<SEC-DOCUMENT>0001311435-12-000004.txt : 20120403
<SEC-HEADER>0001311435-12-000004.hdr.sgml : 20120403
<ACCEPTANCE-DATETIME>20120403083936
ACCESSION NUMBER:		0001311435-12-000004
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120403
DATE AS OF CHANGE:		20120403

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:		12735419

	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>sj0312en6k.htm
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<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
2012 </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 1,
2012</font></a></p>

<p><a href="#102"><font size="4">Press Release dated March 6,
2012</font></a></p>

<p><a href="#103"><font size="4">Press Release dated March 15,
2012</font></a></p>

<p><a href="#104"><font size="4">Press Release dated March 15,
2012</font></a></p>

<p><a href="#105"><font size="4">Press Release dated March 15,
2012</font></a></p>

<p><a href="#106"><font size="4">Press Release dated March 15,
2012</font></a></p>

<p><a href="#107"><font size="4">Notice of Shareholders&#146;
Meeting 2012</font></a></p>

<p><a href="#108"><font size="4">Report of the Board of Directors
to the Shareholders&#146; Meeting</font></a></p>

<p><a href="#109"><font size="4">Press Release dated March 26,
2012</font></a></p>

<p><a href="#110"><font size="4">Press Release dated March 29,
2012</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>Head of Corporate Secretary's Staff Office&nbsp;</td>
        <td>&nbsp;</td>
    </tr>
    <tr>
        <td colspan="5">&nbsp;</td>
    </tr>
</table>

<p align="left" style="font-size: 10pt">Date: March 31, 2012 </p>

<hr noshade>

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

<p align="left"><img src="sjlogonewcol.gif" align="left"
hspace="0" width="69" height="84"></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"><b>Eni and Gazprom reach
agreement on gas supply contracts and discuss actions <br>
for the expedited construction of the South Stream gas pipeline</b></font></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p><i>Moscow, March 1, 2012 - </i>The Gazprom headquarters hosted
today a working meeting between Alexey Miller, Chairman of the
Company's Management Committee and Paolo Scaroni, Chief Executive
Officer of Eni.</p>

<p>The parties discussed current issues and prospects for further
cooperation in the energy sector. Particular attention was paid
to the interaction of the companies on&nbsp;the terms of Russian
natural gas supplies to Italy and&nbsp;the implementation of the
South Stream project. </p>

<p>The agreement on the revision of the price of the gas supply
contracts represents an important step in&nbsp;the forty-year
long strategic partnership between Gazprom and Eni. Gazprom
and&nbsp;Eni further consolidate their commercial relationship,
contributing to the competiveness of Russian gas in the European
market and helping to strengthen security of supply. </p>

<p>The parties also discussed the execution of the actions
detailed plan for the commencement of construction of the gas
pipeline by December 2012. It was noted that the project is being
implemented in strict accordance with the approved schedule. The
two sides also discussed the preparation of project documentation
for the Final Investment Decision (FID) on the South Stream
project offshore section to be adopted this November.</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 -
+39.0659822030<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>ufficio.stampa@eni.com<br>
segreteriasocietaria.azionisti@eni.com <br>
investor.relations@eni.com </p>

<p><b>Web site</b><strong>: </strong>www.eni.com</p>

<hr noshade>

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

<p align="left"><img src="sjlogonewcol.gif" align="left"
hspace="0" width="67" height="82"></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"><b>Eni successfully drills an
appraisal well in the Skrugard discovery, <br>
in the Norwegian Barents Sea</b></font></p>

<p>&nbsp;</p>

<p><i>San Donato Milanese, March 6, 2012 - </i>Eni has
successfully drilled the appraisal well 7220/5-1 in the Skrugard
discovery, which is located in the Barents Sea, 200 kilometers
off the Norwegian coast. </p>

<p>The well was drilled at a water depth of 388 meters, it has
reached a total depth of 1,740 meters and is located
approximately 3 kilometers from the Skrugard-1 discovery. The
well encountered a gas column of about 25 meters and an oil
column of 48 meters in the Middle - Lower Jurassic reservoir,
St&#248; &amp; Nordmela Formations. The aim of the appraisal well was
to prove the hydrocarbon extension in the middle section of the
Skrugard structure, which was successfully drilled by the NFW
well 7220/7-1 in 2011. Intensive data collection and sampling
have been carried out in the well-bore and the results show a
reservoir of excellent quality. </p>

<p>Estimates confirm that Skrugard holds at least 250 million
barrels of recoverable oil and approximately 10 billion standard
cubic meters of associated and free gas. Together with the Havis
field, discovered at the beginning of this year 7 kilometers
south-west Skrugard in the PL532 license, recoverable oil
reserves are now over 500 million barrels. These will enable the
license partners to carry out an efficient development plan and
to rapidly put resources into production.</p>

<p>A new exploration campaign in the PL532 license is scheduled
to start by the end of this year and will lead to the drilling of
new wells aimed at confirming additional hydrocarbon volumes to
be linked to the production Hub.</p>

<p>Eni holds a 30% interest in the Skrugard and Havis fields. The
other partners are Statoil Petroleum AS, which is the operator
with a 50% interest, and Petoro (20%). </p>

<p>During the year Eni plans to carry out further exploration
activities in the Barents Sea, where the company will drill the
B&#248;nna prospect in the PL 529 license area and the Salina
prospect in the PL </p>

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

<hr noshade>

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

<p>533 license area as the Operator. In autumn 2012, Eni will
also start drilling 22 production wells for the Goliat project.</p>

<p>Eni is the only Company along with Statoil to be present in
all three commercial oil discoveries in the Barents Sea. With
Goliat, Skrugard and Havis in its portfolio, Eni now has a
30-year outlook for its activities in the Barents Sea developing
a strong foothold in the early phase of a high potential oil
province on the Norwegian continental shelf. </p>

<p>By applying proprietary technologies and cutting edge
geoscience competencies, Eni has been successfully carrying out
activities in the Barents Sea for 20 years, where, along with
Statoil, it is a pioneer, in the oil exploration sector. Eni has
been present in Norway since 1965, and currently produces
approximately 135,000 barrels of oil equivalent per day.</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 -
+39.0659822030<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>ufficio.stampa@eni.com<br>
segreteriasocietaria.azionisti@eni.com <br>
investor.relations@eni.com </p>

<p><b>Web site</b><strong>: </strong>www.eni.com</p>

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

<hr noshade>

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

<p align="right"><img src="sjlogonewcol.gif" align="left"
hspace="0" width="71" height="87"></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="6"><strong>Eni: 2011 Consolidated
Financial Statements and Draft <br>
Financial Statements of the Parent Company</strong></font></p>

<p align="center"><font size="5">Convening of the Annual
Shareholders&#146; Meeting<br>
</font></p>

<p><strong>&#149; Consolidated net profit for the year: euro 6.86
billion; net profit of the parent company: euro 4.21 billion<br>
&#149; Proposed dividend per share of euro 1.04<br>
</strong></p>

<p><em>San Donato Milanese, March 15, 2012</em> - Today, the
Board of Directors approved Eni&#146;s consolidated financial
statements and the draft financial statements of the parent
company for the year ended December 31, 2011. As announced on
February 15, 2012<sup>1</sup>, with respect to Eni&#146;s
preliminary results, consolidated net profit amounted to euro
6,860 million and net profit of the parent company amounted to
euro 4,213 million.</p>

<p>The Board of Directors intends to submit a proposal for the
distribution of a cash dividend of euro 1.04 per share (euro 2.08
per ADR) at the Annual Shareholders&#146; Meeting. Included in
this annual distribution is euro 0.52<sup>2</sup> per share which
was paid as an interim dividend in September 2011. The balance of
euro 0.52 per share (euro 1.04 per ADR) is payable to
shareholders on May 24, 2012, the ex-dividend date being May 21,
2012.</p>

<p>The review of sustainability performance in 2011 has been
included in the Annual Report to provide a comprehensive insight
into the Company&#146;s business model by highlighting the
connections existing between the financial and sustainability
constituents of the Company&#146;s strategies and results. The
information has been integrated into management&#146;s operating
and financial review of the 2011 Annual Report and by
complementing the financial statements through inclusion of the
consolidated sustainability statement. Eni is engaged in the
integrated reporting process, through the participation in the
Pilot Programme launched by the International Integrated
Reporting Committee.</p>

<p>The 2011 Annual Report was submitted to the Board of Statutory
Auditors and Eni&#146;s independent auditors. In accordance with
the provisions of the Legislative Decree No. 58/1998 (the Italian
comprehensive code for exchanges and securities), the 2011 Annual
Report will be made available to the public by April 5, 2012 at
the Company's headquarter and on Eni&#146;s website eni.com and
through modalities provided by the regulation in force, together
with statutory and independent auditors&#146; reports.</p>

<p>Enclosed are the 2011 IFRS consolidated statements of
Eni&#146;s group of companies as included in the approved Annual
Report and the statements of the parent company Eni SpA.<br>
The Board of Directors also approved the Report on Corporate
Governance and Shareholding Structure and the Remuneration Report
which have been prepared in accordance to Article No. 123-<em>bis</em>
and<em> ter</em> of the Italian comprehensive code for exchanges
and securities, respectively. These reports will be filed with
the Italian Exchange Authority and published on Eni&#146;s
website, in the &quot;Corporate Governance&quot; and
&quot;Investor Relations&quot; section, together with the 2011
Annual Report.</p>

<p><b>Convening of the Annual Shareholders&#146; Meeting on April
30 and May 8, 2012 and of extraordinary Shareholders&#146;
Meeting on April 30, May 7 and May 8, 2012<br>
</b>The Board of Directors convened the Annual Shareholders&#146;
Meeting on April 30 and May 8, 2012, on first and second call
respectively, to approve the 2011 financial statements of the
parent company and the dividend proposal. The Annual
Shareholders&#146; Meeting was also convened to express its
consultative vote about the remuneration policy that the Company
intends to adopt in 2012 as </p>

<p>__________________</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="1%"><font size="1">(1)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="98%"><font size="1">The press
        release on Eni&#146;s preliminary results for the year
        2011, published on February 15, 2012, is available on
        Eni&#146;s website, eni.com, section Investor Relations.</font></td>
    </tr>
    <tr>
        <td valign="top" width="1%"><font size="1">(2)</font></td>
        <td valign="top" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td valign="top" width="98%"><font size="1">Dividends are
        not entitled to tax credit and, depending on the
        receiver, are subject to a withholding tax on
        distribution or are partially cumulated to the
        receiver&#146;s taxable income.</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>disclosed in the first section of the Remuneration Report.
Finally, the Board of Directors has called an extraordinary
Shareholders&#146; Meeting on April 30, May 7 and May 8, 2012, on
first, second and third call respectively, to approve certain
changes in Eni&#146;s by-laws required to incorporate some of the
regulatory changes introduced by Law No. 120 of July 12, 2011
related to gender parity in administration and control bodies of
listed companies.</p>

<p>&nbsp;</p>

<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 the
data and information disclosed in this press release correspond
to the Company&#146;s evidence and accounting books and entries.</i></p>

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

<p><i>Eni&#146;s Chief Financial Officer, Alessandro Bernini, in
his capacity as manager responsible for the preparation of the</i>
<i>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 records.</i></p>

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

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

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

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

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

<p><b>Eni<br>
</b>Societ&#224; per Azioni Roma, Piazzale Enrico Mattei, 1<br>
<b>Share capital: </b>euro 4,005,358,876 fully paid<br>
Tax identification number 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>eni.com</i></b><i>.</i></p>

<p>&nbsp;</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"><b>Attachment</b></font></p>

