultant has been filed showing evidence supporting the
        thesis of the plaintiffs. The proceedings are still
        pending before the Administrative Court of Lazio.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" colspan="2" width="1%">&nbsp;</td>
        <td valign="top" colspan="3" width="94%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="6" width="2%"><b>ENI SPA</b></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" colspan="4" width="97%"><b>Reorganization
        procedure of the airlines companies Volare Group, Volare
        Airlines and Air Europe. </b>On March 2009 Eni was
        notified of a bankruptcy claw-back as part of a
        reorganization procedure filed by the airlines companies
        Volare Group, Volare Airlines and Air Europe which
        commenced under the provisions of Ministry of Production
        Activities, on November 30, 2004. The request regarded
        the override of all the payments made by those entities
        to Eni and its subsidiary Sofid in the year previous to
        the insolvency declaration from November 30, 2003 to
        November 29, 2004, for a total estimated amount of euro
        46 million.</td>
    </tr>
</table>

<p align="center">F-74</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" colspan="6" width="2%"><b>2. Other
        judicial or arbitration proceedings</b></td>
    </tr>
    <tr>
        <td valign="top" colspan="4" width="2%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="6" width="2%"><b>SYNDIAL SPA
        (FORMER ENICHEM SPA)</b></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" colspan="2" width="1%">&nbsp;</td>
        <td valign="top" colspan="3" width="97%"><b>Serfactoring:
        disposal of receivables. </b>In 1991, Agrifactoring SpA
        commenced proceedings against Serfactoring SpA, a company
        49% owned by Sofid SpA and which is controlled by Eni
        SpA. The claim relates to an amount receivable of euro
        182 million for fertilizer sales (plus interest and
        compensation for inflation), originally owed by
        Federconsorzi to EniChem Agricoltura SpA (later
        Agricoltura SpA - in liquidation), and Terni Industrie
        Chimiche SpA (merged into Agricoltura SpA - in
        liquidation), that has been merged into EniChem SpA (now
        Syndial SpA). Such receivables were transferred by
        Agricoltura and Terni Industrie Chimiche to Serfactoring,
        which appointed Agrifactoring as its agent to collect
        payments. Agrifactoring guaranteed to pay the amount of
        such receivables to Serfactoring, regardless of whether
        or not it received payment on the due date. Following
        payment by Agrifactoring to Serfactoring, Agrifactoring
        was placed in liquidation and the liquidator of
        Agrifactoring commenced proceedings in 1991 against
        Serfactoring to recover such payments (equal to euro 182
        million) made to Serfactoring based on the claim that the
        foregoing guarantee became invalid when Federconsorzi was
        itself placed in liquidation. Agricoltura and Terni
        Industrie Chimiche brought counterclaims against
        Agrifactoring (in liquidation) for damages amounting to
        euro 97 million relating to acts carried out by
        Agrifactoring SpA as agent. The amount of these
        counterclaims has subsequently been reduced to euro 46
        million following partial payment of the original
        receivables by the liquidator of Federconsorzi and
        various setoffs. These proceedings, which have all been
        joined, were decided with a partial judgment, deposited
        on February 24, 2004; the request of Agrifactoring has
        been rejected and the company has been ordered to pay the
        sum requested by Serfactoring and damages in favor of
        Agricoltura, to be determined following the decision. A
        final verdict on this issue is pending. Agrifactoring
        appealed this partial decision, requesting in particular
        the annulment of the first step judgment, the
        reimbursement of euro 180 million from Serfactoring along
        with the rejection of all its claims and the payment of
        all proceeding expenses. On June 2008, the trial was
        decided with a partial judgment that, reforming the
        previous judgment of the Court of Rome, granted the
        requests of Agrifactoring and condemned Serfactoring to
        reimburse to Agrifactoring in liquidation the amount of
        the receivables due from Federconsorzi and not collected
        as Federconsorzi went bankrupt. The Court resolved to
        appoint an independent accounting consultant to quantify
        the amount paid by Agrifactoring to Serfactoring and
        amounts paid by Federconsorzi to Agrifactoring. The
        hearing has been rescheduled to February 2010 in order to
        allow the Court to review the independent accounting
        consultant&#146;s advice. Syndial and Serfactoring have
        appealed the sentence with the Supreme Court of Appeal.
        Agrifactoring has presented a counter-recourse. Eni
        accrued a provision with respect to this proceeding.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" colspan="2" width="1%">&nbsp;</td>
        <td valign="top" colspan="3" width="94%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="6" width="2%"><b>ENI SPA</b></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" colspan="2" width="1%">&nbsp;</td>
        <td valign="top" colspan="3" width="97%"><b>Fintermica. </b>Fintermica
        presented a claim against Eni concerning the management
        of the Jacorossi joint venture with reference to an
        alleged abuse of key roles played by Eni SpA in the joint
        venture, thus damaging the other partner&#146;s interest
        and the alleged dilatory behavior of Syndial in selling
        its interest in the joint venture to Fintermica. The
        parties decided to commence arbitration on the matter.
        The examining phase is ongoing and an independent
        assessment of this matter is being executed. The Board of
        Arbitrators issued a decision on November 26, 2008
        condemning Eni and Syndial to compensate Fintermica for
        the damages suffered amounting to euro 5 million
        including monetary revaluation and accrued interest as of
        April 3, 2001.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" colspan="4" width="97%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" colspan="3" width="2%"><b>SNAMPROGETTI
        SPA</b></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>CEPAV Uno and CEPAV Due. </b>Eni
        holds interests in the CEPAV Uno (50.36%) and CEPAV Due
        (52%) consortia that in 1991 signed two contracts with
        TAV SpA for the construction of two railway tracks for
        high speed/high capacity trains from Milan to Bologna
        (under construction) and from Milan to Verona (in the
        design phase). With regard to the project for the
        construction of the line from Milan to Bologna, an
        Addendum to the contract between CEPAV Uno and TAV was
        signed on June 27, 2003, redefining certain terms and
        conditions of the contract. Subsequently, the CEPAV Uno
        consortium requested a time extension for the completion
        of works and a claim amounting to euro 800 million. CEPAV
        Uno and TAV failed to solve this dispute amicably. CEPAV
        Uno opened an arbitration procedure as provided for under
        terms of the contract on April 27, 2006. With regard to
        the project for the construction of a high-speed railway
        from Milan to Verona, in December 2004, CEPAV Due
        presented the final project, prepared in accordance with
        Law No. 443/2001 on the basis of the preliminary project
        approved by an Italian governmental authority (CIPE). As
        concerns the arbitration procedure requested by CEPAV Due
        against TAV for the recognition of costs incurred by the
        Consortium in the 1991-2000 ten-year period plus suffered
        damage, in January 2007, the arbitration committee
        determined the Consortium&#146;s right to recover the
        costs incurred in connection with the design activities
        performed. A technical independent survey is underway to
        assess the amount of compensation </td>
    </tr>
</table>

<p align="center">F-75</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">&nbsp;</td>
        <td valign="top">&nbsp;</td>
        <td valign="top">to be awarded to the Consortium as
        requested by the arbitration committee. TAV appealed the
        arbitration committee&#146;s determination. In April
        2007, the Consortium filed with the second instance court
        of Rome an appeal against Law Decree No. 7 of December
        31, 2007, that revoked the concessions awarded to TAV
        resulting in the annulment of arrangements signed between
        TAV and the Consortium to build the high-speed railway
        section from Milan to Verona. The European Court of
        Justice was requested to judge on this matter. In the
        meantime, TAV decided to not request the reimbursement of
        advances paid to the Consortium. Subsequently, Law
        133/2008 re-established the concessions awarded to TAV
        resulting in the continuation of the arrangements between
        the consortium CEPAV Due and a new entity in charge of
        managing the Italian railway system.</td>
    </tr>
    <tr>
        <td valign="top">&nbsp;</td>
        <td valign="top">&nbsp;</td>
        <td valign="top">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="3" width="2%"><b>3. Antitrust,
        EU Proceedings, Actions of the Authority for Electricity
        and Gas and of Other Regulatory Authorities</b></td>
    </tr>
    <tr>
        <td valign="top" colspan="3" width="2%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="3" width="2%"><b>3.1 Antitrust</b></td>
    </tr>
    <tr>
        <td valign="top" colspan="3" width="2%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="3" width="2%"><b>ENI SpA</b></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Abuse of dominant
        position of Snam alleged by the Italian Antitrust
        Authority.</b> In March 1999, the Italian Antitrust
        Authority concluded its investigation started in 1997
        and: (i) found that Snam SpA (merged in Eni SpA in 2002)
        abused its dominant position in the market for the
        transportation and primary distribution of natural gas
        relating to the transportation and distribution tariffs
        applied to third parties and the access of third parties
        to infrastructure; (ii) fined Snam for euro 2 million;
        and (iii) ordered a review of the practices relating to
        such abuses. Snam believes it has complied with existing
        legislation and appealed the decision with the Regional
        Administrative Court of Lazio requesting its suspension.
        On May 26, 1999, stating that these decisions are against
        Law No. 9/1991 and the European Directive 98/30/EC, this
        Court granted the suspension of the decision. The
        Authority did not appeal this decision. The decision on
        the merit of this dispute is still pending before the
        same Administrative Court.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(ii)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Formal assessment
        commenced by the Commission of the European Communities
        for the evaluation of alleged participation to activities
        limiting competition in the field of paraffin.</b> On
        April 28, 2005, the Commission of the European
        Communities commenced a formal assessment to evaluate the
        alleged participation of Eni and its subsidiaries in
        activities limiting competition in the field of paraffin.
        The alleged violation of competition is for: (i) the
        determination of and increase in prices; (ii) the
        subdivision of customers; and (iii) exchange of trade
        secrets, such as production capacity and sales volumes.
        After, the Commission requested information on Eni&#146;s
        activities in the field of paraffin and certain
        documentation acquired by the Commission during an
        inspection. Eni filed the requested information. On
        October 2008, the Commission of the European Communities
        issued the final decision on the matter condemning Eni to
        the payment of a sanction amounting to euro 29,120,000.
        Eni has filed for recourse against this decision that is
        fully covered by the accrued risk provision.</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(iii)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Ascertainment by the
        European Commission of the level of competition in the
        European natural gas market. </b>As part of its
        activities to ascertain the level of competition in the
        European natural gas market, with Decision No. C
        (2006)1920/1 of May 5, 2006, the European Commission
        informed Eni that the Group companies were subject to an
        inquiry under Article 20, paragraph 4 of the European
        Regulation No. 1/2003 of the Council in order to verify
        the possible existence of any business conducts breaching
        European rules in terms of competition and intended to
        prevent access to the Italian natural gas wholesale
        market and to subdivide the market among few operators in
        the activity of supply and transport of natural gas.
        Similar actions have been performed by the Commission
        also against the main operators in natural gas in
        Germany, France, Austria and Belgium. In April 2007, the
        European Commission made public its decision to start a
        further stage of inquiry, as the elements collected
        supported its suspicion that Eni adopted behaviors
        leading to &quot;capacity hoarding and strategic, in its
        view, underinvestment in the transmission system leading
        to the foreclosure of competitors and harm for
        competition and customers in one or more supply markets
        in Italy&quot;. On March 9, 2009 Eni received a Statement
        of Objections related to a proceeding under Article No.
        82 of the EU Treaty and Article No. 54 of the SEE
        agreement with reference to an alleged unjustifiable
        refusal of access to the TAG and TENP/Transitgas gas
        pipelines, that are interconnected with the Italian gas
        transport system through actions intended to
        &quot;capacity hoarding, capacity degradation and
        strategic limitation of investment&quot; with the effect
        of &quot;hindering the development of a real competition
        in the downstream market and [...] harming the
        consumers&quot;. The European Commission envisages the
        possible imposition of a fine and of structural remedies.
        The Company is currently assessing the reasoning
        underlying the Commission&#146;s objections in order to
        ascertain whether the challenged actions are supported by
        evidence and may be qualified as infringement of the
        European competition rules. The Company will file its
        defensive memories within the proceeding. In addition,
        and following the aforementioned assessment, the Company
        may consider whether to voluntarily file a set of
        remedies to settle the proceeding as provided </td>
    </tr>
</table>

<p align="center">F-76</p>

<hr noshade>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">by Article No. 9 of the
        European Regulation No. 1/2003. Taking into account the
        numerous elements to be considered in determining the
        amount of the fine, the complex checks to carry out with
        respect to the Statement of Objections, and also the
        circumstance that the Commission&#146;s approval of the
        possible remedies, presented by Eni pursuant to European
        Regulation No. 1/2003, would settle the matter without
        imposing a fine, management believes that the liability
        is contingent upon the future events described and cannot
        be measured with reasonable reliability.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(iv)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>TTPC. </b>In April 2006,
        Eni filed a claim before the Regional Administrative
        Court of Lazio against the decision of the Italian
        Antitrust Authority of February 15, 2006 stating that
        Eni&#146;s behavior pertaining to implementations of
        plans for the upgrading of the TTPC pipeline for
        importing natural gas from Algeria represented an abuse
        of dominant position under Article 82 of the European
        Treaty and fined Eni. The initial fine amounted to euro
        390 million and was reduced to euro 290 million in
        consideration of Eni&#146;s commitment to perform actions
        favoring competition including the upgrade of the
        gasline. Eni accrued a provision with respect to this
        proceeding. With a decision filed on November 29, 2006,
        the Regional Administrative Court of Lazio partially
        accepted Eni&#146;s claim, annulling such part of the
        Authority&#146;s decision where the fine was quantified.
        Eni is waiting for the filing of the motivations of the
        Court decision to ascertain the impact of said decision.
        Pending this development, the payment of the fine has
        been voluntarily suspended. In 2007, the Regional
        Administrative Court of Lazio accepted in part Eni&#146;s
        claim and cancelled the quantification of the fine based
        on the Antitrust Authority&#146;s inadequate evaluation
        of the circumstances presented by Eni. Eni filed an
        appeal with the Council of State, as did the Antitrust
        Authority and TTPC. Pending the final outcome, Eni awaits
        for the determination of the amount of the fine to be
        paid.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top"><b>(v)</b></td>
        <td valign="top">&nbsp;</td>
        <td valign="top"><b>Italian natural gas market. </b>On
        May 7, 2009, the Italian Antitrust Authority started a
        preliminary investigation against the Company and its
        fully-owned subsidiary Italgas and other operators
        engaging in the gas retail market in Italy. The
        investigation targets an alleged abuse of dominant
        position in the gas retail market in Italy associated
        with commercial practices intended to make it difficult
        for retail clients to change the supplier and the
        retrieval of data on volumes.</td>
    </tr>
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" colspan="3" width="2%"><b>POLIMERI
        EUROPA SPA AND SYNDIAL SPA</b></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Inquiries in relation to
        alleged anti-competitive agreements in the area of
        elastomers.</b> In December 2002, inquiries were
        commenced concerning alleged anti-competitive agreements
        in the field of elastomers. These inquiries were
        commenced concurrently by European and U.S. authorities.
        At present, proceedings are pending before the European
        Commission regarding the CR and NBR products. In March
        2007, the Commission sent to Eni, Polimeri Europa and
        Syndial a statement of objections, thus opening the
        second phase of this proceeding. In December 2007, the
        European Commission dismissed Syndial&#146;s position on
        CR and imposed on Eni and Polimeri a fine amounting to
        euro 132.16 million. The two companies have filed an
        appeal with the EU Court of First Instance against this
        decision and, at the same time, paid the fine in March
        2008. Investigations relating to other elastomers
        products resulted in the ascertainment of Eni having
        infringed European competition laws in the field of
        synthetic rubber production (BR and ESBR). On November
        29, 2006, the Commission fined Eni and its subsidiary
        Polimeri Europa for an amount of euro 272.25 million. Eni
        and its subsidiary filed claims against this decision
        before the European Court of First Instance in February
        2007. The Commission filed a counter appeal. Pending the
        outcome, Polimeri Europa presented a bank guarantee for
        euro 200 million and paid the residual amount of the
        fine. In August 2007, Eni submitted a request for a
        negative ascertainment with the Court of Milan aimed at
        proving the non-existence of alleged damages suffered by
        tire manufacturers. With regard to NBR, an inquiry is
        underway also in the U.S., where class actions have also
        been commenced. On the federal level, the class action
        was abandoned by the plaintiffs. However, the federal
        judge has yet to acknowledge this abandonment. With
        regard to other products under investigation in the U.S.,
        settlements were reached with both relevant U.S.
        antitrust authorities and the plaintiffs acting through a
        class action. Eni recorded a provision for these matters.</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><b>3.2 Regulation</b></p>

<p><b>TOSCANA ENERGIA CLIENTI SPA<br>
</b>Eni&#146;s subsidiary Toscana Energia Clienti SpA started an
action against a customer regarding alleged lack of measurement
of gas consumption due to inability to access a measurement
facility at the customer&#146;s site, also in connection with the
application of Resolution No. 229/2001 of the Italian Authority
for Electricity and Gas. This customer has annual consumption in
excess of 5,000 CM. The defendant has filed a counter-claim in
relation to this proceeding. In the hearing of November 12, 2008
the judge resolved to partially accept the Eni&#146;s subsidiary
reasons and to limit compensation to be paid to the defendant to
only euro 1,475 with interests amounting to euro 90. The sum was
paid while the defendant is evaluating the opportunity to appeal
the sentence.</p>

<p align="center">F-77</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" colspan="3" width="2%"><strong>DISTRIBUIDORA
        DE GAS CUYANA SA</strong></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Formal investigation of
        the agency entrusted with the regulations for the natural
        gas market in Argentina.</b> Enargas started a formal
        investigation on some operators, among them Distribuidora
        de Gas Cuyana SA, a company controlled by Eni. Enargas
        stated that the company improperly applied conversion
        factors to volumes of natural gas invoiced to customers
        and requested the company to apply the conversion factors
        imposed by local regulations from the date of the default
        notification (March 31, 2004) without prejudice to any
        damage payment and fines that may be decided after
        closing the investigation. In April 2004 the company
        filed a defensive memorandum. On April 28, 2006, the
        company formally requested the acquisition of documents
        from Enargas in order to have access to the documents on
        which the allegations are based.</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><b>4. Tax Proceedings</b></p>

<p><b>ENI SPA<br>
Dispute for the omitted payment of the municipal tax related to
oil platforms located in territorial waters in the Adriatic Sea.</b>
With a formal assessment presented by the Municipality of Pineto
(Teramo) in December 1999, Eni SpA has been accused of not having
paid a municipal tax on real estate for the period from 1993 to
1998 on four oil platforms located in the Adriatic Sea which
constitute municipal waters in front of the coast of Pineto. Eni
was requested to pay a total of approximately euro 17 million
including interest and a fine. Eni filed a claim against this
request stating that the sea where the platforms are located is
not part of the municipal territory and the tax application as
requested by the municipality lacked objective fundamentals. The
claim has been accepted in the first two degrees of judgment at
the Provincial and Regional Tax Commissions. However, the Court
overturned both judgments, declaring that a municipality can
consider requesting a tax on real estate in the sea facing its
territory and with the decision of February 2005 sent the
proceeding to another section of the Regional Tax Commission in
order to judge on the matters of the proceeding. This commission
nominated a Board of Consultants, in order to make all the
accounting/technical verifications necessary for the judgment. On
December 28, 2005, the Municipality of Pineto presented the same
request for the same platforms for the years 1999 to 2004. The
total amount requested from Eni is euro 24 million including
interest and penalties. Eni filed a claim against this request
which was accepted by the first degree judge with a decision of
December 4, 2007. Similar formal assessments related to Eni oil
and gas offshore platforms were presented by the Municipalities
of Falconara Marittima and Pedaso. The total amounts of those
claims were approximately euro 6 million. The company filed
appeal or is planning to appeal.</p>

<p><b>AGIP KARACHAGANAK BV<br>
Claims concerning unpaid taxes and relevant payment of interest
and penalties.</b> In July 2004, relevant Kazakh Authorities
informed Agip Karachaganak BV and Agip Karachaganak Petroleum
Operating Co BV, shareholder and operator of the Karachaganak
contract, respectively, on the final outcome of 2000 to 2003 tax
audits. Both companies counterclaimed against the assessment and
a preliminary agreement was reached on November 18, 2004. Final
assessments have now been issued by the Kazakh Authorities, and
payment has been made. The final amount assessed and paid was $39
million net to Eni; this figure included taxes and interest. The
companies continue to dispute the assessments and reserve the
right to challenge their findings further.</p>

