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<SEC-DOCUMENT>0001311435-09-000004.txt : 20090402
<SEC-HEADER>0001311435-09-000004.hdr.sgml : 20090402
<ACCEPTANCE-DATETIME>20090402061919
ACCESSION NUMBER:		0001311435-09-000004
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090331
FILED AS OF DATE:		20090402
DATE AS OF CHANGE:		20090402

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ENI SPA
		CENTRAL INDEX KEY:			0001002242
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14090
		FILM NUMBER:		09725145

	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>6-K
<SEQUENCE>1
<FILENAME>sj0309en6k.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "-//IETF//DTD HTML//EN">
<html>

<head>
<title>sj0309en6k</title>
</head>

<body bgcolor="#FFFFFF">

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

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

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

<p align="center" style="font-size: 14pt"><font size="4"><b>SECURITIES
AND EXCHANGE COMMISSION</b></font> <br>
<font size="3"><b>Washington, D.C. 20549</b></font> </p>

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

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

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

<p align="center" style="font-size: 10pt">For the month of March
2009 </p>

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

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

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

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

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

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

<p align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Indicate
by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2b under the
Securities Exchange Act of 1934.) </p>

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

<p align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(If
&#147;Yes&#148; is marked, indicate below the file number
assigned to the registrant in connection with
Rule&nbsp;12g3-2(b): <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>)
</p>

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

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

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

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

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

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

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

<p><a href="#101"><font size="4">Press Release dated March 13,
2009</font></a></p>

<p><a href="#102"><font size="4">Press Release dated March 25,
2009</font></a></p>

<p><a href="#103"><font size="4">Press Release dated March 25,
2009</font></a></p>

<p><a href="#104"><font size="4">Notice of Annual General Meeting
2009</font></a></p>

<p>&nbsp;</p>

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

<hr noshade>

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

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

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

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

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

<p align="left" style="font-size: 10pt">Date: March 31, 2009 </p>

<hr noshade>

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

<p align="right"><img src="sjlogonewcol.gif" align="left"
hspace="0" width="82" height="100"></p>

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

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

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

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

<p align="center"><font size="5">ENI 2008 CONSOLIDATED FINANCIAL
STATEMENTS</font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="4"><strong>&#149;</strong></font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="4"><b>Net profit
        for the year: euro 8.83 billion</b></font></td>
    </tr>
    <tr>
        <td valign="top" width="2%"><font size="4"><strong>&#149;</strong></font></td>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="96%"><font size="4"><b>Proposed a
        dividend per share of euro 1.30</b></font></td>
    </tr>
</table>

<p>&nbsp;</p>

<p>Rome, March 13, 2009 - Eni&#146;s Board of Directors today
approved Eni&#146;s 2008 consolidated financial statements, which
reported net profit of euro 8,825<sup>1</sup> million and draft
financial statements of the parent company Eni SpA, which
reported net profit of euro 6,745 million.</p>

<p>The Board of Directors resolved to propose to the Annual
Shareholders&#146; Meeting the distribution of a dividend<sup>2 </sup>amounting
to euro 1.30 per share (pay-out 53%). Taking into account an
interim dividend of euro 0.65 per share paid in September 2008, a
balance amounting to euro 0.65 per share (euro 1.30 per ADR<sup>3</sup>)
will be paid on May 21, 2009 to all outstanding shares on the
register at the ex-dividend date of May 18, 2009.</p>

<p>Holders of ADRs will receive euro 1.30 per ADR, payable on May
29, 2009 to ADR holders as of May 20, 2009 record date.</p>

<p>Eni&#146;s consolidated financial statements and the draft
financial statements of the parent company were submitted to the
Board of Statutory Auditors and to Eni&#146;s external auditors.
Enclosed are the summarized profit and loss account, balance
sheet and cash flow statement<sup>4</sup> of Eni&#146;s group
companies and the parent company.</p>

<p>The Board of Directors also approved Eni&#146;s 2008
Sustainability Report in which the Company illustrates its
commitment to sustainable development in line with international
best practice.</p>