<p><font size="6">IFRS Consolidated Financial Statement</font></p>

<p><font size="3" face="Arial"><strong>PROFIT AND LOSS ACCOUNT</strong></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><font size="1">(euro million)</font></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 valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2010</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2011</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
bordercolor="#000000" dir="LTR">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>REVENUES</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Net sales
        from operations</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">98,523</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">109,589</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other income and revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">956</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">933</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><strong>Total
        revenues</strong></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>99,479</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>110,522</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>OPERATING EXPENSES</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Purchases,
        services and other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">69,135</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">79,191</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><i>- of which non-recurring charge</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><i>(246</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><i>69</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Payroll
        and related costs</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,785</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,749</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>OTHER OPERATING (EXPENSE) INCOME</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>131</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>171</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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="80%"><font size="2"><b>DEPRECIATION,
        DEPLETION, AMORTIZATION AND IMPAIRMENTS</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>9,579</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>9,318</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>OPERATING PROFIT</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>16,111</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>17,435</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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="80%"><font size="2"><b>FINANCE
        INCOME (EXPENSE)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Finance income</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,117</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,379</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Finance
        expense</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(6,713</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(7,396</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Derivative financial instruments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(131</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(112</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(727</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(1,129</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>INCOME (EXPENSE) FROM INVESTMENTS</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Share of
        profit (loss) of equity-accounted investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">537</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">544</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other gain (loss) from investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">619</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,627</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>1,156</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>2,171</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" 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="8%"
        bgcolor="#EEEEEE"><font size="2"><b>16,540</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>18,477</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Income
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(9,157</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(10,674</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net profit</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>7,383</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>7,803</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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="80%"><font size="2"><b>Attributable
        to:</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- Eni's shareholders</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,318</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,860</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        Non-controlling interest</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,065</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">943</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>7,383</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>7,803</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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="80%"><font size="2"><b>Earnings
        per share attributable to Eni's shareholders</b></font><font
        size="1"><b> </b>(euro per share)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Basic</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.74</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1.89</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Diluted</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.74</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.89</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </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 align="left"><font size="3" face="Arial"><b>BALANCE SHEET</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><font size="1">(euro million)</font></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 valign="bottom" width="71%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1">&nbsp;&nbsp;</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>Dec. 31, 2010</b></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="1">&nbsp;&nbsp;</font></td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>Dec. 31, 2011</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="71%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
bordercolor="#000000" dir="LTR">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>ASSETS</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Current
        assets</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Cash and cash equivalents</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,549</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,500</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        financial assets held for trading or available for sale</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">382</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">262</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Trade and other receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">23,636</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">24,595</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Inventories</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">6,589</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">7,575</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Current tax assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">467</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">549</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        current tax assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">938</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,388</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other current assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,350</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,326</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>34,911</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>38,195</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Non-current assets</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Property,
        plant and equipment</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">67,404</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">73,578</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Inventory - compulsory stock</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,024</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,433</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Intangible
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">11,172</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">10,950</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Equity-accounted investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,668</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,843</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">422</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">399</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other financial assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,523</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,578</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Deferred
        tax assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,864</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5,514</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other non-current receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3,355</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,225</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>96,432</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>104,520</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Assets held for sale</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>517</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>230</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>TOTAL
        ASSETS</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>131,860</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>142,945</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Current
        liabilities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Short-term debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,515</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,459</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Current
        portion of long-term debt</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">963</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,036</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Trade and other payables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">22,575</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">22,912</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Income
        taxes payable</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,515</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,092</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other taxes payable</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,659</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,896</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        current liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,620</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,237</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>34,847</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>35,632</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Non-current
        liabilities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Long-term debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">20,305</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">23,102</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Provisions
        for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">11,792</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">12,735</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Provisions for employee benefits</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,032</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,039</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Deferred
        tax liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">5,924</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">7,120</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other non-current liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,194</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,900</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>41,247</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>46,896</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Liabilities directly associated with assets
        held for sale</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>38</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>24</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>TOTAL
        LIABILITIES</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>76,132</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>82,552</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>SHAREHOLDERS&#146; EQUITY</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b><i>Non-controlling
        interest</i></b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b><i>4,522</i></b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b><i>4,921</i></b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Eni shareholders&#146; equity:</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Share
        capital</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,005</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,005</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Reserve related to cash flow hedge net of tax
        effect</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(174</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">49</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        reserves</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">49,624</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">53,195</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Treasury shares</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(6,756</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(6,753</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Interim
        dividend</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,811</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,884</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Net profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,318</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,860</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Total
        Eni shareholders&#146; equity</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>51,206</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>55,472</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>TOTAL SHAREHOLDERS&#146; EQUITY</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>55,728</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>60,393</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>TOTAL
        LIABILITIES AND SHAREHOLDERS&#146; EQUITY</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>131,860</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>142,945</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </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="3" face="Arial"><b>STATEMENT OF CASH FLOWS</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><font size="1">(euro million)</font></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 valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2010</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2011</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
dir="LTR">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net profit of the year</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7,383</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>7,803</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><i>Adjustments
        to reconcile net profit to net cash provided by operating
        activities:</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Depreciation, depletion and amortization</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8,881</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">8,297</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Impairment
        of tangible and intangible assets, net</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">698</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">1,021</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Share of loss of equity-accounted investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(537</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(544</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Gain on
        disposal of assets, net</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(552</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,170</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Dividend income</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(264</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(659</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Interest
        income</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(96</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(101</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Interest expense</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">571</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">737</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Income
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">9,157</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">10,674</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other changes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(39</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">331</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Changes in
        working capital:</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- inventories</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,150</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,422</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- trade
        receivables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(1,918</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(369</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- trade payables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2,770</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">161</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        provision for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">588</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">122</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- other assets and liabilities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(2,010</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(668</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><i>Cash
        flow from changes in working capital</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(1,720</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>(2,176</i></font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Net change in provisions for employee benefits</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">21</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(10</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Dividends
        received</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">799</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">997</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Interest received</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">126</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">100</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Interest
        paid</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(600</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(893</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Income taxes paid, net of tax receivables
        received</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(9,134</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(10,025</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Net
        cash provided by operating activities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>14,694</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><b>14,382</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Investing activities:</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- tangible
        assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(12,308</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(11,658</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- intangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,562</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(1,780</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        consolidated subsidiaries and businesses</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(143</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(115</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- investments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(267</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(245</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        securities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(50</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">(62</font></p>
        </td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- financing receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(866</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">(715</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">- change
        in payables and receivables in relation to investments
        and capitalized depreciation</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">261</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">379</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><i>Cash flow from investments</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(14,935</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><i>(14,196</i></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><i>)</i></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Disposals:</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- tangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">272</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">154</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        intangible assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">57</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">41</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- consolidated subsidiaries and businesses</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">215</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">1,006</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">569</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">711</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- securities</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">14</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">128</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">-
        financing receivables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">841</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2">695</font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">- change in payables and receivables in relation
        to disposals</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">2</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2">243</font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><i>Cash
        flow from disposals</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>1,970</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><p
        align="right"><font size="2"><i>2,978</i></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net cash used in investing activities</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(12,965</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><p align="right"><font size="2"><b>(11,218</b></font></p>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </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="3" face="Arial"><b>STATEMENT OF CASH FLOWS </b></font><font
size="3"><i>(continued)</i></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><font size="1">(euro million)</font></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 valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2010</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2011</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
dir="LTR">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Proceeds from long-term debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,953</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,474</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Repayments
        of long-term debt</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(3,327</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(889</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Increase (decrease) in short-term debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,646</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(2,481</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>2,272</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>1,104</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Net capital contributions by non-controlling
        interest</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">26</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Purchase
        of treasury shares</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Purchase of treasury shares different from Eni
        SpA</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">37</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Acquisition
        of additional interests in consolidated subsidiaries</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(126</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Dividends paid to Eni&#146;s shareholders</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(3,622</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(3,695</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Dividends
        paid by consolidated subsidiaries to non-controlling
        interest</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(514</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(552</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Net cash used in financing activities</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>(1,827</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>(3,223</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Effect of
        change in consolidation (inclusion/exclusion of
        significant/insignificant subsidiaries)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(7</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Effect of exchange rate changes on cash and cash
        equivalents and other changes</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">39</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">17</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><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="8%"><font
        size="2"><b>(59</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(49</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Cash and cash equivalents - beginning of the
        period</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>1,608</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>1,549</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Cash
        and cash equivalents - end of the period</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>1,549</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>1,500</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
    </tr>
</table>

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

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

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

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

<hr noshade>

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

<p><font size="6">Eni SpA Financial Statement</font></p>

<p><font size="3" face="Arial"><b>PROFIT AND LOSS ACCOUNT</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><font size="1">(euro million)</font></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 valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2010</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>2011</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
bordercolor="#000000" dir="LTR">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>REVENUES</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Net sales
        from operations</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">35,251</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">45,492</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other income and revenues</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">273</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">278</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Total
        revenues</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>35,524</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>45,770</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>OPERATING EXPENSES</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Purchases,
        services and other</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(32,950</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(43,846</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><i>- of which non-recurring charge</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><i>270</i></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Payroll
        and related costs</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,218</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,056</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>OTHER OPERATING (EXPENSE) INCOME</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>4</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>115</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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="80%"><font size="2"><b>DEPRECIATION,
        DEPLETION, AMORTIZATION AND IMPAIRMENTS</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(923</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(1,277</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>OPERATING PROFIT</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>437</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>(294</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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="80%"><font size="2"><b>FINANCE
        INCOME (EXPENSE)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Finance income</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3,548</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">3,783</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Finance
        expense</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(3,739</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(4,247</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Derivative financial instruments</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">69</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">208</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(122</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>(256</b></font></td>
        <td valign="bottom" width="1%"><font size="2"><b>)</b></font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>INCOME (EXPENSE) FROM INVESTMENTS</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>5,943</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>4,789</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><i>- of
        which non-recurring charge</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><i>(24</i></font></td>
        <td valign="bottom" width="1%"><font size="2"><i>)</i></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" 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="8%"
        bgcolor="#EEEEEE"><font size="2"><b>6,258</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>4,239</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Income
        taxes</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(79</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(26</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>NET PROFIT</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>6,179</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>4,213</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Basic
        earnings per share </font><font size="1">(euro per share)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.71</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1.16</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
    </tr>
</table>