<p>&nbsp;</p>

<p><b>5. Court Inquiries</b></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(i)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>EniPower.</b> In June
        2004, the Milan Public Prosecutor commenced inquiries
        into contracts awarded by Eni&#146;s subsidiary EniPower
        and on supplies from other companies to EniPower. These
        inquiries were widely covered by the media. It emerged
        that illicit payments were made by EniPower suppliers to
        a manager of EniPower who was immediately dismissed. The
        Court presented EniPower (commissioning entity) and
        Snamprogetti (contractor of engineering and procurement
        services) with notices of process in accordance with
        existing laws regulating the administrative
        responsibility of companies (Legislative Decree No.
        231/2001). In its meeting of August 10, 2004, Eni&#146;s
        Board of Directors examined the aforementioned situation
        and Eni&#146;s CEO approved the creation of a task force
        in charge of verifying the compliance with Group
        procedures regarding the terms and conditions for the
        signing of supply contracts by EniPower and Snamprogetti
        and the subsequent execution of works. The Board also </td>
    </tr>
</table>

<p align="center">F-78</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%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">advised divisions and
        departments of Eni to cooperate fully in every respect
        with the Court. From the inquiries performed, no default
        in the organization emerged, nor deficiency in internal
        control systems. External experts have performed
        inquiries with regard to certain specific aspects. In
        accordance with its transparency and firmness guidelines,
        Eni will take the necessary steps in acting as plaintiff
        in the expected legal action in order to recover any
        damage that could have been caused to Eni by the illicit
        behavior of its suppliers and of their and Eni employees.
        In the meantime, preliminary investigations have found
        that both EniPower and Snamprogetti are not to be
        considered defendants in accordance with existing laws
        regulating the administrative responsibility of companies
        (Legislative Decree No. 231/2001). In August 2007, Eni
        was notified that the Public Prosecutor requested the
        dismissal of EniPower SpA and Snamprogetti SpA, while the
        proceeding continues against former employees of these
        companies and employees and managers of the suppliers
        under the provisions of Legislative Decree No. 231/2001.
        Eni SpA, EniPower and Snamprogetti presented themselves
        as plaintiffs.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(ii)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Trading. </b>An
        investigation is pending regarding two former Eni
        managers who were allegedly bribed by third parties to
        favor the closing of certain transactions with two oil
        product trading companies. Within such investigation, on
        March 10, 2005, the public prosecutor of Rome notified
        Eni of two judicial measures for the seizure of
        documentation concerning Eni&#146;s transactions with the
        said companies. Eni is acting as plaintiff in this
        proceeding. The judge for preliminary hearings rejected
        most of the dismissal request, forcing the public
        prosecutor to continue with the criminal case.</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(iii)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>TSKJ Consortium
        Investigations of the SEC and other Authorities. </b>The
        U.S. Securities and Exchange Commission (SEC), the U.S.
        Department of Justice (DoJ), and other authorities are
        investigating alleged improper payments made by the TSKJ
        Consortium to certain Nigerian public officials in
        relation to the construction of natural gas liquefaction
        facilities at Bonny Island in Nigeria. Snamprogetti
        Netherlands BV had a 25% participation in the TSKJ
        companies, with the remaining participations held by
        subsidiaries of Halliburton/KBR, Technip, and JGC.
        Snamprogetti SpA, the holding company of Snamprogetti
        Netherlands BV, was a wholly owned subsidiary of Eni
        until February 2006, when an agreement was entered into
        for the sale of Snamprogetti to Saipem SpA and
        Snamprogetti was merged into Saipem as of October 1,
        2008. Eni holds a 43% participation in Saipem. In
        connection with the sale of Snamprogetti to Saipem, Eni
        agreed to indemnify Saipem for a variety of matters,
        including potential losses resulting from the
        investigations into the TSKJ matter. In February 2009,
        KBR and its former parent company, Halliburton, announced
        that they had reached a settlement with the SEC and DoJ
        with respect to the TSKJ matter as well as other
        unspecified matters. In connection with the settlement,
        KBR pleaded guilty to Foreign Corrupt Practices Act
        (FCPA) charges stemming from the TSKJ matter. KBR and
        Halliburton also agreed to pay a substantial fine and
        entered into civil settlements with the SEC. We
        understand that the DoJ and the SEC believe that
        representatives of the other members of the TSKJ
        Consortium were involved in the conduct that gave rise to
        the FCPA charges against KBR. Since June 2004, Eni and
        Saipem/Snamprogetti have been in discussions with, and
        have provided information in response to requests by,
        various regulators, including the SEC, the DoJ and the
        Public Prosecutor&#146;s office of Milan, in connection
        with the investigations.</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><b>(iv)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Gas Metering. </b>On May
        28, 2007, a seizure order (in respect to certain
        documentation) was served upon Eni and other Group
        companies as part of a proceeding brought by the Public
        Prosecutor at the Courts of Milan. The order was also
        served upon five top managers of the Group companies in
        addition to third party companies and their top managers.
        The investigation alleges behavior which breaches Italian
        criminal law, starting from 2003, regarding the use of
        instruments for measuring gas, the related payments of
        excise duties and the billing of clients as well as
        relations with the Supervisory Authorities. The
        allegation regards, interalia, the offense contemplated
        by Legislative Decree of June 8, 2001, No. 231, which
        establishes the liability of the legal entity for crimes
        committed by its employee in the interests of such legal
        entity, or to its advantage. Accordingly, notice of the
        commencement of investigations was served upon Eni Group
        companies (Eni, Snam Rete Gas and Italgas) as well as
        third party companies. The Group companies are
        cooperating with the Supervising Authorities in the
        investigations.</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><b>(v)</b></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><b>Agip KCO NV.</b> In
        November 2007, the public prosecutor of Kazakhstan
        informed Agip KCO of the start of an inquiry for an
        alleged fraud in the award of a contract to the Overseas
        International Constructors GmbH in 2005.</td>
    </tr>
</table>

<p>&nbsp;</p>

<p><b>6. Settled Proceedings</b></p>

<p><b>ENI SPA<br>
Inquiry of the Italian Authority for Electricity and Gas
regarding information to clients about the right to pay amounts
due for natural gas sales in installments.</b> With Decision No.
228/2007, the Italian Authority for Electricity and Gas commenced
a formal inquiry regarding information to clients about the right
to pay amounts due </p>

<p align="center">F-79</p>

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<p>for the natural gas sales in installments in order to possibly
put a stop to the alleged infringement of the clients&#146;
rights and to impose a fine. In April 2008, the Authority
concluded its inquiry and fined the Company by euro 3.2 million.</p>

<p><b>SYNDIAL SPA (FORMER ENICHEM SPA)<br>
Criminal action commenced by the public prosecutor of Brindisi.</b>
In 2000, the public prosecutor of Brindisi commenced a criminal
action against 68 persons who are employees or former employees
of companies that owned and managed plants for the manufacture of
dichloroethane, vinyl chloride monomer and vinyl polychloride
from the early 1960s to date, some of which were managed by
EniChem from 1983 to 1993. At the end of the preliminary
investigation the public prosecutor asked for the dismissal of
the case in respect of the employees and the managers of EniChem.
Plaintiffs presented oppositions, but the prosecutor confirmed
the request to dismiss the case with a decision of June 2008, the
public prosecutor dismissed the accusation as unfounded and
requested the closing of the proceeding.</p>

<p><b>AGIP KCO NV<br>
</b>In December 2007 the Kazakh tax authority filed a notice of
tax assessment for fiscal years 2004 to 2006 to Agip KCO,
operator of the Kashagan contract. Allegedly unpaid taxes,
including interest and penalties, amounted to approximately U.S.
$235 million net to Eni and related to unpaid amounts and
inapplicable deductions on value added tax and the default in
applying certain withholding taxes on payments to foreign
suppliers. The same notice also informed the companies party to
the Kashagan contract that further assessments were pending on
non-deductible costs for U.S. $188 million net Eni and higher
taxable income on Kazakh branches for U.S. $48 million net to
Eni. The further assessments were subsequently issued, the
company filed an appeal and a settlement was reached in October
2008 with the following outcome: the unpaid taxes net to Eni were
agreed at U.S. $24 million (U.S. $235 million assessed). An
adjustment to deductible costs was agreed at U.S. $38 million net
to Eni (U.S. $188 million assessed) and it was further agreed
that there would be no income taxable on Kazakh branches (U.S.
$48 million assessed).</p>

<p><b>Other risks and commitments<br>
</b>Parent company guarantees amounted to euro 11,110 million
(euro 4,911 million at December 31, 2006) were issued in
connection with certain contractual commitments for hydrocarbon
exploration and production activities, quantified on the basis of
the capital expenditures to be incurred. The increase of euro
6,199 million primarily related to commitments that Agip Caspian
Sea BV in Kazakhstan had entered into for euro 5,605 million.</p>

<p>Under the convention signed on October 15, 1991 by Treno Alta
Velocit&#224; - TAV SpA and CEPAV (Consorzio Eni per l&#146;Alta
Velocit&#224;) Due, Eni committed to guarantee the execution of
design and construction of the works assigned to the CEPAV
Consortium (to which it is party) and guaranteed to TAV the
correct and timely execution of all obligations indicated in the
convention in a subsequent integration deed and in any further
addendum or change or integration to the same. The regulation of
CEPAV Due contains the same obligations and guarantees contained
in the CEPAV Uno Agreement.</p>

<p>A commitment entered into by Eni USA Gas Marketing Llc on
behalf of Cameron LNG for fulfilling certain obligations in
connection with a regasification contract signed on August 1,
2005. This commitment is subject to a suspension clause and will
come into force when the regasification service starts in a
period included between October 1, 2008 and June 30, 2009 for an
estimated total consideration of euro 226 million.</p>

<p>A commitment entered into by Eni USA Gas Marketing Llc on
behalf of Gulf LNG Energy for the acquisition of unused
regasification capacity (5.78 BCM/y) over a twenty-year period
(2011-2031) for an estimated total consideration as high as
$1,400 million equal to euro 951 million.</p>

<p>A commitment entered into by Eni USA Gas Marketing Llc on
behalf of Angola LNG Supply Service for the acquisition of
regasified gas at the Pascagoula plant in the United States that
will come into force when the regasification service starts in a
period included between 2011-2031.</p>

<p>Eni is liable for certain non-quantifiable risks related to
contractual assurances given to acquirers of certain of
Eni&#146;s assets, including businesses and investments, against
certain contingent liabilities deriving from tax, social security
contributions, environmental issues and other matters applicable
to periods during which such assets were </p>

<p align="center">F-80</p>

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

<p>operated by Eni. Eni believes such matters will not have a
material adverse effect on the Company&#146;s results of
operations and liquidity.</p>

<p><b>Assets under concession arrangements</b></p>

<p>Eni operates under concession arrangements mainly in the
Exploration &amp; Production segment and in some activities of
the Gas &amp; Power segment and the Refining &amp; Marketing
segment. In the Exploration &amp; Production segment contractual
clauses governing mineral concessions, licenses and exploration
permits regulate the access of Eni to hydrocarbon reserves. Such
clauses can differ in each country. In particular, mineral
concessions, licenses and permits are granted by the legal owners
and, generally, entered into with government entities, State oil
companies and, in some legal contexts, private owners. As a
compensation for mineral concessions, Eni pays royalties and
taxes in accordance with local tax legislation. Eni sustains all
the operation risks and costs related to the production and
development activities and it is entitled to the productions
realized. In Product Sharing Agreement and in buy-back contracts,
realized productions are defined on the basis of contractual
agreements drawn up with State oil companies which hold the
concessions. Such contractual agreements regulate the recovery of
costs incurred for the exploration, development and operating
activities (cost oil) and give entitlement to the own portion of
the realized productions (profit oil). With reference to natural
gas storage in Italy, the activity is conducted on the basis of
concessions with a duration that does not exceed a twenty year
duration and it is granted by the Ministry of Productive
Activities to persons that are consistent with legislation
requirements and that can demonstrate to be able to conduct a
storage program that meets the public interest in accordance with
the laws. In the Gas &amp; Power segment the gas distribution
activity is primarily conducted on the basis of concessions
granted by local public entities. At the expiry date of the
concession, compensation is paid, defined by using criteria of
business appraisal, to the outgoing operator following the sale
of its own gas distribution network. Service tariffs for
distribution are defined on the basis of a method established by
the Authority for Electricity and Gas. Legislative Decree No.
164/2000 provides the grant of distribution service exclusively
by tender, with a maximum length of 12 years.</p>

<p>In the Refining &amp; Marketing segment several service
stations and other auxiliary assets of the distribution service
are located in the motorway areas and they are granted by the
motorway concession operators following a public tender for the
sub-concession of the supplying of oil products distribution
service and other auxiliary services. Such assets are amortized
over the length of the concession (generally, 5 years for Italy).
In exchange of the granting of the services described above, Eni
provides to the motorway companies fixed and variable royalties
on the basis of quantities sold. At the end of the concession
period, all non-removable assets are transferred to the grantor
of the concession.</p>

<p><b>Environmental regulations</b></p>

<p>Risks associated with the footprint of Eni&#146;s activities
on the environment, health and safety are described in the risk
section above, under the paragraph &quot;Operational risks&quot;.
Regarding the environmental risk, management does not currently
expect any material adverse effect upon Eni&#146;s consolidated
financial statements, taking account of ongoing remedial actions,
existing insurance policies to cover environmental risks and the
environmental risk provision accrued in the consolidated
financial statements. However, management believes that it is
possible that Eni may incur material losses and liabilities in
future years in connection with environmental matters due to: (i)
the possibility of as yet unknown contamination; (ii) the results
of the ongoing surveys and the other possible effects of
statements required by Decree No. 471/1999 of the Ministry of
Environment; (iii) new developments in environmental regulation;
(iv) the effect of possible technological changes relating to
future remediation; and (v) the possibility of litigation and the
difficulty of determining Eni&#146;s liability, if any, as
against other potentially responsible parties with respect to
such litigation and the possible insurance recoveries.</p>

<p><b>Emission trading</b></p>

<p>Legislative Decree No. 216 of April 4, 2006 implemented the
Emission Trading Directive 2003/87/EC concerning greenhouse gas
emissions and Directive 2004/101/EC concerning the use of carbon
credits deriving from projects for the reduction of emissions
based on the flexible mechanisms devised by the Kyoto Protocol.
This European emission trading scheme has been in force since
January 1, 2005, and on this matter, on November 27, 2008, the
National Committee for Emissions Trading Scheme (Ministry of
Environment-Mse) published the Resolution 20/2008 defining
emission permits for the 2008-2012 period. In particular, Eni was
assigned permits corresponding to 127.2 mmtonnes of carbon
dioxide (approximately 25 mmtonnes/y) in addition to
approximately 7.4 million of permits expected to be assigned with
respect to new plants in the five-year period 2008-2012.
Emissions of carbon dioxide from Eni&#146;s plants were lower
than permits assigned in 2008. Emission permits for 25.9 </p>

<p align="center">F-81</p>

<hr noshade>

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

<p align="left">million tonnes were assigned, against emissions
of carbon dioxide of approximately 25.3 million tonnes, resulting
in a surplus of 0.6 million tonnes.</p>

<p align="left"><font size="4"><strong><br>
30 Revenues</strong></font><br>
The following is a summary of the main components of
&quot;Revenues&quot;. For more information about changes in
revenues, see &quot;Item 5 &#150; Operating and Financial Review
and Prospects&quot;.</p>

<p align="left">Net sales from operations were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Net sales from operations</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">85,957</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">87,103</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">107,843</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Change in
        contract work in progress</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">148</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">153</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">305</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>86,105</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>87,256</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>108,148</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Net sales from operations were net of the
following items:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Excise taxes</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">13,762</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">13,292</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">13,142</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Exchanges of
        oil sales (excluding excise taxes)</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">2,750</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">2,728</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">2,694</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Services billed to joint venture partners</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,385</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,554</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">2,081</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Sales to
        service station managers for sales billed to holders of
        credit cards</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">1,453</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">1,480</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">1,700</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Exchanges of other products</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">127</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">121</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">83</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2"><b>19,477</b></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2"><b>19,175</b></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2"><b>19,700</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Net sales from operations by business segment and geographic
area of destination are presented in Note 36 - Information by
industry segment and geographic financial information.</p>

<p><b>Other income and revenues<br>
</b>Other income and revenues were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Gains on price adjustments under
        overlifting/underlifting transactions</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">30</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">79</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">180</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Lease and
        rental income</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">98</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">95</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">98</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Gains from sale of assets</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">100</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">66</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">48</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Contract
        penalties and other trade revenues</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">61</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">181</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">23</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Compensation for damages</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">40</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">87</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">15</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Other
        proceeds <sup>(*)</sup></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">454</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">319</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">356</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>783</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>827</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>720</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*)</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein does not exceed euro 50
        million.</font></td>
    </tr>
</table>

<p align="center">F-82</p>

<hr noshade>

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

<p align="left"><font size="4"><strong>31 Operating expenses</strong></font><br>
The following is a summary of the main components of
&quot;Operating expenses&quot;. For more information about
changes in operating expenses, see &quot;Item 5 &#150; Operating
and Financial Review and Prospects&quot;. </p>

<p align="left"><strong>Purchases, services and other</strong><br>
Purchases, services and other included the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Production costs - raw, ancillary and consumable
        materials and goods</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">44,661</font></td>
        <td valign="bottom" 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">44,884</font></td>
        <td valign="bottom" 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">58,712</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Production
        costs - services</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">10,015</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">10,828</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">13,355</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Operating leases and other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,903</font></td>
        <td valign="bottom" 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">2,276</font></td>
        <td valign="bottom" 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">2,558</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Net
        provisions for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">767</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">591</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">900</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Other expenses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,089</font></td>
        <td valign="bottom" 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">1,095</font></td>
        <td valign="bottom" 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">1,652</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>58,435</b></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"><b>59,674</b></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"><b>77,177</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">less:</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 valign="bottom" width="70%"><font size="2">-
        capitalized direct costs associated with self-constructed
        assets - tangible assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(783</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">(1,325</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">(645</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- capitalized direct costs associated with
        self-constructed assets - intangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(162</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">(170</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">(124</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>57,490</b></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"><b>58,179</b></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"><b>76,408</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Production costs-services included brokerage fees
related to Engineering &amp; Construction segment for euro 155
million (euro 39 million and euro 37 million in 2006 and 2007,
respectively).</p>

<p align="left">Costs incurred in connection with research and
development activity recognized in profit and loss amounted to
euro 216 million (euro 219 million and euro 189 million in 2006
and 2007, respectively) as they do not meet the requirements to
be capitalized.</p>

<p align="left">The item &quot;Operating leases and other&quot;
included operating leases for euro 957 million (euro 860 million
and euro 1,081 million in 2006 and 2007, respectively) and
royalties on hydrocarbons extracted for euro 871 million (euro
823 million and euro 772 million in 2006 and 2007, respectively).
Future minimum lease payments expected to be paid under
non-cancelable operating leases were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">To be paid within 1 year</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">594</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">588</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">618</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Between 2 and
        5 years</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">1,474</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">1,401</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">2,585</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Beyond 5 years</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">762</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">942</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,084</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2"><b>2,830</b></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2"><b>2,931</b></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2"><b>4,287</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Operating leases primarily concerned assets for drilling
activities, time charter and long-term rentals of vessels, lands,
service stations and office buildings. Such leases did not
include renewal options. There are no significant restrictions
provided by these operating leases which limit the ability of Eni
to pay dividends, use assets or to take on new borrowings.</p>

<p>Increase of provisions for contingencies net of reversal of
unutilized provisions amounted to euro 874 million (euro 767
million and euro 591 million in 2006 and 2007, respectively) and
mainly regarded environmental risks for euro 360 million (euro
248 million and euro 327 million in 2006 and 2007, respectively),
marketing initiatives awarding prizes to clients for euro 73
million (euro 44 million and euro 59 million in 2006 and 2007,
respectively) and legal or other proceedings for euro 55 million
(euro 149 million and euro 79 million in 2006 and 2007,
respectively). More information is included in Note 22 -
Provisions for contingencies. </p>

<p align="center">F-83</p>

<hr noshade>

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

<p><b>Payroll and related costs<br>
</b>Payroll and related costs were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Wages and salaries</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,630</font></td>
        <td valign="bottom" 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">2,906</font></td>
        <td valign="bottom" 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">3,204</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Social
        security contributions</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">691</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">690</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">694</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Cost related to defined benefits plans and
        defined contributions plans</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">230</font></td>
        <td valign="bottom" 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">161</font></td>
        <td valign="bottom" 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">107</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Other
        costs</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">305</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">275</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">282</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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"><b>3,856</b></font></td>
        <td valign="bottom" 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"><b>4,032</b></font></td>
        <td valign="bottom" 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"><b>4,287</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">less:</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- capitalized direct costs associated with
        self-constructed assets - tangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(109</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">(148</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">-
        capitalized direct costs associated with self-constructed
        assets - intangible assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(107</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">(123</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">(135</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>3,650</b></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"><b>3,800</b></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"><b>4,004</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p><b>Average number of employees<br>
</b>The average number and break-down of employees by category of
Eni&#146;s subsidiaries were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(number)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Senior managers</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,676</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,594</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,621</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Junior
        managers</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">11,142</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">11,816</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">12,597</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Employees</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">34,671</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">35,725</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">36,766</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Workers</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">25,426</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">25,582</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">26,387</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>72,915</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>74,717</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>77,371</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>The average number of employees was calculated as the average
between the number of employees at the beginning and end of the
period. The average number of senior managers included managers
employed and operating in foreign countries, whose position is
comparable to a senior manager status.</p>