<p>Eni&#146;s 2008 Annual Report will be available from April 7,
2009, from the Eni headquarters and on Eni&#146;s website <b>www.eni.it</b>,
in the section Publications, Reports, in accordance with
provisions of Article 2429 of the Italian Civil Code.</p>

<p>__________________</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="2%"><font size="1">(1)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="97%"><font size="1">Attributable
        to Eni shareholders. This result is the same as the
        preliminary results announced in February 2009; for
        details see Eni&#146;s Press Release of February 13,
        2009.</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">As a
        consequence of new tax laws in force from January 1,
        2004, dividends are not entitled to a tax credit and,
        depending on the receiver, are subject to a withdrawal
        tax on distribution or are partially cumulated to the
        receiver's taxable income.</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">On ADR
        payment date, JPMorgan Chase Bank, N.A. will pay the
        dividend less the entire amount of a withholding tax
        under Italian law (currently 27%) to all Depository Trust
        Company Participants, representing payment of Eni
        SpA&#146;s balance dividend for fiscal year 2008.</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">For a
        reconciliation of summarized Group profit and loss
        account, balance sheet and cash flow statement with the
        corresponding statutory statements see Eni&#146;s Annual
        Report 2007 and Eni&#146;s Interim Consolidated Financial
        Report as of June 30, 2008, under the section
        &quot;Financial review&quot;. Summarized Group profit and
        loss account, balance sheet and cash flow statement will
        undergo audit procedures by external auditors in order to
        express an opinion on consistency between the management
        discussion on financial results and the consolidated
        financial statements, in accordance with Article 2409-ter
        c.c. and Article 156, of TUF paragraph 4-bis, under
        section d, as enacted in CONSOB communication 16801, of
        February 24, 2009.</font></td>
    </tr>
</table>

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

<hr noshade>

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

<p><i>Eni&#146;s Chief Financial Officer, Alessandro Bernini, in
his capacity as manager responsible for the preparation of the
Company&#146;s financial reports, certifies pursuant to rule
154-bis paragraph 2 of Legislative Decree No. 58/1998, that data
and information disclosed in this press release correspond to the
Company&#146;s evidence and accounting books and entries.</i></p>

<p>&nbsp;</p>

<p><strong>Contacts</strong><br>
<b>E-mail:</b> segreteriasocietaria.azionisti@eni.it</p>

<p><strong>Investor Relations</strong><br>
<b>E-mail:</b> investor.relations@eni.it<br>
<b>Tel.: +39 0252051651 - Fax: +39 0252031929</b></p>

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

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

<p><b>Eni<br>
</b>Societ&#224; per Azioni Roma, Piazzale Enrico Mattei, 1<br>
<strong>Capital Stock: </strong>euro 4,005,358,876 fully paid<br>
Registro Imprese di Roma, c. f. 00484960588<br>
<b>Tel.: +39 0659821 - Fax: +39 0659822141</b></p>

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

<p><i>This press release is also available on the Eni web site:</i><b><i>
www.eni.it</i></b><i>.</i></p>

<p><i>About Eni<br>
Eni is one of the leading integrated energy companies in the
world operating in the oil and gas, power generation,
petrochemicals, engineering and construction industries. Eni is
present in 70 countries and is Italy&#146;s largest company by
market capitalization.</i></p>

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

<hr noshade>

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

<p><font size="5">Eni consolidated profit and loss account</font></p>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="74%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>2007</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>2008</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Change</b></font></td>
    </tr>
    <tr>
        <td align="center" valign="top" width="74%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="73%" 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="7%"
        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 align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>108,148</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">20,892</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Other
        income and revenues</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><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 align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>720</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">(107</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Operating expenses</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">(61,979</font></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"><b>(80,412</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">(18,433</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>-
        of which non recurring items</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><i>(8</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="7%"><p
        align="right"><font size="2"><b><i>21</i></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%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Depreciation, depletion, amortization and
        impairments</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">(7,236</font></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"><b>(9,815</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">(2,579</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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"><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"><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"><hr
        size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Operating
        profit</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>18,868</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>18,641</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>(227</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Finance income (expense)</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">(83</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(764</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">(681</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Net income
        from investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,243</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>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="7%"><p
        align="right"><font size="2">130</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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="7%"
        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="7%"
        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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(778</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Income
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><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="7%"><p
        align="right"><font size="2"><b>(9,692</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="7%"><p
        align="right"><font size="2">(473</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Net profit</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">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="7%"
        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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,251</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Attributable
        to:</i></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>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>- Eni</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>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="7%"
        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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(1,186</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        minority interest</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><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="7%"><p
        align="right"><font size="2"><b>733</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">(65</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
    </tr>
</table>