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

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

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

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

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

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

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

<hr noshade>

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

<p><font size="3" face="Arial"><b>BALANCE SHEET</b></font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td><font size="1">(euro million)</font></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 valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>Dec. 31, 2010</b></font></p>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><p
        align="center"><font size="1"><b>Dec. 31, 2011</b></font></p>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="81%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="center" valign="bottom" width="9%"><hr noshade>
        </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
bordercolor="#000000" dir="LTR">
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>ASSETS</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Current
        assets</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Cash and cash equivalents</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">427</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">354</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Trade and
        other receivables</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">15,001</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">19,862</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Inventories</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,906</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,324</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Current
        tax assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">244</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">316</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other current tax assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">224</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">413</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        current assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">706</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,396</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>18,508</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>24,665</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Non-current
        assets</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Property, plant and equipment</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,161</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,402</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Inventory
        - compulsory stock</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,957</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,441</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Intangible assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">994</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,037</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Investments</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">31,924</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">31,772</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other financial assets</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10,795</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">10,412</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Deferred
        tax assets</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,046</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,315</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other non-current receivables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,994</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">2,977</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        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="8%"
        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="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>55,871</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>57,356</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>Assets held for sale</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>6</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>TOTAL
        ASSETS</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>74,385</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>82,021</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><hr noshade>
        </td>
        <td valign="bottom" width="1%"><hr noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>LIABILITIES AND SHAREHOLDERS&#146; EQUITY</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Current
        liabilities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Short-term debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,829</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">5,874</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Current
        portion of long-term debt</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">558</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,024</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Trade and other payables</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,581</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">9,844</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Income
        taxes payable</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">75</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Other taxes payable</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,086</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">1,213</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        current liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">980</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">1,321</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>15,109</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>20,276</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>Non-current
        liabilities</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Long-term debt</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">18,338</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">21,016</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Provisions
        for contingencies</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">3,574</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,776</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Provisions for employee benefits</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">306</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">285</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        non-current liabilities</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,334</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">2,413</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><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="8%"><hr size="1"
        noshade>
        </td>
        <td valign="bottom" width="1%"><hr size="1" noshade>
        </td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>24,552</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>26,490</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>TOTAL
        LIABILITIES</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>39,661</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>46,766</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>SHAREHOLDERS&#146; EQUITY</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Share
        capital</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,005</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">4,005</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Legal reserve</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">959</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">959</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Other
        reserves</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">32,148</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">34,715</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Net profit</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">6,179</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">4,213</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2">Interim
        dividend</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,811</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2">(1,884</font></td>
        <td valign="bottom" width="1%"><font size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2">Treasury shares</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(6,756</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2">(6,753</font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><font
        size="2">)</font></td>
    </tr>
    <tr>
        <td valign="bottom" width="80%"><font size="2"><b>TOTAL
        SHAREHOLDERS&#146; EQUITY</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>34,724</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td valign="bottom" width="1%">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"><font
        size="2"><b>35,255</b></font></td>
        <td valign="bottom" width="1%">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><font
        size="2"><b>TOTAL LIABILITIES AND SHAREHOLDERS&#146;
        EQUITY</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>74,385</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><font size="2"><b>82,021</b></font></td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE">&nbsp;</td>
    </tr>
    <tr>
        <td valign="bottom" width="80%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
        <td align="right" valign="bottom" width="8%"
        bgcolor="#EEEEEE"><hr noshade>
        </td>
        <td valign="bottom" width="1%" bgcolor="#EEEEEE"><hr
        noshade>
        </td>
    </tr>
</table>

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

<hr noshade>

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

<p align="left"><img src="sjlogonewcol.gif" align="left"
hspace="0" width="67" height="82"></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"><b>Eni: Board of Directors
approves bond issue</b></font></p>

<p>&nbsp;</p>

<p><i>San Donato Milanese (Milan), March 15, 2012 </i>- Eni's
Board of Directors this morning approved the issue of one or more
bonds, to be placed with institutional investors, with a value of
up to a maximum amount of&nbsp;3 billion euro, or its equivalent
in other currencies, by March 15, 2013.</p>

<p>The bonds will enable Eni to maintain a well-balanced
financial structure, in terms of short term and medium/long-term
debt, and may be listed on regulated markets.</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 -
+39.0659822030<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>ufficio.stampa@eni.com<br>
segreteriasocietaria.azionisti@eni.com <br>
investor.relations@eni.com </p>

<p><b>Web site</b><strong>: </strong>www.eni.com</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="105">Table of Contents</a></h5>

<p align="left"><img src="sjlogonewcol.gif" align="left"
hspace="0" width="68" height="83"></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"><strong>Eni: amendments to 2012
financial calendar</strong></font></p>

<p>&nbsp;</p>

<p><i>San Donato Milanese (Milan) March 15, 2012 </i>- Eni
announces that the meeting of the Board of Directors convened for
the distribution of an interim dividend for the year 2012, which
was scheduled for September 13, 2012, has been postponed to
September 20, 2012.</p>

<p>The related press release will be issued on September 20, 2012
after the meeting of the Board.</p>

<p>Moreover an Extraordinary Meeting has been scheduled for April
30, May 7, and May 8, 2012, on first, second and third call
respectively for the approval of changes to the by-laws necessary
to comply with the Law No. 120 of July 12, 2011, on the gender
balance on the boards of listed companies. </p>

<p>&nbsp;</p>

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

<p><b>Press Office:</b><b><i> </i></b><b>Tel. +39.0252031875 -
+39.0659822030<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>ufficio.stampa@eni.com<br>
segreteriasocietaria.azionisti@eni.com <br>
investor.relations@eni.com </p>

<p><b>Web site</b><strong>: </strong>www.eni.com</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="106">Table of Contents</a></h5>

<p align="left"><img src="sjlogonewcol.gif" align="left"
hspace="0" width="71" height="87"></p>

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

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

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

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

<p>&nbsp;</p>

<p align="center"><font size="5"><b>Eni announces its 2012-2015
Strategic Plan<br>
</b></font></p>

<ul>
    <li><font size="4"><b>E&amp;P: high growth in production;
        &gt; 3% CAGR to 2015</b></font></li>
    <li><font size="4"><b>G&amp;P: market consolidation in key
        segments with gradual recovery of margins </b></font></li>
    <li><font size="4"><b>R&amp;M: revival of efficiency and
        optimization program. Targeting EBIT improvement of euro
        550m by 2015</b></font></li>
    <li><font size="4"><b>Chemicals: refocusing on specific
        products with high added value; targeting EBIT
        improvement of &gt; euro 400m by 2015</b></font></li>
    <li><font size="4"><b>Sound financial position and
        sustainable dividend </b></font></li>
</ul>

<p>&nbsp;</p>

<p><i>London, March 15, 2012 </i>- Paolo Scaroni, CEO of Eni,
today presents the company&#146;s 2012-2015 Strategic Plan to the
financial community. </p>

<p>In the new plan, Eni confirms high production growth,
supported by continued success in the exploration program, the
strengthening of its leadership in Italian and European gas
markets, an ambitious cost reduction program aimed at recovering
profitability in R&amp;M, and a restructuring program for the
chemical division aimed at a return to profitability. </p>

<p>&nbsp;</p>

<p><b>Exploration &amp; Production </b></p>

<p>Eni confirms its strategy of production growth, raising its
average annual target to over 3% in the 2012- 2015 period. This
is based on a scenario of higher oil prices ($90/bbl in 2012 and
2013 and $85/bbl in 2014 and 2015). </p>

<p>Eni&#146;s growth strategy is founded on organic development,
thanks to the significant contribution coming from five key areas
&#150; Russia (Yamal), the Barents Sea, Kazakhstan, </p>

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

<hr noshade>

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

<p>Venezuela and the sub-Saharan region - and the rapid recovery
of Libyan production to pre-crisis levels. </p>

<p>Over the plan period, the main projects due to come onstream
will add 700 kboe/d of production, 80% of which will come from
giant projects characterized by a steady and long-lasting
production plateau. </p>

<p>Beyond the plan period, production growth will be supported by
the ramp-up of giants already onstream and new start-ups, such as
full field Junin 5 and Perla in Venezuela, Skrugard-Havis in the
Barents Sea and the recent discovery in Mozambique. Our portfolio
of development projects enables us to forecast a CAGR of 3%
between 2015 and 2021. </p>

<p>&nbsp;</p>

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

<p>Eni has finalized the contractual renegotiations with its main
suppliers, including Sonatrach and Gazprom, improving its costs
and contractual flexibility. </p>

<p>The outlook for supply in the European gas market is
challenging in the short term with spot gas prices expected to be
lower than those for oil-linked contracts. This scenario will
continue to cause competitive pressure in the market. </p>

<p>This situation is expected to gradually improve in the medium
to long term: the increase in demand, driven by economic recovery
and the increase in consumption of gas for fuel, in conjunction
with the decrease in supply, will contribute to a recovery in the
European gas scenario. </p>

<p>Eni&#146;s diversified portfolio of supply contracts
represents a strong competitive advantage that positions it well
for the challenging short term scenario and will allow Eni to
seize opportunities to enhance profits in the medium to long
term. </p>

<p>For 2015, Eni is targeting an increase in sales to European
business and retail customers of 18% and 28% respectively.</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><b>Refining &amp; Marketing </b></p>

<p>The demand for Refining &amp; Marketing products is expected
to be stable or declining for the duration of the plan due to the
persistent over-capacity in refining around the world, and in the
Mediterranean basin in particular. </p>

<p>In Refining, Eni will increase the flexibility of its plants;
optimizing the production cycles, reducing costs and exploiting
its proprietary technology. The launch of the EST technology
plant at the Sannazzaro refinery is expected by the end of 2012. </p>

<p>In Marketing, Eni will improve results thanks to new premium
products, the re-branding of its distribution network, the
complete automation of some petrol stations and the expansion of
non-oil activities. </p>

<p>Eni is targeting an EBIT improvement of euro 550 million for
2015. </p>

<p>&nbsp;</p>

<p><b>Chemicals</b></p>

<p>The scenario for basic chemicals in Europe is characterized by
increasing pressure on prices. Eni&#146;s strategy will be
focused on high value-added products, with a growth target for
sales in this segment of 50%, including the investment in plant
conversions. Among these is the Matrica project, a joint venture
with Novamont, which will create in Porto Torres (in Sardinia)
one of the biggest biochemical plants in the world. </p>

<p>Eni is committed to the expansion of its emerging markets
activities through strategic partnerships and will continue to
promote initiatives to improve the efficiency of its plants and
processes. </p>

<p>The expected EBIT improvement for Chemicals is over euro 400
million by 2015.</p>

<p><b>Capex plan and efficiency program </b></p>

<p>Eni plans to make euro 59.6 billion of investments over the
2012-2015 period. </p>

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

<hr noshade>

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

<p>Over 75% of investments are related to upstream activities, in
particular the development of projects such as Zubair, Junin 5,
Perla, Goliat and Kashagan, that will sustain production growth
over the plan period and beyond.</p>

<p>With respect to efficiency, Eni is relaunching its targets for
cost reduction. In the four-year plan, euro 1.6 billion of
savings will be achieved. From 2004 to date, our total savings
were euro 5 billion. This objective will be achieved through
procurement optimization, a further streamlining of logistics and
downstream operations, as well as increased labour efficiencies. </p>

<p>The targets of the strategic plan do not take into account the
impact of the deconsolidation of Snam which will take place over
the course of the plan as the timing and structure of the
separation has not yet been decided upon. </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 -
+39.0659822030<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>ufficio.stampa@eni.com<br>
segreteriasocietaria.azionisti@eni.com <br>
investor.relations@eni.com </p>