<p><strong>Stock-based compensation</strong></p>

<p><em>Stock grant<br>
</em>In 2008 residual rights for stock grant were exercised by
managers of Eni SpA and its subsidiaries as defined in Article
2359 of the Civil Code as eligible to this compensation plan.
Therefore at the balance sheet date there are no residual rights
granted. Changes in the 2006, 2007 and 2008 stock grant plans
consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="19%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="19%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="19%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">Number of shares</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">Market price <sup>(a) </sup>(euro)</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">Number of shares</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">Market price <sup>(a) </sup>(euro)</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">Number of shares</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">Market price <sup>(a) </sup>(euro)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Stock grants outstanding as of January 1</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,127,200</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23.460</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,873,600</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25.520</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>902,800</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25.120</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">New rights
        granted</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&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="9%">&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="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2">Rights exercised in the period</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,236,400</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23.933</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(966,000</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">24.652</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(893,400</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">21.832</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Rights
        cancelled in the period</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(17,200</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">23.338</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(4,800</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">26.972</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(9,400</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">22.683</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Stock grants outstanding as of December 31</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,873,600</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25.520</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>902,800</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25.120</b></font></p>
        </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="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>of
        which exercisable at December 31</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>156,700</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>25.520</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>68,100</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>25.120</b></font></p>
        </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="9%">&nbsp;</td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Market price
        relating to new rights granted, rights exercised in the
        period and rights cancelled in the period corresponds to
        the average market value (arithmetic average of official
        prices recorded on Mercato Telematico Azionario in the
        month preceding: (i) the date of the Board of Directors
        resolution regarding the stock grant assignment; (ii) the
        date on which the emission/transfer of the shares granted
        were recorded in the grantee&#146;s securities account;
        and (iii) the date of the unilateral termination of
        employment for rights cancelled), weighted with the
        number of shares. Market price of stock at the beginning
        and end of the year is the price recorded at December 31.</font></td>
    </tr>
</table>
</div>

<p align="center">F-84</p>

<hr noshade>

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

<p><em>Stock option</em><br>
Stock options plans are designed for managers of Eni SpA and its
subsidiaries as defined in Article 2359 of the Civil Code, who
are directly responsible for corporate results or for strategic
positions, making them participate to an effective incentive
plan.</p>

<p><em>2002-2004 and 2005 plans<br>
</em>Stock options plans provide the right for the assignee to
purchase treasury shares with a 1 to 1 ratio after the end of the
third year from the date of the grant (vesting period) and for a
maximum period of five years. The strike price was determined to
be the arithmetic average of official prices registered on the
Mercato Telematico Azionario in the month preceding the grant
date or, from 2003 onwards, the average carrying amount of
treasury shares as of the day preceding the assignment, if
greater.</p>

<p><em>2006-2008 plan<br>
</em>The 2006-2008 stock option plan has introduced a performance
condition for the exercise of the options. At the end of each
three-year period (vesting period) from the assignment, the Board
of Directors determines the percentage of exercisable options,
from 0 to 100, in relation to the Total Shareholders&#146; Return
(TSR) of Eni&#146;s shares as benchmarked against the TSR
delivered by a panel of the six largest international oil
companies for market capitalization. Options can be exercised for
a maximum period of three years. The strike price is calculated
as the arithmetic average of official prices registered on the
Mercato Telematico Azionario in the month preceding assignment.</p>

<p>At December 31, 2008, 23,557,425 options were outstanding for
the purchase of 23,557,425 ordinary shares. The break-down of
outstanding options was the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="68%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="15%"><p align="center"><font
        size="1"><strong>Rights outstanding <br>
        as of December 31</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="15%"><p align="center"><font
        size="1"><strong>Average strike price </strong>(euro)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="68%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="15%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="15%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"><font
        size="2">Stock option plan 2002</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"
        bgcolor="#EEEEEE"><font size="2">97,000</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"
        bgcolor="#EEEEEE"><font size="2">15.216</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="68%"><font size="2">Stock
        option plan 2003</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"><font
        size="2">231,900</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"><font
        size="2">13.743</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"><font
        size="2">Stock option plan 2004</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"
        bgcolor="#EEEEEE"><font size="2">671,600</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"
        bgcolor="#EEEEEE"><font size="2">16.576</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="68%"><font size="2">Stock
        option plan 2005</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"><font
        size="2">3,756,000</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"><font
        size="2">22.512</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"><font
        size="2">Stock option plan 2006</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"
        bgcolor="#EEEEEE"><font size="2">5,954,250</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"
        bgcolor="#EEEEEE"><font size="2">23.119</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="68%"><font size="2">Stock
        option plan 2007</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"><font
        size="2">5,492,375</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"><font
        size="2">27.451</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="68%" bgcolor="#EEEEEE"><font
        size="2">Stock option plan 2008</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"
        bgcolor="#EEEEEE"><font size="2">7,354,300</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"
        bgcolor="#EEEEEE"><font size="2">22.540</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="68%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="15%"><font
        size="2"><b>23,557,425</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="15%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="68%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="15%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="15%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>At December 31, 2008 the weighted-average remaining
contractual life of the plans at December 2002, 2003, 2004, 2005,
2006, 2007 and 2008 was 1 year and 7 months, 2 years and 7
months, 3 years and 7 months, 4 years and 7 months, 3 years and 7
months, 4 years and 7 months and 5 years and 7 months,
respectively. </p>

<p>Changes of stock option plans in 2006, 2007 and 2008 consisted
of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="25%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="25%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="24%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="24%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="24%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="25%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><p
        align="center"><font size="1">Number <br>
        of shares</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Average strike price (euro)</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Market price <sup>(a) </sup>(euro)</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="8%"><p
        align="center"><font size="1">Number <br>
        of shares</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Average strike price (euro)</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Market price <sup>(a) </sup>(euro)</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="8%"><p
        align="center"><font size="1">Number <br>
        of shares</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Average strike price (euro)</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center">&nbsp; </p>
        </td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1">Market price <sup>(a) </sup>(euro)</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="25%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="25%" bgcolor="#EEEEEE"><font
        size="2"><b>Stock options as of January 1</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>13,379,600</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>17.705</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23.460</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>15,290,400</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>21.022</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25.520</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>17,699,625</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23.822</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25.120</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="25%"><font size="2">New rights
        granted</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">7,050,000</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">23.119</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">23.119</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6,128,500</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">27.451</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">27.447</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">7,415,000</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">22.540</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">22.538</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="25%" bgcolor="#EEEEEE"><font
        size="2">Rights exercised in the period</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4,943,200</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15.111</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23.511</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(3,028,200</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16.906</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">25.338</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(582,100</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17.054</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">24.328</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="25%"><font size="2">Rights
        cancelled in the period</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(196,000</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">19.119</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">23.797</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(691,075</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">24.346</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">24.790</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(975,100</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">24.931</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">19.942</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="25%" bgcolor="#EEEEEE"><font
        size="2"><b>Stock options outstanding as of December 31 </b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>15,290,400</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>21.022</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25.520</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>17,699,625</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23.822</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25.120</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23,557,425</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>23.540</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>16.556</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="25%"><font size="2"><b>of
        which exercisable at December 31</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,622,900</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>16.190</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>25.520</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>2,292,125</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>18.440</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>25.120</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>5,184,250</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>21.263</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>16.556</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="25%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Market price
        relating to new rights granted, rights exercised in the
        period and rights cancelled in the period corresponds to
        the average market value (arithmetic average of official
        prices recorded on Mercato Telematico Azionario in the
        month preceding: (i) the date of the Board of Directors
        resolution regarding the stock grants assignment; (ii)
        the date in which the emission/transfer of the shares
        granted was recorded in the grantee&#146;s securities
        account; and (iii) the date in which the unilateral
        termination of employment for rights was cancelled),
        weighted with the number of shares. Market price of stock
        at the beginning and end of the year is the price
        recorded at December 31.</font></td>
    </tr>
</table>
</div>

<p align="center">F-85</p>

<hr noshade>

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

<p>The fair value of stock options granted during the years 2002,
2003, 2004 and 2005 was euro 5.39, euro 1.50, euro 2.01 and euro
3.33 per share, respectively. For 2006, 2007 and 2008 the
weighted average considering options granted was euro 2.89, euro
2.98 and euro 2.60 per share, respectively.</p>

<p>The fair value was determined by applying the following
assumptions:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%">&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%"><p
        align="center"><font size="1"><strong>2002</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp; </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>2003</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp; </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>2004</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp; </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>2005</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp; </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>2006</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp; </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>2007</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp; </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1"><strong>2008</strong></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%">&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%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Risk-free interest rate</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(%)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.7</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4.9</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Expected
        life</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="1">(years)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">6</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%" bgcolor="#EEEEEE"><font
        size="2">Expected volatility</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(%)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">43.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">19.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">21.0</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16.8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16.3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">19.2</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="20%"><font size="2">Expected
        dividends</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="1">(%)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">5.4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4.5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4.0</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">5.3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4.9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">6.1</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="20%">&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%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<p>Costs of the year related to stock grant and stock option
plans amounted to euro 25 million (euro 20 million and euro 27
million in 2006 and 2007, respectively).</p>

<p align="left"><strong>Compensation of key management<br>
</strong>Compensation of persons responsible for key positions in
planning, direction and control functions of Eni Group, including
executive and non-executive officers, general managers and
managers with strategic responsibility (key management) amount to
euro 23 million, euro 25 million and euro 25 million for 2006,
2007 and 2008 respectively, and consisted of the following: </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Wages and salaries</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">16</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Post-employment
        benefits</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">1</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">1</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">1</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Other long-term benefits</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Stock
        grant/option</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">3</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">4</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">4</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>23</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>25</b></font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>25</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="left"><strong>Compensation of Directors and Statutory
Auditors</strong><br>
Compensation of Directors amounted to euro 8.7 million, euro 8.9
million and euro 6.4 million for 2006, 2007 and 2008,
respectively. Compensation of Statutory Auditors amounted to euro
0.686, euro 0.678 million and euro 0.634 million in 2006, 2007
and 2008, respectively. Compensation included emoluments and all
other retributive and social security compensations due for the
function of directors or statutory auditor assumed by Eni SpA or
other companies included in the scope of consolidation,
representing a cost for Eni. </p>

<p><strong>Depreciation, depletion, amortization and impairments</strong><br>
Depreciation, depletion, amortization and impairments charges
consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Depreciation, depletion and amortization:</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 valign="bottom" width="70%"><font size="2">- tangible
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,694</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">4,935</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">5,994</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- intangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,462</font></td>
        <td valign="bottom" 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">2,096</font></td>
        <td valign="bottom" 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">2,436</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>6,156</b></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"><b>7,031</b></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"><b>8,430</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Impairments:</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 valign="bottom" width="70%"><font size="2">- tangible
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">231</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">140</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">1,343</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- intangible 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</font></td>
        <td valign="bottom" 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">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">53</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>285</b></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"><b>207</b></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"><b>1,396</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">less:</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 valign="bottom" width="70%"><font size="2">- reversal
        of impairments - tangible assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(17</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 align="right" valign="bottom" width="8%"><font
        size="2">(2</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- reversal of impairment - intangible assets</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"><font size="2">(1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">-
        capitalized direct costs associated with self-constructed
        assets - tangible assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><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="8%"><font
        size="2">(4</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- capitalized direct costs associated with
        self-constructed assets - intangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>6,421</b></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"><b>7,236</b></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"><b>9,815</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="center">F-86</p>

<hr noshade>

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

<p><font size="4"><strong>32 Financial income (expense)</strong></font><br>
Finance income (expense) consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Finance income (expense)</b></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 valign="bottom" width="70%"><font size="2">Finance
        income</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3,749</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">4,445</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">7,985</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Finance expense</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(3,971</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">(4,554</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">(8,198</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(222</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(109</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(213</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Gain (loss) on derivative financial instruments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">383</font></td>
        <td valign="bottom" 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">26</font></td>
        <td valign="bottom" 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">(551</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>161</b></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"><b>(83</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(764</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 valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Net finance income (expense) consisted of the
following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Finance income (expense) related to net
        borrowings</b></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 valign="bottom" width="70%"><font size="2">Interest
        due to banks and other financial institutions</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(215</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">(445</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">(745</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Interest and other finance expense on ordinary
        bonds</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(248</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">(258</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">(248</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Interest
        from banks</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">194</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">236</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</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Interest and other income on financing
        receivables and securities held for non-operating
        purposes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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">82</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(207</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(412</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(824</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Exchange differences</b></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 valign="bottom" width="70%"><font size="2">Positive
        exchange differences</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,496</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">2,877</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">7,339</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Negative exchange differences</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(2,648</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">(2,928</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">(7,133</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(51</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>206</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Other finance income (expense)</b></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 valign="bottom" width="70%"><font size="2">Income
        from equity instruments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">188</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">241</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Capitalized finance expense</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">116</font></td>
        <td valign="bottom" 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">180</font></td>
        <td valign="bottom" 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">236</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Interest
        and other income on financing receivables and securities
        held for operating purposes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">119</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</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">62</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Interest on tax credits</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="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"><font size="2">37</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Finance
        expense due to passage of time (accretion discount)<sup>
        (a)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(116</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">(186</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">(249</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Other finance income</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        bgcolor="#EEEEEE"><font size="2">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">78</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>137</b></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"><b>354</b></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"><b>405</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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"><b>(222</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>(109</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>(213</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">The item
        related to the increase in provisions for contingencies
        that are shown at present value in non-current
        liabilities.</font></td>
    </tr>
</table>
</div>

<p align="left">Income from equity instruments of euro 241
million (euro 188 million in 2007) relating to the contractual
remuneration of 9.4% on the 20% interest in OAO Gazprom Neft
according to the contractual arrangements between Eni and Gazprom
(more information is included in Note 2 - Other financial assets
held for trading or available for sale).</p>

<p align="left">The fair value gain (loss) on derivative
financial instruments consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Derivatives on exchange rate</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">313</font></td>
        <td valign="bottom" 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">120</font></td>
        <td valign="bottom" 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">(300</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Derivatives
        on interest rate</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">61</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</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">(127</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Derivatives on commodities</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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(129</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">(124</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>383</b></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"><b>26</b></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"><b>(551</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 valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Net loss from derivatives of euro 551 million
(euro 383 million and euro 26 million of net gain in 2006 and
2007, respectively) was primarily due to the recognition in the
profit and loss account of the change in fair value of
derivatives that cannot be qualified as hedging instruments under
IFRS. In fact, since these derivatives are entered </p>

<p align="center">F-87</p>

<hr noshade>

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

<p align="left">into for amounts corresponding to the net
exposure to exchange rate risk, interest rate risk or commodity
risk, they cannot be linked to specific trade or financing
transactions.</p>

<p align="left">The lack of these formal requirements in order to
assess these derivatives as hedging instruments under IFRS
provides also the recognition in profit or loss of negative
exchange translation differences on assets and liabilities
denominated in currencies other than functional currency, as
these translation effects cannot be offset by changes in fair
value of derivative contracts.</p>

<p align="left">Losses on commodity derivatives amounted to euro
124 million, included gain of euro 7 million related to the
ineffective portion of the change in fair value of cash flow
hedging derivatives (time value component) entered into by the
Exploration &amp; Production segment. Further information is
given in Note 7 - Other current asset. The fair value of
derivative contracts is provided in Note 7 - Other current asset,
Note 15 - Other non-current receivables, Note 20 - Other current
liabilities and Note 25 - Other non-current liabilities.</p>

<p align="left"><br>
<font size="4"><b>33 Income from investments</b></font></p>

<p><b>Share of profit (loss) of equity-accounted investments<br>
</b>Share of profit (loss) of equity-accounted investments
consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Share of profit of equity-accounted investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">887</font></td>
        <td valign="bottom" 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">906</font></td>
        <td valign="bottom" 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">761</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Share of
        loss of equity-accounted investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(36</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">(135</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">(105</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Decreases (increases) in the provision for
        losses on investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(56</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</font></td>
        <td valign="bottom" 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">(16</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>795</b></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"><b>773</b></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"><b>640</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>More information is provided in Note 12 - Investments. </p>

<p align="left"><br>
<strong>Other gain (loss) from investments</strong><br>
Other gain (loss) from investments consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Gains on disposals</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">98</font></td>
        <td valign="bottom" 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">170</font></td>
        <td valign="bottom" 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">510</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Dividends</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">25</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">301</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">218</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Losses on disposals</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Other
        income (expense), net</font></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%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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"><b>108</b></font></td>
        <td valign="bottom" 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"><b>470</b></font></td>
        <td valign="bottom" 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"><b>733</b></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="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left">Dividends of euro 510 million primarily related
to Nigeria LNG (euro 453 million) and Saudi European
Petrochemical Co - Ibn Zahr (euro 34 million).</p>

<p align="left">Gains on disposals of euro 218 million primarily
related to the sale of Gaztransport et Technigaz SAS (euro 185
million), Agip Espa&#241;a SA (euro 15 million) and Padana
Assicurazioni SpA (euro 10 million). Gains on disposals for 2007
of euro 301 million primarily related to the sale of Haldor
Tops&#248;e AS (euro 265 million) and Camom SA (euro 25 million).
Gains on disposals for 2006 of euro 25 million primarily related
to the sale of Fiorentina Gas SpA and Toscana Gas SpA (euro 16
million). </p>

<p align="center">F-88</p>

<hr noshade>

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

<p align="left"><font size="4"><strong>34 Income taxes</strong></font><br>
Income taxes consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Current taxes:</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 valign="bottom" width="70%"><font size="2">- Italian
        subsidiaries</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,007</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">2,380</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">1,916</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- foreign subsidiaries of the Exploration &amp;
        Production segment</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,740</font></td>
        <td valign="bottom" 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">6,695</font></td>
        <td valign="bottom" 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">9,744</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">- foreign
        subsidiaries</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">529</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">482</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">426</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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"><b>9,276</b></font></td>
        <td valign="bottom" 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"><b>9,557</b></font></td>
        <td valign="bottom" 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"><b>12,086</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Net
        deferred taxes:</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- Italian subsidiaries</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">230</font></td>
        <td valign="bottom" 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">(582</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">(1,603</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">- foreign
        subsidiaries of the Exploration &amp; Production segment</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,095</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">246</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">(827</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- foreign subsidiaries</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(33</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</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">36</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>1,292</b></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"><b>(338</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(2,394</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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"><b>10,568</b></font></td>
        <td valign="bottom" 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"><b>9,219</b></font></td>
        <td valign="bottom" 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"><b>9,692</b></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="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>Current income taxes of euro 1,916 million were in respect of
Italian subsidiaries for Ires (euro 1,408 million) and Irap (euro
307 million) and of foreign taxes (euro 201 million).</p>

<p>The effective tax rate was 50.3% (51.8% and 46.0% in 2006 and
2007, respectively) compared with a statutory tax rate of 38.2%
(37.9% in 2006 and 2007, respectively) and calculated by applying
a 33.0%<sup>15</sup> tax rate (Ires) to profit before income
taxes and 3.9% tax rate (Irap) to the net value of production as
provided for by Italian laws.</p>

<p>The difference between the statutory and effective tax rate
was due to the following factors:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(%)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Statutory tax rate</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>37.9</b></font></td>
        <td valign="bottom" 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"><b>37.9</b></font></td>
        <td valign="bottom" 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"><b>38.2</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Items
        increasing (decreasing) statutory tax rate:</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- higher foreign subsidiaries tax rate</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">13.6</font></td>
        <td valign="bottom" 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">10.2</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="8%"
        bgcolor="#EEEEEE"><font size="2">15.2</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">- changes
        in Italian statutory tax rate and adjustment of tax base
        of amortizable assets for Italian subsidiaries </font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(2.0</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 valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- impact pursuant to Law Decree No. 112 of June
        25, 2008, the Budget Law 2008 and enactment of a renewed
        tax framework in Libya </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"><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="70%"><font size="2">-
        permanent differences and other adjustments</font></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%">&nbsp;</td>
        <td valign="bottom" width="1%">&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></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 valign="bottom" width="70%" 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"><b>13.9</b></font></td>
        <td valign="bottom" 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"><b>8.1</b></font></td>
        <td valign="bottom" 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"><b>12.1</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>51.8</b></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"><b>46.0</b></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"><b>50.3</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>The increase in the tax rate of foreign subsidiaries primarily
related to a 17.1 percentage points increase in the Exploration
&amp; Production segment (17.2% and 15% in 2006 and 2007,
respectively).</p>