<p><font size="5">Eni consolidated balance sheet</font></p>

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

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="74%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Dec. 31, 2007</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Dec. 31, 2008</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Change</b></font></td>
    </tr>
    <tr>
        <td align="center" valign="top" width="74%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Fixed assets</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>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><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">50,137</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>59,155</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">9,018</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Other 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">563</font></p>
        </td>
        <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">(563</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Inventories
        - compulsory stock</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">2,171</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>1,196</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">(975</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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">4,333</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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7,715</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">3,382</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Equity-accounted
        investments and other investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">6,111</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>5,882</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(229</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Receivables and securities held for operating
        purposes</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">725</font></p>
        </td>
        <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>1,219</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">494</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Net
        payables related to capital expenditures</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(1,191</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="7%"><p
        align="right"><font size="2"><b>(787</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="7%"><p
        align="right"><font size="2">404</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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>62,849</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>74,380</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>11,531</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Net
        working capital</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>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Inventories</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">5,499</font></p>
        </td>
        <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>6,082</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">583</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Trade
        receivables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">15,609</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>16,446</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">837</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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">(11,092</font></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"><b>(12,592</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">(1,500</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Tax
        payables and provision for net deferred tax liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(4,412</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"><b>(5,281</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="7%"><p
        align="right"><font size="2">(869</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Provisions</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">(8,486</font></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"><b>(9,573</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">(1,087</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Other
        current assets and liabilities:</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>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Equity
        instruments</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"><i>2,476</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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b><i>2,741</i></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"><i>265</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Other</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><i>(2,600</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="7%"><p
        align="right"><font size="2"><b><i>(4,438</i></b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b><i>)</i></b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><i>(1,838</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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>(3,006</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>(6,615</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>(3,609</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Provisions
        for employee post-retirement benefits</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>(935</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="7%"><p
        align="right"><font size="2"><b>(947</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="7%"><p
        align="right"><font size="2"><b>(12</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Net assets held for sale including related
        net borrowing</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>286</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>68</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>(218</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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"><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"><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"><hr
        size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>CAPITAL
        EMPLOYED, NET</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>59,194</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>66,886</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>7,692</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Shareholders' equity including minority
        interest</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>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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>48,510</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>5,643</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Net
        borrowings</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>16,327</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>18,376</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>2,049</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</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>59,194</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>66,886</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>7,692</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"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
    </tr>
</table>