<p><b>Web site</b><strong>: </strong>www.eni.com</p>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="107">Table of Contents</a></h5>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><b>Notice of Shareholders'
        Meeting</b><p>Shareholders of Eni S.p.A. (hereinafter
        &quot;Eni&quot; or &quot;Company&quot;) are hereby
        invited to attend the Ordinary Shareholders' Meeting,
        which will be held in Rome, Piazzale Enrico Mattei, 1,
        00144, pedestrian entrance on Passeggiata del Giappone,
        on April 30, 2012 at 10:00 a.m. (CET) on first call and,
        if necessary, on May 8, 2012, on second call,
        respectively, and the Extraordinary Shareholders&#146;
        Meeting, which will be held on April 30, 2012 on first
        call and, if necessary, on May 7 and 8, 2012, at the same
        time and location, on second and third call,
        respectively, to discuss and deliberate on the following:</p>
        <p align="center"><b>Agenda</b></p>
        <p><b>Ordinary Part</b></p>
        <ol>
            <li>Eni Financial statements at December 31, 2011.
                Related deliberations. Eni Consolidated Financial
                Statements at December 31, 2011. Reports of the
                Directors, of the Board of Statutory Auditors and
                of the Audit Firm.</li>
            <li>Allocation of net profit.</li>
            <li>Remuneration report: policy on remuneration.</li>
        </ol>
        <p><b>Extraordinary Part</b></p>
        <ol>
            <li>Amendments to the By-laws articles 17 and 28 and
                addition of the new article 34.</li>
        </ol>
        <p><b>Right to attend and to vote at the Shareholders'
        Meeting <br>
        </b>Pursuant to Article 83-<i>sexies</i> of Italian
        Legislative Decree no. 58 of February 24, 1998
        (Consolidated Law on Finance, hereinafter
        &quot;T.U.F.&quot;) and Article 13.2 of the By-laws, the
        right to attend the Shareholders&#146; Meeting applies to
        those on behalf of whom the intermediary - authorized
        pursuant to applicable regulations - has sent to the
        Company the statement certifying the ownership of the
        relative right, at the end of the seventh trading day
        prior to the date of the Shareholders&#146; Meeting on
        first call (April 19, 2012 - <i>record date</i>). The
        statement must be received by Eni by the end of the third
        trading day (April 25, 2012) prior to the date scheduled
        for the first call of the Shareholders&#146; Meeting. The
        right to attend and to vote in the Shareholders&#146;
        Meeting still remains even if the statement is received
        by the Company after the deadline indicated above, as
        long as it is received by the opening of the
        Shareholders&#146; Meeting. Those who become shareholders
        only after the <i>record date</i> shall not be entitled
        to attend and to vote at the Shareholders' Meeting.
        Please note that the statement is sent to Eni by the
        intermediary upon request of the person entitled to the
        right. Those entitled to vote are required to give
        instructions to the intermediary that keeps the related
        accounts to send the aforementioned statement to the
        Company. Any requests for prior notice or expence aimed
        at fulfilling the duties of the intermediary are not
        ascribable to the Company<i>. </i>In order to attend the
        Shareholders&#146; Meeting, shareholders holding shares
        not yet in dematerialized form, shall previously deliver
        these</p>
        </td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">shares to an authorized
        intermediary, who will have them dematerialized in the
        Central Depository System, and shall then request the
        above-mentioned statement of attendance.<p><b>Right to
        ask questions prior to the Shareholders' Meeting<br>
        </b>Pursuant to Article 127-<i>ter</i> of the T.U.F.,
        shareholders may ask questions on items on the agenda
        prior to the Shareholders&#146; Meeting: the questions
        must be received by the Company within April 27, 2012;
        the Company does not guarantee an answer to the questions
        received after that date. The questions may be sent by
        mail at the following address: </p>
        <blockquote>
            <p><i>Eni S.p.A.<br>
            Segreteria Societaria (Domande Assemblea 2012)<br>
            Piazzale Enrico Mattei, 1<br>
            00144 Rome &#150; Italy</i></p>
        </blockquote>
        <p>by fax addressed to the Eni Corporate Secretary&#146;s
        Office (Segreteria Societaria) at +39 06 598 22 233, by
        e-mail at the address
        segreteriasocietaria.azionisti@eni.com, or through the
        appropriate section of the Company&#146;s website. The
        interested parties must provide the information and
        documentation certifying the entitlement to the right, in
        compliance with the procedures specified in the website.
        Questions received within the aforementioned deadline
        shall be answered at the latest during the
        Shareholders&#146; Meeting. The Company shall provide a
        single answer to questions having the same content. No
        reply is due when the requested information is available
        in &quot;question and answer&quot; form in the
        appropriate section of the Company&#146;s Internet
        website. </p>
        <p><b>Integration of the agenda of the Shareholders'
        Meeting<br>
        </b>Pursuant to Article 126-<i>bis</i> of the T.U.F. and
        in accordance with the provisions of Article 13.1 of the
        By-laws, the Shareholders who, severally or jointly,
        represent at least one fortieth of Eni share capital, may
        ask, within ten days from the date of publication of this
        notice, to add other items to the agenda. The request
        shall contain the matters to be proposed to the
        Shareholders&#146; Meeting. The requests must be
        submitted in writing and addressed to the Company&#146;s
        registered office by recorded delivery letter with advice
        of delivery. Moreover, a report on the proposed issues
        must be presented by the shareholders requesting
        integration of the agenda, within the same deadline. Any
        further information is available on the Company&#146;s
        Internet website. </p>
        <p><b>How to vote by proxy<br>
        </b>Pursuant to Article 135-<i>novies</i> of the T.U.F.
        and Article 14.1 of the By-laws, parties entitled to vote
        may appoint a representative in the Shareholders&#146;
        Meeting, in the manner specified by the law. The proxy
        may be notified to the Company by mail, at the following
        address: </p>
        </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>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="48%"><blockquote>
            <p><i>Eni S.p.A.<br>
            Segreteria Societaria (Delega Assemblea 2012)<br>
            Piazzale Enrico Mattei, 1<br>
            00144 Rome &#150; Italy</i></p>
        </blockquote>
        <p>by fax to the Eni Corporate Secretary&#146;s Office
        (Segreteria Societaria) at +39 06 598 22 233, or through
        the appropriate section of the Company&#146;s Internet
        website, according to the procedures specified therein.
        The proxy and related voting instructions can be revoked
        at any time. A proxy form is available on the
        Company&#146;s Internet website and at the Company&#146;s
        registered office. </p>
        <p><b>Shareholders&#146; Representative designated by the
        Company <br>
        </b>Pursuant to Article 135-<i>undecies</i> of the T.U.F.
        and Article 14.5 of the By-laws, the Company has
        designated Studio Legale Trevisan &amp; Associati as the
        representative to whom shareholders may confer the proxy
        free of charge, with voting instructions on all or part
        of the proposals on the agenda. In this case, the proxy
        must be conferred by signing the related proxy form
        available on the Company&#146;s Internet website or at
        the Company&#146;s registered office. The form must be
        mailed to the following address and received within April
        26, 2012:</p>
        <blockquote>
            <p><i>Studio Legale Trevisan &amp; Associati<br>
            Viale Majno n. 45 <br>
            20122 Milan &#150; Italy</i></p>
        </blockquote>
        <p>The proxy and related voting instructions can be
        revoked within the above-mentioned deadline. The proxy
        shall not be valid for proposals for which no voting
        instructions have been provided. <br>
        For any further information, please visit the
        Company&#146;s website. Shareholders&#146; Representative
        is available for further clarifications at toll-free
        number 800 134 679 and at the e-mail address
        info@rappresentante-designato.it.</p>
        <p><b>How to vote by mail<br>
        </b>Pursuant to Article 127 of the T.U.F. and Article
        14.3 of the By-laws, voting may also be exercised by mail
        in accordance with the applicable regulations.<br>
        The &quot;Vote by Mail Form&quot;, which will be
        available on the Company's website or at the
        Company&#146;s registered office, may also be mailed by
        the Corporate Secretary&#146;s Office to any Shareholders
        who request it, together with the relative envelope. The
        &quot;Vote by Mail Form&quot; &#150; duly filled in and
        signed &#150; must be mailed to the Corporate
        Secretary&#146;s Office at the following address, and
        received within the day before the Shareholders&#146;
        Meeting:</p>
        <blockquote>
            <p><i>Eni S.p.A.<br>
            Segreteria Societaria<br>
            (Voto per corrispondenza Assemblea 2012)<br>
            Piazzale Enrico Mattei, 1<br>
            00144 Rome &#150; Italy</i></p>
        </blockquote>
        <p>For those who wish to use the voting form available on
        the website, the related procedure for sending the form
        is specified on the website. Voting forms received after
        the fixed deadline or lacking the relative signature,
        shall not be counted in the initial or the voting quorum
        of the Shareholders&#146; Meeting. The vote by mail is
        exercised directly by the owner of the voting right and
        is expressed separately for each of the deliberations
        proposed. The vote may be revoked by written statement
        notified to the</p>
        </td>
        <td valign="top" width="4%">&nbsp;</td>
        <td valign="top" width="48%">Company at least the day
        before the Shareholders&#146; Meeting, or following an
        express statement issued by the interested party during
        the course of the Shareholders&#146; Meeting. <p><b>Information
        regarding ADRs holders<br>
        </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 The Bank
        of New York Mellon, ADRs Depositary, by March 26, 2012
        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 The Bank of New York Mellon.</p>
        <p><b>Request for information and Internet website of the
        Company<br>
        </b>Any further information related to the
        Shareholders&#146; Meeting and, in particular, on the
        procedures for exercising rights, can be obtained by
        visiting the Company&#146;s website - www.eni.com - or by
        writing to the email address
        segreteriasocietaria.azionisti@eni.com. In addition, the
        following numbers are active:</p>
        <ul>
            <li>Toll-Free Number: 800 940 924 &#150; from Italy
                only.</li>
            <li>Toll-Free Number: + 800 112 234 56 &#150; from
                outside Italy. </li>
            <li>Fax number: +39 06 598 22 233.</li>
        </ul>
        <p><b>Information documents<br>
        </b>The documentation relative to the items on the
        agenda, the full texts of the deliberation proposals -
        together with the explanatory reports specified the
        applicable legislation - and the other information
        specified in Article 125-<i>quater</i> of the T.U.F.,
        will be available to the public - in accordance with the
        terms of the law - at the Company&#146;s registered
        office, at Borsa Italiana S.p.A. and on the
        Company&#146;s website.</p>
        <p align="center">***</p>
        <p>Any experts, financial analysts and journalists who
        wish to be present at the Shareholders&#146; Meeting must
        submit an appropriate request &#150; by mail or fax at
        +39 06 598 22 233 &#150; to be received by the Eni
        Corporate Secretary&#146;s Office (Segreteria Societaria)
        within April 27, 2012.<br>
        Those who are entitled to attend the Shareholders&#146;
        Meeting are invited to arrive before the scheduled
        starting time of the Meeting, so as to facilitate
        admission procedures; registration operations shall be
        performed at the venue of the Shareholders&#146; Meeting
        starting from 9:00. With regard to the composition of the
        Company&#146;s shareholding structure, the ordinary and
        the extraordinary session of the Shareholders&#146;
        Meeting is likely to be held on May 8, 2012. </p>
        <p align="center"><i>The Chairman of the Board of
        Directors</i></p>
        <p align="center"><i>Giuseppe Recchi</i></p>
        </td>
    </tr>
</table>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="108">Table of Contents</a></h5>

<p align="left"><font size="2">Published on March 22, 2012</font></p>

<p align="left"><img src="sjlogonewcol.gif" align="right"
hspace="0" width="68" height="83"></p>

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

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

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

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

<table border="3" cellpadding="4" cellspacing="0" width="100%">
    <tr>
        <td width="100%"><p align="center"><font size="5"><b>E</b></font><b>NI
        </b><font size="5"><b>S</b></font><b>.P.</b><font
        size="5"><b>A</b></font><b>.</b></p>
        <p align="center"><font size="5"><b>O</b></font><b>RDINARY
        </b><font size="5"><b>S</b></font><b>HAREHOLDERS&#146; </b><font
        size="5"><b>M</b></font><b>EETING ON </b><font size="5"><b>A</b></font><b>PRIL
        </b><font size="5"><b>30</b></font><b> AND </b><font
        size="5"><b>M</b></font><b>AY </b><font size="5"><b>8,
        2012</b></font><b><br>
        ON FIRST AND SECOND CALL, RESPECTIVELY<br>
        </b><font size="5"><b>E</b></font><b>XTRAORDINARY </b><font
        size="5"><b>S</b></font><b>HAREHOLDERS&#146; </b><font
        size="5"><b>M</b></font><b>EETING ON </b><font size="5"><b>A</b></font><b>PRIL
        </b><font size="5"><b>30</b></font><b>, </b><font
        size="5"><b>M</b></font><b>AY </b><font size="5"><b>7</b></font><b>
        AND </b><font size="5"><b>8, 2012</b></font><b> <br>
        ON FIRST, SECOND AND THIRD CALL, RESPECTIVELY</b></p>
        <p align="center"><font size="5"><b>R</b></font><b>EPORT
        OF THE </b><font size="5"><b>B</b></font><b>OARD OF </b><font
        size="5"><b>D</b></font><b>IRECTORS<br>
        ON THE ITEMS OF THE AGENDA </b></p>
        </td>
    </tr>
</table>