<p>The impact pursuant to Law Decree No. 112 of June 25, 2008,
the Budget Law 2008 and enactment of a renewed tax framework in
Libya of 3.8% consisted of the following: (i) utilization of
deferred tax liabilities recognized on higher carrying amounts of
year-end inventories of oil, gas and refined products stated at
the weighted-average cost with respect to their tax base
according to the last-in-first-out method (LIFO) (euro 528
million). In fact, pursuant to the Law Decree No. 112 of June 25,
2008 (become Law No. 133/2008), energy companies in Italy are
required from 2008 to state inventories of hydrocarbons at the
weighted-average cost for tax purposes as opposed to the previous
LIFO evaluation and to recognize a one-off tax calculated by
applying a special tax with a 16% rate on the difference between
the two amounts. Accordingly, profit and loss benefited from the
difference between utilization of deferred tax liabilities
accrued on hydrocarbons inventories and the one-off tax (euro 229
million), for a total positive impact of euro 176 million, which
consider previously applicable statutory tax rate (Ires) of 33%
pursuant to the Law Decree No. 112 of June 25, 2008 instead of
27.5% of the previous tax regime. This one-off tax will be paid
in three annual installments of same amount, due from 2009
onwards; (ii) application of the Italian Budget Law for 2008 that
provide an increase in limits whereby carrying amounts of assets
and liabilities of consolidated subsidiaries can be recognized
for tax purposes by paying a one-off tax calculated by </p>

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

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(15)</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><font size="1">Includes a
        5.5% supplemental tax rate on taxable profit of energy
        companies in Italy (whose primary activity is the
        production and marketing of hydrocarbons and electricity
        and with annual revenues in excess of euro 25 million)
        effective January 1, 2008 and pursuant to the Law Decree
        No. 112 of June 25, 2008.</font></td>
    </tr>
</table>
</div>

<p align="center">F-89</p>

<hr noshade>

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

<p>applying a special rate of 6% (positive impact on profit and
loss of euro 370 million; euro 290 million net of the special
tax); (iii) enactment of a renewed tax framework in Libya
regarding oil companies operating in accordance with production
sharing schemes. Based on the new provisions, the tax base of the
Company&#146;s Libyan oil properties has been reassessed
resulting in the partial utilization of previously accrued tax
liabilities of euro 173 million; and (iv) the impact of above
mentioned Law Decree No. 112/2008 on energy companies calculated
by applying statutory tax rate (Ires) of 33% pursuant to the Law
Decree No. 112 of June 25, 2008 instead of the previously
applicable statutory tax rate (Ires) of 27.5% (euro 94 million).</p>

<p>In 2006 the increase in the tax rate of foreign subsidiaries
relating the Exploration &amp; Production segment included the
application of a windfall tax introduced by the Algerian
government with effect starting from August 1, 2006 (1.6
percentage points) and a supplemental tax rate introduced by the
government of the United kingdom relating to the North Sea
productions with effect starting from January 1, 2006 (1
percentage point).</p>

<p>The adjustment to deferred tax assets and liabilities and to
the 2007 tax rate for Italian subsidiaries were recognized in
connection with certain amendments to the Italian tax regime
enacted by the 2008 Budget Law. These included an option
regarding the increase of the tax bases of certain tangible and
other assets to their carrying amounts (euro 773 million) by
paying a special tax (euro 325 million) and a lower statutory tax
rate (Ires from 33% to 27.5%, Irap from 4.25% to 3.9%, euro 54
million).</p>

<p>In 2006 permanent differences mainly arose from certain
charges that are not deductible because taken in connection with
risk provisions arising from proceedings against the Italian
Antitrust and other regulatory Authorities (0.4 percentage
points).</p>

<p><br>
<font size="4"><strong>35 Earnings per share attributable to Eni</strong></font><br>
Basic earnings per ordinary share are calculated by dividing net
profit for the year attributable to Eni&#146;s shareholders by
the weighted average number of ordinary shares issued and
outstanding during the year, excluding treasury shares.</p>

<p align="left">The average number of ordinary shares used for
the calculation of the basic earnings per share outstanding at
December 31, 2006, 2007 and 2008, was 3,698,201,896,
3,668,305,807 and 3,638,835,896 respectively.</p>

<p align="left">Diluted earnings per share is calculated by
dividing net profit for the year attributable to Eni&#146;s
shareholders by the weighted average number of shares
fully-diluted which includes issued and outstanding shares during
the year, excluding treasury shares and including the number of
shares that could be issued potentially in connection with
stock-based compensation plans.</p>

<p align="left">The average number of shares fully diluted used
in the calculation of diluted earnings was 3,701,262,557,
3,669,172,762 and 3,638,854,276 for the years ending December 31,
2006, 2007 and 2008, respectively.</p>

<p align="left">Reconciliation of the average number of shares
used for the calculation for both basic and diluted earning per
share was as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="61%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="12%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="61%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="51%" bgcolor="#EEEEEE"><font
        size="2"><b>Average number of shares used for the
        calculation of the basic earnings per share</b></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="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,698,201,896</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,668,305,807</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,638,835,896</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="51%"><font size="2">Number of
        potential shares following stock grant plans</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="12%"><p
        align="right"><font size="2">1,070,676</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"><p
        align="right"><font size="2">302,092</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="12%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="51%" bgcolor="#EEEEEE"><font
        size="2">Number of potential shares following stock
        options plans</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="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,989,985</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">564,863</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18,380</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="51%"><font size="2"><b>Average
        number of shares used for the calculation of the diluted
        earnings per share</b></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="12%"><p
        align="right"><font size="2"><b>3,701,262,557</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"><p
        align="right"><font size="2"><b>3,669,172,762</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"><p
        align="right"><font size="2"><b>3,638,854,276</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="51%" bgcolor="#EEEEEE"><font
        size="2"><b>Eni&#146;s net profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(euro
        million)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9,217</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>10,011</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>8,825</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="51%"><font size="2"><b>Basic
        earning per share</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="1">(euro per share)</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"><p
        align="right"><font size="2"><b>2.49</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"><p
        align="right"><font size="2"><b>2.73</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"><p
        align="right"><font size="2"><b>2.43</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="51%" bgcolor="#EEEEEE"><font
        size="2"><b>Diluted earning per share</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="1">(euro
        per share)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2.49</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2.73</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="12%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2.43</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="12%"><hr size="1" noshade>
        </td>
    </tr>
</table>

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

<p align="center">F-90</p>

<hr noshade>

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

<p align="left"><font size="4"><strong>36 Information by industry
segment and geographic financial information</strong></font><br>
<br>
<strong>Information by industry segment</strong></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" height="14"><p
        align="left"><font size="1">(euro million)</font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Exploration &amp;
        Production</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Gas &amp; Power</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Refining &amp; Marketing</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Petrochemicals</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Engineering &amp;
        Construction </b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Other activities</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Corporate and financial
        companies</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1"><strong>Intra-Group<br>
        profits</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Total</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>2006</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Net sales
        from operations <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">27,173</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">28,368</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">38,210</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6,823</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6,979</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">823</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,174</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Less: intersegment sales</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(18,445</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(751</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,300</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(667</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(771</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(520</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(991</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Net sales
        to customers</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">8,728</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">27,617</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">36,910</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6,156</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6,208</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">303</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">183</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">86,105</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Operating profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15,580</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,802</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">319</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">172</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">505</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(622</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(296</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(133</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">19,327</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Provisions
        for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">153</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">197</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">264</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">30</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(13</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">236</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(100</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">767</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Depreciation, amortization and writedowns</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,776</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">738</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">447</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">174</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">196</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">71</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,421</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Share of
        profit (loss) of equity-accounted investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">509</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">194</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">66</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(4</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">795</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Identifiable assets <sup>(b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">29,720</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23,500</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11,359</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,984</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,362</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">344</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,023</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(666</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">74,626</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Unallocated
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">13,686</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Equity-accounted investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">258</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,214</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">874</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">483</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">46</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,886</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Identifiable
        liabilities <sup>(c)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">9,119</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">5,284</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">4,712</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">806</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">3,869</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,940</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,619</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">27,349</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Unallocated liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">19,764</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Capital
        expenditures</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">5,203</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,174</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">645</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">99</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">591</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">72</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">88</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(39</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">7,833</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Net sales
        from operations <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">27,278</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">27,633</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">36,401</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6,934</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">8,678</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">205</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,313</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Less: intersegment sales</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(16,475</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(760</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,276</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(363</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,182</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(31</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,099</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Net sales
        to customers</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">10,803</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">26,873</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">35,125</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6,571</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">7,496</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">174</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">214</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">87,256</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Operating profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13,788</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,127</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">729</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">74</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">837</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(444</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(217</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18,868</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Provisions
        for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">256</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">15</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">264</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">591</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Depreciation, amortization and writedowns</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,626</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">687</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">491</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">116</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">248</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">68</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,236</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Share of
        profit (loss) of equity-accounted investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">449</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">216</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">79</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">773</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Identifiable assets <sup>(b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">33,435</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">24,530</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13,767</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,427</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8,017</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">275</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">854</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(692</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">83,613</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Unallocated
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">17,847</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Equity-accounted investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,926</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,152</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,267</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">230</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,639</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Identifiable
        liabilities <sup>(c)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">11,480</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">5,390</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">5,420</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">939</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">4,349</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,827</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,380</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">30,785</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Unallocated liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">27,808</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Capital
        expenditures</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6,625</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,366</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">979</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">145</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,410</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">59</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">108</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(99</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">10,593</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2"><b>2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Net sales from operations <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">33,318</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">36,936</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">45,083</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,303</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,176</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">185</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,331</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">75</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Less: intersegment sales</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(19,067</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(873</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(1,496</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(398</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(1,219</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(29</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(1,177</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Net sales to customers</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">14,251</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">36,063</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">43,587</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5,905</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,957</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">156</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">154</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">75</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">108,148</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Operating profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">16,415</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">3,933</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(1,023</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(822</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1,045</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(346</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(686</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">125</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">18,641</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Provisions for contingencies</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">155</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">237</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">206</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">99</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">165</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">900</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Depreciation, amortization and writedowns</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">7,542</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">744</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">729</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">395</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">335</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">76</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(14)</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">9,815</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Share of profit (loss) of equity-accounted
        investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">173</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">413</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">43</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">640</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Identifiable assets <sup>(b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">41,989</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">31,894</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">11,081</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">2,629</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">10,630</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">362</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">789</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(641</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">98,733</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Unallocated assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17,857</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Equity-accounted investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1,787</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">2,249</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1,227</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">130</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">53</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">5,471</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Identifiable liabilities <sup>(c)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11,030</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11,212</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,481</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">664</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,177</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,638</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,780</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(75</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">36,907</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#D2D2D2"><font
        size="2">Unallocated liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">31,173</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Capital expenditures</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9,545</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,794</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">965</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">212</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,027</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">52</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">95</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(128</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">14,562</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
    </tr>
</table>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a) </font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Before
        elimination of intersegment sales.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(b)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Included
        assets directly associated with the generation of
        operating profit.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(c)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Included
        liabilities directly associated with the generation of
        operating profit.</font></td>
    </tr>
</table>
</div>

<p align="center">F-91</p>

<hr noshade>

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

<p>Inter-segment sales were conducted on an arm&#146;s length
basis.</p>

<p><strong>Geographic financial information</strong><br>
<br>
<i>Assets and investments by geographic area of origin</i></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" height="14"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14">&nbsp;</td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Italy</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Other European Union</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Rest of Europe</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Americas</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Asia</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Africa</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Other areas</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="14">&nbsp;</td>
        <td valign="bottom" width="7%" height="14"><p
        align="center"><font size="1"><b>Total</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="28%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="7%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="7%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>2006</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Identifiable
        assets <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">37,339</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">10,037</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3,200</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2,987</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6,341</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">14,190</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">532</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">74,626</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Capital expenditures</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,529</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">713</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">436</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">572</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,032</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,419</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">132</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,833</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>2007</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Identifiable assets <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">39,742</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11,071</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,917</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,260</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,733</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15,368</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">522</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">83,613</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Capital
        expenditures</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3,246</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,246</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">469</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,004</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,253</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3,152</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">223</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">10,593</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Identifiable assets <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">40,432</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15,065</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,561</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,149</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10,561</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22,044</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">921</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">98,733</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Capital expenditures</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">3,674</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1,660</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">582</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1,240</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">1,777</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">5,153</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">476</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">14,562</font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="28%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="7%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="7%" bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="7%" bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="7%" bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="7%" bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="7%" bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="7%" bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="7%" bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td width="7%" bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
    </tr>
</table>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Includes
        assets directly related to the generation of operating
        profit.</font></td>
    </tr>
</table>
</div>

<p><em>Sales from operations by geographic area of destination</em></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Italy</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">36,343</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">37,346</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">42,909</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Other
        European Union</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">23,949</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">23,074</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">29,341</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Rest of Europe</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">6,975</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">5,507</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">7,125</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Americas</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">6,250</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">6,447</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">7,218</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Asia</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">5,595</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">5,840</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">8,916</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%"><font size="2">Africa</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">5,949</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">8,010</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2">12,331</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE"><font
        size="2">Other areas</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,044</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,032</font></td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="top" width="9%"
        bgcolor="#EEEEEE"><font size="2">308</font></td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2"><b>86,105</b></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2"><b>87,256</b></font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td align="right" valign="top" width="9%"><font size="2"><b>108,148</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p align="left"><font size="4"><br>
<br>
<strong>37 Transactions with related parties</strong></font><strong><br>
</strong>In the ordinary course of its business, Eni enters into
transactions regarding:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="3%">a)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">the exchange of goods,
        provision of services and financing with joint ventures,
        associates and non-consolidated subsidiaries;</td>
    </tr>
    <tr>
        <td valign="top" width="3%">b)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">the exchange of goods and
        provision of services with entities directly and
        indirectly owned or controlled by the Government;</td>
    </tr>
    <tr>
        <td valign="top" width="3%">c)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">transactions with the Cosmi
        Holding Group related to Eni SpA through a member of the
        Board of Directors related to certain acquisition of
        engineering, construction and maintenance services.
        Relevant transactions which were executed on an
        arm&#146;s length basis amounted to approximately euro 13
        million, euro 18 million and euro 13 million in 2006,
        2007 and 2008, respectively. At December 31, 2008 were
        outstanding receivables for euro 4 million and payables
        for euro 8 million;</td>
    </tr>
    <tr>
        <td valign="top" width="3%">d)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">contributions to entities,
        controlled by Eni with the aim to develop solidarity,
        culture and research initiatives. In particular these
        related to: (a) Eni Foundation established by Eni as a
        non-profit entity with the aim of pursuing exclusively
        solidarity initiatives in the fields of social
        assistance, health, education, culture and environment as
        well as research and development. Transactions with Eni
        Foundation related to contribution of euro 200 million to
        the solidarity fund pursuant to Italian Law Decree No.
        112/2008 and the payable of euro 100 million related to
        the part of the contribution that had not already been
        paid. Transactions in the past periods were not material;
        (b) Enrico Mattei Foundation established by Eni with the
        aim of enhancing, through studies, research and training
        initiatives, knowledge in the fields of</td>
    </tr>
</table>

<p align="center">F-92</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="3%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%">economics, energy and
        environment, both at the national and international
        level. Transactions with Enrico Mattei Foundation were
        not material.</td>
    </tr>
</table>

<p>Transactions with related parties were conducted in the
interest of Eni companies and, with exception of those with
entities with the aim to develop solidarity, culture and research
initiatives, on an arm&#146;s length basis.</p>

<p>Trade and other transactions with joint ventures, associates
and non-consolidated subsidiaries as well as with entities
directly and indirectly owned or controlled by the Government in
the 2006, 2007 and 2008, respectively, consisted of the
following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>Dec. 31, 2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="39%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="30%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="29%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="39%"><hr size="1" noshade>
        </td>
    </tr>
</table>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="61%">&nbsp;</td>
        <td valign="bottom" width="19%"><p align="center"><font
        size="1">Costs</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="19%"><p align="center"><font
        size="1">Revenues</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="61%">&nbsp;</td>
        <td valign="bottom" width="19%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="19%"><hr size="1" noshade>
        </td>
    </tr>
</table>
</center></div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%"><font size="1">Name</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Receivables and other assets</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Payables and other liabilities</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Guarantees</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Goods</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Services</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Goods</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Services</font></p>
        </td>
    </tr>
    <tr>
        <td width="30%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2"><strong>Joint ventures and associates</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>
        <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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">ASG Scarl</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">40</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">80</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">88</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Azienda Energia e Servizi Torino SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">22</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"><font size="2">64</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Bernhard
        Rosa Inh. Ingeborg Pl&#246;chinger GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">10</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>
        <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">96</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Blue Stream Pipeline Co BV</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">34</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">19</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"><font size="2">193</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"><font size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Bronberger
        &amp; Kessler Und Gilg &amp; Schweiger GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">11</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>
        <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">113</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">CAM Petroli Srl</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">103</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>
        <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"><font size="2">310</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">CEPAV
        (Consorzio Eni per l&#146;Alta Velocit&#224;) Uno</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">87</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">87</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">5,654</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">16</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2</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">304</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Charville - Consultores e Servi&#231;os Lda</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">7</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"><font size="2">85</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"><font size="2">4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">11</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Eni Oil Co
        Ltd</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">5</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">96</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%"><font
        size="2">59</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>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Fox Energy SpA</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">&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 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"><font size="2">125</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Gasversorgung
        S&#252;ddeutschland GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">14</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">123</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">19</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Gruppo Distribuzione Petroli Srl</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">19</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>
        <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"><font size="2">54</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Karachaganak
        Petroleum Operating BV</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">23</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">70</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">29</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">129</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">7</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Mangrove Gas Netherlands BV</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"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">52</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Mellitah
        Oil &amp; Gas BV</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">28</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">90</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">7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">72</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">8</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Petrobel Belayim Petroleum Co</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"><font size="2">3</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"><font size="2">181</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>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Promgas
        SpA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">44</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">39</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">375</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">419</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Raffineria di Milazzo ScpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">12</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"><font size="2">237</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">109</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Rodano
        Consortile Scarl</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">14</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%"><font
        size="2">54</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">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">RPCO Enterprises Ltd</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">13</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"><font size="2">104</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">12</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Supermetanol
        CA</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">13</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">91</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="30%" bgcolor="#EEEEEE"><font
        size="2">Super Octanos CA</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"><font size="2">13</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"><font size="2">257</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 valign="bottom" width="30%"><font size="2">Trans
        Austria Gasleitung GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">78</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">53</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">138</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">56</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Transitgas AG</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"><font size="2">8</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"><font size="2">64</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>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Transmediterranean
        Pipeline Co Ltd</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">7</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%"><font
        size="2">80</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>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Uni&#243;n Fenosa Gas SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">61</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">93</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">7</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>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">72</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">169</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">168</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">75</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">188</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">119</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">66</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>533</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>788</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>6,204</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>996</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,557</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,482</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>481</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2"><strong>Unconsolidated
        entities controlled by Eni</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>
        <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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Agip Kazakhstan North Caspian Operating Co NV</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">27</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">132</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"><font size="2">18</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">16</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"><font size="2">57</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Eni BTC
        Ltd</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%"><font
        size="2">185</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Eni Timor Leste SpA</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"><font size="2">102</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">20</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">30</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">8</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">4</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">8</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">4</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>47</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>162</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>295</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>19</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>20</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>8</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>61</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>580</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>950</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>6,499</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>1,015</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>1,577</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>1,490</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>542</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2"><strong>Entities owned or controlled by the
        Government</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>
        <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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Gruppo
        Alitalia</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">12</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>
        <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">354</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Gruppo Enel</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">162</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">42</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"><font size="2">47</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">33</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1,068</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">383</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">42</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">29</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">4</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">44</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">136</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>216</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>71</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"><font size="2"><strong>51</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>77</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>1,558</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><strong>384</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>796</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>1,021</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>6,499</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>1,066</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>1,654</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>3,048</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><strong>926</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*) </font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein does not exceed euro 50
        million.</font></td>
    </tr>
</table>
</div>