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

<hr noshade>

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

<p><font size="5">Eni consolidated cash flow statement</font></p>

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

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="74%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>2007</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>2008</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Change</b></font></td>
    </tr>
    <tr>
        <td align="center" valign="top" width="74%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="73%" 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="7%"
        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="7%"
        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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(1,251</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Adjustments
        to reconcile to cash generated from operating profit
        before changes in working capital:</i></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>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- amortization and
        depreciation and other non monetary items</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">6,346</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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>11,388</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">5,042</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        net gains on disposal of assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><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="7%"><p
        align="right"><font size="2"><b>(219</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="7%"><p
        align="right"><font size="2">90</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- dividends,
        interest, taxes and other changes</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">8,850</font></p>
        </td>
        <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>9,080</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">230</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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"><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"><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"><hr
        size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Net
        cash generated from operating profit before changes in
        working capital</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>25,696</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>29,807</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>4,111</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in working
        capital related to operations</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">(1,667</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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>423</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">2,090</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
        received, taxes paid, interest (paid) received during the
        period</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(8,512</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"><b>(8,429</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="7%"><p
        align="right"><font size="2">83</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Net cash provided by operating activities</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>15,517</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>21,801</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>6,284</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
        expenditures</font></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>
        <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"><b>(14,562</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="7%"><p
        align="right"><font size="2">(3,969</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and
        purchase of consolidated subsidiaries and businesses</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">(9,665</font></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"><b>(4,019</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">5,646</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">659</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>979</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">320</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other cash flow
        related to capital expenditures, investments and
        disposals</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"><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"><b>(267</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">(232</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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"><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"><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"><hr
        size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Free
        cash flow</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>(4,117</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="7%"><p
        align="right"><font size="2"><b>3,932</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>8,049</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings
        (repayment) of debt related to financing activities</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">(479</font></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"><b>911</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,390</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
        in short and long-term finance debt</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">8,761</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>980</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">(7,781</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid and
        changes in minority interest and reserves</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">(5,836</font></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"><b>(6,005</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">(169</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect
        of changes in consolidation and exchange differences</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(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="7%"><p
        align="right"><font size="2"><b>7</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">207</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Net cash flow for the period</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>(1,871</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>(175</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>1,696</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Free
        cash flow</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>(4,117</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="7%"><p
        align="right"><font size="2"><b>3,932</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>8,049</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net borrowings of
        acquired companies</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">(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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(286</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">(42</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
        borrowings of divested companies</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"><b>181</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">181</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange
        differences on net borrowings and other changes</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">637</font></p>
        </td>
        <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>129</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">(508</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
        paid and changes in minority interests and reserves</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(5,836</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"><b>(6,005</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="7%"><p
        align="right"><font size="2">(169</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Change in net borrowings</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>(9,560</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>(2,049</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>7,511</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"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
    </tr>
</table>

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

<hr noshade>

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

<p><font size="5">Eni SpA profit and loss account</font></p>

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

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="74%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>2007</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>2008</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Change</b></font></td>
    </tr>
    <tr>
        <td align="center" valign="top" width="74%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="73%" 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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">47,810</font></p>
        </td>
        <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>47,671</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">(139</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Other
        income and revenues</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">168</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>207</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">39</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Operating expenses</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">(43,656</font></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"><b>(45,175</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">(1,519</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>-
        of which non recurring items</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><i>21</i></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><i>21</i></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%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Depreciation, depletion, amortization and
        impairments</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">(863</font></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"><b>(1,121</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">(258</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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"><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"><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"><hr
        size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Operating
        profit</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>3,459</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>1,582</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>(1,877</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">Finance income (expense)</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">(1,387</font></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"><b>662</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">2,049</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Net income
        from investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4,953</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>4,807</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">(146</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7,025</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>7,051</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>26</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Income
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(425</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"><b>(306</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="7%"><p
        align="right"><font size="2">119</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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="7%"
        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="7%"
        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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>145</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"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
    </tr>
</table>

<p><font size="5">Eni SpA balance sheet</font></p>

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

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="74%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Dec. 31, 2007</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Dec. 31, 2008</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Change</b></font></td>
    </tr>
    <tr>
        <td align="center" valign="top" width="74%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Fixed assets</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>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">5,748</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>6,143</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">395</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compulsory stock</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">2,033</font></p>
        </td>
        <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>1,028</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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,005</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">1,019</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>1,014</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">(5</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity-accounted
        investments and 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">23,545</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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>26,720</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">3,175</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">Receivables
        and securities held for operating purposes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><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 align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>8,804</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">819</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net payables
        related to 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">(240</font></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"><b>(303</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">(63</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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"><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"><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"><hr
        size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>40,090</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>43,406</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>3,316</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Net working capital</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>(591</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>(1,665</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>(1,074</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Provisions
        for employee post-retirement benefits</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>(288</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="7%"><p
        align="right"><font size="2"><b>(305</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="7%"><p
        align="right"><font size="2"><b>(17</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>CAPITAL EMPLOYED, NET</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>39,211</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>41,436</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>2,225</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders'
        equity</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">28,926</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>30,049</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">1,123</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net borrowings</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">10,285</font></p>
        </td>
        <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>11,387</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">1,102</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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"><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"><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"><hr
        size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>TOTAL
        LIABILITIES AND 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>39,211</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>41,436</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>2,225</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"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
    </tr>
</table>