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

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

<p>&nbsp;</p>

<p>&nbsp;</p>

<p>&nbsp;</p>

<p align="left"><i>The Italian text prevails over the translation
into English</i></p>

<p>&nbsp;</p>

<p>&nbsp;</p>

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

<hr noshade>

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

<p align="left"><font size="2">Published on March 22, 2012</font></p>

<p align="center"><font size="5"><b>E</b></font><b>NI </b><font
size="5"><b>S</b></font><b>.P.</b><font size="5"><b>A</b></font><b>.</b></p>

<p align="center"><font size="5"><b>O</b></font><b>RDINARY </b><font
size="5"><b>S</b></font><b>HAREHOLDERS&#146; </b><font size="5"><b>M</b></font><b>EETING
ON </b><font size="5"><b>A</b></font><b>PRIL </b><font size="5"><b>30</b></font><b>
AND </b><font size="5"><b>M</b></font><b>AY </b><font size="5"><b>8,
2012</b></font><b><br>
ON FIRST AND SECOND CALL, RESPECTIVELY<br>
</b><font size="5"><b>E</b></font><b>XTRAORDINARY </b><font
size="5"><b>S</b></font><b>HAREHOLDERS&#146; </b><font size="5"><b>M</b></font><b>EETING
ON </b><font size="5"><b>A</b></font><b>PRIL </b><font size="5"><b>30</b></font><b>,
</b><font size="5"><b>M</b></font><b>AY </b><font size="5"><b>7 </b></font><b>AND
</b><font size="5"><b>8, 2012</b></font><b><br>
ON FIRST, SECOND AND THIRD CALL, RESPECTIVELY</b></p>

<p align="center"><font size="5"
face="Times New Roman Grassetto,Times New Roman"><b>R</b></font><font
face="Times New Roman Grassetto,Times New Roman"><b>EPORT OF THE </b></font><font
size="5" face="Times New Roman Grassetto,Times New Roman"><b>B</b></font><font
face="Times New Roman Grassetto,Times New Roman"><b>OARD OF </b></font><font
size="5" face="Times New Roman Grassetto,Times New Roman"><b>D</b></font><font
face="Times New Roman Grassetto,Times New Roman"><b>IRECTORS<br>
ON THE ITEMS OF THE AGENDA </b></font></p>

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

<p align="center"><font size="5"><b>O</b></font><b>RDINARY </b><font
size="5"><b>M</b></font><b>EETING</b></p>

<p align="center"><font size="4"><b>I</b></font><b>TEM 1<br>
</b><font size="5"><b>E</b></font><font size="4"><b>NI </b></font><font
size="5"><b>F</b></font><font size="4"><b>INANCIAL </b></font><font
size="5"><b>S</b></font><font size="4"><b>TATEMENTS AT </b></font><font
size="5"><b>D</b></font><font size="4"><b>ECEMBER </b></font><font
size="5"><b>31, 2011</b></font><font size="4"><b>.<br>
</b></font><font size="5"><b>R</b></font><font size="4"><b>ELATED
DELIBERATIONS.<br>
</b></font><font size="5"><b>E</b></font><font size="4"><b>NI </b></font><font
size="5"><b>C</b></font><font size="4"><b>ONSOLIDATED </b></font><font
size="5"><b>F</b></font><font size="4"><b>INANCIAL <br>
</b></font><font size="5"><b>S</b></font><font size="4"><b>TATEMENTS
AT </b></font><font size="5"><b>D</b></font><font size="4"><b>ECEMBER
</b></font><font size="5"><b>31, 2011</b></font><font size="4"><b>.<br>
</b></font><font size="5"><b>R</b></font><font size="4"><b>EPORTS
OF THE </b></font><font size="5"><b>D</b></font><font size="4"><b>IRECTORS,
OF THE </b></font><font size="5"><b>B</b></font><font size="4"><b>OARD
OF </b></font><font size="5"><b>S</b></font><font size="4"><b>TATUTORY<br>
</b></font><font size="5"><b>A</b></font><font size="4"><b>UDITORS
AND OF THE </b></font><font size="5"><b>A</b></font><font
size="4"><b>UDIT </b></font><font size="5"><b>F</b></font><font
size="4"><b>IRM.</b></font></p>

<p>&nbsp;</p>

<p>Dear Shareholders,<br>
the document &quot;Annual Report at 31 December 2011&quot; of Eni
S.p.A., available at the Company&#146;s registered offices, on
the Company&#146;s website and at Borsa Italiana S.p.A. (the
Italian Stock Exchange), includes the draft of the financial
statements of Eni S.p.A. and the consolidated financial
statements, jointly with the Directors&#146; report and the
statement pursuant to Article 154-<i>bis</i>, paragraph 5 of the
Legislative Decree No. 58 issued on February 24, 1998
(Consolidated Law on Finance, hereinafter &quot;T.U.F.&quot;).
Reports of the Audit Firm and of the Board of Statutory Auditors
are fully available to the public together with the Annual
Report.</p>

<p>Reference is therefore made to these documents. </p>

<p>You are invited to approve the financial statements at
December 31, 2011 of Eni S.p.A. which report net profit amounting
to 4,212,687,003.27 euro.</p>

<p align="center"><font size="5"><b>I</b></font><b>TEM 2 </b></p>

<p align="center"><font size="5"><b>A</b></font><b>LLOCATION OF
NET </b><font size="4"><b>P</b></font><b>ROFIT</b></p>

<p>Dear Shareholders,</p>

<p>in relation to the results achieved, the Board of Directors
proposes that you resolve as follows:</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 align="left"><font size="2">Published on March 22, 2012</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
dir="LTR">
    <tr>
        <td valign="top" width="1%">-</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">the allocation of the profit
        for the period of 4,212,687,003.27 euro, of which
        2,328,880,900.91 euro remains following the distribution
        of the 2011 interim dividend of 0.52 euro per share
        resolved by the Board of Directors on September 8, 2011,
        as follows:</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
dir="LTR">
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="96%">to Shareholders as dividend
        0.52 euro per share owned and outstanding at the coupon
        detachment date, excluding treasury shares in portfolio
        on that date, completing payment of the dividend for the
        financial year 2011; the total dividend per share for
        financial year 2011 therefore amounts to 1.04 euro; </td>
    </tr>
    <tr>
        <td valign="top" width="2%">&nbsp;</td>
        <td valign="top" width="1%">&#149;</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="96%">to the legal Reserve the
        amount remaining following the distribution of the
        proposed dividend;</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
dir="LTR">
    <tr>
        <td valign="top" width="1%">-</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">the balance of the 2011
        dividend payable starting from May 24, 2012, with coupon
        detachment set for May 21, 2012.</td>
    </tr>
</table>

<p>&nbsp;</p>

<p align="center"><font size="5"><b>I</b></font><b>TEM 3</b></p>

<p align="center"><font size="5"><b>R</b></font><b>EMUNERATION
REPORT: POLICY ON REMUNERATION</b></p>

<p>Dear Shareholders,</p>

<p>the Remuneration report has been set on the basis of Article
123-<i>ter</i> of the T.U.F. and of Article 84-<i>quater</i> of
the Regulation implementing the T.U.F. (adopted by Consob under
resolution No. 11971 of May 14, 1999), added by Consob resolution
No. 18049 of December 23, 2011.</p>

<p>According to the sixth paragraph of Article 123-<i>ter </i>of
the T.U.F., the Shareholders&#146; Meeting shall resolve in
favour or against the section of the Remuneration report
regarding the company's policy on the remuneration of board
directors, general managers and executives with strategic
responsibilities and the procedures used to adopt and implement
this policy. The resolution is not binding.</p>

<p>Please refer to the Remuneration report approved by the Board
of Directors on March 15, 2012 and available to the public in
accordance with the terms and the procedures of the law.</p>

<p>You are invited to resolve in favour of the first section of
the Remuneration report regarding the company's policy on the
remuneration of board directors, general managers and executives
with strategic responsibilities and the procedures used to adopt
and implement this policy.</p>

<p>&nbsp;</p>

<p align="center"><font size="5"><b>E</b></font><b>XTRAORDINARY
MEETING</b></p>

<p align="center"><font size="5"><b>I</b></font><b>TEM 1</b></p>

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

<p align="center"><b>AMENDMENTS TO THE BY-LAWS ARTICLES 17 AND 28
AND ADDITION OF THE NEW ARTICLE 34</b></p>

<p>Dear Shareholders,</p>

<p>Law No. 120 issued on July 12, 2011 containing &quot;<i>Amendments
to the Legislative Decree No. 58 issued on February 24, 1998
(Consolidated Law on Finance) concerning </i></p>

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

<hr noshade>

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

<p><font size="2">Published on March 22, 2012</font></p>

<p><i>the gender balance on the governing and auditing bodies of
companies listed in regulated markets</i>&quot;, introduced
paragraph 1-<i>ter </i>of Article 147-<i>ter</i>, with regard to
members of boards of directors, and paragraph 1-<i>bis</i> of
Article 148, referring to members of boards of statutory
auditors, into the T.U.F.</p>

<p>These new rules establish that listed companies must specify
an allotment criterion in their by-laws that ensures gender
balance in the corporate boards&#146; composition. Specifically,
the less-represented gender must obtain, in the first upcoming
term of office, at least one-fifth of the positions of director
and standing auditor, and at least one-third of such positions in
the subsequent two terms, starting from the first renewal of the
corporate bodies after August 12, 2012. </p>

<p>On February 8, 2012, Consob, by its resolution No. 18098,
issued measures implementing the provisions concerning listed
companies, amending the Regulation concerning the discipline of
Issuers with the addition of Article 144-<i>undecies.1</i>. </p>

<p>This provision sets out the principles that corporate by-laws
must follow to ensure that the genders are represented in a
balanced way within corporate bodies, in the renewal and
replacement of the individual members during the course of their
terms specifying that this gender balance criterion does not
apply to slates containing fewer than three candidates. It also
establishes that if the application of this criterion results in
a decimal number, such number will be rounded up to the next
highest whole number. If the company fails to comply with the
gender balance provisions, Consob will issue a warning; if the
non-compliance continues, Consob will set a deadline of three
months to the company to comply, levying a fine for
non-compliance. Any further non-compliance will result in the
members&#146; loss of their position.</p>