<p align="center">F-93</p>

<hr noshade>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="39%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="30%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="29%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="39%"><hr size="1" noshade>
        </td>
    </tr>
</table>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="61%">&nbsp;</td>
        <td valign="bottom" width="19%"><p align="center"><font
        size="1">Costs</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="19%"><p align="center"><font
        size="1">Revenues</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="61%">&nbsp;</td>
        <td valign="bottom" width="19%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="19%"><hr size="1" noshade>
        </td>
    </tr>
</table>
</center></div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%"><font size="1">Name</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Receivables and other assets</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Payables and other liabilities</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Guarantees</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Goods</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Services</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Goods</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="9%"><p align="center"><font
        size="1">Services</font></p>
        </td>
    </tr>
    <tr>
        <td width="30%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2"><b>Joint ventures and associates</b></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>
        <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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">ASG Scarl</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">6</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">43</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">121</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">108</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">3</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Bernhard Rosa Inh. Ingeborg Pl&#246;chinger GmbH</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">11</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>
        <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"><font size="2">86</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Blue
        Stream Pipeline Co BV</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">19</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">183</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">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Bronberger &amp; Kessler und Gill &amp;
        Schweiger GmbH</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">18</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>
        <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"><font size="2">106</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">CEPAV
        (Consorzio Eni per l&#146;Alta Velocit&#224;) Uno</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">84</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">70</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">5,870</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">263</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">CEPAV (Consorzio Eni per l&#146;Alta Velocit&#224;)
        Due</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">64</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"><font size="2">1</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"><font size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Eni Oil Co
        Ltd</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">7</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">60</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%"><font
        size="2">141</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Fox Energy SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">49</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>
        <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"><font size="2">139</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Gasversorgung
        S&#252;ddeutschland GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">54</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>
        <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">195</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">4</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Gruppo Distribuzione Petroli Srl</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">26</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>
        <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"><font size="2">50</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Karachaganak
        Petroleum Operating BV</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">43</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">102</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">24</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">301</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">7</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Mellitah Oil &amp; Gas BV</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">10</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">137</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"><font size="2">105</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">OOO
        &quot;EniNeftegaz&quot;</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">215</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>
        <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%"><font
        size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Petrobel Belayim Petroleum Co</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"><font size="2">60</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"><font size="2">211</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>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Raffineria
        di Milazzo ScpA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">17</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">21</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%"><font
        size="2">245</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">118</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">5</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Supermetanol CA</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"><font size="2">11</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"><font size="2">78</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"><font size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Super
        Octanos CA</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">18</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">201</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%"><font
        size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Trans Austria Gasleitung GmbH</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">80</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"><font size="2">43</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">147</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"><font size="2">47</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Transitgas
        AG</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">8</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%"><font
        size="2">64</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>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Transmediterranean Pipeline Co Ltd</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"><font size="2">6</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"><font size="2">70</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"><font size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Uni&#243;n
        Fenosa Gas SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1</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">61</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%"><font
        size="2">193</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">120</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">127</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">56</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">76</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">374</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">172</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">118</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>687</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>744</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>6,172</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>422</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,950</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,011</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>459</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2"><b>Unconsolidated entities controlled by Eni</b></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>
        <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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Agip
        Kazakhstan North Caspian Operating Co NV</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">49</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">111</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">11</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">534</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">52</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Eni BTC Ltd</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"><font size="2">138</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">23</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">8</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">11</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">2</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">18</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">5</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">18</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>72</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>119</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>149</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>13</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>552</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>5</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>71</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>759</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>863</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>6,321</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>435</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>2,502</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,016</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>530</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2"><b>Entities owned or controlled by the
        Government</b></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>
        <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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Gruppo
        Alitalia</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">4</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>
        <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">363</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">1</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Gruppo Enel</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">384</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">8</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"><font size="2">245</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">894</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">408</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">GSE -
        Gestore Servizi Elettrici</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">124</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">63</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">239</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">37</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">870</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">7</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE"><font
        size="2">Terna SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">19</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">69</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"><font size="2">106</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">105</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"><font size="2">31</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%"><font size="2">Other <sup>(*)</sup></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">79</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">19</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">89</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">75</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">3</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>576</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>219</b></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"><font size="2"><b>364</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>476</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>2,202</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>450</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="30%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,335</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1,082</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>6,321</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>799</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>2,978</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>3,218</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>980</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="30%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*) </font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein does not exceed euro 50
        million.</font></td>
    </tr>
</table>
</div>

<p align="center">F-94</p>

<hr noshade>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="23%"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="47%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="23%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="47%"><hr size="1" noshade>
        </td>
    </tr>
</table>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="53%">&nbsp;</td>
        <td valign="bottom" width="23%"><p align="center"><font
        size="1">Costs</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="23%"><p align="center"><font
        size="1">Revenues</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="53%">&nbsp;</td>
        <td valign="bottom" width="23%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="23%"><hr size="1" noshade>
        </td>
    </tr>
</table>
</center></div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%"><font size="1">Name</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Receivables and other assets</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Payables and other liabilities</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Guarantees</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Goods</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Services</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Other</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Goods</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Services</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="7%"><p align="center"><font
        size="1">Other</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Joint ventures and associates</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Agiba
        Petroleum</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">60</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Altergaz SA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">30</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">135</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">ASG Scarl</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">57</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Bayernoil Raffineriegesellschaft mbH</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">62</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Bernhard
        Rosa Inh. Ingeborg Pl&#246;chinger GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">98</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Blue Stream Pipeline Co BV</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">23</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">171</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Bronberger
        &amp; Kessler und Gilg &amp; Schweiger GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">175</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">CEPAV (Consorzio Eni per l&#146;Alta Velocit&#224;)
        Uno</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">95</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,001</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">397</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">CEPAV
        (Consorzio Eni per l&#146;Alta Velocit&#224;) Due</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">64</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Eni Oil Co Ltd</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">660</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Fox Energy
        SpA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">37</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">329</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">FPSO Mystras - Produ&#231;&#227;o de Petroleo Lda</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">94</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Gasversorgung
        S&#252;ddeutschland GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">64</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">337</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Gruppo Distribuzione Petroli Srl</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">111</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">InAgip doo</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">24</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">45</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">116</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Karachaganak Petr&#242;leum Operating BV</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">72</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">207</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">874</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">380</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Mellitah
        Oil &amp; Gas BV</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">121</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">329</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Petrobel Belayim Petroleum Co</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">77</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">181</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Raffineria
        di Milazzo ScpA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">276</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">135</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Saipon Snc</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">58</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Super
        Octanos CA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">24</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">286</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Supermetanol CA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">90</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Trans
        Austria Gasleitung GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">78</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">60</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">153</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">64</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Transitgas AG</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">64</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Uni&#243;n
        Fenosa Gas SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">62</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">257</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">231</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">115</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">319</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">46</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">71</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">129</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>655</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>829</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>6,253</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,473</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>2,783</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>148</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,657</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>684</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>8</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Unconsolidated entities controlled by Eni</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Agip
        Kazakhstan North Caspian Operating Co NV</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">144</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">166</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">720</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">11</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">367</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">10</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Eni BTC Ltd</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">146</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">22</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">18</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">20</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>166</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>184</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>150</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>740</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>13</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>373</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>14</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>831</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,013</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>6,403</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,475</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>3,523</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>161</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,662</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,057</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>22</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2"><b>Entities owned or controlled by the
        Government</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Ferrovie
        dello Stato</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">417</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Gruppo Alitalia</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">153</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">223</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">941</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">380</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Gruppo
        Enel</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">19</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">7</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">27</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">57</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">GSE - Gestore Servizi Elettrici</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">92</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">315</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">79</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">347</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%"><font size="2">Terna SpA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">35</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">128</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">12</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">83</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">10</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><font
        size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">28</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">72</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">33</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">88</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">72</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>329</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>189</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>375</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>466</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>85</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>1,846</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>483</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>17</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,160</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,202</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>6,403</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,850</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,989</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>246</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,508</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,540</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>39</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="28%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*) </font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein does not exceed euro 50
        million.</font></td>
    </tr>
</table>
</div>

<p>Most significant transactions with joint ventures, associates
and non-consolidated subsidiaries concerned:</p>

<ul>
    <li>transactions related to the planning and the construction
        of the tracks for high speed/high capacity trains from
        Milan to Bologna with ASG Scarl, CEPAV (Consorzio Eni per
        l&#146;Alta Velocit&#224;) Uno, and related guarantees;</li>
</ul>

<p align="center">F-95</p>

<hr noshade>

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

<ul>
    <li>acquisition of refining services from Bayernoil
        Raffineriegesellschaft mbH and Raffineria di Milazzo ScpA
        in relation to incurred costs;</li>
    <li>supply of oil products to Bernhard Rosa Inh. Ingeborg
        Pl&#246;chinger GmbH, Bronberger &amp; Kessler und Gilg &amp;
        Schweiger GmbH, Fox Energy Srl, Gruppo Distribuzione
        Petroli Srl and Raffineria di Milazzo ScpA on the basis
        of prices referred to the quotations on international
        markets of the main oil products, as they would be
        conducted on an arm&#146;s length basis;</li>
    <li>acquisition of FPSO from FPSO Mystras - Produ&#231;&#227;o de
        Petr&#242;leo Lda;</li>
    <li>acquisition of natural gas transport services outside
        Italy from Blue Stream Pipeline Co BV, Trans Austria
        Gasleitung GmbH and Transitgas AG;</li>
    <li>guarantees issued on behalf of CEPAV (Consorzio Eni per
        l&#146;Alta Velocit&#224;) Due in relation to contractual
        commitments related to the execution of project planning
        and realization;</li>
    <li>provision of specialized services in upstream activities
        and payables for investment activities from Agip
        Kazakhstan North Caspian Operating Co NV, Agiba Petroleum
        Co, Eni Oil Co Ltd, InAgip doo, Karachaganak Petroleum
        Operating BV, Mellitah Oil &amp; Gas BV, Petrobel Belayim
        Petroleum Co and, only for Karachaganak Petroleum
        Operating BV supply of oil products; services are
        invoiced on the basis of incurred costs;</li>
    <li>sale of natural gas to Altergaz SA and Gasversorgung
        S&#252;ddeutschland GmbH;</li>
    <li>acquisition of petrochemical products from Supermetanol
        CA and Super Octanos CA on the basis of prices referred
        to the quotations on international markets of the main
        products;</li>
    <li>performance guarantees given on behalf of Uni&#243;n Fenosa
        Gas SA in relation to contractual commitments related to
        the results of operations;</li>
    <li>guarantees issued in relation to the construction of an
        oil pipeline on behalf of Eni BTC Ltd.</li>
</ul>

<p>Most significant transactions with entities owned or
controlled by the Government concerned:</p>

<ul>
    <li>sale of oil products with Alitalia and Ferrovie dello
        Stato;</li>
    <li>sale and transportation of natural gas, the sale of fuel
        oil and the sale and purchase of electricity and the
        acquisition of electricity transmission service with
        Enel;</li>
    <li>sale and purchase of electricity with GSE - Gestore
        Servizi Elettrici;</li>
    <li>sale and purchase of electricity and the acquisition of
        domestic electricity transmission service jointly with
        Terna SpA.</li>
</ul>

<p>Financing transactions with joint ventures, associates and
non-consolidated subsidiaries as well as with entities directly
and indirectly owned or controlled by the Government in the 2006,
2007 and 2008, respectively, consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>Dec. 31, 2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="19%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="50%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="29%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="19%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%"><font size="1">Name</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Receivables</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Payables</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Guarantees</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Charges</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Gains</font></p>
        </td>
    </tr>
    <tr>
        <td width="50%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2"><b>Joint ventures and associates</b></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>
        <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 valign="bottom" width="50%"><font size="2">Blue
        Stream Pipeline Co BV</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%"><p
        align="right"><font size="2">3</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">794</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">26</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Raffineria di Milazzo ScpA</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"><p align="right"><font size="2">57</font></p>
        </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 valign="bottom" width="50%"><font size="2">Spanish
        Egyptian Gas Co SAE</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%"><p
        align="right"><font size="2">323</font></p>
        </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="50%" bgcolor="#EEEEEE"><font
        size="2">Trans Austria Gasleitung GmbH</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">41</font></p>
        </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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%"><font size="2">Transmediterranean
        Pipeline Co Ltd</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">147</font></p>
        </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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">11</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">88</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">81</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">39</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">11</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>276</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>84</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>1,213</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>17</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>54</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE"><font
        size="2"><b>Unconsolidated entities controlled by Eni</b></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>
        <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 valign="bottom" width="50%"><font size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">95</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">25</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">1</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2">4</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>95</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>25</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="50%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>371</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>109</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>1,215</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>18</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><p
        align="right"><font size="2"><b>58</b></font></p>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="50%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*) </font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein does not exceed euro 50
        million.</font></td>
    </tr>
</table>
</div>

<p align="center">F-96</p>

<hr noshade>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="40%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="29%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="29%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">Name</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Receivables</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Payables</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Guarantees</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Charges</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Gains</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Derivative financial
        instruments</font></p>
        </td>
    </tr>
    <tr>
        <td width="40%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Joint ventures and associates</b></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>
        <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 valign="bottom" width="40%"><font size="2">Blue
        Stream Pipeline Co BV</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">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">711</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">20</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">Raffineria di Milazzo ScpA</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"><font size="2">60</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 valign="bottom" width="40%"><font size="2">Trans
        Austria Gasleitung GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">65</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">3</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">Transmediterranean Pipeline Co Ltd</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">97</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">9</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">108</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">120</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">52</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">19</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">11</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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>270</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>121</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>823</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>19</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>43</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>Unconsolidated
        entities controlled by Eni</b></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>
        <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%" bgcolor="#EEEEEE"><font
        size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">114</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">26</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</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"><b>114</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>26</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>6</b></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"><b>Entities owned or controlled by the
        Government</b></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>
        <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 valign="bottom" width="40%"><font size="2">GSE -
        Gestore Servizi Elettrici</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>
        <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%"><font
        size="2">10</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" 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 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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>10</b></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"><b>384</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>147</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>824</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>20</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>49</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>10</b></font></td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*) </font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein does not exceed euro 50
        million.</font></td>
    </tr>
</table>
</div>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="29%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td width="40%">&nbsp;</td>
        <td width="1%">&nbsp;</td>
        <td width="29%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="29%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%"><font size="1">Name</font></td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Receivables</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Payables</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Guarantees</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Charges</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Gains</font></p>
        </td>
        <td valign="bottom" width="1%"><p align="center"><font
        size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td align="right" valign="bottom" width="9%"><p
        align="center"><font size="1">Derivative financial
        instruments</font></p>
        </td>
    </tr>
    <tr>
        <td width="40%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
        <td width="1%">&nbsp;</td>
        <td width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="40%" bgcolor="#EEEEEE"><font
        size="2"><b>Joint ventures and associates</b></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>
        <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 valign="bottom" width="40%"><font size="2">Bayernoil
        Raffineriegesellschaft mbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">131</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>
        <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%" bgcolor="#EEEEEE"><font
        size="2">Blue Stream Pipeline Co BV</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"><font size="2">752</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"><font size="2">14</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">PetroSucre
        SA</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">153</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>
        <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%" bgcolor="#EEEEEE"><font
        size="2">Raffineria di Milazzo ScpA</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"><font size="2">70</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 valign="bottom" width="40%"><font size="2">Trans
        Austria Gasleitung GmbH</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">186</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>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">7</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">Transmediterranean Pipeline Co Ltd</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">103</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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">123</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">124</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">27</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">16</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2">9</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">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>696</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>124</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>849</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>16</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>36</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="40%"><font size="2"><b>Unconsolidated
        entities controlled by Eni</b></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>
        <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%" bgcolor="#EEEEEE"><font
        size="2">Other <sup>(*)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">115</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">38</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2">6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE">&nbsp;</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"><b>115</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>38</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>1</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>6</b></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"><b>Entities owned or controlled by the
        Government</b></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>
        <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 valign="bottom" width="40%"><font size="2">GSE -
        Gestore Servizi Elettrici</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>
        <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%"><font
        size="2">58</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="40%" 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 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>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"
        bgcolor="#EEEEEE"><font size="2"><b>58</b></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"><b>811</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>162</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>850</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>17</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>42</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="9%"><font
        size="2"><b>58</b></font></td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(*) </font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Each
        individual amount included herein does not exceed euro 50
        million.</font></td>
    </tr>
</table>
</div>

<p>Most significant transactions with joint ventures, associates
and non-consolidated subsidiaries included:</p>

<ul>
    <li>bank debt guarantee issued on behalf of Blue Stream
        Pipeline Co BV and cash deposit at Eni&#146;s financial
        companies;</li>
    <li>bank debt guarantee issued on behalf of Raffineria di
        Milazzo ScpA;</li>
    <li>financing loan to Bayernoil Raffineriegesellschaft mbH;</li>
    <li>receivable from PetroSucre SA following the contribution
        of Corocoro activities, still to be defined, in the new
        mixed company;</li>
    <li>the financing of the Austrian section of the gasline from
        the Russian Federation to Italy and the construction of
        natural gas transmission facilities and transport
        services with Trans Austria Gasleitung GmbH and
        Transmediterranean Pipeline Co Ltd, respectively.</li>
</ul>

<p align="center">F-97</p>

<hr noshade>

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

<p>Most significant transactions with entities owned or
controlled by the Government concerned the fair value of
derivative financial instruments included in prices of
electricity related to sale/purchase transactions with GSE -
Gestore Servizi Elettrici.</p>

<p><strong>Impact of transactions and positions with related
parties on the balance sheet, net profit and cash flows<br>
</strong>The impact of transactions and positions with related
parties on the balance sheet, net profit and cash flows consisted
of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="20%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2006</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="20%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="20%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Total</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Impact %</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Total</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Impact %</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Total</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Impact %</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">Trade and other receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">18,799</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,027</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">5.46</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">20,676</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,616</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7.82</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">22,222</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,539</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6.93</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Other
        current assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">855</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.47</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,080</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">2,349</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">59</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">2.51</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Other non-current financial assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">805</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">136</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">16.89</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">923</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">87</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">9.43</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,134</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">356</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">31.39</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Other
        non-current assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">994</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,110</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">16</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1.44</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,401</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">21</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1.50</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Current financial liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,400</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">92</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.71</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,763</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">131</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1.69</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">6,359</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">153</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.41</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Trade and
        other payables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">15,995</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">961</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6.01</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">17,116</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,021</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">5.97</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">20,515</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,253</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">6.11</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Other liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">634</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,556</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.26</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,319</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.09</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Long-term
        debt and current portion of long-term debt </font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">8,299</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">17</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.20</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">12,067</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">16</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.13</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">14,478</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">0.06</font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Other non-current liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">418</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">56</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">13.40</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,031</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">57</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.81</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,538</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">53</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2.09</font></p>
        </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>The impact of transactions with related parties on the profit
and loss accounts consisted of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="20%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2006</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="20%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2007</b></font></p>
        </td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td valign="bottom" width="20%" height="16"><p
        align="center"><font size="1"><b>Dec. 31, 2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Total</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Impact %</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Total</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Impact %</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Total</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Impact %</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">Net sales from operations</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">86,105</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,974</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4.62</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">87,256</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4,198</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4.81</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">108,148</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">5,048</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4.67</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Other
        income and revenues</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">783</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">827</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">720</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">39</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">5.42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Purchases, services and other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">57,490</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">2,720</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">4.73</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">58,179</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">3,777</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">6.49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">76,408</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">6,298</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">8.24</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Financial
        income</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">3,749</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">58</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.55</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">4,445</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">49</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">1.10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">7,985</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">0.53</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Financial expense</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(3,971</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.45</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(4,554</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.44</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(8,198</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">(17</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="5%" bgcolor="#EEEEEE"><p
        align="right"><font size="2">0.21</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Gain
        (loss) on derivative financial instruments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">383</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">26</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">10</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">38.46</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">(551</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">58</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="5%"><p align="right"><font
        size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
</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>Transactions with related parties concerned the ordinary
course of Eni&#146;s business and were mainly conducted on an
arm&#146;s length basis.</p>

<p align="center">F-98</p>

<hr noshade>

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

<p>Main cash flows with related parties were as follows:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Revenues and other income</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3,974</font></td>
        <td valign="bottom" 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">4,198</font></td>
        <td valign="bottom" 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">5,087</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Costs and
        other expenses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(2,720</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">(3,777</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">(6,298</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Net change in trade and other receivables and
        liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">162</font></td>
        <td valign="bottom" 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">(492</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">351</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Dividends
        and net interests</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">790</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">620</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">798</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Net cash provided from operating activities</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>2,206</b></font></td>
        <td valign="bottom" 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"><b>549</b></font></td>
        <td valign="bottom" 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"><b>(62</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Capital
        expenditures in tangible and intangible assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(733</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">(779</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">(2,022</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" 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">(20</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">8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Change in
        accounts payable in relation to investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(276</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">(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="8%"><font
        size="2">27</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Change in financial receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">343</font></td>
        <td valign="bottom" 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</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">397</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Net
        cash used in investing activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(686</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(822</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(1,598</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Change in financial liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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">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">14</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><b>Net
        cash used in financing activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(57</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>20</b></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"><b>14</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><b>Total financial flows to related parties</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>1,463</b></font></td>
        <td valign="bottom" 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"><b>(253</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,646</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="top" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="top" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p>The impact of cash flows with related parties consisted of the
following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%" height="16">&nbsp;</td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="37%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="20%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="37%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Total</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Impact %</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Total</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Impact %</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Total</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Related parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="6%"><font
        size="1">Impact %</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">Cash provided from operating activities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">17,001</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,206</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">12.98</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">15,517</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">549</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3.54</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">21,801</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(62</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%"><font size="2">Cash used
        in investing activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(7,051</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(686</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">9.73</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(20,097</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(822</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">4.09</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(16,958</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">(1,598</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"><p
        align="right"><font size="2">9.42</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="37%" bgcolor="#EEEEEE"><font
        size="2">Cash used in financing activities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(7,097</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(57</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.80</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,909</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">20</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">0.69</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(5,025</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="5%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">..</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>