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

<hr noshade>

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

<p><font size="5">Eni SpA cash flow statement</font></p>

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

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

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="74%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>2007</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>2008</b></font></td>
        <td align="center" valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="8%"><font
        size="1"><b>Change</b></font></td>
    </tr>
    <tr>
        <td align="center" valign="top" width="74%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
        <td align="center" valign="top" width="1%">&nbsp;</td>
        <td align="center" valign="top" width="8%"><hr size="1"
        noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="bottom" width="73%" 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="7%"
        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="7%"
        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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>145</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i>Adjustments
        to reconcile to cash generated from operating profit
        before changes in working capital:</i></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>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- amortization and
        depreciation and other non monetary items</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">1,127</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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>3,588</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="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,461</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
        net gains on disposal of assets</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%"><p
        align="right"><font size="2"><b>3</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">9</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- dividends,
        interest, taxes and other changes</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">(5,197</font></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"><b>(5,481</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">(284</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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"><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"><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"><hr
        size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2"><b>Net
        cash generated from operating profit before changes in
        working capital</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2"><b>2,524</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>4,855</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>2,331</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in working
        capital related to operations</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">1,421</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>929</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">(492</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
        received, taxes paid, interest (paid) received during the
        period</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4,387</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>5,389</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">1,002</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Net cash provided by operating activities</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>8,332</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>11,173</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>2,841</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital
        expenditures</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(1,291</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"><b>(1,373</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="7%"><p
        align="right"><font size="2">(82</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments and
        purchase of consolidated subsidiaries and businesses</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">(3,877</font></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"><b>(4,159</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">(282</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing
        investments for operating purposes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(1,335</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"><b>(820</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="7%"><p
        align="right"><font size="2">515</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposals</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">611</font></p>
        </td>
        <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>48</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">(563</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
        cash flow related to capital expenditures, investments
        and disposals</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><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="7%"><p
        align="right"><font size="2"><b>55</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">128</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Free cash flow</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>2,367</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>4,924</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>2,557</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings
        (repayment) of debt related to financing activities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(2,596</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"><b>1,609</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">4,205</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in short
        and long-term finance 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">5,710</font></p>
        </td>
        <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>(632</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">(6,342</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
        paid and changes in minority interest and reserves</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(5,208</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"><b>(5,678</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="7%"><p
        align="right"><font size="2">(470</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution of
        merged entities</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"><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"><b>51</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">54</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" 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"><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"><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"><hr
        size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><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="7%"><p
        align="right"><font size="2"><b>270</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>274</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>4</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Free cash flow</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>2,367</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>4,924</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>2,557</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
        paid and changes in minority interest and reserves</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"><p
        align="right"><font size="2">(5,208</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"><b>(5,678</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="7%"><p
        align="right"><font size="2">(470</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of changes
        in consolidation and exchange differences</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"><p align="right"><font size="2"><b>(48</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">(48</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="73%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing
        receivables and liabilities of acquired companies</font></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"><b>(300</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="7%"><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="73%">&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%"><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%"><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%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="73%" bgcolor="#EEEEEE"><font
        size="2"><b>Change in net borrowings</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>(2,844</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>(1,102</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="7%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>1,742</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"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
        <td valign="bottom"><hr size="3">
        </td>
    </tr>
</table>

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

<hr noshade>

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

<p align="right"><img src="sjlononewbn.gif" width="102"
height="116"></p>

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

<p align="center"><font size="5"><b>Eni announces the results of
its unconditional mandatory takeover bid for Distrigas shares</b></font></p>