<p>Eni&#146;s By-laws govern the appointment and composition of
the Board of Directors and Board of Statutory Auditors in
Articles 17 and 28, respectively. </p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="100%">Therefore, the Board of Directors
        proposes the following amendments to the
        Shareholders&#146; Meeting:</td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
dir="LTR">
    <tr>
        <td valign="top" width="1%">-</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">in line with the Consob
        provisions, slates that contain three or more candidates
        must include candidates of both genders, giving to the
        majority slates a higher burden, in order to ensure
        compliance with the law, when the required minimum number
        of the less-represented gender is odd (three directors or
        one auditor) (Articles 17.3 and 28.2);</td>
    </tr>
    <tr>
        <td valign="top" width="1%">-</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">if the slate-voting
        mechanism does not ensure the minimum gender quota
        provided for by law, it will be used an impartial
        mechanism, based on the quotients of votes received by
        the candidates, to select those members of the
        over-represented gender to be replaced by persons of the
        less-represented gender, who are in the same slate, if
        any, or chosen by the Shareholders' Meeting (Articles
        17.3, letter c-<i>bis</i>) and 28.2);</td>
    </tr>
    <tr>
        <td valign="top" width="1%">-</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">for the purpose of
        consistency, an analogous mechanism shall be used to
        ensure the minimum number of independent directors as
        required by the By-laws, amending the current system
        (Article 17.3, letter c);</td>
    </tr>
    <tr>
        <td valign="top" width="1%">-</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">furthermore, it is proposed
        to make clear that the gender-balance rules will be also
        applied when Directors are replaced during the course of
        their term (Article 17.5). As to members of the Board of
        Statutory Auditors (Article 28.2), if replacement with an
        alternate Statutory Auditor results in non-compliance
        with the gender-balance rules, the Shareholders&#146;
        Meeting shall be called as soon as possible to approve
        the necessary resolutions (Article 28.2);</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 align="left"><font size="2">Published on March 22, 2012</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
dir="LTR">
    <tr>
        <td valign="top" width="1%">-</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">finally, it is proposed to
        add a new article, Article 34, to the By-laws, which
        limits the application of the gender-balance rules to the
        subsequent three elections of the corporate bodies, in
        line with the regulations.</td>
    </tr>
</table>

<p>The Board believes that the proposed amendments to the By-laws
do not trigger the right of withdrawal of Shareholders, pursuant
to Article 2437 of the Italian Civil Code.</p>

<p>Shareholders,</p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
    <tr>
        <td width="100%">therefore, you are asked </td>
    </tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%"
dir="LTR">
    <tr>
        <td valign="top" width="1%">-</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">to approve the amendments to
        Articles 17.3, 17.5 and 28.2 of the By-laws of Eni S.p.A.
        and the addition of the new Article 34, as set out in the
        proposed text, presented alongside the current text for
        comparison;</td>
    </tr>
</table>