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

<p><font size="4"><strong><br>
<br>
38 Significant non-recurring events and operations</strong><br>
</font>Non-recurring incomes (charges) consisted of the
following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" height="16"><font
        size="1">(euro million)</font></td>
        <td valign="bottom" width="1%" height="16">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Curtailment of post-retirement benefits for
        Italian employees</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"><font size="2">83</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Risk
        provisions for proceedings against Antitrust authorities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(184</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">(130</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">(21</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">Risk provisions for proceedings against the
        Italian Authority for Electricity and Gas</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(55</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">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="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(239</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(8</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(21</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 valign="top" width="70%">&nbsp;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>Non-recurring income related to a gain deriving from the
curtailment of the provisions accrued by Italian companies for
employee termination indemnities (&quot;TFR&quot;) following the
changes introduced by Italian Budget Law for 2007 and related
decrees (euro 83 million). Non recurring charges for 2007
concerned risk provisions related to ongoing antitrust
proceedings against the European Antitrust authorities (euro 130
million) in the fields of paraffin and elastomers.</p>

<p>In 2006 a risk provision was made in connection with a
proceeding against the Italian Antitrust authority regarding the
field of supplies of jet fuel (euro 109 million). In addition a
risk provision was made for an inquiry before the European
Antitrust authorities in the field of elastomers (euro 75
million). In 2006 certain fines were imposed by the Authority for
Electricity and Gas regarding an inquiry relating to the use of
storage capacity in thermal year 2005-2006 (euro 45 million) and
an inquiry relating to an information requirement on natural gas
supplying prices (euro 10 million).</p>

<p align="center">F-99</p>

<hr noshade>

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

<p><font size="4"><strong>39 Positions or transactions deriving
from atypical and/or unusual operations</strong><br>
</font>In 2006, 2007 and in 2008 no transactions deriving from
atypical and/or unusual operations were reported.</p>

<p><br>
<strong>Recent developments<br>
</strong></p>

<p>On April 7, 2009 Gazprom exercised its call option to purchase
a 20% interest in OAO Gazprom Neft held by Eni following
agreements between the two partners. The 20% interest in Gazprom
Neft was acquired by Eni on April 4, 2007 as part of a bid
procedure for the assets of bankrupt Russian company Yukos. The
exercise price of the call option is equal to the bid price (U.S.
$ 3.7 billion) as adjusted by subtracting dividends distributed
and adding the contractual yearly remuneration of 9.4% on the
capital employed and related financing expenses. At the same
time, Eni and Gazprom signed new cooperation agreements targeting
certain development projects to be conducted jointly in Russia
and other countries of interest. Terms of the call option granted
to Gazprom to purchase a 51% interest in the share capital of OOO
SeverEnergia, which owns 100% of the three abovementioned Russian
companies engaging in gas development, are currently under review
by Eni, Enel and Gazprom.</p>

<p>On March 19, 2009, a mandatory tender offer on the minorities
of Distrigas was finalized. Shareholders representing 41.61% of
the share capital of Distrigas tendered 292,390 shares on
Eni&#146;s offer. Publigaz Scrl tendered its entire interest
(31.25%). The transaction has been accounted in Eni financial
statements as at March 31, 2009. On April 8, 2009 Eni paid to
those shareholders cash consideration amounting to euro 1,991
million. Following the tender offer, Eni owns 98.86% of the share
capital of Distrigas. The squeeze-out on the residual 1.14% of
the share capital has been completed early in May. Consequently
Eni holds all the shares of Distrigas except for one share
belonging to the Belgian State with special powers. Distrigas
shares has been delisted from Euronext Brussels. For further
details on this transaction see &quot;Item 4 &#150; Gas &amp;
Power&quot;.</p>

<p>On February 12, 2009, Eni&#146;s Board of Directors approved
the divestment of 100% of Italgas SpA and Stoccaggi Gas Italia
SpA (Stogit) to Snam Rete Gas (50.03% owned by Eni) for total
cash consideration of euro 4,720 million (euro 3,070 million and
euro 1,650 million, respectively). The transaction will be
financed by Snam Rete Gas through: (i) a rights issue up for a
maximum of euro 3.5 billion (Eni has already committed to
subscribe its relative share of the rights issue); and (ii) new
medium to long-term financing for euro 1.3 billion. The main
impacts expected on Eni's consolidated financial statements when
the transaction closes will be: (i) a decrease of euro 1.5
billion in net borrowings and a corresponding increase in total
equity as a consequence of the pro-quota subscription of the Snam
Rete Gas capital increase by the minority shareholders; and (ii)
a decrease in Eni&#146;s net profit equal to 45% of the aggregate
net profit of Italgas and Stogit, with a corresponding increase
in net profit attributable to minorities. From an industrial
perspective the transaction, expected to close in July 2009, will
create significant synergies in the regulated businesses segment
and maximize the value of Italgas and Stogit due to the higher
visibility of regulated businesses as a part of Snam Rete Gas.
For further details on this transaction see &quot;Item 4 &#150;
Gas &amp; Power&quot;.</p>

<p>By the end of May 2008, based on the approval of the full year
dividend proposal made by the Company&#146;s Annual General
Shareholders Meeting on April 30, 2009, Eni expects to pay the
balance of the dividend for fiscal year 2008 amounting to euro
0.65 per share. Total cash out is estimated at euro 2.36 billion.</p>

<p align="center">F-100</p>

<hr noshade>

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

<p><font size="4"><strong>Supplemental oil and gas information
(unaudited) <br>
</strong></font>The following information pursuant to
&quot;International Financial Reporting Standards&quot; (IFRS) is
presented in accordance with Statement of Financial Accounting
Standards No. 69, &quot;Disclosures about Oil &amp; Gas Producing
Activities&quot;. Amounts related to minority interests are not
significant.<br>
<br>
<em>Capitalized costs</em><br>
Capitalized costs represent the total expenditures for proved and
unproved mineral interests and related support equipment and
facilities utilized in oil and gas exploration and production
activities, together with related accumulated depreciation,
depletion and amortization. Capitalized costs by geographical
area consist of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Italy</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>West Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Sea</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Caspian Area </strong><sup>(1)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Rest of World</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total consolidated subsidiaries</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total joint ventures and associates </strong><sup>(2)</sup></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>December 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Proved
        mineral interests</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">10,571</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">8,118</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">8,506</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">8,672</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">1,447</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">7,718</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>45,032</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">790</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Unproved mineral interests</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">32</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">120</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,030</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">330</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">35</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">2,582</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>4,129</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,089</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Support
        equipment and facilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">279</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">1,125</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">443</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">16</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">41</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">59</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>1,963</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">10</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Incomplete wells and other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">726</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">562</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,078</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        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="6%"
        bgcolor="#EEEEEE"><font size="2">1,852</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">808</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>5,101</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">112</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Gross
        capitalized costs</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>11,608</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>9,925</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>11,057</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>9,093</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>3,375</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>11,167</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>56,225</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>2,001</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Accumulated depreciation, depletion and
        amortization</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(7,440</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="6%"
        bgcolor="#EEEEEE"><font size="2">(4,960</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="6%"
        bgcolor="#EEEEEE"><font size="2">(5,340</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="6%"
        bgcolor="#EEEEEE"><font size="2">(5,670</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="6%"
        bgcolor="#EEEEEE"><font size="2">(445</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="6%"
        bgcolor="#EEEEEE"><font size="2">(4,909</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(28,764</b></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="6%"
        bgcolor="#EEEEEE"><font size="2">(345</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Net
        capitalized costs</b><sup><b> </b>(a) (b)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>4,168</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>4,965</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>5,717</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>3,423</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>2,930</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>6,258</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>27,461</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>1,656</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>December 31, 2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Proved mineral interests</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">10,772</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">10,116</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">11,368</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">7,499</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">2,130</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">8,954</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>50,839</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">813</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Unproved mineral interests</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">32</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">638</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">2,267</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">316</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,051</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">2,908</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>7,212</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">928</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Support equipment and facilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">283</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1,205</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">520</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>2,146</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">14</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Incomplete wells and other</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,374</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,006</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,443</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">159</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">2,631</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,797</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>8,410</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">267</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Gross capitalized costs</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>12,461</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>12,965</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>15,598</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>7,990</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>5,863</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>13,730</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>68,607</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>2,022</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Accumulated depreciation, depletion and
        amortization</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(7,943</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(6,318</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(7,027</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(5,132</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(858</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(6,932</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>(34,210</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><strong>)</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(441</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Net capitalized costs</b> <sup>(a) (b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>4,518</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>6,647</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>8,571</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>2,858</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>5,005</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>6,798</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>34,397</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>1,581</b></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="36%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font color="#FFFFFF"
        size="1">i</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">The amounts
        include net capitalized financial charges totaling euro
        441 million in 2007 and euro 537 million in 2008.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(b)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">The amounts
        do not include costs associated with exploration
        activities which are capitalized in order to reflect
        their investment nature and amortized in full when
        incurred. The application of the &quot;Successful Effort
        Method&quot; would have led to an increase in net
        capitalized costs of euro 2,547 million in 2007 and euro
        3,308 million in 2008 for the consolidated companies and
        of euro 94 million in 2007 and euro 48 million in 2008
        for joint ventures and associates.</font></td>
    </tr>
</table>

<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="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">Eni's
        capitalized costs of the Kashagan field are determined
        based on Eni's share of 16.81% as of December 31, 2008
        and 18.52% in the previous year.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">The amounts
        of joint ventures and associates as at December 31, 2007
        and December 31, 2008 include 60% of the three Russian
        companies former Yukos purchased in 2007, for which
        Gazprom has a call option of 51%.</font></td>
    </tr>
</table>

<p align="center">F-101</p>

<hr noshade>

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

<p><em>Costs incurred</em><br>
Costs incurred represent amounts both capitalized and expensed in
connection with oil and gas producing activities. Costs incurred
by geographical area consist of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Italy</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>West Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Sea</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Caspian<br>
        Area </strong><sup>(1)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Rest of World</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total consolidated subsidiaries</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total joint ventures and associates </strong><sup>(2)</sup></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>2006</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Proved
        property acquisitions</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">139</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">10</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>149</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Unproved property acquisitions</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>3</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Exploration</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">128</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">270</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">471</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">174</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">25</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">280</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>1,348</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">26</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Development <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,120</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">892</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">956</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">478</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">595</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">766</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>4,807</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">31</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Total
        costs incurred</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>1,387</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>1,172</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>1,427</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>652</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>620</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>1,049</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>6,307</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>57</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Proved
        property acquisitions<sup> (b)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">11</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">451</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,395</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>1,857</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">187</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Unproved property acquisitions<sup> (b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">510</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,417</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>1,927</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,086</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Exploration<sup>
        (b)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">104</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">380</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">298</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">193</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">36</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,181</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>2,192</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">42</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Development<sup> (a) (b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">320</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,047</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,425</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">518</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">744</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,185</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>5,239</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">156</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Total
        costs incurred</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>424</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>1,438</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>2,684</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>711</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>780</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>5,178</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>11,215</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>1,471</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Proved property acquisitions<sup> (b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">626</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">413</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">173</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">83</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>1,295</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Unproved property acquisitions<sup> (b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">384</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">655</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">33</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">647</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>1,719</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Exploration<sup> (b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">135</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">421</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">581</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">214</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">144</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">719</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>2,214</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">48</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Development<sup> (a) (b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">644</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">1,388</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">1,884</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">850</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">1,208</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">1,593</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2"><b>7,567</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">163</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Total costs incurred</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>779</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>2,819</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>3,533</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>1,097</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>2,172</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>2,395</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>12,795</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>211</b></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font color="#FFFFFF"
        size="1">i</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">Eni&#146;s
        costs incurred of the Kashagan field are determined based
        on Eni&#146;s share of 16.81% as of December 31, 2008 and
        18.52% in the previous year.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">The amounts
        of joint ventures and associates for December 31, 2007
        and December 31, 2008 include 60% of the three Russian
        companies former Yukos purchased in 2007, for which
        Gazprom has a call option of 51%.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">Includes the
        abandonment costs of the assets for euro 1,170 million in
        2006, euro 173 million in 2007 and euro 628 million in
        2008 and euro 16 million for joint ventures and
        associates.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(b)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">Of which
        business combination:</font></td>
    </tr>
</table>
<div align="right">

<table border="0" cellpadding="0" cellspacing="0" width="97%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1" face="Times New Roman"><code><strong>Italy</strong></code></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1" face="Times New Roman"><code><strong>North
        Africa</strong></code></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1" face="Times New Roman"><code><strong>West
        Africa</strong></code></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1" face="Times New Roman"><code><strong>North
        Sea</strong></code></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1" face="Times New Roman"><code><strong>Caspian
        Area</strong></code></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1" face="Times New Roman"><code><strong>Rest
        of World</strong></code></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1" face="Times New Roman"><code><strong>Total
        consolidated subsidiaries</strong></code></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1" face="Times New Roman"><code><strong>Total joint
        ventures and associates</strong></code></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>
</div><div align="right">

<table border="0" cellpadding="0" cellspacing="0" width="97%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="1"><b>2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="1">Proved
        property acquisitions</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1">451</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1">1,395</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1"><b>1,846</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1">187</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="1">Unproved property acquisitions</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">510</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">1,334</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>1,844</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">1,086</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="1">Exploration</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1">59</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1">474</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1"><b>533</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="1">Development</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">10</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">345</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>355</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">101</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="1"><b>Total</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1"><b>1,030</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1"><b>3,548</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1"><b>4,578</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="1"><b>1,374</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="1"><b>2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="1">Proved property acquisitions</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">298</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">173</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">83</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>554</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="1">Unproved property acquisitions</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1">384</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1">560</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1">33</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1">647</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1"><b>1,624</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="1">Exploration</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">23</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">115</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">116</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1">42</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>296</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="1">Development</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1">132</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1">4</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1">52</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1">156</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1">77</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="1"><b>421</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="1"><b>Total</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>539</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>977</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>85</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>1,092</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>202</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="1"><b>2,895</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
</table>
</div>

<p><em>Results of operations from oil and gas producing
activities</em><br>
Results of operations from oil and gas producing activities,
including gas storage services used to modulate the seasonal
variation of demand, represent only those revenues and expenses
directly associated with such activities, including operating
overheads. These amounts do not include any allocation of
interest expense or general corporate overhead and, therefore,
are not necessarily indicative of the contributions to
consolidated net earnings of Eni. Related income taxes are
computed by applying the local income tax rates to the pre-tax
income from producing activities. Eni is a party to certain
Production Sharing Agreements (PSAs), whereby a portion of
Eni&#146;s share of oil and gas production is withheld and sold
by its joint venture partners which are state-owned entities,
with proceeds being remitted to the state in satisfaction of
Eni&#146;s PSA-related tax liabilities. Revenue and income taxes
include such taxes owed by Eni but paid by state-owned entities
out of Eni&#146;s share of oil and gas production.</p>

<p align="center">F-102</p>

<hr noshade>

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

<p align="left">Results of operations from oil and gas producing
activities by geographical area consist of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Italy</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>West Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Sea</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Caspian<br>
        Area </strong><sup>(1)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Rest of World</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total consolidated subsidiaries</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total joint ventures and associates </strong><sup>(2)</sup></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>2006</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Revenues</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Sales to consolidated entities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,601</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,185</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,817</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">3,295</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">261</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">712</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>16,871</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Sales to
        third parties</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">184</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">3,012</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">967</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">983</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">721</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">1,873</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>7,740</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">120</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Total revenues</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,785</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7,197</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5,784</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,278</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>982</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,585</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>24,611</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>120</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Operation
        costs</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(249</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(496</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(475</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(481</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(147</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(191</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>(2,039</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(18</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Production taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(181</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(95</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(475</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(82</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(833</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(3</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Exploration
        expenses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(137</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(273</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(186</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(160</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(25</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(293</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>(1,074</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(26</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">D.D. &amp; A. and provision for abandonment<sup>
        (a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(457</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(795</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(737</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(684</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(80</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(895</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(3,648</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(43</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Other
        income and (expenses)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(315</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(569</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(190</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">57</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(89</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(283</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>(1,389</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">8</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Pretax income from producing activities</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>2,446</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>4,969</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,721</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,010</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>641</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>841</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>15,628</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>38</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Income
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(909</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(2,980</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(2,133</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(1,840</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(223</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(381</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>(8,466</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(31</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Results of operations from E&amp;P activities</b>
        <sup>(b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,537</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,989</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,588</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,170</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>418</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>460</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7,162</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>2007</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Revenues</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Sales to
        consolidated entities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">3,171</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">3,000</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">4,439</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">3,125</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">296</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">512</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>14,543</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Sales to third parties</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">163</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">4,793</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">693</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">755</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">833</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,260</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>9,497</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">176</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Total
        revenues</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>3,334</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>7,793</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>5,132</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>3,880</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>1,129</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>2,772</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>24,040</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>176</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Operation costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(248</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(542</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(499</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(579</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(142</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(271</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(2,281</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(27</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Production
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(188</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(91</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(473</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(28</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>(780</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(6</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Exploration expenses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(108</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(385</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(291</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(193</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(36</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(764</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(1,777</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">D.D. &amp;
        A. and provision for abandonment<sup> (a)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(499</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(768</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(685</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(729</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(76</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(989</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>(3,746</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2">(51</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Other income and (expenses)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(283</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(627</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(297</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(45</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(72</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(243</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(1,567</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(18</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Pretax
        income from producing activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>2,008</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>5,380</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>2,887</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>2,334</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>803</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>477</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>13,889</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>32</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Income taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(746</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(3,102</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,820</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,419</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(284</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(241</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(7,612</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Results
        of operations from E&amp;P activities </b><sup>(b)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>1,262</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>2,278</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>1,067</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>915</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>519</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>236</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>6,277</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><p
        align="right"><font size="2"><b>(17</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Revenues</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Sales to consolidated entities</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">3,956</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">2,622</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">5,013</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">3,691</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">360</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">629</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>16,271</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Sales to third parties</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">126</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">7,286</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,471</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">121</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,288</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,928</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>13,220</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">265</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>Total revenues</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>4,082</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>9,908</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>6,484</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>3,812</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>1,648</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>3,557</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>29,491</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>265</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Operation costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(260</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(528</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(609</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(515</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(173</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(326</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(2,411</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(34</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Production taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(195</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(32</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(616</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(35</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>(878</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(53</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Exploration expenses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(135</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(425</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(529</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(215</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(57</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(697</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(2,058</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(48</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">D.D. &amp; A. and provision for abandonment <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(551</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(1,120</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(1,115</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(782</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(331</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(1,490</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>(5,389</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2">(84</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Other income and (expenses)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(420</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(936</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(279</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(286</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(270</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(2,254</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(15</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>Pretax income from producing activities</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>2,521</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>6,867</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>3,336</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>2,237</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>801</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>739</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>16,501</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>31</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Income taxes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(924</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(4,170</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2,262</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,581</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(315</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(435</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(9,687</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(49</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>Results of operations from E&amp;P activities</b><sup><b>
        </b>(b)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>1,597</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>2,697</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>1,074</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>656</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>486</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>304</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>6,814</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><p align="right"><font size="2"><b>(18</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="0%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="98%"><font color="#FFFFFF"
        size="1">i</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="0%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="98%"><font size="1">Includes
        asset impairments amounting to euro 130 million in 2006,
        euro 91 million in 2007 and euro 770 million in 2008.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(b)</font></td>
        <td valign="top" width="0%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="98%"><font size="1">The
        &quot;Successful Effort Method&quot; application would
        have led to an increase in results of operations of euro
        220 million in 2006, euro 438 million in 2007 and euro
        408 million in 2008 for the consolidated companies and of
        euro 15 million in 2006, euro 26 million in 2007 and no
        variation in 2008 for joint ventures and associates.</font></td>
    </tr>
</table>

<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="0%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="98%"><font size="1">Eni's results
        of operations of the Kashagan field are determined based
        on Eni&#146;s share of 16.81% as of December 31, 2008 and
        18.52% in the previous year.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td valign="top" width="0%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="98%"><font size="1">The amounts
        of joint ventures and associates for December 31, 2007
        and December 31, 2008 include 60% of the three Russian
        companies formerly part of Yukos purchased in 2007, for
        which Gazprom has a call option of 51%.</font></td>
    </tr>
</table>