<p><i>Eni reaches, through Eni Gas &amp; Power Belgium SA, 98.86%
of the total share capital of Distrigas as a result of its
takeover bid and proceeds with a follow-on squeeze-out.</i></p>

<p><i>San Donato Milanese (Milan), March 25, 2009 </i>- Today
Eni, through Eni Gas &amp; Power Belgium SA (&quot;Eni
Belgium&quot;), a wholly controlled subsidiary of Eni SpA,
announced the results of its unconditional mandatory takeover bid
(the &quot;Takeover Bid&quot;) for all the outstanding shares not
yet owned by it in Distrigas NV/Distrigaz SA
(&quot;Distrigas&quot;).</p>

<p>The acceptance period of the Takeover Bid opened on January 9,
2009 and expired at 4:00 p.m., Central European Time, on March
19, 2009.</p>

<p>As of the expiration of the acceptance period of the Takeover
Bid, Eni Belgium had received valid acceptances for 292,390
Distrigas shares (i.e. 41.61% of the total share capital of
Distrigas), for a total consideration of approximately euro 1,991
million in cash and 292,390 Certificates (as defined in the
prospectus relating to the Takeover Bid dated December 30, 2008).
As a result of the Takeover Bid, Eni Belgium will hold 98.86% of
the total share capital of Distrigas.</p>

<p>The consideration offered per Distrigas share under the
Takeover Bid consisted of an amount of euro 6,809.64 in cash and
one Certificate.</p>

<p>On April 8, 2009 the cash component of the consideration will
be paid and the Certificates will be delivered to the Distrigas
shareholders who validly accepted the Takeover Bid.</p>

<p>In accordance with Articles 42, 43 and 57 of the Belgian Royal
Decree of April 27, 2007 relating to public takeover bids, Eni
Belgium, which will hold more than 95% of the shares of Distrigas
as a result of the Takeover Bid, exercises its right to require
all remaining holders of Distrigas shares to transfer their
shares (except for the golden share held by the Belgian State) to
it (the &quot;Squeeze-out Bid&quot;) for the same consideration
per Distrigas share as that offered under the Takeover Bid.</p>

<p>The acceptance period of the Squeeze-out Bid will start on
April 9, 2009 and will terminate on May 4, 2009 inclusive. </p>

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

<hr noshade>

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

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

<p>Eni Belgium will file an application for the Distrigas shares
to be delisted from Euronext Brussels after the closing of the
Squeeze-out Bid. </p>

<p>Fortis Bank acted as receiving and paying agent for the
Takeover Bid.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

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

<p><b>Press Office</b><b><i>: </i></b><b>Tel. +39.0252031875 -
+39.065982398<br>
Freephone for shareholders (from Italy): 800940924<br>
Freephone for shareholders (from abroad): +39. 800 11 22 34 56<br>
Switchboard: +39-0659821</b></p>

<p><b>ufficio.stampa@eni.it<br>
segreteriasocietaria.azionisti@eni.it<br>
investor.relations@eni.it</b></p>

<p><b>Web site: www.eni.it</b></p>

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

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

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

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

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

<hr noshade>

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

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

<p align="center"><font size="5"><b>Eni convenes the Annual
Shareholders Meeting</b></font></p>

<p>&nbsp;</p>

<p><i>Rome, March 25, 2009 </i>- Eni&#146;s Board of Directors
today convened the Annual Shareholders' Meeting on April 29 and
30, 2009, on first and second call respectively, to approve the
2008 financial statements and application of revenues.</p>

<p>Eni's 2008 Annual Financial Report will be available,
according to Article 2429 of Italy&#146;s Civil Code, on Eni's
website www.eni.it<strong> </strong>in the section
Publications/Annual and Quarterly Reports and from Eni&#146;s
Corporate Secretary.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

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

<p><b>Press Office:</b><b><i> </i></b><b>Tel. +39.0252031875 -
+39.065982398</b><b><i><br>
</i></b><b>Freephone for shareholders (from Italy): 800940924</b><font
face="Arial"><b><br>
</b></font><b>Freephone for shareholders (from abroad): +39. 800
11 22 34 56<br>
Switchboard: +39-0659821<br>
</b></p>