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

<table border="1" cellpadding="4" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="50%" bgcolor="#EEEEEE">Current
        text</td>
        <td valign="top" width="50%" bgcolor="#EEEEEE">Proposed
        text</td>
    </tr>
    <tr>
        <td valign="top" width="50%">ART. 17<br>
        17.1 The Company is governed by a Board of Directors
        consisting of no fewer than three and no more than nine
        members. The Shareholders&#146; Meeting shall determine
        the number within these limits.<br>
        The Minister of the Economy and Finance in agreement with
        the Minister of Economic Development may appoint an
        additional non-voting Director, pursuant to Article 6.2,
        letter d), of the By-laws.<br>
        17.2 The Directors shall be appointed for a period of up
        to three financial years; this term shall lapse on the
        date of the Shareholders&#146; Meeting convened to
        approve the financial statements for their last year in
        office. They may be re-elected.<br>
        17.3 The Board of Directors, except for the member
        appointed pursuant to Article 6.2, letter d) of these
        By-laws, shall be elected by the Shareholders&#146;
        Meeting on the basis of slates presented by </td>
        <td valign="top" width="50%">ART. 17<br>
        17.1 The Company is governed by a Board of Directors
        consisting of no fewer than three and no more than nine
        members. The Shareholders&#146; Meeting shall determine
        the number within these limits.<br>
        The Minister of the Economy and Finance in agreement with
        the Minister of Economic Development may appoint an
        additional non-voting Director, pursuant to Article 6.2,
        letter d), of the By-laws.<br>
        17.2 The Directors shall be appointed for a period of up
        to three financial years; this term shall lapse on the
        date of the Shareholders&#146; Meeting convened to
        approve the financial statements for their last year in
        office. They may be re-elected. <br>
        17.3 The Board of Directors, except for the member
        appointed pursuant to Article 6.2, letter d) of these
        By-laws, shall be elected by the Shareholders&#146;
        Meeting on the basis of slates presented by</td>
    </tr>
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        <td valign="top" width="50%">shareholders and by the
        Board of Directors. The candidates shall be listed on the
        slates in numerical order.<br>
        The slates shall be filed with the Company&#146;s
        registered office by the twenty-fifth day before the date
        of the Shareholders&#146; Meeting at first or single call
        convened to appoint the members of the Board of
        Directors. They shall be made available to the public as
        provided for by law and Consob regulations at least
        twenty-one days before the date set for the
        Shareholders&#146; Meeting at first or single call. Each
        shareholder may, severally or jointly, submit and vote on
        a single slate only. Controlling persons, subsidiaries
        and companies under common control may not submit or
        participate in the submission of other slates, nor can
        they vote on them, either directly or through nominees or
        trustees. As used herein, subsidiaries are those
        companies referred to in Article 93 of Legislative Decree
        No. 58 of February 24, 1998. Each candidate may stand on
        a single slate, on penalty of disqualification. Only
        those shareholders who, severally or jointly, represent
        at least 1% of share capital or any other threshold
        established by Consob regulations shall be entitled to
        submit a slate. Ownership of the minimum holding needed
        to submit slates shall be determined with regard to the
        shares registered to the shareholder on the day on which
        the slates are filed with the</td>
        <td valign="top" width="50%">shareholders and by the
        Board of Directors. The candidates shall be listed on the
        slates in numerical order.<br>
        The slates shall be filed with the Company&#146;s
        registered office by the twenty-fifth day before the date
        of the Shareholders&#146; Meeting at first or single call
        convened to appoint the members of the Board of
        Directors. They shall be made available to the public as
        provided for by law and Consob regulations at least
        twenty-one days before the date set for the
        Shareholders&#146; Meeting at first or single call. Each
        shareholder may, severally or jointly, submit and vote on
        a single slate only. Controlling persons, subsidiaries
        and companies under common control may not submit or
        participate in the submission of other slates, nor can
        they vote on them, either directly or through nominees or
        trustees. As used herein, subsidiaries are those
        companies referred to in Article 93 of Legislative Decree
        No. 58 of February 24, 1998. Each candidate may stand on
        a single slate, on penalty of disqualification. Only
        those shareholders who, severally or jointly, represent
        at least 1% of share capital or any other threshold
        established by Consob regulations shall be entitled to
        submit a slate. Ownership of the minimum holding needed
        to submit slates shall be determined with regard to the
        shares registered to the shareholder on the day on which
        the slates are filed with the</td>
    </tr>
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        <td valign="top" width="50%">Company. Related
        certification may be submitted after the filing, provided
        that submission takes place by the deadline set for the
        publication of the slates by the Company.<br>
        At least one Director, if there are no more than five
        Directors, or at least three Directors, if there are more
        than five, shall satisfy the independence requirements
        established for the members of the board of statutory
        auditors of listed companies.<br>
        The candidates meeting such independence requirements
        shall be expressly identified in each slate.<br>
        All candidates shall also satisfy the integrity
        requirements established by applicable law.<p>Together
        with the filing of each slate, on penalty of
        inadmissibility, the following shall also be filed: the
        curriculum vitae of each candidate, statements of each
        candidate accepting his/her nomination</p>
        </td>
        <td valign="top" width="50%">Company. Related
        certification may be submitted after the filing, provided
        that submission takes place by the deadline set for the
        publication of the slates by the Company.<br>
        At least one Director, if there are no more than five
        Directors, or at least three Directors, if there are more
        than five, shall satisfy the independence requirements
        established for the members of the board of statutory
        auditors of listed companies.<br>
        The candidates meeting such independence requirements
        shall be expressly identified in each slate.<br>
        All candidates shall also satisfy the integrity
        requirements established by applicable law. <br>
        <strong>Slates that contain three or more candidates
        shall include candidates of both genders, as specified in
        the notice calling the Meeting, in order to comply with
        the applicable gender-balance legislation.</strong><b>
        When the number of members of the less-represented gender
        must, by law, be at least three, the slates competing to
        appoint the majority of the members of the Board of
        Directors must include at least two candidates of the
        less-represented gender. <br>
        </b>Together with the filing of each slate, on penalty of
        inadmissibility, the following shall also be filed: the
        curriculum vitae of each candidate, statements of each
        candidate accepting his/her nomination</td>
    </tr>
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        <td valign="top" width="50%">and affirming, under his/her
        personal responsibility, the absence of any grounds
        making him/her ineligible or incompatible for such
        position and that he/she satisfies the aforementioned
        requirements of integrity and independence (where
        applicable).<br>
        The appointed Directors shall notify the Company if they
        should no longer satisfy the independence and integrity
        requirements or if cause for ineligibility or
        incompatibility should arise.<br>
        The Board of Directors shall periodically evaluate the
        independence and integrity of its members and whether
        cause for ineligibility or incompatibility has arisen. If
        the integrity or independence requirements established by
        applicable legislation should no longer be met by a
        Director or if cause for ineligibility or incompatibility
        should have arisen, the Board of Directors shall declare
        the Director disqualified and replace him/her or shall
        invite him/her to rectify the situation of
        incompatibility by a deadline set by the Board itself, on
        penalty of disqualification.<br>
        Directors shall be elected in the following manner: <br>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>a)
        seven-tenths of the Directors to be elected shall be
        drawn from the slate that receives the most votes of the
        shareholders in the order in which they appear on the
        slate, rounded off in the</td>
        <td valign="top" width="50%">and affirming, under his/her
        personal responsibility, the absence of any grounds
        making him/her ineligible or incompatible for such
        position and that he/she satisfies the aforementioned
        requirements of integrity and independence (where
        applicable).<br>
        The appointed Directors shall notify the Company if they
        should no longer satisfy the independence and integrity
        requirements or if cause for ineligibility or
        incompatibility should arise.<br>
        The Board of Directors shall periodically evaluate the
        independence and integrity of its members and whether
        cause for ineligibility or incompatibility has arisen. If
        the integrity or independence requirements established by
        applicable legislation should no longer be met by a
        Director or if cause for ineligibility or incompatibility
        should have arisen, the Board of Directors shall declare
        the Director disqualified and replace him/her or shall
        invite him/her to rectify the situation of
        incompatibility by a deadline set by the Board itself, on
        penalty of disqualification.<br>
        Directors shall be elected in the following manner: <br>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>a)
        seven-tenths of the Directors to be elected shall be
        drawn from the slate that receives the most votes of the
        shareholders in the order in which they appear on the
        slate, rounded off in the</td>
    </tr>
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        <td valign="top" width="50%">event of a fractional number
        to the next lower number; <br>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>b)
        the remaining Directors shall be drawn from the other
        slates. Said slates shall not be connected in any way,
        directly or indirectly, to the shareholders who have
        submitted or voted the slate that receives the largest
        number of votes. For this purpose, the votes received by
        each slate shall be divided by one or two or three
        depending upon the number of Directors to be elected. The
        quotients, or points, thus obtained shall be assigned
        progressively to candidates of each slate in the order
        given in the slates themselves. The candidates of all the
        slates shall be ranked by the points assigned in single
        list in descending order. Those who receive the most
        points shall be elected. In the event that more than one
        candidate receives the same number of points, the
        candidate elected shall be the person from the slate that
        has not hitherto had a Director elected or that has
        elected the least number of Directors. In the event that
        none of the slates has yet had a Director elected or that
        all of them have had the same number of Directors
        elected, the candidate among all such slates who has
        received the highest number of votes shall be elected. In
        the event of equal slate votes and equal points, the
        entire Shareholders&#146; Meeting shall vote again and
        the candidate elected shall be the person who receives a
        simple majority of</td>
        <td valign="top" width="50%">event of a <strike>fractional</strike>
        <b>decimal </b>number<b> </b>to the next lowe<strike>r</strike><b>st
        whole </b>number; <br>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>b)
        the remaining Directors shall be drawn from the other
        slates. Said slates shall not be connected in any way,
        directly or indirectly, to the shareholders who have
        submitted or voted the slate that receives the largest
        number of votes. For this purpose, the votes received by
        each slate shall be divided by one or two or three
        depending upon the number of Directors to be elected. The
        quotients, or points, thus obtained shall be assigned
        progressively to candidates of each slate in the order
        given in the slates themselves. The candidates of all the
        slates shall be ranked by the points assigned in single
        list in descending order. Those who receive the most
        points shall be elected. In the event that more than one
        candidate receives the same number of points, the
        candidate elected shall be the person from the slate that
        has not hitherto had a Director elected or that has
        elected the least number of Directors. In the event that
        none of the slates has yet had a Director elected or that
        all of them have had the same number of Directors
        elected, the candidate among all such slates who has
        received the highest number of votes shall be elected. In
        the event of equal slate votes and equal points, the
        entire Shareholders&#146; Meeting shall vote again and
        the candidate elected shall be the person who receives a
        simple majority of</td>
    </tr>
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        <td valign="top" width="50%">the votes; <br>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>c) if
        the minimum number of independent Directors required
        under these By-laws has not been elected following the
        above procedure, the points to be assigned to the
        candidates in each slate shall be calculated using the
        system described at letter b); the independent candidates
        not yet drawn from the slates pursuant to letters a) and
        b) above who have the highest number of points shall be
        elected in order to ensure compliance with the provision
        of the By-laws concerning the number of independent
        Directors. The Directors so appointed shall replace the
        non-independent Directors receiving the lowest number of
        points. If the number of independent candidates is lower
        than the minimum number established in these By-laws, the
        Shareholders&#146; Meeting shall resolve, with the
        majorities required by law, to replace the
        non-independent candidates who received the lowest number
        of points; </td>
        <td valign="top" width="50%">the votes; <br>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>c) if
        the minimum number of independent Directors required
        under these By-laws has not been elected following the
        above procedure, the points to be assigned to the
        candidates <strike>in each</strike> <b>drawn from the</b>
        slate<b>s</b> shall be calculated<strike> using the
        system described at letter b); the independent candidates
        not yet drawn from the slates pursuant to letters a) and
        b) above who have the highest number of points shall be
        elected in order to ensure compliance with the provision
        of the By-laws concerning the number of independent
        Directors. The Directors so appointed shall replace the
        non-independent Directors receiving the lowest number of
        points. If the number of independent candidates is lower
        than the minimum number established in these By-laws, the
        Shareholders&#146; Meeting shall resolve, with the
        majorities required by law, to replace the
        non-independent candidates who received the lowest number
        of points; </strike><b>by dividing the number of votes
        received by each slate by the ordinal number of each of
        these candidates; the candidates who do not meet the
        requirements of independence with the fewest points from
        among the candidates drawn from all of the slates shall
        be replaced, starting from the last, by the independent
        candidates, from the same slate as the replaced candidate</b></td>
    </tr>
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        <td valign="top" width="50%">&nbsp;</td>
        <td valign="top" width="50%"><b>(following the order in
        which they are listed), otherwise by persons meeting the
        independence requirements appointed in accordance with
        the procedure set out in letter d). In cases where
        candidates from different lists have received the same
        number of points, the candidate from the slate from which
        the largest number of Directors has been drawn or,
        subordinately, the candidate drawn from the slate
        receiving the lowest number of votes, or, in the event of
        a tie vote, the candidate that receives the fewest votes
        of the Shareholders&#146; Meeting in a run-off election,
        shall be replaced;<br>
        </b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><b>c-</b><b><i>bis</i></b><b>)
        if the application of the procedure set out in letters a)
        and b) does not permit compliance with the gender-balance
        rules, the points to attribute to each candidate drawn
        from the slate shall be calculated by dividing the number
        of votes received by each slate by the ordinal number of
        each of these candidates; the candidate of the
        over-represented gender with the fewest points from among
        the candidates drawn from all of the slates shall be
        replaced, without prejudice to the compliance with the
        required minimum number of independent Directors, by the
        member of the less-represented gender who may be listed
        (with the next</b></td>
    </tr>
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        <td valign="top" width="50%"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>d)
        to appoint Directors who for any reason were not
        appointed pursuant to the above procedure, the
        Shareholders&#146; Meeting shall resolve, with the
        majorities required by law, to ensure that the
        composition of the Board of Directors complies with
        applicable law and the By-laws. <br>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The
        slate voting procedure shall apply only to the election
        of the entire Board of Directors. <br>
        17.4 The Shareholders&#146; Meeting may, during the
        Board's term of office, change the number of members of
        the Board of Directors, within the limits established in
        the first paragraph of this Article, and make the related
        appointments. The terms of Directors so elected shall
        expire at the</td>
        <td valign="top" width="50%"><b>highest ordinal number)
        on the same slate as the candidate to be replaced,
        otherwise by a person to be appointed following the
        procedure set out in letter d). In cases where candidates
        from different lists have received the same minimum
        number of points, the candidate from the slate from which
        the largest number of Directors has been drawn or,
        subordinately, the candidate drawn from the slate
        receiving the fewest number of votes, or, in the event of
        a tie vote, the candidate that receives the fewest votes
        of the Shareholders&#146; Meeting in a run-off election,
        shall be replaced;<br>
        </b><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>d)
        to appoint Directors who for any reason were not
        appointed pursuant to the above procedure<b>s</b>, the
        Shareholders&#146; Meeting shall resolve, with the
        majorities required by law, to ensure that the
        composition of the Board of Directors complies with
        applicable law and the By-laws.<br>
        <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>The
        slate voting procedure shall apply only to the election
        of the entire Board of Directors. <br>
        17.4 The Shareholders&#146; Meeting may, during the
        Board's term of office, change the number of members of
        the Board of Directors, within the limits established in
        the first paragraph of this Article, and make the related
        appointments. The terms of Directors so elected shall
        expire at the</td>
    </tr>
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        <td valign="top" width="50%">same time as those of the
        Directors already in office. <br>
        17.5 If, during the year, the office of one or more
        Directors should be vacated, he/she shall be replaced in
        accordance with Article 2386 of the Italian Civil Code
        (with exception of the Director appointed pursuant to
        Article 6.2 letter d) of these By-laws).<br>
        <p>If a majority of the Directors should vacate their
        offices, the entire Board shall be considered to have
        resigned, and the Board shall promptly call a
        Shareholders&#146; Meeting to elect a new Board. <br>
        17.6 The Board may establish internal committees to
        provide advice and proposals on specific issues. </p>
        </td>
        <td valign="top" width="50%">same time as those of the
        Directors already in office. <br>
        17.5 If, during the year, the office of one or more
        Directors should be vacated, he/she shall be replaced in
        accordance with Article 2386 of the Italian Civil Code
        (with exception of the Director appointed pursuant to
        Article 6.2 letter d) of these By-laws). <b>In any case,
        compliance with the required minimum number of
        independent Directors and the applicable rules concerning
        gender balance shall not be affected. <br>
        </b>If a majority of the Directors should vacate their
        offices, the entire Board shall be considered to have
        resigned, and the Board shall promptly call a
        Shareholders&#146; Meeting to elect a new Board. <br>
        17.6 The Board may establish internal committees to
        provide advice and proposals on specific issues.</td>
    </tr>
    <tr>
        <td valign="top" width="50%">ART. 28<br>
        28.1 The Board of Statutory Auditors shall consist of
        five standing members and two alternate members, chosen
        from among persons who satisfy the professional and
        integrity requirements established by the Ministry of
        Justice Decree No. 162 of March 30, 2000.<br>
        Pursuant to the aforementioned decree, the fields closely
        connected with the business of the Company are:
        commercial law, business economics and corporate finance.<br>
        Similarly, the sectors closely connected</td>
        <td valign="top" width="50%">ART. 28<br>
        28.1 The Board of Statutory Auditors shall consist of
        five standing members and two alternate members, chosen
        from among persons who satisfy the professional and
        integrity requirements established by the Ministry of
        Justice Decree No. 162 of March 30, 2000.<br>
        Pursuant to the aforementioned decree, the fields closely
        connected with the business of the Company are:
        commercial law, business economics and corporate finance.<br>
        Similarly, the sectors closely connected</td>
    </tr>
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        <td valign="top" width="50%">with the business of the
        Company are engineering and geology.<br>
        The Statutory Auditors may be appointed as members of the
        administrative and control bodies of other companies
        within the limits set by Consob regulations.<br>
        28.2 The Board of Statutory Auditors shall be appointed
        by the Shareholders&#146; Meeting on the basis of slates
        presented by shareholders. The candidates shall be listed
        on the slates in numerical order. <p>The procedures set
        out in Article 17.3 and the provisions issued in Consob
        regulations shall apply to the submission, filing and
        publication of candidate slates.<br>
        Slates shall be divided into two sections: the first
        containing candidates for appointment as standing
        Statutory Auditors and the second containing candidates
        for appointment as alternate Statutory Auditors. At least
        the first candidate in each section must be entered in
        the register of auditors and have carried out statutory
        audit activities for no less than three years.</p>
        </td>
        <td valign="top" width="50%">with the business of the
        Company are engineering and geology.<br>
        The Statutory Auditors may be appointed as members of the
        administrative and control bodies of other companies
        within the limits set by Consob regulations.<br>
        28.2 The Board of Statutory Auditors shall be appointed
        by the Shareholders&#146; Meeting on the basis of slates
        presented by shareholders. The candidates shall be listed
        on the slates in numerical order<b> in a number no
        greater than the number of members of the body to be
        appointed.<br>
        </b>The procedures set out in Article 17.3 and the
        provisions issued in Consob regulations shall apply to
        the submission, filing and publication of candidate
        slates.<br>
        Slates shall be divided into two sections: the first
        containing candidates for appointment as standing
        Statutory Auditors and the second containing candidates
        for appointment as alternate Statutory Auditors. At least
        the first candidate in each section must be entered in
        the register of auditors and have carried out statutory
        audit activities for no less than three years.<br>
        <b>Slates that, considering both sections together,
        contain three or more candidates shall include, in the
        section for standing Statutory Auditors, candidates of
        both genders, as specified in the notice calling the
        Shareholders&#146; Meeting, in order to comply with the</b></td>
    </tr>
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        <td valign="top" width="50%">Three standing Statutory
        Auditors and one alternate Statutory Auditor shall be
        drawn from the slate that receives the majority of votes.
        The other two standing Statutory Auditors and the other
        alternate Statutory Auditor shall be appointed using the
        procedures set out in Article 17.3, letter b) of the
        By-laws. Said procedures shall be applied separately to
        each section of the other slates.<br>
        The Shareholders&#146; Meeting shall appoint the Chairman
        of the Board of Statutory Auditors from among the
        standing Statutory Auditors appointed in accordance with
        Article 17.3 letter b) of these By-laws.</td>
        <td valign="top" width="50%"><b>applicable gender-balance
        legislation. If the section for alternate Statutory
        Auditors on these slates contains two candidates, they
        must be of different genders. When the number of members
        of the less-represented gender must, by law, be at least
        one, such requirement shall apply only to slates
        competing to appoint the majority of the members of the
        Board of Statutory Auditors. <br>
        </b>Three standing Statutory Auditors and one alternate
        Statutory Auditor shall be drawn from the slate that
        receives the majority of votes. The other two standing
        Statutory Auditors and the other alternate Statutory
        Auditor shall be appointed using the procedures set out
        in Article 17.3, letter b) of the By-laws. Said
        procedures shall be applied separately to each section of
        the other slates.<br>
        The Shareholders&#146; Meeting shall appoint the Chairman
        of the Board of Statutory Auditors from among the
        standing Statutory Auditors appointed in accordance with
        Article 17.3 letter b) of these By-laws.<br>
        <b>Where the application of the procedure set out above
        does not permit compliance with the gender-balance rules
        for standing Statutory Auditors, the points to attribute
        to each candidate drawn from the standing Statutory
        Auditor sections of the various slates shall be
        calculated by dividing the</b></td>
    </tr>
</table>