<p align="center">F-103</p>

<hr noshade>

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

<p><i>Average sale prices and production costs per unit of
production</i></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="45%"><font size="1">(euro
        million)</font></td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Italy</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>North Africa</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>West Africa</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>North Sea</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><b>Caspian Area</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Rest of World</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><p
        align="center"><font size="1"><b>Total </b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="45%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
bordercolor="#C0C0C0">
    <tr>
        <td valign="top" width="39%" bgcolor="#EEEEEE"><font
        size="2"><strong>2006</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="39%"><font size="2">Average sales
        prices</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="4%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#EEEEEE"><font
        size="2">Oil and condensates per BBL</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#EEEEEE"><font size="1">($)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">55.22</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">60.99</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">61.55</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">62.18</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">53.18</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">57.15</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">60.09</font></td>
    </tr>
    <tr>
        <td valign="top" width="39%"><font size="2">Natural gas.
        per KCF</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="4%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">8.23</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">4.17</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1.05</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">6.89</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">0.39</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">5.09</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">5.29</font></td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#EEEEEE"><font
        size="2">Average production costs per BOE</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">6.36</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">3.87</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">9.02</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">6.03</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">5.02</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">4.52</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">5.79</font></td>
    </tr>
    <tr>
        <td valign="top" width="39%"><font size="2"><strong>2007</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="4%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#EEEEEE"><font
        size="2">Average sales prices</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="39%"><font size="2">Oil and
        condensates per BBL</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"><font
        size="1">($)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">62.47</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">67.86</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">69.77</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">69.40</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">59.34</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">68.63</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">67.70</font></td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#EEEEEE"><font
        size="2">Natural gas. per KCF</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">8.58</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">4.60</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1.21</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">6.53</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">0.41</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">5.53</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">5.42</font></td>
    </tr>
    <tr>
        <td valign="top" width="39%"><font size="2">Average
        production costs per BOE</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="4%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">7.89</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">4.22</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">11.53</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">8.56</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">4.90</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">5.33</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">6.90</font></td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#D2D2D2"><font
        size="2"><strong>2008</strong> <sup>(a)</sup></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#EEEEEE"><font
        size="2">Average sales prices</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#D2D2D2"><font
        size="2">Oil and condensates per BBL</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#D2D2D2"><font size="1">($)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">84.87</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">84.71</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">91.58</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">71.90</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">80.43</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">82.06</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">84.05</font></td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#EEEEEE"><font
        size="2">Natural gas. per KCF</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">13.06</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">7.14</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1.50</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">10.21</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">0.53</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">7.56</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">8.01</font></td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#D2D2D2"><font
        size="2">Average production costs per BOE</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">9.40</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">3.66</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">15.25</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">8.99</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">5.79</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">6.92</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><font size="2">7.77</font></td>
    </tr>
    <tr>
        <td valign="top" width="39%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="4%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="0%">&nbsp;</td>
        <td valign="top" width="98%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="0%">&nbsp;</td>
        <td valign="top" width="98%"><font size="1">In 2008
        Eni&#146;s liquid realizations amounted to $84.05 per
        barrel and were reduced by approximately $4.13 per barrel
        due to the settlement of certain commodity derivatives
        relating to the sale of 46 mmBBL in the year. This was
        part of a derivative transaction the Company entered into
        to hedge exposure to variability in future cash flows
        expected from the sale of a portion of the Company&#146;s
        proved reserves for an original amount of approximately
        125.7 mmBBL in the 2008-2011 period, decreasing to 79.7
        mmBBL by the end of December 2008.</font></td>
    </tr>
</table>

<p><em>Oil and natural gas reserves</em><br>
Proved oil and gas reserves are the estimated quantities of crude
oil, natural gas and natural gas liquids which geological and
engineering data demonstrate with reasonable certainty to be
recoverable in future years from known reservoirs under
technical, contractual, economic and operating conditions
existing at the time. Prices include consideration of changes in
existing prices provided only by contractual arrangements, but
not of increases based upon future conditions.</p>

<p>Net proved reserves exclude royalties and interests owned by
others.</p>

<p>Proved developed oil and gas reserves are proved reserves that
can be estimated to be recovered through existing wells,
equipment and operating methods.</p>

<p>Proved undeveloped oil and gas reserves are reserves that are
expected to be recovered from new wells on undrilled acreage, or
from existing wells where a relatively major expenditure is
required for completion.</p>

<p>Additional oil and gas reserves expected to be obtained
through the application of fluid injection or other improved
recovery techniques for supplementing natural forces and
mechanisms of primary recovery are included as proved developed
reserves only after testing by a pilot project or after the
operation of an installed program has confirmed, through
production response, that increased recovery will be achieved.</p>

<p>Eni&#146;s proved reserves have been estimated on the basis of
the applicable U.S. Securities &amp; Exchange Commission
regulation, Rule 4-10 of Regulation S-X and its interpretations
and have been disclosed in accordance with Statement of Financial
Accounting Standard No. 69. The estimates of proved reserves,
developed and undeveloped, for the years ended December 31, 2006,
2007 and 2008 are based on data prepared by Eni. Since 1991 Eni
has requested qualified independent oil engineering companies to
carry out an independent evaluation<sup>16</sup> of its proved
reserves on a rotation basis. Eni believes these independent
evaluators to be experienced and qualified in the marketplace. In
the preparation of their reports, these independent evaluators
relied, without independent verification, upon information
furnished by Eni with respect to property interest, production,
current cost of operation and development, agreements relating to
future operations and sale prices and other information and data
that were accepted as represented by the independent evaluators.
This information was the same used by Eni in determining proved
reserves and include: log, directional surveys, core and PVT
analysis, maps, oil/gas/water production/injection data of wells,
reservoirs and fields, reservoir studies, technical analysis
relevant to field performance, reservoir performance, budget data
per field, long-term development plans, future capital and
operating costs. In order to calculate the economic value of
reserve NPV, actual prices received from hydrocarbon sales,
instructions on future prices, and other pertinent information
are provided. Accordingly, the work performed </p>

<p>&nbsp;</p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(16)</font></td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="97%"><font size="1">From 1991 to
        2002 by DeGolyer and MacNaughton, from 2003 also by Ryder
        Scott Company. </font></td>
    </tr>
</table>
</div>

<p align="center">F-104</p>

<hr noshade>

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

<p>by the independent evaluators is an evaluation of Eni&#146;s
proved reserves carried out in parallel with the internal one.
The circumstance that the independent evaluations achieved the
same results as those of the Company for the vast majority of
fields support the management&#146;s confidence that the
company&#146;s booked reserves meet the regulatory definition of
proved reserves which are reasonably certain to be produced in
the future. When the assessment of independent engineers is lower
than internal evaluations, Eni revises its estimates based on
information provided by independent evaluators. In particular, in
2008, a total of 1.5 BBOE of proved reserves, or about 22% of
Eni&#146;s total proved reserves at December 31, 2008, have been
evaluated. The results of this independent evaluation have
essentially confirmed, as in previous years, the internal
assessment. In the 2006-2008 three-year period, 77% of Eni&#146;s
total proved reserves were subject to independent evaluations. In
the last three years, the most important of Eni&#146;s properties
as at December 31, 2008 which were not subject to an independent
evaluation were: Bouri and Bu Attifel (Libya), Barbara (Italy),
M&#146;Boundi (Congo) and Elgin-Franklin (UK).</p>

<p>Eni operates under Production Sharing Agreements (PSAs) in
several of the foreign jurisdictions where it has oil and gas
exploration and production activities. Reserves of oil and
natural gas to which Eni is entitled under PSA arrangements are
shown in accordance with Eni&#146;s economic interest in the
volumes of oil and natural gas estimated to be recoverable in
future years. Such reserves include estimated quantities
allocated to Eni for recovery of costs, income taxes owed by Eni
but settled by its joint venture partners (which are state-owned
entities) out of Eni&#146;s share of production and Eni&#146;s
net equity share after cost recovery.</p>

<p>Proved oil and gas reserves associated with PSAs represented
53%, 46% and 54% of total proved reserves as of year-end 2006,
2007 and 2008, respectively, on an oil-equivalent basis.</p>

<p>Proved reserves associated with service and
&quot;Buy-Back&quot; represented 2%, 1% and 2% of total proved
reserves on an oil-equivalent basis as of year-end 2006, 2007 and
2008, respectively.</p>

<p>Oil and gas reserve quantities include: (i) oil and natural
gas quantities in excess of cost recovery which the company has
an obligation to purchase under certain PSAs with governments or
authorities, whereby the company serves as producer of reserves.
Reserve volumes associated with oil and gas deriving from such
obligations represent 1.1%, 1.8% and 0.1% of total proved
reserves as of year-end 2006, 2007 and 2008, respectively, on an
oil-equivalent basis; (ii) volumes of natural gas used for own
consumption; and (iii) volumes of natural gas held in certain of
Eni&#146;s storage fields in Italy. Proved reserves attributable
to these fields include: (a) the residual natural gas volumes of
the reservoirs and (b) natural gas volumes from other Eni fields
input into these reservoirs in subsequent periods. Proved
reserves do not include volumes owned by or acquired by third
parties. Gas withdrawn from storage is produced and thereby
removed from proved reserves when sold.</p>

<p>Numerous uncertainties are inherent in estimating quantities
of proved reserves and in projecting future rates of production
and timing of development expenditures. The accuracy of any
reserve estimate is a function of the quality of available data
and engineering and geological interpretation and judgment.
Results of drilling, testing and production after the date of the
estimate may require substantial upward or downward revision. In
addition, changes in oil and natural gas prices have an effect on
the quantities of Eni&#146;s proved reserves since estimates of
reserves are based on prices and costs relevant at the date when
such estimates are made. Consequently, reserves evaluation could
also diverge significantly from oil and natural gas volumes which
will be actually produced.</p>

<p>The following table presents yearly changes in estimated
proved reserves, developed and undeveloped, of crude oil
(including condensate and natural gas liquids) and natural gas
for the years 2006, 2007 and 2008.</p>

<p align="center">F-105</p>

<hr noshade>

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

<p><em>Crude oil (including condensate and natural gas liquids)</em></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><b>Proved oil reserves </b></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Italy</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>West Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Sea</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Caspian<br>
        Area </strong><sup>(1)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Rest of World</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total consolidated subsidiaries</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total joint ventures and associates </strong><sup>(2)</sup></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(mmBBL)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Reserves at December 31, 2005</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>228</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>961</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>936</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>433</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>778</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>412</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>3,748</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>25</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Revisions
        of Previous Estimates<sup> (a)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">15</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">61</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(85</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="6%"><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="6%"><font
        size="2">72</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(19</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="6%"><font
        size="2"><b>64</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Improved Recovery</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE"><font size="2">41</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>104</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Extensions
        and Discoveries</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%"><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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">52</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%"><font
        size="2"><b>103</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(28</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="6%"
        bgcolor="#EEEEEE"><font size="2">(119</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="6%"
        bgcolor="#EEEEEE"><font size="2">(117</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="6%"
        bgcolor="#EEEEEE"><font size="2">(65</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="6%"
        bgcolor="#EEEEEE"><font size="2">(23</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="6%"
        bgcolor="#EEEEEE"><font size="2">(38</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(390</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(3</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Sales of
        Minerals in Place<sup> (b)</sup></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(2</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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(170</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="6%"><font
        size="2"><b>(172</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Reserves at December 31, 2006</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>215</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>982</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>786</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>386</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>893</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>195</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>3,457</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>24</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Purchase
        of Minerals in Place</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">32</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">54</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>86</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">101</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Revisions of Previous Estimates</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">28</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(35</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE"><font size="2">(114</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="6%"
        bgcolor="#EEEEEE"><font size="2">(31</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(164</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">20</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Improved
        Recovery</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%"><font
        size="2">12</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>22</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">1</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Extensions and Discoveries</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        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="6%"
        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="6%"
        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="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">29</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>95</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Production</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(28</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="6%"><font
        size="2">(121</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="6%"><font
        size="2">(101</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="6%"><font
        size="2">(57</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="6%"><font
        size="2">(26</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="6%"><font
        size="2">(36</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="6%"><font
        size="2"><b>(369</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(5</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>Reserves at December 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>215</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>878</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>725</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>345</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>753</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>211</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>3,127</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>142</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Purchase of Minerals in Place</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">32</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">32</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>68</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Revisions of Previous Estimates</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(8</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">56</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">80</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(31</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">238</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">56</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>391</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">4</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Improved Recovery</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>32</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">1</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Extensions and Discoveries</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">4</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">4</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">26</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">13</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">2</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">3</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>52</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(25</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="6%"
        bgcolor="#EEEEEE"><font size="2">(122</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="6%"
        bgcolor="#EEEEEE"><font size="2">(105</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="6%"
        bgcolor="#EEEEEE"><font size="2">(51</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="6%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(38</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(371</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td 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></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Sales of Minerals in Place</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(56</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>(56</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Reserves at December 31, 2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>186</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>823</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>783</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>276</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>939</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>236</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>3,243</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>142</b></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="36%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><b>Proved developed oil
        reserves</b></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Italy</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>West Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Sea</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Caspian<br>
        Area </strong><sup>(1)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Rest of World</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total consolidated subsidiaries</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total joint ventures and associates </strong><sup>(2)</sup></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(mmBBL)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Reserves at December 31, 2005</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">149</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">697</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">568</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">353</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">266</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">298</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>2,331</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">19</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Reserves
        at December 31, 2006</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">136</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">713</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">546</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">329</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">262</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">140</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>2,126</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">18</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Reserves at December 31, 2007</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">133</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">649</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">511</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">299</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">219</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">142</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>1,953</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">26</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Reserves
        at December 31, 2008</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">111</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">613</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">576</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">222</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">321</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">166</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>2,009</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">33</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">Includes the
        redetermination of Eni&#146;s share in the Val
        d&#146;Agri concession in Italy.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(b)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">Includes 170
        mmBBL related to unilateral termination of OSA for
        Daci&#243;n field by PDVSA.</font></td>
    </tr>
</table>

<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="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">Eni&#146;s
        proved reserves of the Kashagan field are determined
        based on Eni's share of 16.81% as of December 31, 2008
        and 18.52% in previous years.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td valign="top" width="1%"><font color="#FFFFFF"
        size="1">i</font></td>
        <td valign="top" width="97%"><font size="1">Reserves of
        joint ventures and associates as at December 31, 2007 and
        December 31, 2008 include 60% of the three Russian
        companies formerly part of Yukos purchased in 2007, for
        which Gazprom has a call option of 51%.</font></td>
    </tr>
</table>

<p align="center">F-106</p>

<hr noshade>

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

<p><em>Natural gas</em></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><b>Proved natural gas
        reserves</b></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Italy</strong><sup>
        (a)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>West Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Sea</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Caspian<br>
        Area </strong><sup>(1)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Rest of World</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total consolidated subsidiaries</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total joint ventures and associates </strong><sup>(2)</sup></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(BCF)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Reserves at December 31, 2005</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>3,676</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>6,117</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>1,965</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>1,864</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>1,774</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>2,105</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>17,501</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>90</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Purchase
        of Minerals in Place</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>4</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Revisions of Previous Estimates</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">36</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">154</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        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="6%"
        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="6%"
        bgcolor="#EEEEEE"><font size="2">183</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">47</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>504</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Extensions
        and Discoveries</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">19</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">146</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">34</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%"><font
        size="2"><b>332</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">8</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(340</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="6%"
        bgcolor="#EEEEEE"><font size="2">(471</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="6%"
        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="6%"
        bgcolor="#EEEEEE"><font size="2">(218</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="6%"
        bgcolor="#EEEEEE"><font size="2">(83</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="6%"
        bgcolor="#EEEEEE"><font size="2">(222</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,437</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(15</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Sales of
        Minerals in Place</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>(7</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Reserves at December 31, 2006</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>3,391</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>5,946</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>1,927</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>1,697</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>1,874</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>2,062</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>16,897</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>68</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Purchase
        of Minerals in Place</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">395</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>400</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">2,963</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Revisions of Previous Estimates</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(53</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="6%"
        bgcolor="#EEEEEE"><font size="2">250</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        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="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE"><font size="2">(222</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="6%"
        bgcolor="#EEEEEE"><font size="2">6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>122</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Improved
        Recovery</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><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="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>3</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Extensions and Discoveries</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE"><font size="2">213</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">7</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">205</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>607</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Production</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(285</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="6%"><font
        size="2">(534</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="6%"><font
        size="2">(97</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="6%"><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="6%"><font
        size="2">(87</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="6%"><font
        size="2">(261</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="6%"><font
        size="2"><b>(1,480</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(14</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>Reserves at December 31, 2007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>3,057</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>5,751</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>2,122</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>1,558</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>1,770</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>2,291</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>16,549</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>3,022</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Purchase of Minerals in Place</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">6</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">8</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>128</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Revisions of Previous Estimates</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">56</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">1,163</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">45</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(51</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">773</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">55</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>2,041</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">6</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Improved Recovery</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">4</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>4</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Extensions and Discoveries</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">5</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">38</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">2</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">25</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">42</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>112</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Production</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(274</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="6%"
        bgcolor="#EEEEEE"><font size="2">(641</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="6%"
        bgcolor="#EEEEEE"><font size="2">(95</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="6%"
        bgcolor="#EEEEEE"><font size="2">(204</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="6%"
        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">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(300</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,604</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(13</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Sales of Minerals in Place</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(16</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>(16</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Reserves at December 31, 2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>2,844</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>6,311</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>2,084</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>1,336</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>2,437</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>2,202</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>17,214</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>3,015</b></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="36%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr size="1" noshade>
        </td>
    </tr>
</table>

<p>&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><b>Proved developed
        natural gas reserves</b></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Italy </strong><sup>(a)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>West Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Sea</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Caspian<br>
        Area </strong><sup>(1)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Rest of World</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total consolidated subsidiaries</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total joint ventures and associates </strong><sup>(2)</sup></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(BCF)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Reserves at December 31, 2005</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">2,704</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">3,060</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,289</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,484</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,618</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,004</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>11,159</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">70</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Reserves
        at December 31, 2006</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">2,449</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">3,042</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,447</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,395</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,511</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,105</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>10,949</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">48</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Reserves at December 31, 2007</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">2,304</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">3,065</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,469</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,293</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,580</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">1,256</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2"><b>10,967</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><font size="2">428</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Reserves
        at December 31, 2008</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">2,031</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">3,537</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,443</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,065</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">2,006</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">1,056</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2"><b>11,138</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><font
        size="2">420</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(a)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Including
        approximately 760, 754, 749 and 746 BCF of natural gas
        held in storage at December 31, 2005, 2006, 2007 and
        2008, respectively.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Eni&#146;s
        proved reserves of the Kashagan field are determined
        based on Eni's share of 16.81% as of December 31, 2008
        and 18.52% in previous years.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Reserves of
        joint ventures and associates as at December 31, 2007 and
        December 31, 2008 include 60% of the three Russian
        companies formerly part of Yukos purchased in 2007, for
        which Gazprom has a call option of 51%.</font></td>
    </tr>
</table>

<p><em>Standardized measure of discounted future net cash flows</em><br>
Estimated future cash inflows represent the revenues that would
be received from production and are determined by applying
year-end prices of oil and gas to the estimated future production
of proved reserves. Future price changes are considered only to
the extent provided by contractual arrangements. Estimated future
development and production costs are determined by estimating the
expenditures to be incurred in developing and producing the
proved reserves at the end of the year. Neither the effects of
price and cost escalations nor expected future changes in
technology and operating practices have been considered.</p>

<p>The standardized measure is calculated as the excess of future
cash inflows from proved reserves less future costs of producing
and developing the reserves, future income taxes and a yearly 10%
discount factor.</p>

<p>Future cash flows as of December 31, 2006, 2007 and 2008
include amounts that Eni&#146;s Gas &amp; Power segment and other
gas companies pay for storage services, required to support
market demand flexibility needs.</p>

<p>Future production costs include the estimated expenditures
related to the production of proved reserves plus any production
taxes without consideration of future inflation. Future
development costs include the estimated costs of drilling
development wells and installation of production facilities, plus
the net costs associated with dismantlement and abandonment of
wells and facilities, under the assumption that year-end costs
continue without considering future inflation. Future income
taxes were calculated in accordance with the tax laws of the
countries in which Eni operates.</p>

<p>The standardized measure of discounted future net cash flows,
related to the preceding proved oil and gas reserves, is
calculated in accordance with the requirements of Statement of
Financial Accounting Standard No. 69. The standardized measure
does not purport to reflect realizable values or fair market
value of Eni&#146;s proved reserves. An estimate of fair value
would also take into account, among other things, hydrocarbon
resources other than proved </p>

<p align="center">F-107</p>

<hr noshade>

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

<p>reserves, anticipated changes in future prices and costs and a
discount factor representative of the risks inherent in the oil
and gas exploration and production activity.</p>