<p><b>ufficio.stampa@eni.it<br>
segreteriasocietaria.azionisti@eni.it</b><font face="Arial"><b><u><br>
</u></b></font><b>investor.relations@eni.it&nbsp;<br>
</b></p>

<p><b>Web site: www.eni.it</b></p>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="104">Table of Contents</a></h5>

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

<p align="center"><font size="4">Eni SpA<br>
Registered Office: Piazzale Enrico Mattei, No. 1, Rome - Italy<br>
Company Share capital euro 4,005,358,876.00 fully paid up<br>
Rome Companies Register - Tax Identification Number 00484960588<br>
VAT Number 00905811006 R.E.A. Rome No. 756453</font></p>

<p align="center"><font size="4"><b>NOTICE OF SHAREHOLDERS'
MEETING</b></font></p>

<p>Shareholders of Eni SpA are hereby invited to attend the
Ordinary Shareholders' Meeting, which will be held in Rome, Via
del Serafico, 89/91, on April 29, 2009 at 10:00 a.m. (CET) on
first call and, if necessary, on April 30, 2009, on second call,
at the same time and location.</p>

<p align="center"><b>AGENDA</b></p>

<ol>
    <li>Eni Financial Statements at December 31, 2008, Eni
        Consolidated Financial Statements at December 31, 2008;
        Report of the Directors on the course of the business;
        Report of the Board of Statutory Auditors and Report of
        the Independent Auditors.</li>
    <li>Allocation of net income.</li>
</ol>

<p><b><u>How to participate in the Shareholders&#146; Meeting<br>
</u></b>Admission to the Shareholders&#146; Meeting is subject to
the delivery of the notification of attendance issued by
authorised financial intermediaries at least two working days
before the date of the Shareholders&#146; Meeting on first call
(i.e. at least on April 27, 2009). </p>

<p>Shareholders and other persons entitled may ask to their
financial intermediary to withdraw said communication; if they
avail of this faculty, they will not be able to take part in the
Shareholders&#146; Meeting.</p>

<p>In order to take part in the Shareholders&#146; Meeting,
Shareholders holding shares not yet in uncertificated form, shall
previously deliver said shares to a financial intermediary in
order to have them deposited with the Italian Securities Register
Centre and subsequently transformed into uncertificated form and
request the above-mentioned notification of attendance.</p>

<p><b><u>How Shareholders may request to add other items in the
agenda<br>
</u></b>Pursuant to Article 13, first Paragraph, of the By-laws,
the Shareholders that, severally or jointly, represent at least
2.5% of Eni share capital, may ask, within five days as of the
date of publication of the Shareholders&#146; Meeting notice, to
add other items in the agenda. The request shall contain the
matters to be proposed to the Shareholders&#146; Meeting. Said
faculty may not be exercised on the matters upon which, pursuant
to the applicable legislation, the Shareholders&#146; Meeting
resolves on the basis of a proposal of the Board of Directors or
on the basis of a project or report of the Board. The
integrations accepted by the Board shall be published at least
ten days before the Shareholders&#146; Meeting date, through a
notice to be published as indicated in said Article.</p>

<p><b><u>How to vote by proxy<br>
</u></b>In order to simplify controls of powers entitling the
participation in the Shareholders&#146; Meeting, people who
intend to participate in the Meeting as legal or voluntary
representatives of Shareholders or other people entitled to take
part in it are requested to deliver to Eni SpA&#146;s Corporate
Secretary&#146;s office the deeds entitling them to said
participation, by mail, also in copy, or by fax, at least two
days before the date of the Meeting.</p>

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

<hr noshade>

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

<p><b><u>How to vote by mail<br>
</u></b>Vote may be exercised also by mail pursuant to current
legislation and subject to the delivery of the above mentioned
notification of attendance by the authorised financial
intermediaries. Shareholders willing to exercise their vote by
mail are entitled to request the Vote by Mail Card and a return
envelope to the Company.</p>