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

<hr noshade>

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

<p align="left"><font size="2">Published on March 22, 2012</font></p>

<table border="1" cellpadding="4" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="50%">&nbsp;</td>
        <td valign="top" width="50%"><b>number of votes received
        by each slate by the ordinal number of each of these
        candidates; the candidate of the over-represented gender
        with the fewest points from among the candidates drawn
        from all of the slates shall be replaced by the member of
        the less-represented gender who may be listed (with the
        next highest ordinal number) in the standing Statutory
        Auditor section on the same slate as the candidate to be
        replaced or, subordinately, in the alternate Statutory
        Auditor section of the same slate as the candidate to be
        replaced (in such case, the latter shall take the
        position of the alternate candidate that replaces
        him/her). If this does not permit compliance with the
        gender-balance rules, he/she shall be replaced by a
        person chosen by the Shareholders&#146; Meeting with the
        majority required by law, so as to ensure that the
        membership of the Board of Statutory Auditors complies
        with the law and the By-laws. In cases where candidates
        from different lists have received the same number of
        points, the candidate from the slate from which the
        largest number of Statutory Auditors has been drawn or,
        subordinately, the candidate drawn from the slate
        receiving the fewest number of votes, or, in the event of
        a tie vote, the candidate that receives</b></td>
    </tr>
</table>

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

<hr noshade>

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

<p align="left"><font size="2">Published on March 22, 2012</font></p>

<table border="1" cellpadding="4" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="50%"><br>
        <p><br>
        </p>
        <p>The slate voting procedure shall apply only in case of
        appointment of the entire Board of Statutory Auditors.<br>
        Should a standing Statutory Auditor from the slate that
        received a majority of the votes be replaced, the
        replacement shall be the alternate Statutory Auditor from
        the same slate; should a standing Statutory Auditor from
        other slates be replaced, the replacement shall be the
        alternate Statutory Auditor from those other slates. </p>
        <p>28.3 Statutory Auditors may be re-elected.<br>
        28.4 Subject to prior notification of the Chairman of the
        Board of Directors, the Board of Statutory Auditors may
        call Shareholders&#146; Meetings and meetings of</p>
        </td>
        <td valign="top" width="50%"><b>the fewest votes of the
        Shareholders&#146; Meeting in a run-off election, shall
        be replaced.<br>
        For the appointment of Statutory Auditors who, for any
        reason, are not appointed using the above procedures, the
        Shareholders&#146; Meeting shall resolve, with the
        majorities required by law, in such a manner as to ensure
        that the membership of the Board of Statutory Auditors
        complies with the law and the By-laws.<br>
        </b>The slate voting procedure shall apply only in case
        of appointment of the entire Board of Statutory Auditors.<br>
        Should a standing Statutory Auditor from the slate that
        received a majority of the votes be replaced, the
        replacement shall be the alternate Statutory Auditor from
        the same slate; should a standing Statutory Auditor from
        other slates be replaced, the replacement shall be the
        alternate Statutory Auditor from those other slates. <b>If
        the replacement results in non-compliance with
        gender-balance rules, the Shareholders&#146; Meeting
        shall be called as soon as possible to approve the
        necessary resolutions to ensure compliance. <br>
        </b>28.3 Statutory Auditors may be re-elected.<br>
        28.4 Subject to prior notification of the Chairman of the
        Board of Directors, the Board of Statutory Auditors may
        call Shareholders&#146; Meetings and meetings of</td>
    </tr>
</table>

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

<hr noshade>

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

<p align="left"><font size="2">Published on March 22, 2012</font></p>

<table border="1" cellpadding="4" cellspacing="0" width="100%">
    <tr>
        <td valign="top" width="50%">the Board of Directors. The
        power to call a meeting of the Board of Directors may be
        exercised individually by each member of the Board of
        Statutory Auditors; at least two Statutory Auditors are
        required to call Shareholders&#146; Meetings.<br>
        The meetings of the Board of Statutory Auditors may be
        held by video or teleconference on the condition that all
        of the participants in the meetings can be identified and
        that all can follow and participate in real time in the
        discussion of the matters being addressed. The meeting
        shall be considered duly held in the place where the
        Chairman and the Secretary are present. </td>
        <td valign="top" width="50%">the Board of Directors. The
        power to call a meeting of the Board of Directors may be
        exercised individually by each member of the Board of
        Statutory Auditors; at least two Statutory Auditors are
        required to call Shareholders&#146; Meetings.<br>
        The meetings of the Board of Statutory Auditors may be
        held by video or teleconference on the condition that all
        of the participants in the meetings can be identified and
        that all can follow and participate in real time in the
        discussion of the matters being addressed. The meeting
        shall be considered duly held in the place where the
        Chairman and the Secretary are present.</td>
    </tr>
    <tr>
        <td valign="top" width="50%">&nbsp;</td>
        <td valign="top" width="50%"><b>ART. 34<br>
        34.1 The provisions of Articles 17.3, 17.5 and 28.2
        directed to ensure compliance with applicable
        gender-balance legislation shall apply to the first three
        elections of the Board of Directors and Board of
        Statutory Auditors after 12 August 2012.</b></td>
    </tr>
</table>

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

<table border="0" cellpadding="0" cellspacing="0" width="100%"
dir="LTR">
    <tr>
        <td valign="top" width="1%">-</td>
        <td valign="top" width="1%">&nbsp;</td>
        <td valign="top" width="98%">to grant to the Chief
        Executive Officer the fullest powers so that said officer
        may, including by delegating powers to others and in
        accordance with the time limits and procedures provided
        for by law, execute this resolution, filing the By-laws
        with the Company Register, and, where appropriate or
        necessary, make any formal additions, amendments or
        removals required for the purpose of recording the
        By-laws with the Company Register.</td>
    </tr>
</table>

<p align="center"><i>The Chairman of the Board of Directors</i></p>

<p align="center"><font size="5">G</font>IUSEPPE <font size="5">R</font>ECCHI
</p>

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

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="109">Table of Contents</a></h5>

<p align="left"><img src="sjlogonewcol.gif" align="left"
hspace="0" width="71" height="86"></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"><b>Eni: new important success in
Mozambique, <br>
Area 4 potential enhanced further with Mamba North East 1 results</b></font></p>

<p>&nbsp;</p>

<p><i>San Donato Milanese (Milan), March 26, 2012 </i>- Eni
announces a new giant natural gas discovery in Area 4,
offshore&nbsp;Mozambique, at the Mamba North East 1 exploration
prospect. </p>

<p>The results of this well, drilled in the Eastern part of Area
4, are of special importance since they increase the resource
base of Area 4 by at least 10 trillion cubic feet (tcf) of which
8 tcf of these contained in reservoirs exclusively located in
Area 4. This new discovery further improves the potential of the
Mamba complex in Area 4 offshore Mozambique now estimated at
least 40 tcf of gas in place.</p>

<p>Mamba North East 1 is located 50 kilometers off the Capo
Delgado coast in a water depth of 1,848 meters and reaches a
total depth of 4,560 meters. The well was drilled approximately
15 kilometers north east of the Mamba South 1 giant discovery and
12 kilometers south west of the Mamba North 1 giant discovery.<br>
The discovery well encountered a total of 240 meters of gas pay
in multiple high-quality Oligocene and Eocene sands and proved
reservoir continuity and pressure communication with&nbsp;Mamba
South 1 and Mamba North 1 wells. </p>

<p>During 2012 Eni plans to drill at least another four wells in
nearby structures to fully assess the upside potential of the
Mamba Complex.<br>
Eni is the operator of Area 4 with a 70-percent participating
interest. Co-owners in the area are Galp Energia (10 percent),
KOGAS (10 percent) and ENH (10 percent, carried through the
exploration phase).</p>

<p>&nbsp;</p>

<p><b>Company Contacts:<br>
Press Office:</b><b><i> </i></b><b>Tel. +39.0252031875 -
+39.0659822030<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>ufficio.stampa@eni.com<br>
segreteriasocietaria.azionisti@eni.com <br>
investor.relations@eni.com </p>

<p><b>Web site</b><strong>: </strong>www.eni.com</p>

<hr noshade>

<h5 align="left" style="page-break-before:always"><a
href="#tocpage" name="110">Table of Contents</a></h5>

<p align="left"><img src="sjlogonewcol.gif" align="left"
hspace="0" width="69" height="84"></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"><b>ENI AGREES TO SELL 5% OF GALP
ENERGIA TO AMORIM ENERGIA <br>
AND EXITS SHAREHOLDERS AGREEMENT</b></font></p>

<p>&nbsp;</p>

<p><i>Lisbon, March 29, 2012 </i>- Eni S.p.A. (&quot;Eni&quot;)
signed agreements today with Amorim Energia B.V. (&quot;Amorim
Energia&quot;) and Caixa Geral de Dep&#243;sitos, S.A.
(&quot;CGD&quot;), according to which it will sell 5% of Galp
Energia SGPS, S.A. (&quot;Galp Energia&quot;) to Amorim Energia
and, following the sale, will cease to be bound by the
shareholders agreement currently in place between the three
companies. </p>

<p>Amorim Energia has agreed to purchase the 5% stake in Galp
Energia within 150 days. </p>

<p>Additionally, as part of today&#146;s agreements Eni has the
right to sell up to 18%, which could potentially increase by 2%
if convertible bonds are issued, of the share capital of Galp
Energia in the market. CGD has a tag along right in relation to
its shareholding of 1% of the share capital of Galp Energia in
connection with the sales carried out by Eni. </p>

<p>After the sale of the previously mentioned 18% Eni will also
have the right to sell its remaining shares in Galp Energia. In
the case of such further sale, Amorim Energia has a call option
which gives it the right to purchase, or designate a third party
to purchase, up to 5% of the share capital of Galp Energia. </p>

<p>With regards to the sale of the remaining 5.34%, Amorim
Energia has a right of first refusal under which it can choose to
purchase, or designate a third party to purchase, up to 5.34%, if
the call option referred to above has been exercised, or 10.34%
if the call option referred to above has not been exercised of
the share capital of Galp Energia. </p>

<p>Eni CEO Paolo Scaroni commenting on the agreement said:
&quot;I&#146;m very pleased with today&#146;s agreement as it
enables us to maximise the value of our holding in Galp with more
flexibility. It has been a successful investment for Eni to date
and remains a business with attractive exposure to high growth
markets. Our focus however is on managing assets as an operator
where we believe we can create value for our shareholders&quot;.</p>

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

<hr noshade>

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

<p align="left">Galp Energia is Portugal&#146;s oil and gas
integrated operator. Eni and Amorim Energia hold respectively a
33.34% stake in the company, CGD has a 1% stake.</p>

<p align="left">&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 -
+39.0659822030<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>ufficio.stampa@eni.com<br>
segreteriasocietaria.azionisti@eni.com <br>
investor.relations@eni.com </p>

<p><b>Web site</b><strong>: </strong>www.eni.com</p>

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

<hr noshade>
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