<p>The standardized measure of discounted future net cash flows
by geographical area consists of the following:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Italy</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>West Africa</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>North Sea</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Caspian<br>
        Area </strong><sup>(1)</sup></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="center"><font size="1"><strong>Rest of World</strong></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total consolidated subsidiaries</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><font
        size="1"><strong>Total joint ventures and associates </strong><sup>(2)</sup></font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="7%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>At December 31, 2006</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Future
        cash inflows</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">43,495</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">64,381</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">34,935</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">24,821</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">33,825</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">14,766</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>216,223</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">1,038</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Future production costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(6,086</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="6%"
        bgcolor="#EEEEEE"><font size="2">(9,707</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="6%"
        bgcolor="#EEEEEE"><font size="2">(8,028</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="6%"
        bgcolor="#EEEEEE"><font size="2">(6,426</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="6%"
        bgcolor="#EEEEEE"><font size="2">(4,162</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="6%"
        bgcolor="#EEEEEE"><font size="2">(1,753</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(36,162</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(224</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Future
        development and abandonment costs</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(6,739</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="6%"><font
        size="2">(5,383</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="6%"><font
        size="2">(2,865</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="6%"><font
        size="2">(2,265</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="6%"><font
        size="2">(3,103</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="6%"><font
        size="2">(1,473</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="6%"><font
        size="2"><b>(21,828</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(79</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Future cash inflow before income tax</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>30,670</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>49,291</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>24,042</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>16,130</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>26,560</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>11,540</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>158,233</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>735</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Future
        income tax</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(10,838</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="6%"><font
        size="2">(24,639</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="6%"><font
        size="2">(14,141</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="6%"><font
        size="2">(10,901</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="6%"><font
        size="2">(7,649</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="6%"><font
        size="2">(3,824</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="6%"><font
        size="2"><b>(71,992</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(227</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Future net cash flows</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>19,832</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>24,652</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>9,901</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>5,229</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>18,911</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>7,716</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>86,241</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>508</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">10%
        discount factor</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(11,493</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="6%"><font
        size="2">(10,631</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="6%"><font
        size="2">(2,994</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="6%"><font
        size="2">(1,392</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="6%"><font
        size="2">(13,878</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="6%"><font
        size="2">(2,626</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="6%"><font
        size="2"><b>(43,014</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(154</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2"><b>Standardized measure of discounted future net
        cash flows</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>8,339</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>14,021</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>6,907</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>3,837</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>5,033</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>5,090</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>43,227</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>354</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>At
        December 31, 2007</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Future cash inflows</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">47,243</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">73,456</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">48,283</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">29,610</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="6%"
        bgcolor="#EEEEEE"><font size="2">42,710</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">20,359</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>261,661</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">7,135</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2">Future
        production costs</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(5,926</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="6%"><font
        size="2">(11,754</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="6%"><font
        size="2">(9,875</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="6%"><font
        size="2">(6,670</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="6%"><font
        size="2">(4,997</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="6%"><font
        size="2">(2,782</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="6%"><font
        size="2"><b>(42,004</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2">(1,249</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Future development and abandonment costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(7,218</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="6%"
        bgcolor="#EEEEEE"><font size="2">(4,643</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="6%"
        bgcolor="#EEEEEE"><font size="2">(3,013</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="6%"
        bgcolor="#EEEEEE"><font size="2">(2,461</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="6%"
        bgcolor="#EEEEEE"><font size="2">(3,374</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="6%"
        bgcolor="#EEEEEE"><font size="2">(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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(23,168</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,721</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Future
        cash inflow before income tax</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>34,099</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>57,059</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>35,395</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>20,479</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>34,339</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>15,118</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>196,489</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>4,165</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Future income tax</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(10,778</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="6%"
        bgcolor="#EEEEEE"><font size="2">(29,083</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="6%"
        bgcolor="#EEEEEE"><font size="2">(23,083</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="6%"
        bgcolor="#EEEEEE"><font size="2">(14,375</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="6%"
        bgcolor="#EEEEEE"><font size="2">(9,977</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="6%"
        bgcolor="#EEEEEE"><font size="2">(5,397</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(92,693</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(2,009</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Future
        net cash flows</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>23,321</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>27,976</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>12,312</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>6,104</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>24,362</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>9,721</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>103,796</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>2,156</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">10% discount factor</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(13,262</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="6%"
        bgcolor="#EEEEEE"><font size="2">(11,143</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="6%"
        bgcolor="#EEEEEE"><font size="2">(3,953</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="6%"
        bgcolor="#EEEEEE"><font size="2">(1,600</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="6%"
        bgcolor="#EEEEEE"><font size="2">(17,480</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="6%"
        bgcolor="#EEEEEE"><font size="2">(3,356</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(50,794</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,265</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%"><font size="2"><b>Standardized
        measure of discounted future net cash flows</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>10,059</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>16,833</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>8,359</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>4,504</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>6,882</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>6,365</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>53,002</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"><font
        size="2"><b>891</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>At December 31, 2008</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Future cash inflows</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">46,458</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">62,785</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">22,344</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">16,056</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">22,199</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">13,622</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2"><b>183,464</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">4,782</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2">Future production costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(5,019</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(10,673</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(6,715</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(3,414</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(6,380</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(2,715</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>(34,916</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2">(1,104</font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Future development and abandonment costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(6,805</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="6%"
        bgcolor="#EEEEEE"><font size="2">(6,153</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="6%"
        bgcolor="#EEEEEE"><font size="2">(3,868</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="6%"
        bgcolor="#EEEEEE"><font size="2">(2,166</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="6%"
        bgcolor="#EEEEEE"><font size="2">(5,114</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="6%"
        bgcolor="#EEEEEE"><font size="2">(1,897</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(26,003</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,845</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>Future cash inflow before income tax</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>34,634</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>45,959</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>11,761</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>10,476</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>10,705</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>9,010</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>122,545</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>1,833</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">Future income tax</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(11,329</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="6%"
        bgcolor="#EEEEEE"><font size="2">(27,800</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="6%"
        bgcolor="#EEEEEE"><font size="2">(5,599</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="6%"
        bgcolor="#EEEEEE"><font size="2">(7,621</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="6%"
        bgcolor="#EEEEEE"><font size="2">(2,781</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="6%"
        bgcolor="#EEEEEE"><font size="2">(1,901</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(57,031</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(1,032</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>Future net cash flows</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>23,305</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>18,159</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>6,162</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>2,855</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>7,924</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>7,109</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>65,514</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>801</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#EEEEEE"><font
        size="2">10% discount factor</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(13,884</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="6%"
        bgcolor="#EEEEEE"><font size="2">(8,639</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="6%"
        bgcolor="#EEEEEE"><font size="2">(2,155</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="6%"
        bgcolor="#EEEEEE"><font size="2">(869</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="6%"
        bgcolor="#EEEEEE"><font size="2">(6,272</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="6%"
        bgcolor="#EEEEEE"><font size="2">(2,243</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="6%"
        bgcolor="#EEEEEE"><font size="2"><b>(34,062</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#EEEEEE"><font size="2">(763</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2"><font
        size="2"><b>Standardized measure of discounted future net
        cash flows</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>9,421</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>9,520</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>4,007</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>1,986</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>1,652</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>4,866</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>31,452</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="right" valign="bottom" width="6%"
        bgcolor="#D2D2D2"><font size="2"><b>38</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="36%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td valign="bottom" width="7%" bgcolor="#D2D2D2"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#D2D2D2">&nbsp;</td>
        <td align="center" valign="bottom" width="7%"
        bgcolor="#D2D2D2"><hr size="1" noshade>
        </td>
    </tr>
</table>
<div align="left">

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">&nbsp;&nbsp;</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Eni's
        standardized measure of discounted future of net cash
        flows of the Kashagan field is determined based on
        Eni&#146;s share of 16.81% as of December 31, 2008 and
        18.52% in previous years.</font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="1">(2)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">The amounts
        of joint ventures and associates as at December 31, 2007
        and December 31, 2008 include 60% of the three Russian
        companies formerly part of Yukos purchased in 2007, for
        which Gazprom has a call option of 51%.</font></td>
    </tr>
</table>
</div>

<p align="center">F-108</p>

<hr noshade>

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

<p><em>Changes in standardized measure of discounted future net
cash flows</em></p>

<p>Changes in standardized measure of discounted future net cash
flows for the years 2006, 2007 and 2008.</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%"><font size="1">(euro
        million)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2006</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2007</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2008</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="70%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="9%"><hr size="1" noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="70%">&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 valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><strong><b>Beginning of year</b></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>55,722</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>43,581</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>53,893</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Beginning
        of year related to joint venture and associates</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(371</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">(354</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">(891</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><strong><b>Beginning of year consolidated</b></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>55,351</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>43,227</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>53,002</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Increase
        (decrease):</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- sales, net of production costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(21,739</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">(20,979</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">(26,202</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">- net
        changes in sales and transfer prices, net of production
        costs</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,097</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">34,999</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">(39,699</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- extensions, discoveries and improved recovery,
        net of future production and development costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3,629</font></td>
        <td valign="bottom" 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">3,982</font></td>
        <td valign="bottom" 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">1,110</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">- changes
        in estimated future development and abandonment costs</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(6,964</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">(4,000</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">(6,222</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- development costs incurred during the period
        that reduced future development costs</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3,558</font></td>
        <td valign="bottom" 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">4,682</font></td>
        <td valign="bottom" 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">6,584</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">-
        revisions of quantity estimates</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">383</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">(2,995</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">5,835</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- accretion of discount</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">9,489</font></td>
        <td valign="bottom" 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">7,968</font></td>
        <td valign="bottom" 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">10,538</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">- net
        change in income taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3,060</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">(17,916</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">21,359</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- purchase of reserves in-place</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        bgcolor="#EEEEEE"><font size="2">3,521</font></td>
        <td valign="bottom" 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">476</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">- sale of
        reserves in-place</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,252</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 align="right" valign="bottom" width="8%"><font
        size="2">25</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2">- changes in production rates (timing) and other</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(6,395</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">513</font></td>
        <td valign="bottom" 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">4,646</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2"><strong><b>Net
        increase (decrease)</b></strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><strong>(12,124</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>9,775</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>(21,550</strong></font></td>
        <td valign="bottom" width="1%"><font size="2"><strong>)</strong></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><strong><b>Standardized measure of discounted
        future net cash flows consolidates</b></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>43,227</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>53,002</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>31,452</strong></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%"><font size="2">Standardized
        measure of discounted future net cash flows joint
        ventures and associates</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">354</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">891</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</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="70%" bgcolor="#EEEEEE"><font
        size="2"><strong><b>Standardized measure of discounted
        future net cash flows</b></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>43,581</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>53,893</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>31,490</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="70%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="9%" bgcolor="#EEEEEE"><hr
        size="1" noshade>
        </td>
    </tr>
</table>

<p align="center">F-109</p>

<hr noshade>

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

<p align="center"><b>SIGNATURES</b></p>

<p>The registrant hereby certifies that it meets all of the
requirements for filing on Form 20-F and that it has duly caused
and authorized the undersigned to sign this Amendment No. 1 to
this annual report on its behalf.</p>

<p>Date: September 1, 2009</p>

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

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

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

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

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

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

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

<table border="0" cellpadding="0" cellspacing="0" width="40%">
    <tr>
        <td width="100%">Eni SpA</td>
    </tr>
    <tr>
        <td width="100%">&nbsp;</td>
    </tr>
    <tr>
        <td width="100%">/s/ANTONIO CRISTODORO</td>
    </tr>
    <tr>
        <td width="100%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td width="100%">&nbsp;</td>
    </tr>
    <tr>
        <td width="100%">Antonio Cristodoro</td>
    </tr>
    <tr>
        <td width="100%">Title: Deputy Corporate Secretary</td>
    </tr>
</table>
</div>

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

<p align="center">F-110</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="E121.1">Table of Contents</a></h5>

<p><font face="Times">Certifications as separate documents filed
as exhibits</font></p>

<p align="right"><font size="4"><b>EXHIBIT 12.1</b></font></p>

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

<p>&nbsp;</p>

<p>I, Paolo Scaroni, certify that:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">1.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">I have reviewed this annual
        report on Form 20-F/A of Eni SpA;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">2.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">Based on my knowledge, this
        report does not contain any untrue statement of a
        material fact or omit to state a material fact necessary
        to make the statements made, in light of the
        circumstances under which such statements were made, not
        misleading with respect to the period covered by this
        report;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">3.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">Based on my knowledge, the
        financial statements, and other financial information
        included in this report, fairly present in all material
        respects the financial condition, results of operations
        and cash flows of the company as of, and for, the periods
        presented in this report;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">4.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">The company&#146;s other
        certifying officer and I are responsible for establishing
        and maintaining disclosure controls and procedures (as
        defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
        and internal control over financial reporting (as defined
        in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
        company and have:<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(a)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Designed such disclosure
        controls and procedures, or caused such disclosure
        controls and procedures to be designed under our
        supervision, to ensure that material information relating
        to the company, including its consolidated subsidiaries,
        is made known to us by others within those entities,
        particularly during the period in which this report is
        being prepared;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(b)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Designed such internal
        control over financial reporting, or caused such internal
        control over financial reporting to be designed under our
        supervision, to provide reasonable assurance regarding
        the reliability of financial reporting and the
        preparation of financial statements for external purposes
        in accordance with generally accepted accounting
        principles;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(c)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Evaluated the effectiveness
        of the company&#146;s disclosure controls and procedures
        and presented in this report our conclusions about the
        effectiveness of the disclosure controls and procedures,
        as of the end of the period covered by this report based
        on such evaluation; and<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(d)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Disclosed in this report any
        change in the company&#146;s internal control over
        financial reporting that occurred during the period
        covered by the annual report that has materially
        affected, or is reasonably likely to materially affect,
        the company&#146;s internal control over financial
        reporting; and<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">5.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">The company&#146;s other
        certifying officer and I have disclosed, based on our
        most recent evaluation of internal control over financial
        reporting, to the company&#146;s auditors and the audit
        committee of the company&#146;s board of directors (or
        persons performing the equivalent functions):<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(a)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">All significant deficiencies
        and material weaknesses in the design or operation of
        internal control over financial reporting which are
        reasonably likely to adversely affect the company&#146;s
        ability to record, process, summarize and report
        financial information; and<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(b)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Any fraud, whether or not
        material, that involves management or other employees who
        have a significant role in the company&#146;s internal
        control over financial reporting.</td>
    </tr>
</table>

<p>Date: September 1, 2009</p>
<div align="right">

<table border="0" cellpadding="0" cellspacing="0" width="40%">
    <tr>
        <td valign="top">/s/PAOLO SCARONI </td>
    </tr>
    <tr>
        <td valign="bottom"><hr size="1" align="left" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom"><br>
        Paolo Scaroni<br>
        Title: Chief Executive Officer</td>
    </tr>
</table>
</div>

<p>&nbsp;</p>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="E12.2">Table of Contents</a></h5>

<p align="right"><font size="4"><b>EXHIBIT 12.2</b></font></p>

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

<p>&nbsp;</p>

<p>I, Alessandro Bernini, certify that:</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">1.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">I have reviewed this annual
        report on Form 20-F/A of Eni SpA;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">2.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">Based on my knowledge, this
        report does not contain any untrue statement of a
        material fact or omit to state a material fact necessary
        to make the statements made, in light of the
        circumstances under which such statements were made, not
        misleading with respect to the period covered by this
        report;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">3.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">Based on my knowledge, the
        financial statements, and other financial information
        included in this report, fairly present in all material
        respects the financial condition, results of operations
        and cash flows of the company as of, and for, the periods
        presented in this report;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">4.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">The company&#146;s other
        certifying officer and I are responsible for establishing
        and maintaining disclosure controls and procedures (as
        defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
        and internal control over financial reporting (as defined
        in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
        company and have:<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(a)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Designed such disclosure
        controls and procedures, or caused such disclosure
        controls and procedures to be designed under our
        supervision, to ensure that material information relating
        to the company, including its consolidated subsidiaries,
        is made known to us by others within those entities,
        particularly during the period in which this report is
        being prepared;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(b)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Designed such internal
        control over financial reporting, or caused such internal
        control over financial reporting to be designed under our
        supervision, to provide reasonable assurance regarding
        the reliability of financial reporting and the
        preparation of financial statements for external purposes
        in accordance with generally accepted accounting
        principles;<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(c)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Evaluated the effectiveness
        of the company&#146;s disclosure controls and procedures
        and presented in this report our conclusions about the
        effectiveness of the disclosure controls and procedures,
        as of the end of the period covered by this report based
        on such evaluation; and<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(d)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Disclosed in this report any
        change in the company&#146;s internal control over
        financial reporting that occurred during the period
        covered by the annual report that has materially
        affected, or is reasonably likely to materially affect,
        the company&#146;s internal control over financial
        reporting; and<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="4%">&nbsp;</td>
        <td valign="top" width="3%">5.</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="91%">The company&#146;s other
        certifying officer and I have disclosed, based on our
        most recent evaluation of internal control over financial
        reporting, to the company&#146;s auditors and the audit
        committee of the company&#146;s board of directors (or
        persons performing the equivalent functions):<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(a)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">All significant deficiencies
        and material weaknesses in the design or operation of
        internal control over financial reporting which are
        reasonably likely to adversely affect the company&#146;s
        ability to record, process, summarize and report
        financial information; and<br>
        <br>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="9%">&nbsp;</td>
        <td valign="top" width="4%">(b)</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="86%">Any fraud, whether or not
        material, that involves management or other employees who
        have a significant role in the company&#146;s internal
        control over financial reporting.</td>
    </tr>
</table>

<p>Date: September 1, 2009</p>

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

<table border="0" cellpadding="0" cellspacing="0" width="40%">
    <tr>
        <td valign="top">/s/ALESSANDRO BERNINI</td>
    </tr>
    <tr>
        <td valign="bottom"><hr size="1" align="left" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom"><br>
        Alessandro Bernini<br>
        Title: Chief Financial Officer</td>
    </tr>
</table>
</div>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="E13.1">Table of Contents</a></h5>

<p align="right"><font size="4"><b>EXHIBIT 13.1</b></font></p>

<p>&nbsp;</p>

<p align="center"><font size="4"><b>Certification Pursuant to 18
U.S.C. Section 1350</b></font></p>

<p>&nbsp;</p>

<p>For purposes of 18 U.S.C. Section 1350, the undersigned
officer of Eni SpA, a company incorporated under the laws of
Italy (the &quot;Company&quot;), hereby certifies, to such
officer&#146;s knowledge, that:</p>

<blockquote>
    <p>(i) the Annual Report on Form 20-F/A of the Company for
    the year ended December 31, 2008 (the &quot;Report&quot;)
    fully complies with the requirements of section 13(a) or
    15(d) as applicable, of the Securities Exchange Act of 1934;
    and</p>
    <p>(ii) the information contained in the Report fairly
    presents, in all material respects, the financial condition
    and results of operations of the Company.</p>
</blockquote>

<p>Date: September 1, 2009</p>

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

<table border="0" cellpadding="0" cellspacing="0" width="40%">
    <tr>
        <td valign="top">/s/PAOLO SCARONI </td>
    </tr>
    <tr>
        <td valign="bottom"><hr size="1" align="left" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom"><br>
        Paolo Scaroni<br>
        Title: Chief Executive Officer</td>
    </tr>
</table>
</div>

<p>&nbsp;</p>

<p>The foregoing certification is not deemed filed for purpose of
Section 18 of the Exchange Act and not incorporated by reference
with any filing under the Securities Act.</p>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="E13:2">Table of Contents</a></h5>

<p align="right"><font size="4"><b>EXHIBIT 13.2</b></font></p>

<p>&nbsp;</p>

<p align="center"><font size="4"><b>Certification Pursuant to 18
U.S.C. Section 1350</b></font></p>

<p>&nbsp;</p>

<p>For purposes of 18 U.S.C. Section 1350, the undersigned
officer of Eni SpA, a company incorporated under the laws of
Italy (the &quot;Company&quot;), hereby certifies, to such
officer&#146;s knowledge, that:</p>

<blockquote>
    <p>(i) the Annual Report on Form 20-F/A of the Company for
    the year ended December 31, 2008 (the &quot;Report&quot;)
    fully complies with the requirements of section 13(a) or
    15(d) as applicable, of the Securities Exchange Act of 1934;
    and</p>
    <p>(ii) the information contained in the Report fairly
    presents, in all material respects, the financial condition
    and results of operations of the Company.</p>
</blockquote>

<p>Date: September 1, 2009</p>

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

<table border="0" cellpadding="0" cellspacing="0" width="40%">
    <tr>
        <td valign="top">/s/ALESSANDRO BERNINI</td>
    </tr>
    <tr>
        <td valign="bottom"><hr size="1" align="left" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom"><br>
        Alessandro Bernini<br>
        Title: Chief Financial Officer</td>
    </tr>
</table>
</div>

<p>&nbsp;</p>

<p>The foregoing certification is not deemed filed for purpose of
Section 18 of the Exchange Act and not incorporated by reference
with any filing under the Securities Act.</p>

<p>&nbsp;</p>

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

<hr noshade>
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