<p>In order to consider the votes by mail valid, envelopes
containing the Vote by Mail Card, duly filled in and signed,
shall be received by Eni SpA - Segreteria societaria, Piazzale
Enrico Mattei, 1 - 00144 Rome, Italy within forty-eight hours
before the Shareholders&#146; Meeting<i>.</i> Votes by mail
contained in the Vote by Mail Cards received after said term will
not be taken into consideration. Vote by mail must be exercised
personally by the person entitled to vote on each proposal
presented. </p>

<p>The vote by mail may be withdrawn through a declaration to be
delivered to the Company at least one day before the
Shareholders&#146; Meeting.</p>

<p><b><u>Information regarding ADRs holders<br>
</u></b>Beneficial Owners of ADRs, listed on the New York Stock
Exchange, each ADR representing two Eni ordinary shares, who are
recorded in Eni ADRs register of JPMorgan Chase Bank, NA, ADRs
Depositary, by March 25, 2009 will be entitled to participate in
the Meeting, delegate the exercise of their voting right or to
exercise votes by mail, after having complied with the deposit
and registration requirements contained in Eni ADR Deposit
Agreement; also Beneficial Owners who have taken advantage of
Proxy Vote or Vote by Mail options are entitled to assist at the
Meeting upon written request to be made to JPMorgan Chase Bank,
NA.</p>

<p><b><u>Information for Eni Shareholders<br>
</u></b>The report on the proposals of resolutions of the Board
of Directors to the Shareholders on each item of the Agenda will
be deposited at the Company&#146;s Registered Office and with the
Borsa Italiana SpA (the Italian Stock Exchange) within April 14,
2009 and shall remain at the Shareholders&#146; disposal until
the date of the Shareholders&#146; Meeting.</p>

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

<p>Experts, financial analysts and journalists wishing to attend
the Shareholders&#146; Meeting shall deliver, by mail or fax, a
request to Eni SpA&#146;s Corporate Secretary&#146;s office at
least two days before the date of the Meeting.</p>

<p>To timely comply with admission and registration procedures,
Shareholders are kindly requested to arrive at the Meeting in
advance of the start time of the Meeting itself. Registration for
the Meeting will take place at the same location of the Meeting
and will start at 9:00 a.m. (CET).</p>

<p>Eni SpA's Corporate Secretary&#146;s office is available for
any further information Shareholders may need at the toll-free
number 800 940 924 (for calls from abroad Italy: 80011223456,
after dialing the International Access Code (+), fax number + 39
06 59822233 or by e-mail at
segreteriasocietaria.azionisti@eni.it.</p>

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

<hr noshade>

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

<p>In consideration of Eni shareholdings, the Shareholders&#146;
Meeting should be held on second call on April 30, 2009.</p>

<p>A notice to inform on the effective date of the
Shareholders&#146; Meeting will be published on &quot;Il Sole 24
Ore&quot;, &quot;Corriere della Sera&quot;, &quot;Financial
Times&quot; and on website www.eni.it within April 28, 2009.</p>

<p>This Notice, published on the Italian Official Gazette,
&quot;Il Sole 24 Ore&quot;, &quot;Corriere della Sera&quot; and
&quot;Financial Times&quot; and the documentation regarding the
Shareholders&#146; Meeting will be available on website
www.eni.it and may be requested by e-mail at
segreteriasocietaria.azionisti@eni.it or by calling the
above-mentioned toll-free numbers or by fax.</p>
<div align="center"><center>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td align="center" valign="bottom" width="50%">&nbsp;</td>
        <td align="center" valign="bottom" width="50%"><p
        align="center"><i>The Chairman of the Board of Directors<br>
        </i></p>
        <blockquote>
            <blockquote>
                <p align="center"><font size="5"><strong>R</strong></font><font
                size="3"><strong>OBERTO </strong></font><font
                size="5"><strong>P</strong></font><font size="3"><strong>OLI</strong></font></p>
            </blockquote>
        </blockquote>
        </td>
    </tr>
</table>
</center></div>

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

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

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

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

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

<hr noshade>
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